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Jun 30, 2025
New Gold Q2 2025 Earnings Report
New Gold reported strong financial results with record free cash flow and solid operational performance in Q2 2025.
Key Takeaways
New Gold delivered robust results in Q2 2025 with increased gold production, strong performance from both Rainy River and New Afton, and record quarterly free cash flow of $63M.
Generated $308.4M in revenue, up from $218.2M a year earlier.
Posted net income of $68.6M with adjusted EPS of $0.11.
Achieved record quarterly free cash flow of $63M.
Rainy River delivered a record production month in June, contributing $45M to free cash flow.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company reaffirmed its FY2025 guidance and expects stronger production and cash flow in the second half of the year.
Positive Outlook
- On-track to meet full-year production guidance of 325,000–365,000 gold ounces.
- Rainy River production expected to increase further in H2 2025.
- C-Zone construction at New Afton 64% complete with higher throughput expected in 2026.
- Strong liquidity with $226M in cash and equivalents.
- Exploration at New Afton and Rainy River advancing with Q3 results expected.
Challenges Ahead
- Rainy River production slightly below H1 target due to a one-week delay in sequencing.
- Higher sustaining capital spending impacted AISC.
- Rainy River AISC remains elevated at $1,696 per ounce.
- Lower copper prices impacted segment revenue growth.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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