New Gold Inc. (TSX: NGD) today reported its second quarter 2021 results for the period ended June 30, 2021. The quarter saw New Gold achieving revenue of $198 million, while posting a $16 million net loss.
Of the total $198 million in revenues generated for the quarter, gross revenues from gold sales were recorded at $123.5 million, an increase over the reported $92.6 million recorded for the same period last year. The remaining revenues came from the sale of copper during the quarter. The company saw an average realized gold price of $1,817 per ounce of gold, and copper was reported $4.43 per pound.
The quarter also saw operating expenses of $913 per gold equivalent ounce, and total cash costs for the quarter were $977 per gold equivalent ounce. All-in sustaining costs for the quarter were recorded as $1,551 per gold equivalent ounce.
New Gold reported their adjusted net earnings for the quarter at $27 million. The company reported on its cash generated from operations for the quarter as being $110 million.
Free cash flow of $21 million was generated by the company during the quarter, and the company holds a cash position of $138 million, as well as a strong liquidity position of $464 million.
Gold production for the three month period was reported as being 66,989 ounces, while copper production amounted to 18.2 million pounds. On an equivalent basis, the company produced 105,705 gold equivalent ounces.
The company also indicated this morning that it expects to hit the lower end of its annual gold equivalent production guidance. The range was initially pegged at 440,000 to 490,000 ounces. All-in sustaining costs are expected to be at the upper end of the $1,230 to $1,330 per ounce range previously issued by the company as a result.
New Gold Inc. last traded on the TSX at $1.81.
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