New Gold (NGD) Q3 2025 earnings summary

Executive summary

• Achieved record operational and financial results in Q3 2025, with significant improvements in production and cost metrics compared to previous quarters and the prior year.

• Rainy River delivered record gold production and free cash flow, while New Afton continued to outperform expectations, particularly from the B3 cave.

• Generated a record $205 million in free cash flow for Q3 2025, with Rainy River contributing $183 million.

• Strengthened balance sheet by repaying $260 million in debt, including $150 million on the 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 reached $463 million, up from $252 million in Q3 2024, driven by higher prices and volumes.

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

• Consolidated Q3 production: 115,213 ounces of gold and 12 million lbs of copper.

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

• Record quarterly free cash flow: $205 million; cash from operations: $300.7 million.

Outlook and guidance

• On track to meet or exceed 2025 production and cost guidance, with both Rainy River and New Afton meeting operational targets.

• Rainy River gold production expected above midpoint of 265,000–295,000 oz guidance; New Afton at midpoint.

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

• C-Zone ramp-up and Rainy River underground and open pit development progressing as planned.

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