New Gold Inc.

Good morning. My name is Chris, and I'll be your conference operator today. Welcome to the New Gold's second quarter 2022 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 New Gold's second quarter 2022 earnings conference call and webcast. On the line today, we have Renaud Adams, President and CEO, Rob Chauzet, our CFO, and Patrick Oden, our COO. 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 Nugold. In this respect, we refer you to our detailed cautionary note regarding forward-looking statements in the presentation. Your caution that actual results and 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 a section entitled Risk Factors in the NUGLE'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 end notes that provide important information and should be reviewed in conjunction with the material presented. I will now hand the call over to Renaud.

Thanks, Angus, and good morning, everyone. At Rainey Production and Mine Sequencing, were impacted by heavy rainfall, resulting in the flooding of the pit. While significant progress has been made to date to restore the situation and optimize each step moving forward, we have to replay in our last six months, and Pat will provide more detail on that one. The equipment was relocated, and the capital waste stripping advanced, resulting in a strip ratio for the quarter of nearly 8 to 1. When you can't access ore at the bottom of the fetus resulting from the flooding, then you advance your waste as it is all part of the same overall harvesting plan. Our NPIT mineral reserve at the start of the year was at nearly 44 million tons of ore, of approximately one grand a ton gold, including NPIT low-grade ore, all of which contained in the mining strip ratio of 232 to 1. which has been further reduced now as a result of the Q2 execution. A very attractive plan moving forward. On a very positive note, our gold-grade mills reconcile positively to reserve model in Q2, and our mill recovery is up for the first half of the year compared to prior year. We've made great progress in preparing intrepid for mining to start in the fourth quarter of this year, and Pat will discuss more in detail about the intrepid. A new, often low-grade, higher cost recovery level was closed earlier than planned, impacting our short-term mine plans and productions for the year, but with no impact on the future. At the start of the project, there was already a gap in the production that was identified has with transitions from the left one to the B3 and eventually the rewarded C-zone. Some zones were made as an assumption to support that gap and such of the pillar zone in the left one. We've done extremely well in depleting the left one, and we have a little more difficulties with some zones at such recovery level and some pillar in recovery. area but as such the future has no impact and the closing of the recovery level represented the execution as a core value in protecting in the health and safety and minimize the cost of destruction to what are the true value of the season project returning the mail at its full capacity processing or of the high quality better grade better recovery and the very low cost to be mine, at the very minimal sustaining capital benefiting from input tailings with no need for further tailings raise, all of which has not been in fact today. During the third quarter, B3 development advanced on plan with focus on ramping up the production in the fourth quarter. And our season continued to advance with first or plan for a second half of 2023. Pat again will provide more details on both. Our 2022 operational and cost guidance were updated to reflect the changes in respect in my plan and related cost impact and other factors and Rob will touch on it. We continue to maintain a very healthy balance sheet while also paying down 100 million of our debt in the quarter with no additional due to until 2027. And we continue to maintain the strong cash and liquidity position, allowing us to execute on our plans and position both assets for free cash flow generation. We continue to be very encouraged with our drilling program, and in particular with the underground program at New Afton that is truly focused on providing potential organic growth as we move forward. We had originally thought, have been capable to put a comprehensive update on our plan in the Q2, but in some further delays and assays, we're now ramping up and plan to release a comprehensive update on our exploration drilling program in the third quarter. I will now turn into Rob Schilze, CFO.