)

New Gold (NGD) investor relations material
New Gold Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record quarterly free cash flow of $63M, driven by strong operational performance and production growth at Rainy River and New Afton, with Rainy River contributing $45M in Q2 2025.
Consolidated Q2 2025 production reached 78,595 oz gold and 13.5M lbs copper, with Rainy River posting a record production month in June.
New Afton C-Zone development is 65% complete, with the undercut level finished in May; B3 cave outperformed, extending mine life.
Exploration drilling at both sites reached record levels, supporting future resource growth.
The company remains on track to meet 2025 annual production guidance, with a robust financial position and ongoing growth initiatives.
Financial highlights
Q2 2025 revenue was $308.4M, up from $218.2M in Q2 2024, driven by higher gold prices and sales volumes.
Net earnings for Q2 2025 were $68.6M ($0.09/share), up from $53.1M ($0.07/share) in Q2 2024; adjusted net earnings were $89.8M ($0.11/share).
Free cash flow reached $63M in Q2 2025, up from $20.4M in Q2 2024; cash from operations was $163M.
Cash and cash equivalents at quarter end totaled $226M; liquidity position of $452M.
Operating expenses and depreciation remained relatively stable compared to the prior year.
Outlook and guidance
2025 consolidated production guidance reaffirmed: 325,000–365,000 oz gold and 50–60M lbs copper at AISC of $1,025–$1,125/oz.
Rainy River expected to increase production in H2 2025 as higher-grade open pit ore is processed.
New Afton C-Zone construction is 64–65% complete, with full processing capacity targeted for 2026.
Cumulative free cash flow for 2025–2027 projected at ~$2.2B, with average annual FCF yield of ~20%.
Exploration update planned for September; reserve replacement and resource conversion targeted for 2026.
Next New Gold earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage