5/1/2024

speaker
Lara
Conference Operator

Good morning. My name is Lara and I will be your conference operator today. Welcome to New Gold's first quarter 2024 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, Executive Vice President of Strategy and Business Development. Thank you.

speaker
Ankit Shah
Executive Vice President, Strategy and Business Development

Thank you, Lara, and good morning, everyone. We appreciate you joining us today for Newgold's first quarter 2024 earnings conference call and webcast. On the line today, we have Patrick Oden, President and CEO, Yoann Bouchard, our COO, and Keith Murphy, 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 would like to direct your attention to our cautionary language related to forward-looking statements found on slide two 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 and future events could differ materially from those expressed or implied in forward-looking statements. Slide 2 provides additional information and should be reviewed. We also refer you to the section entitled Risk Factors in New World's Latest AIF, MD&A, and Other Filings 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. I will now turn the call over to Pat for some opening remarks. Pat?

speaker
Patrick Oden
President and Chief Executive Officer

Thanks, Enkit, and good morning, everyone. We had a good start to the year with the first quarter delivering as planned. We continue to see excellent health and safety performance at both operations through our Courage to Care culture campaigns. Rainier River surpassed 3 million hours before the last time injury and New Afton surpassed 1 million hours. Our operation delivered on their quarterly plans as outlined in our operational outlook from February. New Afton delivered strong first quarter production results. Rainier River made excellent progress on the planned waste tripping program which will lead to unlocking higher grade ore in the second half of this year. We are one quarter away from securing the substantial increase in production and cash flow expected in the second half of the year. We also made excellent progress on key growth projects, including the first concrete pour at Sea Zone Durability Crusher, and we set a record on the quarterly development advance rate at Rainy Rivers Underground Main Zone. Our exploration efforts continue to ramp up as planned. At New Afton, the company made great progress on the exploration drift, which is expected to be operational for drilling in May. Q1 exploration focused on drilling D zone and starting drilling T zone from current infrastructures. At Trinity River, the exploration program is ramping up with newly identified target and an additional 4 million will be allocated for 2022-2024 to drill these new targets. Four drills are expected to be turning at Trinity River during Q2. New Gold is well positioned to achieve our guidance targets and deliver on our plan of sustained pre-cash flow generation starting in a matter of months. We are entering in a very exciting period for New Gold. With that, I will turn the call over to Keith. Keith?

Disclaimer

This conference call transcript was computer generated and almost certianly contains errors. This transcript is provided for information purposes only.EarningsCall, LLC makes no representation about the accuracy of the aforementioned transcript, and you are cautioned not to place undue reliance on the information provided by the transcript.

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