New Gold Inc. (TSX: NGD) reported fourth‑quarter and full‑year 2025 results that included a record $240 million in free‑cash‑flow for the quarter and $532 million for the year, driven by strong output at its Rainy River and New Afton mines.
Gold production for the quarter reached 107,778 ounces, while copper output was 11.0 million pounds. Full‑year gold production totaled 353,772 ounces, comfortably inside the 325,000–365,000‑ounce guidance, and copper sales of 50.1 million pounds fell squarely within the 48–60 million‑pound range. Rainy River’s underground development rates rose 45 % year‑over‑year, and New Afton’s C‑Zone construction remains on track for early‑2026 completion, with the mine’s 2025 production of 63,536 ounces meeting the 60,000–70,000‑ounce guidance.
The record cash flow stems from a combination of higher commodity prices, disciplined cost management, and accelerated production. New Gold’s all‑in sustaining costs for gold fell to $1,018 per ounce, a modest decline from the previous year, while copper prices held near $4,200 per pound, supporting higher revenue. Operational efficiencies at Rainy River, including the 45 % improvement in underground development rates, allowed the mine to extract more ore per tonne of material processed.
Management reaffirmed the 2025 guidance, maintaining a projected gold production range of 325,000–365,000 ounces and copper sales of 48–60 million pounds. The company highlighted its focus on two high‑quality Canadian assets and its cash‑generating transformation, noting that the record free‑cash‑flow positions it to fund ongoing growth projects such as the New Afton C‑Zone and further underground expansion at Rainy River.
Earnings per share of $0.21 beat consensus estimates of $0.17, a $0.04 or 24 % beat, underscoring the effectiveness of cost controls and production gains. Revenue for the quarter rose 4 % to $1.12 billion, driven by higher gold and copper sales, while operating margin expanded to 9.9 % from 9.6 % in the prior year, reflecting the combined impact of higher commodity prices and lower sustaining costs.
CEO Patrick Godin praised the team’s execution, saying, “New Gold delivered as planned in the fourth quarter, allowing the Company to achieve its 2025 Strategic Goals set out at our Technical Session at the start of the year. Rainy River delivered another standout quarter of free cash flow generation, surpassing the previous record set in the third quarter.” He also highlighted the company’s lowest ever consolidated recordable injury frequency rate of 0.65, a 10 % reduction from 2024, reinforcing its commitment to safety.
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