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New Gold Reports 2022 Third Quarter Results

Press Release

TORONTO, Nov. 3, 2022 – New Gold Inc. (“New Gold” or the “Company”) (TSX: NGD) (NYSE American: NGD) reports third quarter results for the Company as of September 30, 2022. The Company will host a conference call and webcast today at 8:30 am Eastern Time to discuss the third quarter consolidated results (details are provided at the end of this news release). For detailed information, please refer to the Company’s third quarter Management’s Discussion and Analysis (MD&A) and Financial Statements that are available on the Company’s website at www.newgold.com and on SEDAR at www.sedar.com. The Company uses certain non-GAAP financial performance measures throughout this news release. Please refer to the “Non-GAAP Financial Performance Measures” section of this news release and the MD&A for more information. Numbered note references throughout this news release are to endnotes which can be found at the end of this news release.

Consolidated Third Quarter Highlights

  • Gold equivalent1 (“gold eq.”) production for the quarter of 91,021 ounces (70,147 ounces of gold, 8.5 million pounds of copper and 142,672 ounces of silver)
  • Operating expenses of $1,069 per gold eq. ounce4
  • All-in sustaining costs2 of $1,637 per gold eq. ounce, including total cash costs2 of $1,114 per gold eq. ounce
  • Average realized gold price2 of $1,727 per ounce and average realized copper price2 of $3.42 per pound
  • Cash generated from operations of $54 million, or $0.08 per share
  • Cash generated from operations, before changes in non-cash operating working capital2 of $44 million, or $0.06 per share
  • Net loss of $4 million, or $0.01 per share
  • Adjusted net loss2 of $13 million, or $0.02 per share
  • September 30, 2022 cash and cash equivalents of $247 million
  • Subsequent to quarter end, the Company announced the receipt of the New Afton C-Zone Mines Act permit (refer to the Company’s October 7, 2022 news release for further information)

“The third quarter saw our operations recover from their respective challenges during the first half of the year,” stated Renaud Adams, President & CEO. “Rainy River is focused on continuing its ramp-up of mining the open pit main ODM zone in the fourth quarter. Underground production commenced during the quarter and the priority continues to be feeding the mill with higher grade Intrepid underground material, which I anticipate in the very near term. At New Afton, receiving the C-Zone permit and completing B3 development and drawbell construction in late-October, were significant milestones. Our priority remains on ramping up B3 production during the fourth quarter and continuing to advance C-Zone development, with initial production from the C-Zone expected in the second half of 2023.”

Consolidated Financial Highlights

Q3 2022

Q3 2021

9M 2022

9M 2021

Revenue ($M)

151.2

179.8

441.6

542.9

Operating expenses ($M)

99.2

88.6

274.2

277.7

Net (loss) earnings ($M)

(4.2)

(11.3)

(49.9)

(10.3)

Net (loss) per share ($)

(0.01)

(0.02)

(0.07)

(0.02)

Adj. net (loss) earnings ($M)

(13.4)

23.4

(19.8)

58.2

Adj. net (loss) earnings, per share ($)2

(0.02)

0.03

(0.03)

0.09

Cash generated from operations ($M)

53.7

54.3

158.9

218.0

Cash generated from operations, per share ($)

0.08

0.08

0.23

0.32

Cash generated from operations, before changes in non-cash operating working capital ($M)2

43.6

81.3

137.4

229.8

Cash generated from operations, before changes in non-cash operating working capital, per share ($)2

0.06

0.12

0.20

0.34

  • Revenue decreased over the prior-year periods due to lower copper sales volume and lower realized copper prices, partially offset by higher realized gold prices for the nine-month period ended September 30, 2022.
  • Operating expenses were higher than the prior-year period due to higher operating expenses at New Afton as production from B3 continues to ramp-up. For the nine-month period ended September 30, 2022, operating expenses were consistent with the prior-year period.
  • Net loss decreased over the prior-year period primarily due to the gain on the revaluation of the Rainy River gold stream and New Afton free cash flow obligation, partially offset by lower revenue. For the nine-month period ended September 30, 2022, net loss increased over the prior-year period primarily due to lower revenue, partially offset by the gain on the revaluation of the New Afton free cash flow obligation.
  • Adjusted net loss2 increased over the prior-year periods primarily due to lower revenue.
  • Cash generated from operations decreased over the prior-year periods due to lower revenue, partially offset by positive working capital movements.

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