New Gold (NGD) Q3 2025 earnings summary

Executive summary

• Achieved record quarterly production and free cash flow in Q3 2025, driven by Rainy River's strong performance and New Afton's continued over-delivery from the B3 cave.

• Consolidated Q3 production reached 115,213 ounces of gold and 12.0 million pounds of copper.

• Free cash flow hit a record $205 million, with Rainy River contributing $183 million.

• Repaid $260 million in debt, including full repayment of the $150 million credit facility ahead of schedule.

• Advanced growth projects for 2026, with New Afton's C-Zone ramp-up on track and Rainy River underground development progressing.

Financial highlights

• Q3 2025 revenue was $462.5 million, up from $252.0 million in Q3 2024.

• Net earnings for Q3 2025 were $142.3 million ($0.18/share), with adjusted net earnings of $199.5 million ($0.25/share).

• Cash generated from operations was $300.7 million, with free cash flow of $204.7 million in Q3 2025.

• All-in sustaining costs (AISC) per gold ounce sold (by-product basis) were $966, down from $1,195 in Q3 2024.

• Average realized gold price was $3,458/oz in Q3 2025, up from $2,507/oz in Q3 2024.

Outlook and guidance

• On track to achieve full-year consolidated gold production guidance of 325,000–365,000 ounces and copper production of 50–60 million pounds.

• Rainy River gold production expected above the midpoint of its guidance range; New Afton at midpoint.

• AISC expected to trend lower in Q4, with consolidated AISC at the high end of $1,025–$1,125/oz guidance.

• Sustaining capital tracking to the low end, and growth capital to the midpoint of guidance ranges.

• Cumulative free cash flow for 2025–2027 projected at ~$2.2 billion, with an average annual FCF yield of ~15%.