CA - New Gold surges as Q1 production pops 20%; Rainy River's start is best ever

2023-04-11 11:11:40 ET

New Gold ( NYSE: NGD ) +14.3% in Tuesday's trading after reporting Q1 gold production jumped 20% Y/Y to 104,857 gold equivalent oz, which the company said is its strongest start to a year in four years.

Q1 gold production increased 21% Y/Y to 82,447 oz, and copper output climbed 26% to 10.3M lbs.

The company said it achieved its strongest-ever Q1 at the Rainy River mine in Ontario, delivering nearly 13% Y/Y gold production growth to 66.2K oz, as greater underground ore tons contributed to better than expected grade, which more than offset lower tonnes milled.

Separately, New Gold ( NGD ) appointed Yohann Bouchard as Executive VP and COO, coming over from Yamana Gold where he was VP and COO since 2014.

For FY 2023, New Gold ( NGD ) has guided for production of 365K-425K gold equivalent oz after output fell 17% in 2022 to 347K GEO .

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