New Gold (NGD) Q2 2025 earnings summary

Executive summary

• Achieved record quarterly free cash flow of $63 million, with Rainy River contributing $45 million in Q2 2025 and strong operational momentum at both Rainy River and New Afton.

• Produced 78,600 oz of gold and 13.5 million lbs of copper in Q2 2025, with Rainy River achieving a record production month in June and New Afton’s B3 cave outperforming.

• Advanced major growth projects: New Afton C-Zone construction 65% complete, undercut level finished in May, and Rainy River underground development reached key milestones.

• Exploration drilling at both sites reached record levels, supporting future resource growth.

• Remain on track to meet annual guidance, with a robust financial position and ongoing growth initiatives.

Financial highlights

• Q2 2025 revenue was $308.4 million, up year-over-year due to higher gold prices and sales volumes.

• Net earnings for Q2 2025 were $68.6 million ($0.09/share), with adjusted net earnings of $89.8 million ($0.11/share).

• Cash generated from operations was $162.9 million, with free cash flow at $62.5 million.

• Cash on hand at quarter-end was $226 million, with total liquidity of $452 million.

• All-in sustaining cost (AISC) was $1,393/oz gold (consolidated); New Afton at -$537/oz (after copper credit), Rainy River at $1,696/oz.

Outlook and guidance

• On track to meet 2025 consolidated production guidance of 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 ramping up C-Zone and exhausting B3 cave in Q3.

• Cumulative free cash flow for 2025–2027 projected at ~$2.2 billion, with average annual FCF yield of ~20%.

• Exploration update planned for September; reserve and resource updates targeted for 2026.

• Strategic goals include ramping up C-Zone at New Afton and advancing Rainy River's underground and open pit development.