New Gold Inc. Q3 2025 Earnings Recap

New Gold reported a record third quarter with a 63% increase in gold production at Rainy River and a substantial decline in all-in sustaining costs, generating over $205 million in free cash flow.

Key Takeaways

• Achieved record gold production of over 115,200 ounces and 12 million pounds of copper; significant contributions from both Rainy River and New Afton.
• Consolidated all-in sustaining costs fell to $966 per ounce, with margins increasing due to an average realized gold price of $3,458 per ounce.
• Strong operational improvements led to record quarterly free cash flow of $205 million, with Rainy River contributing $183 million.
• Successfully repaid $260 million in debt ahead of schedule, bolstering the balance sheet.
• Continued progress on growth initiatives, with C-Zone cave construction at New Afton 79% complete and expected to ramp up operations by early 2026.