9 WWWNEW G O L D C O M TSXNGD NY SE Am er ic an NG D Rev e nue For the three months ende d March 31 2 020 the 25 6 m illion or 1 5 de crea se in revenu e was du e to a decrea s e in gold a nd cop per sal e s vol u mes i n cl udi ng the im pa ct of the 12 da y su spen sio n at the Rain y River mine an d a decre ase in coppe r pri c es partiall y offs et by an increa se in gold prices Sale s volum e s in the prio rye ar perio d were 10 high er t han p r od uctio n prim aril y du e to the timin g of shi p ment and sale s The ave r ag e reali z ed pri c e s for the three months end ed March 31 were 1458 per gold oun ce and 256 per pou nd of cop per Thi s comp ared to 1301 pe r gol d ounce an d 279 per p ound of copp er in the prior yea r pe riod A detailed discu ssi on of produ ction is in clud ed in the Re v ie w of O peratin g Mine s se ction of this MDA Opera t ing ex pense s For the thre e months e nde d March 31 2 020 ope ratin g ex pe nses were con s iste n t with the prioryea r peri od as lo we r grad e ore wa s min ed and proce s sed resulting in lowe r meta l prod uctio n a nd sales vol u mes Rain y River s op era t ing exp e n s e s we re al so i m pacte d b y a tempora r y twowee k shutd o wn at the site duri ng the curre n t qua rter For fu rthe r inform ation please refe r to the Revi e w of Op erat ing Mine s section of thi s MDA Ne w Aftons ope rat i ng expen se s were impa ct ed by an in ve ntory net re ali z abl e val ue NRV write down asso cia t ed with co pp er invento r y resultin g from lowe r sp ot co pper p r i c e s a s at March 31 2020 Depr eciatio n and depleti o n For the thre e months e nde d March 31 2 020 dep re ci a t ion and depl etion de cre a sed wh en co m pare d to the prio ryea r p e r iod due to l o we r metal sales vol u me s and upd ate d depl etion b a se s At Rainy River the depreci a tion per o u n c e h a s in crea sed as a re sult of decrea s ed reserve s an d sho r ter mi ne life whe n comp ared to the prio r yea r At New Afton depre c iation per oun ce h a s decre ase d as a re sult of the inclu s io n of Czone re serves in its d epletion b a se and long er m i ne life Revenue less cost of goods sold For the th re e month s end ed Ma rch 31 2020 reven ue le ss co sts of good s sol d de cre a sed due to lo we r revenu es pa rtially offset by lower d e p r e c iation and d e p letion Corpo r ate a d ministratio n corpora t e restr u cturin g and shar ebased p a y m ent ex pens e s For the three months en de d March 31 2020 co rpo r at e administ r ati on decrea s e d compa r ed wi th the prior yea r pe riod s due to a lo we r co rpo r ate h ead cou n t resulting in lowe r com pen sati on and benef it expen se s Share ba se d paym ent exp enses were consi s tent with the prior yea r Finance inco me an d fina nce cos t s For the three months end e d March 3 1 2020 finan ce cost s d e cre a sed as a re sult of redu ce d lo ngte rm de bt whe n com p a r ed to the prio ryea r pe riod Othe r gains and losse s The followi ng other gain s a nd losse s are added b a ck for the pu rpo s es of adju s te d net earni ng s Und e rg ro und proje c t co sts In the priorye ar peri od und erg r ou nd project co sts rela t ed to cost s asso ciated with the deferral of the Rain y River un de rground min e de velo pment pl an and in clu d e demobili zati on and relate d co sts