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Highlights

  • New Gold generated revenue of USD 308.4 million in Q2 2025, up from USD 218.2 million in Q2 2024.
  • The company reported record quarterly free cash flow of USD 63 million, including USD 45 million from Rainy River.
  • Gold production totaled 78,595 ounces and copper output reached 13.5 million pounds in the quarter.

New Gold Inc. (TSX:NGD) announced its financial and operational results for the second quarter ended June 30, 2025. Revenue for the quarter reached USD 308.4 million, an increase from USD 218.2 million in the same quarter last year. The company reported net earnings of USD 68.6 million and adjusted net earnings of USD 89.8 million. Operating cash flow was USD 163 million, supporting a record quarterly free cash flow of USD 63 million.

At the Rainy River Mine, gold production totaled 61,604 ounces at all-in sustaining costs (AISC) of USD 1,696 per ounce on a by-product basis. The mine delivered a record USD 45 million in free cash flow in the quarter. Open pit mining and mill throughput rates remained consistent with plan, and June delivered a record 37,341 ounces of gold at 1.44 grams per tonne. Underground development advanced during the quarter, and the underground ventilation loop was completed in June.

The New Afton Mine produced 16,991 ounces of gold and 13.5 million pounds of copper at AISC of negative USD 537 per ounce on a by-product basis. The B3 cave continued to exceed expectations in throughput, and the C-Zone project reached 64 percent completion by quarter-end. A flotation cleaner circuit upgrade is expected to be commissioned in the third quarter. New Afton exploration drilling totalled 18,000 metres out of a planned 48,000 metres for 2025.

Gold sales were 76,623 ounces at an average realized price of USD 3,317 per ounce. Copper sales were 13.2 million pounds at an average realized price of USD 4.34 per pound. Operating expenses were USD 1,070 per gold ounce and USD 2.37 per copper pound on a co-product basis. The company invested USD 92 million in total capital, comprising USD 34 million in sustaining capital and USD 58 million in growth capital.

New Gold ended the quarter with USD 226 million in cash and cash equivalents. It also completed the acquisition of the remaining 19.9 percent free cash flow interest in the New Afton Mine from Ontario Teachers’ Pension Plan and redeemed USD 111 million of its 2027 senior notes in July.

Guidance for 2025 remains unchanged, with gold production expected between 325,000 and 365,000 ounces and copper production between 50 and 60 million pounds.