New Gold Inc.

Good morning, my name is Chris and I'll be your conference operator today. Welcome to the New Gold's fourth quarter 2021 earnings conference call. All lines have been placed on mute to prevent any background noise. Please be advised that today's conference call and webcast is being recorded. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, please press star, then the number two. I would now like to hand the conference over to Ankit Shah, VP of Strategy and Business Development. Thank you.

Thank you, Chris, and good morning, everyone. We appreciate you joining us today for Newgold's fourth quarter and full year 2021 earnings conference call and webcast. On the line today, we have Renaud Adams, President and CEO, and Rob Chaudet, our CFO. Should you wish to follow along with the webcast, please sign in from our homepage at newgold.com. Before the team begins the presentation, I'd like to direct your attention to our cautionary language related to forward-looking statements found on slides two and three of the presentation. Today's commentary includes forward-looking statements relating to Newgold. In this respect, we refer you to our detailed cautionary note regarding forward-looking statements in the presentation. Your caution that actual results in future events could differ materially from those expressed or implied in forward-looking statements. Slides two and three provide additional information and should be reviewed. We also refer you to the section entitled Risk Factors in New Gold's Latest MD&A and Other Filings Available on CDAR, which set out certain material factors that could cause actual results to differ. In addition, at the conclusion of the presentation, there are a number of endnotes that provide important information and should be reviewed in conjunction with the material presented. With that, Alan, I'll turn the call over to Renaud.

Thank you, Ankit. Thanks, everyone, for joining us today for 2021 review and 2022 outlook. and reserve and resources update. 2021 sure brought is part of challenges, but I'm extremely proud of our resilient team and the way we ended the year. On the operational side, both assets achieved a consolidated updated production and cost guidance. Q4 delivered the strongest productions and the lowest cost, the quarter. of the year. At Rainier River Mine, the mine achieved its updated 2021 guidance while executing extremely well on its capital project, achieving some savings in the tailings execution. We've also continued to advance the intrepid zone with the view to bring some of the production, the first production in the second half of 2022. The highlight of the year was that the year end updated reserve and the resources while we've seen a meaningful conversion of the mineral resources to mineral reserve, leading in a year-over-year increase in a gold mineral reserve for new gold. At New Afton Mine, the asset achieved its 2021 production guidance, slightly a higher cost, but considering all the challenges that the mine has to navigate through 2021, it was a an excellent execution at New Afton while we continue as well to advance our C zone and advance on plan for delivery and start of production in the second half of 2023. The B3 zone initiated with the delayed and the permitting and continue to advance and ramp up during the second half of 2021. And we've seen some very encouraging exploration results as one in 21, and we'll follow up into 22. At the year end, the company concluded its sale of the Blackwater Gold Stream for a total proceed of $300 million, bringing our cash balance to $482 million. Well, combined to our increase in extended credit facility has now positioned our liquidity a meaningful mark of $850 million. So the crystallized value for the Blackwater has a sure position for a company with a peer-leading balance sheet and a financial capacity to execute on our strategy. On that, I'll turn it over to Rob Chausset, CFO for the Q4 and 2021 review. Rob.