Contradictions Unveiled: New Afton's Mine Life, Cost Profiles, and Production Challenges in Q1 2025

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Production and Cost Performance:
- New Gold produced over 52,000 ounces of gold and 13.6 million pounds of copper in Q1 2025, with an all-in sustaining cost of $1,727 per ounce of gold.
- The slight increase in gold production compared to the first quarter of 2024 was due to planned lower feed grades at both sites.

New Afton Progress and Financials:
- New Afton delivered an excellent quarter with an all-in sustaining cost of negative $687 per ounce after considering copper credits.
- The B3 cave outperformed expectations, contributing to a quarterly free cash flow of $52 million, indicating strong financial and operational performance.

Rainy River and Underground Development:
- Rainy River produced 33,900 ounces of gold in Q1 2025, slightly ahead of quarterly guidance.
- The breakthrough of the pit portal enabled increased underground development and development rates, positioning the mine for higher gold production in upcoming quarters.

Financial Flexibility and Shareholder Returns:
- New Gold refinanced and extended its senior notes and revolving credit facilities, enhancing financial flexibility and lowering interest rates.
- The company successfully acquired the remaining 19.9% free cash flow interest at New Afton without equity dilution, consolidating its ownership to 100%.