New Gold Inc. Earnings Recaps
Q3 2025
Oct 29, 2025
New Gold's Q3 2025 results reflect a strong operational performance with record production and improved cost efficiencies, positioning the company favorably for its 2025 objectives.
Key takeaways
- Rainy River achieved record quarterly production of over 100,000 ounces of gold, a 63% increase from Q2 2025.
- Consolidated all-in sustaining costs decreased to $966 per ounce, down from $1,391 in Q2, enhancing margins with a realized gold price of $3,458.
- Free cash flow reached a record $205 million, with $183 million generated by Rainy River alone, significantly bolstering the balance sheet.
- Debt repayment accelerated, with $260 million repaid in Q3, including $150 million from the credit facility drawn earlier.
- Significant progress made on growth initiatives, with C-Zone construction at New Afton 79% complete, supporting future production ramp-up slated for 2026.
Q2 2025
Jul 29, 2025
New Gold reported strong second-quarter results with gold production of 78,600 ounces and a record free cash flow of $63 million, demonstrating successful execution of its growth initiatives.
Key takeaways
- Achieved a total recordable injury frequency rate of 0.82, reflecting robust safety performance.
- Generated $163 million in cash flow from operations, driven by effective operational management.
- New Afton produced lower-cost gold with all-in sustaining costs at negative $537 per ounce, benefiting from copper credits.
- Significant progress on C-Zone cave construction, now 65% complete, bolstering future production capacity.
- Ongoing exploration initiatives show promising activity at both New Afton and Rainy River, with updates expected in September.