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Mar 31, 2025
New Gold Q1 2025 Earnings Report
Reported financial and operating results for the quarter ended March 31, 2025.
Key Takeaways
New Gold Inc. delivered a solid first quarter in 2025, achieving strategic objectives and generating free cash flow. Operational performance was in line with plans, with critical path items advanced at both New Afton and Rainy River mines to support expected production ramp-ups later in the year. The company also made significant progress on exploration activities.
Achieved fourth consecutive quarter of free cash flow generation.
Successfully refinanced and extended senior notes and credit facility, increasing financial flexibility.
Delivered two new Technical Reports outlining strong future production profiles with lower costs.
Advanced critical operational objectives at New Afton and Rainy River to set up for achieving annual guidance and a step-up in production in the second half of the year.
Forward Guidance
New Gold expects to achieve its annual guidance and increase production and free cash flow in the second half of 2025. Critical path items have been achieved to allow for ramp-up in production and exploration activities.
Positive Outlook
- Expectation to achieve annual guidance.
- Increased free cash flow anticipated, driven by increased production and improved costs.
- New Afton's C-Zone expected to process approximately 16,000 tonnes per day beginning in 2026.
- Successful pit portal breakthrough at Rainy River enables underground ramp-up throughout the year.
- Exploration efforts targeting K-Zone at New Afton expected to ramp-up aggressively.
Challenges Ahead
- New Afton B3 cave expected to reach exhaustion by the end of the second quarter of 2025.
- Waste stripping efforts at Rainy River were required in early months of the year.
- No specific negative forward guidance points were explicitly highlighted in the provided text.
Historical Earnings Impact
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