New Gold ( NYSE: NGD ) -6.1% in early trading Thursday after reporting a surprise Q4 adjusted loss and a nearly 20% Y/Y decline in revenues.
New Gold ( NGD ) said it produced 97,824 gold equivalent oz in Q4, down 12% Y/Y, including gold output of 80,694 oz; production at the Rainy River mine slipped to 71,221 gold equivalent oz from 70.5K oz in the year-earlier quarter.
Q4 copper production plunged 51% Y/Y to 6.9M lbs.
Q4 total cash costs rose sharply to $1,167 per gold equivalent oz from $965 a year earlier.
Q4 average realized gold price was $1,751/oz, and the average realized copper price was $3.74/lb, compared with $1,798/oz for gold and $4.37/lb for copper a year earlier.
For FY 2023, New Gold ( NGD ) guides for production of 365K-425K gold equivalent oz after output fell 17% in 2022 to 347K gold equivalent oz in 2022.
Gold production this year is expected at 280K-320K oz and copper output is forecast at 38M-48M lbs, compared with 271,373 gold oz and 31.1M lbs in 2022.
New Gold ( NGD ) shares have dropped 3% so far this year and 50% during the past year .
For further details see:
New Gold swings to Q4 loss, guides for stronger production in 2023