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New Gold released its Q1 results earlier this month, reporting an 8% decline in gold-equivalent ounce production on the back of lower grades at New Afton.
Given the lower sales volumes, costs increased sharply and margins took a hit in the period, sliding below $150/oz.
While it's easy to be pessimistic about the soft results, it makes sense to skate to where the puck will be, and NGD will look completely different in 2024.
Given New Gold’s improving margin profile, further weakness should present a buying opportunity.