New Gold Inc.

Good morning. My name is Michelle and I will be your conference operator today. Welcome to the New Gold fourth quarter 2022 earnings conference call and webcast. 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 Anne Kitshaw, Vice President of Strategy and Business Development. Please go ahead.

Thank you, Michelle, and good morning, everyone. We appreciate you joining us today for Newgold's fourth quarter and year-end 2022 earnings conference call and webcast. On the line today, we have Patrick Odan, President and CEO, and Rob Chauzet, 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. You are cautioned that actual results in future events could differ materially from those expressed or implied in forward-looking statements. Slides 2 and 3 provide additional information and should be reviewed. We also refer you to the section entitled Risk Factors in NUGLE's latest Annual Information Form, 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'll now turn the call over to Rob. Thanks, Ankit, and good morning.

I'll start with slide five, which provides our operational highlights. The production details on this slide are consistent with our January production press release. During Q4, the company produced 97,800 gold equivalent ounces. This amount consisted of 6.9 million pounds of copper and approximately 69,700 gold ounces from Rainier River and 10,900 gold ounces from New Afton, totaling 80,700 gold ounces. The lower equivalent gold production as compared to the prior year quarter is primarily in the lower tons mined and processed at New Afton. Our operating expense per equivalent ounce was higher than the prior year quarter, primarily due to lower production and therefore lower sales volume. Consolidate all and staying costs for the quarter were 1668 per equivalent out higher than the prior year quarter, primarily due to lower copper sales volume and higher sustaining capital spend. We continue to invest in staying capital at our operations during the fourth quarter, with the impact of sustaining capital spend proud being $360 per ounce in the quarter. Turning to our financial results slide on slide six, fourth quarter revenue was 162.8 million, driven by sales of 78,500 gold ounces at an average realized price of 17.51 per ounce and sales of 6.8 million pounds of copper at 374 per pound. Q4 revenue was lower than the prior quarter, primarily due to lower copper sales volumes and prices. Our operating cash flow before working capital adjustments was $44.3 million or $0.06 per share for the quarter, lower than the prior year quarter. The prior year period included the sale of the Blackwater Stream. The company recorded a net loss of $16.9 million or $0.02 per share during Q4 compared to net income of $0.22 per share in Q4 of 2021. And again, that prior year period included the Blackwater stream gain. After adjusting for other certain charges, net loss was 6.3 million or one cents per share in Q4 compared to net earnings of four cents per share in the fourth quarter of 2021. Net loss increases primarily due to lower revenues. Our Q4 adjusted earnings includes adjustments related to our gains and losses, which include unrealized adjustments on the Rainy River Stream mark-to-market and the free cash for royalty at New Afton. Our MD&A has further details on these non-nongap measures. Our total capex and leases for the quarter was $74.3 million. $37.2 million was spent on sustaining capital and $37.1 million on growth capital. Sustaining spend was primarily related to the plan's tailings work at both operating assets, capital stripping at Rainy River and B3 mine development at New Afton. Our growth capital was focused on our project development, specifically C-Zone at New Afton and the underground intrepid zone at Rainy River. Slide seven provides our capital structure. Cash on hand at year end was $201 million and liquidity was $597 million. The decrease in cash from the prior quarter is primarily due to continued capital investments at our operations. With that, I'll turn the call over to Pat.