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 performance at both mines.

• Consolidated Q2 2025 production was 78,600 oz gold and 13.5 million lbs copper, with Rainy River posting a record production month in June.

• Advanced major growth projects: New Afton C-Zone construction 64–65% complete, Rainy River underground and open pit development reached key milestones.

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

• On track to meet 2025 annual production guidance for gold and copper, with consolidated gold production at 38% of the midpoint of annual guidance after H1.

Financial highlights

• Q2 2025 revenue was $308.4 million, up from $218.2 million in Q2 2024, driven by 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 of $62.5 million, both significantly higher year-over-year.

• Cash and cash equivalents at quarter end totaled $226 million, with total liquidity of $452 million.

• Capital expenditures totaled $92 million: $34 million sustaining, $58 million growth.

Outlook and guidance

• On track to deliver 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 C-Zone construction is advancing, with full processing capacity targeted for 2026.

• Free cash flow projected at $1.86–$2.2 billion over three years at consensus/spot prices, with average annual FCF yield of ~20%.

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