New Gold Inc (NGD) saw its stock price plummet by -5.26% on October 31, 2024, following the release of its third-quarter earnings report. Despite achieving record revenue and free cash flow, the company faced several operational challenges that impacted its production outlook and raised concerns among investors.

One of the key issues highlighted in the earnings call was the expected shortfall in gold production at the Rainy River mine. The company stated that Rainy River's gold production is expected to be about 15,000 ounces below the original guidance range due to operational challenges. Additionally, some high-grade ore pockets at Rainy River yielded lower tonnage than expected, further affecting gold production.

Another factor that contributed to the stock price decline was the voluntary suspension of operations following a fatality in July, which impacted production timelines. Furthermore, New Gold had to make a $43 million payment to the Ontario Teachers' Pension Plan, impacting its cash reserves.