New Gold (TSX: NGD, NYSE: NGD) reported on Wednesday an adjusted loss for Q1 of $18 million, or 3 cents per share, which was impacted by a temporary closure of the Rainy River mine in Ontario.
Net loss from operations for the quarter was $28 million, or $0.04 per share.
In the same period of 2019, New Gold’s adjusted loss was $2 million, or 0 cents per share.
The company also announced total production for the first quarter of 103,435 gold equivalent ounces, compared to 123,263 ounces in Q1 2019.
Revenues for the quarter were $142 million
Revenues for the quarter were $142 million.
As of the end of the quarter, the company had available liquidity of approximately $600 million, including approximately $400 million in cash and cash equivalents.
New Gold announced on April 15 that due to the impacts of the covid-19 virus, guidance for 2020 has been withdrawn.
The Rainy River mine completed a temporary two-week shutdown from March 20 to April 2.
For the first quarter, the mine reported gold equivalent production of 51,106 ounces (50,381 ounces of gold and 61,265 ounces of silver).
To date, it is averaging approximately 100,000 tonnes per day, which is approximately 70% of the productivity achieved prior to the shutdown.
New Afton mine at West of Kamloops produced 52,329 gold eq. ounces for the quarter (16,409 ounces of gold, and 18.5 million pounds of copper).
Midday Wednesday, New Gold’s stock was down 6% on the NYSE. The company has a $550 million market capitalization.