Good morning. My name is Anna, and I'll be your conference operator today. Welcome to the New Gold Third Quarter 2022 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'd like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you'd like to withdraw your questions, please press star two. I would now like to hand the conference over to Ankit Shah, VP of Strategy and Business Development. Thank you. Thank you. Good morning, everyone. We appreciate you joining us today for New Gold's Third Quarter 2022 Earnings Conference Call and Webcast. On the line today, we have Renaud Adams, President and CEO, Rob Chausse, our CFO, and Pat Godin, our COO. Should you wish to follow along with the webcast, please sign in on our homepage at newgold.com. Before the team begins the presentation, I'd like to direct your attention to our cautionary language related to forward-looking statements found on slides 2 and 3 of the presentation. Today's commentary includes forward-looking statements relating to New Gold. In this respect, we refer you to our detailed cautionary note regarding forward-looking statements in the presentation. You are cautioned that actual results in future events could differ materially from those expressed or implied in forward-looking statements. Slides 2 and 3 provide additional information and should be reviewed. We also refer you to the section titled Risk Factors in New Gold's latest MD&A and other filings available on SEDAR, 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 Renaud. Thank you, Ankit, and good morning, everyone. Before we proceed with our Third Quarter Update, I do have some sad news to share. I'm deeply saddened to announce that Suresh Kalathil, our General Manager at Rainy River, passed away in his home in Emo, Ontario, late last week. Suresh has been with us for the past two years and made tremendous contributions during his time at the company. We extend our deepest condolences to Suresh's family, loved ones, and colleagues during this difficult time. Our strong and committed team that Suresh worked to build and develop in his two years with us will continue to execute on his vision for Rainy River. With Mine Manager Gord Simms stepping up as Interim General Manager and with the continued support across the whole New Gold organization. Thank you, Suresh. Slide 5 provides a summary of our third quarter highlights. During the quarter, we continued to advance on our long-term priorities. At Rainy River, we achieved a significant milestone with the start-up of underground production from the Intrepid zone. As we move forward, we're focused on ramping up from the mining from the main ODM zone and starting to feed the mill with underground material. At New Afton, B3 development was completed, and our focus now is to ramp up mining rates to 8,000 tonnes per day. Receiving the C-Zone permit was a great milestone for the team in New Gold, and we continue to move all project activities along with first ore planned for the second half of the year. In addition, at New Afton, the exploration results we previously released are very encouraging. During the next quarters, we will continue to advance our organic growth initiative to further increase the value of our asset base. Lastly, the third quarter delivered to plan and significantly improved versus the second quarter in both production and cost, and we are on track to achieve our 2022 updated guidance. I will now pass it to Rob to provide an update on our operating and financial results. Rob? Thanks, Renaud. I'll start with slide 7, which provides our operation highlights. Production details are consistent with our October production press release. During Q3, the company produced approximately 91,000 gold equivalent ounces. The amount consisted of 8.5 million pounds of copper, 58,700 gold ounces from Rainy River, and 11,400 gold ounces from New Afton, giving us a total of 70,147 gold ounces. The lower gold production as compared to the prior year quarter is primarily due to the lower copper grade and tons processed at New Afton. Our operating expense per equivalent ounce was higher than the prior quarter, primarily due to lower production and therefore sales volume. Consolidated all-in sustaining costs for the quarter were $1,637 per equivalent ounce, higher than the prior quarter, primarily due to the lower sales volume at our operations and higher sustaining capital spend. We continued to invest in sustaining capital at our operations during the third quarter, with the impact of sustaining capital spend per ounce being $460 in the quarter. During Q3, we experienced inflationary challenges that have been experienced across the industry, particularly with regards to fuel, electricity, grinding media, and cyanide. The financial impact of these above-noted categories on inflation was approximately $100 per ounce or 6% on AISC for the quarter. As noted in previous quarters, we continue to work on minimizing any inflationary impacts and realized benefits with our currency, Canadian currency. Turning to slide 8 for our financial results. The third quarter revenue was $151.2 million, driven by sales of approximately 68,800 gold ounces at an average realized price of $1,727 per ounce and sales of 9.9 million pounds of copper at $3.42 per pound. The Q3 revenue was lower than the prior-year quarter, primarily due to lower copper sales volumes and prices. Our operating cash flow before working capital adjustments was $43.6 million or $0.06 per share for the quarter. Again, lower than the prior-year quarter due to lower sales volumes and metal prices. The company recorded a net loss of $4.2 million or $0.01 a share during the Q3, compared to a net loss of $0.02 per share in the previous year's quarter. After adjusting for certain items, net loss was $13.4 million or $0.02 per share in the quarter compared to earnings of $0.03 in the prior year quarter. The loss increases primarily due to lower revenues. Our Q3 adjusted earnings include adjustments related to our gains or losses, which include unrealized adjustments on Rainy River stream mark-to-market, and the free cash flow royalty at New Afton. Our MD&A has details on these non-GAAP measures. Our capital expenditures and leases for the quarter were $72.7 million. $42.4 million was spent on sustaining capital and $30.3 million on growth capital. The sustaining spend was primarily related to planned tailings work at both operating assets, capital stripping at Rainy River, and B3 mine development at New Afton. Our growth capital was focused on project development, specifically the C-Zone at New Afton and underground Intrepid Zone at Rainy River. Slide 9 provides detail on our capital structure. Cash on hand at the end of the quarter was $ 247 million, and liquidity was 620 million. The decrease in cash from the prior quarter is primarily due to the continued capital investments at our operations. With that, I'll turn the call over to Pat. Thank you, Rob. Slide 11 provides a summary of third quarter highlights for our Rainy River mine. During the quarter, the open pit averaged 412,000 tons per day. This decreased over the prior year as we are shifting our focus to minimize the amount of free-dig and till material we are feeding the mill and the impact from our dewatering effort earlier in the quarter. In Q3, 85% of the mill feed was direct shipping ore from the open pit, and the compliance to mine plan was close to perfection at 97%. The mill averaged approximately 24,000 ore tons per day. This was lower than last year, primarily as a result of processing ore from the North Lobe. We expect to complete mining from the North Lobe in the first half of 2023. Quarterly production increased significantly compared to the second quarter and was in line with the last year. We remain on track to achieve our updated guidance. From Intrepid, both mining and development advanced on plans during the quarter. We blast the first stope in September. Gold grade from the first stope as reconciled positively and production will ramp up over the coming months. Development advanced an additional 833 meters during the quarter, with the main decline ramp reaching the 200-meter level ahead of plan. During the final quarter of the year, our focus at Rainy River will be ramping up open pit mining on the main ODM zone and getting the high-grade underground material fed into the mill. Slide 12 provides a summary of third quarter highlights for our New Afton mine. During the quarter, the underground mine averaged 6,500 tons per day. This decreased over the prior year due to the planned completion of Lift 1 mining activities and the closure of the recovery level for safety reasons. As planned, the mill averaged approximately 7,700 tons per day, and we complete the processing of the lower grade surface stockpile to supplement the tonnage early in the beginning of the third quarter. At B3 development and drawbell construction is now complete. We're currently extracting ore solely from B3 and expect mining rate to reach a target of 8,000 tons per day early in 2023. C-Zone development advanced an additional 998 meters during the quarter, and we continue remain on track for first ore from C-Zone in the second half of 2023. Ramping up B3 and continuing to develop C-Zone on time remains New Afton's key priority for the remainder of the year. I will now pass it back to Renaud. Thank you, Pat. I'm on slide 13, which provides a summary of our key priorities. In concluding this presentation, so building up on the significant progress and milestone achieved in the third quarter, we continue to work very hard to assess all possibilities to increase the underlying value of our asset base, and we're focused on achieving all of our key catalysts for the remainder of the year. This completes our presentation, and I will now turn it back to the operator for the Q&A portion of the call. Operator? Thank you, sir. Ladies and gentlemen, we now begin the question and answer session. Should you have a question, please press star followed by the one on your touchtone phone. You will hear a three-tone prompt acknowledging your request, and your questions will be pulled in the order they're received. Should you wish to decline from the polling process, please press star followed by two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment please for your first question. Your first question comes from Trevor Turnbull with Scotiabank. Please go ahead. Yeah, thank you. I just wanted to ask for a little bit of clarification on the guidance. You mentioned at Rainy, the glacial material that you're stripping would be about 2.4 million tons. It seemed like that would imply more like a 1:1 strip ratio. In the commentary, it said something about the strip ratio staying below 3:1. I'm just wondering if I'm mixing something up there. I think it's the strip ratio going forward as is will be 3:1. What is remaining to strip from the overburden is mostly the tonnage it's talking about 2.4-2.5 million tons. It's something that will be completed. I think it will be around the second half of the year next year. It's something that we are pushing back as we are getting there. You know, going forward, what is more important to us is all the crawler equipment are working on rocks. So basically, it's the conditions of extraction of the overburden is pretty straightforward for us, and our risk are totally eliminated compared to the last year where we were struggling with mud and stuff. Basically, we're still having 2.4-2.5 million tons of overburden material to handle, and it's part of the stripping ratio that is incorporated in our forecast. Yeah, I think Trevor, just to comment on this is like, I think your question goes to the glacial till is not the whole waste, of course. I think the highlight here of the 2.4 million after battling, you know, like, over 4 or 5 years, you know, and mining that material is almost gone. But of course, it's not the only waste material. Moving forward. Okay. You know, that's the difference here, you know. Right. Kind of the tons of ore mined is gonna remain roughly consistent with what you've been doing. Yeah. Yeah. Yeah. Yeah. Yeah. Correct. Okay. Just one other quick question. With respect to the copper, your copper output, as we close out the year in Q4, is it correct to assume that now that the B3 zone is starting to ramp up production, that production should start to trend a bit higher? Or are there grade considerations that are potentially gonna keep copper from being higher in Q4? The copper production will for sure increase because actually we are ramping up from 65 to 8,000 tons per day. You know, in a block cave, usually when you start, we are looking on the reserve is based on the mining dilution that is coming from the extraction of the cave. When we start caving method, usually the grade is much better because the dilution is coming from the external wall. In addition to that, as I explained during the presentation, we totally exhaust the stockpile or the low-grade stockpile that we had on surface. Basically, actually, all the material that is going to the mill is high quality material. Understood. Okay. Thank you very much. Pleasure for me. Thanks. Thank you. Ladies and gentlemen, as a reminder, if you have any questions, please press star one. Your next question comes from Mike Parkin with National Bank. Please go ahead. Hi, guys. Thanks for taking my question. Sorry to hear about the news of Suresh. With respect to New Afton, noticing that, like, your gold as well as your copper recovery rates for Q3 have been better than they've been for at least two-plus years. Is that something that we could expect to continue into fourth quarter in 2023? Well, if you recall, Mike, you know, one thing that we liked about the C-Zone as we move forward, you know, is how clean the ore is and so forth. We continue to believe that as we move forward with more material from the B3, but also the switching eventually to C-Zone. I think the guys have been doing an absolutely believable job there at the mill. Yes, we continue to believe that we will benefit from an increased recovery as we move forward. With that, is that anything to do with the function of the lower throughput as you're kind of transitioning through this lower tonnage period? Then as you ramp up C-Zone, would that ease off in the recovery, or would you expect that to actually sustain at the more elevated levels versus where you've averaged kind of in the last couple of years? Yeah, we're definitely not pushing, as you mentioned, you know, the mill to its max capacity. To be very frank, if you compare with the last couple of years, you know, we were not necessarily pushing the mill anyway, too. It has to do with the mineralogy of the ore that it will keep improving as you move forward. Also, the fact that the supergene as well will be reducing as you move forward. Okay, super. That's it for me, guys. Thanks so much. Thank you. Thank you. There are no further questions at this time. You may proceed. Great. Thank you very much. Thanks to everybody who joined us today. As always, should you have any additional questions, please do not hesitate to reach out to us by phone or email. Have a great day. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a great day.
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