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Sep 30
New Gold Q3 2025 Earnings Report
New Gold reported strong financial and operating results for the third quarter of 2025, driven by record production at Rainy River and strong performance at New Afton.
Key Takeaways
New Gold delivered a strong third quarter in 2025, achieving record production at Rainy River and robust performance from New Afton, leading to record free cash flow generation. The company repaid $260 million of debt obligations during the quarter and remains on track to meet its full-year guidance for gold and copper production, capital spending, and cash costs.
Record quarterly free cash flow of $205 million was achieved, a 225% quarter-over-quarter improvement.
Rainy River mine produced over 100,000 ounces of gold, a 63% increase over the previous quarter.
New Afton's B3 cave continued to over-deliver, averaging over 4,300 tonnes per day.
The company repaid $260 million of debt obligations, including the full $150 million drawn on the credit facility for the New Afton transaction.
New Gold
New Gold
New Gold Revenue by Segment
New Gold Revenue by Geographic Location
Revenue by Segment
Rainy River Revenue
CapyFin.comNew Afton Revenue
CapyFin.comRevenue by Geographic Location
Consolidated Revenue
CapyFin.com Forward Guidance
New Gold is well-positioned to achieve its full-year 2025 guidance for consolidated gold and copper production, capital spending, and cash costs. All-in sustaining costs are expected to be at the top end of the guidance range.
Positive Outlook
- On-track to deliver on full-year consolidated gold production guidance.
- On-track to deliver on full-year consolidated copper production guidance.
- Consolidated capital spending is trending in-line with guidance ranges.
- Cash costs are trending in-line with guidance ranges.
- New Afton's C-Zone remains on track for planned production ramp-up in 2026.
Challenges Ahead
- All-in sustaining costs are expected to be at the top end of its guidance range.
- No specific negative forward guidance points were explicitly stated beyond the AISC being at the top end of the range.
- Potential for price volatility in metals and other commodities.
- Risks related to equipment malfunction, failure, or unavailability.
- Uncertainties and unanticipated delays in obtaining and maintaining necessary licenses and permits.