New Gold Surpasses 2025 Guidance With Record-Setting Free Cash Flow and Production

Production Guidance Met and Free Cash Flow Hits $532 Million

New Gold Inc. (TSX: NGD, NYSE: NGD) wrapped up 2025 on a strong note, meeting its production guidance across both core operations while generating record free cash flow. Consolidated gold production totaled 353,772 ounces (within guidance of 325,000–365,000 oz), and copper output reached 50.1 million pounds (within guidance of 50–60 million lbs). Full-year free cash flow soared to $532 million, nearly 6x above the prior year, following robust contributions from both the Rainy River and New Afton mines.

Rainy River and New Afton Both Deliver Standout Results

The Rainy River mine hit the higher end of its gold production guidance, producing 290,236 ounces for 2025 versus a target range of 265,000–295,000 ounces. Underground development at Rainy River progressed at a rapid pace, with a 45% increase in development rates in the fourth quarter alone. Meanwhile, New Afton maintained stable performance and achieved its copper and gold targets, underscoring consistent execution even as key projects move toward completion in early 2026.

Operational Efficiency and Safety Metrics See Notable Improvements

The year was not only about top-line production. New Gold reduced its total recordable injury frequency rate (TRIFR) by 10% to an all-time company low of 0.65—reflecting relentless attention to safety. Across both sites, process improvement and cost containment provided the foundation for enhanced margin and record cash generation.

Exploration Investment Fuels Growth Pipeline

New Gold raised its exploration spending to $38 million for the year, exceeding its original budget by 27% after successful drill programs. Over 126,000 metres were drilled, supporting further resource development at both mines. This proactive reinvestment hints at continued organic growth as 2026 approaches.

Growth Initiatives Set Stage for 2026

Management emphasized that all major capital projects—including the C-Zone cave at New Afton and Rainy River’s underground Main development—remain on schedule for completion in early 2026. With multiple growth drivers in their pipeline, New Gold positions itself to deliver another robust operational year as it transitions into the next phase of expansion.

Key Takeaway: Balanced Execution and Strong Momentum Going Forward

For investors tracking New Gold, the 2025 results demonstrate disciplined execution, safety leadership, and clear evidence of both operational and financial momentum. With production at the high end of guidance and a record $532 million in free cash flow, New Gold appears well placed to sustain its growth trajectory. The market will be closely watching final project rollouts and delivery on further production gains in 2026.

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