NGD - New Gold Non-GAAP EPS of -$0.01 misses by $0.02 revenue of $162.8M beats by $1.55M

• New Gold press release ( NYSE: NGD ): Q4 Non-GAAP EPS of -$0.01 misses by $0.02 .
• Revenue of $162.8M (-19.6% Y/Y) beats by $1.55M .
• Revenue for the quarter decreased over the prior-year period primarily due to lower copper sales volume and lower gold and copper average realized prices.
• Fourth quarter gold eq. production was 71,221 ounces (69,753 ounces of gold and 110,133 ounces of silver), an increase over the prior-year period due to higher gold grade with the inclusion of higher grade underground tonnes, partially offset by lower tonnes processed.
• All-in sustaining costs per gold eq. ounce increased over the prior-year periods primarily due to higher operating costs and higher sustaining capital.
• FY23 Guidance: Gold equivalent production is expected to be between 365,000 to 425,000 ounces, approximately 13% higher than 2022 production. Production is expected to strengthen in the second half of the year, with the second half of 2023 to represent approximately 55% of annual production.

• Operating expenses are expected to be $950 to $1,030 per gold eq. ounce, lower than the prior year as a result of higher production and sales volumes from both sites.

• All-in sustaining costs ² are expected to be $1,505 to $1,605 per gold eq. ounce, lower than the prior year due to lower sustaining capital spend and higher sales volumes. All-in sustaining costs are expected to trend lower in the second half of the year, consistent with the production profile.

• Total capital is expected to be $290 to $350 million, of which, sustaining capital is expected to be $140 to $170 million, and growth capital is expected to be $150 to $180 million.

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