Good morning, ladies and gentlemen. My name is Michelle, and I will be your conference operator today. Welcome to the New Gold New Afton Mine 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 for analysts. If you would like to ask a question during that time, simply press star, then the number one on your telephone keypad. If you would like to withdraw your request, please press star, then the number two. I would now like to hand the conference over to Ankit Shah, Executive Vice President of Strategy and Business Development. Please go ahead. Thank you, Michelle, good morning, everyone. We appreciate you joining us today for New Gold's New Afton update call. On the line today, we have Patrick Godin, President and CEO. Before Pat begins the presentation, I'd like to direct your attention to our cautionary language related to forward-looking statements found on slides two and three of the presentation. Today's commentary includes forward-looking statements related 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 two and three provide additional information and should be reviewed. We also refer you to the section titled Risk Factors in New Gold's latest Annual Information Form, MD&A, and other filings on SEDAR, which set out certain material factors that could cause actual results to differ. I will now turn the call over to Pat. Thanks, Ankit, and good morning, everyone. I want to provide additional details surrounding the New Afton Tailings Storage Facility and the other events that have transpired over the last two days. On Wednesday, August 9, a routine visual inspection of the New Afton Tailings Storage Facility was conducted by the Deputy Engineer of Record, accompanied by New Gold. During this inspection, surface variances were identified on the external dam structure. To be clear, the variances were considered superficial, and no tailings or water leaks from the facility occurred. Mine management, together with the Deputy Engineer of Record and other independent experts recommend a cautious approach to suspend underground mining activities until the principal Engineer of Record could arrive at site and review the variance in person. The Engineer of Record arrived late on August 9th and conducted this review at New Afton yesterday, on August 10th. All mining activities, including B3 extraction and C-Zone development, were suspended for the Wednesday night shift and the Thursday day shift. Processing continued uninterrupted, utilizing surface stockpile. Tailings continued to be deposited into the New Afton open pit. To maintain transparency and open communication, all employees, stakeholders, and relevant authorities were informed of this decision. I want to commend the diligent actions taken by all parties to ensure the safety of employees and well-being of our stakeholders. The decisions to suspend mining operation was not taken lightly and highlight New Gold's commitment to not compromise the health and safety of our people. Yesterday, the Engineer of Record joined his colleagues on site to review data, visually inspect the surface variances, and discuss findings and recommendation with the New Gold team. As a result, the Engineer of Record confirmed that the structural integrity and behavior is normal and expected. With this assurance, with this assurance, we approved the resumption of all mining activities at the start of night shift last night. No further mitigation measures are required to ensure the ongoing safety of the, our mining facility at New Afton. Overall, the last two days have demonstrated that our extensive surface monitoring program is working and in identifying potential variances quickly. The collaborative process between New Gold, the Engineer of Record, and other independent consultant has proven effective for ensuring the safety of our people and resolving potential risk promptly. Lastly, the ongoing tailings stabilization project, as part of the C-Zone project, is advancing as planned, with all activities on schedule to ensure the timely and safe execution of the C-Zone block cave. To summarize the events over the last two days, I want to reiterate the three key takeaways. First, we received confirmation of the structural integrity of the New Afton Tailings Storage Facility. We felt strongly about this, and adding the full support of the Engineer of Record validating this. Second, New Afton's annual production and cost guidance remains on track. To be clear, there was no impact from 2.5 hour shutdown of the underground mining activities. Third, the C-Zone development timeline remains intact. C-Zone remains well- positioned for first production ore in the first quarter, with commercial production planned for the second half of 2024. 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 will now begin the question- and-a nswer session for analysts. If you would like to ask a question, please press star followed by one on your telephone keypad. If you would like to withdraw from the question queue, please press star followed by two. If you are using a speakerphone, please lift your handset before pressing any keys. Your first question will come from Anita Soni at CIBC. Please go ahead. Hi, Patrick. My apologies if you've gone over this. I missed a couple of minutes in there. I was just curious. You said there was a visual anomaly, I guess, in the tailing dam that caused the engineer to want to confirm with the Engineer of Record. Can you describe what that is? Basically, the person who was in charge to do the plant inspection, you know, when she walked around the dam on the external side, for sure, she highlighted some surface, I would say, we'll call it a crack. That's where part of the of - that we can, i t's visible, it's outside, so this structure is not having any riprap on it. So it's the core of the dam that is mainly exposed to the sun and et cetera. So it's mainly a crack that is coming from retraction. It 's small and we have the movements, or we have no movement related to this. You know, it's more, I would say, a preventive reaction than something else. It's not something that is unusual on a tailings dam of this type that is having no riprap on it. You know, it's, we were really cautious, prudent, and you would say maybe people would say that we will be accused to overreact, but basically it's part of the security of the infrastructure and the operating manual and the monitoring of this type of infrastructures. We're in BC, as you know, and in BC, we have precedent with this type of tailings storage facility. We are respecting each element, each design criteria, and each point of control, and we, we stick to this, and we were really prudent. It's mainly this. Okay. I was looking back at, I guess it was a presentation you guys did in 2020. I remember being on site in 2019, as I look back at one of the presentations, t hey talk about the amount of subsidence to expect. I guess there wasn't really any expected subsidence, even like 1 or 2 in, until 2025 or 2026. Then by 2028 and 2029, it's expected to start to really move and kind of move into the A-B area. Is that still the plan? Is that correct? This, this thing is designed to move, yes. But actually, with the dewatering, it's, the water is working really well. We are doing extremely well with the wick drains and the principal drains, the wells that we put in place. We are trending extremely well to be in advance t o rebate the water table under the foundations of the New Afton storage facility. As we plan and the EOR and the design is planning for the worst and actually the mitigation measures that we put in place are in advance. We are really pleased by the way the behaviors and the way that the New Afton storage facility is working actually. Okay, I think that's it for my question. Thank you, Anita. Ladies and gentlemen, once again, if you would like to ask a question, please press star one now. There are no further questions. I will turn the conference back to Ankit Shah for any closing remarks. Thank you, Michelle. Again, thank you for everyone who joined us this morning. As always, should you have any additional questions, please feel free to reach out to us by phone or email. Have a great rest of your summer. Ladies and gentlemen, this does conclude your conference call for this morning, and I ask you to please disconnect your lines.
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