- New Gold (NGD -3.3%) slides despite reporting a smaller Q1 loss from continuing operations of $0.02/share vs. a $0.05/share loss a year ago; adjusted earnings were flat vs. a $0.03 loss in the prior-year quarter.
- Q1 revenues rose 14% Y/Y to $168M and production increased 3.5% to 123,263 gold equiv. oz., with all-in sustaining costs of $1,083/oz., but the average realized gold price fell 2% to $1,301/oz. from $1,331/oz.
- NGD says full-year production is on track to meet company guidance of 465K-520K gold equiv. oz. and all-in sustaining costs are on track to meet annual guidance of $1,330-$1,430/oz.
- CEO Renaud Adams says he is encouraged by the progress made at Rainy River during Q1, and NGD expects to "drive further efficiencies throughout the operation with the objective of delivering free-cash flow starting in late 2020."