New Gold Inc. Accomplished Major Corporate Milestones in Q2

SEATTLE (Scrap Monster): New Gold Inc. reported results for the second quarter of 2024. The Canadian miner achieved multiple corporate milestones during the quarter.

The news release said that the second quarter production stood at 68,598 gold ounces and 13.6 million pounds of copper as planned. The company reported strong cash flow from operations of $100 million and free cash flow of $20 million during the quarter. It has now entered a sustained free cash flow generation period. Furthermore, the growth projects that are nearing completion is expected to add significant cash flow generation during the rest of 2024.

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The New Afton mine recorded a strong second quarter, producing 18,300 ounces of gold and 13.6 million pounds of copper. The gold and copper production from the mine was in-line with the plan. Rainy River too delivered in line with plan, producing 50,298 ounces of gold.

The consolidated all-in sustaining costs stood at $1,389 per gold ounce sold in the initial six-month period of the current year.

New Gold Inc. expects production to increase and all-in sustaining costs to decrease in the second half of the year. The company remains on track to attain consolidated production guidance of 310,000 to 350,000 ounces of gold and 50 to 60 million pounds of copper in 2024. The all-in sustaining costs for 2024 is predicted at around $1,240 to $1,340 per gold ounce sold.