NEW GOLD ACHIEVES 2025 PRODUCTION GUIDANCE
Rhea-AI Summary
New Gold (TSX/NYSE: NGD) reported fourth-quarter and full-year 2025 results. Consolidated Q4 production was 107,778 oz gold and 11.0 Mlbs copper; FY2025 production was 353,772 oz gold and 50.1 Mlbs copper, meeting guidance ranges. The company generated $240M free cash flow in Q4 and $532M for FY2025 after investing >$310M in total capital. New Afton produced 63,536 oz gold and 50.1 Mlbs copper for the year; Rainy River produced 290,236 oz gold, at the top end of guidance. Exploration totaled 126,000 metres and spending was ~27% above initial guidance.
Growth projects: New Afton C-Zone cave on track for early-2026 completion; Rainy River underground development improved 45% Q/Q in Q4.
Positive
- Free cash flow of $532 million for FY2025
- Consolidated FY2025 gold production 353,772 oz meeting guidance
- Consolidated FY2025 copper production 50.1 Mlbs meeting guidance
- Rainy River FY2025 gold 290,236 oz at top-end guidance
- New Afton FY2025 copper production 50.1 Mlbs
- 126,000 metres of exploration completed in 2025
Negative
- Exploration spend ~27% above initial $30M guidance
- New Afton Q4 gold production down 32% QoQ (13,355 vs 19,652)
- New Afton gold grade milled fell to 0.52 g/t FY2025 from 0.61 g/t FY2024
News Market Reaction
On the day this news was published, NGD gained 6.24%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
NGD gained 2.46% while key gold peers showed mostly modest, mixed moves (e.g., SSRM +2.71%, IAG -0.11%, BTG +0.11%), pointing to a stock-specific reaction rather than a broad sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 22 | Acquisition circular | Positive | +4.1% | Filed circular and detailed Coeur share-exchange acquisition terms and pro forma metrics. |
| Dec 09 | Corporate update | Positive | +4.6% | Update on positioning assets and financing to advance gold production plans. |
| Nov 03 | Acquisition announced | Positive | -0.8% | Announced Coeur stock-for-stock deal valuing company at about <b>$7B</b> with premium. |
| Oct 28 | Q3 2025 earnings | Positive | +0.2% | Reported strong Q3 production, low AISC, record free cash flow and debt reduction. |
| Oct 07 | Earnings notice | Neutral | -1.4% | Announced timing and access details for Q3 2025 results release and call. |
Recent news often saw price move in the same direction as event tone, though acquisition headlines showed mixed alignment.
Over the last few months, NGD has reported strong operational and financial performance, including record Q3 2025 free cash flow and confirmation that 2025 production and capital spending were on track. Strategic developments focused on a stock-for-stock acquisition by Coeur, with a circular filed on Dec 22, 2025 outlining terms and expected combined production of ~1.25M gold-equivalent ounces in 2026. Today’s announcement that 2025 production guidance was achieved and free cash flow exceeded $530M extends this narrative of execution ahead of the planned combination.
Market Pulse Summary
The stock moved +6.2% in the session following this news. A strong positive reaction aligns with the company’s consistent delivery against guidance and robust free cash flow, highlighted by $532M in 2025 free cash flow and Q4 free cash flow of $240M. Historical news often showed prices moving in line with positive operational and financial updates. Investors could weigh whether continued execution and past alignment patterns justify sustained strength, while considering that prior acquisition headlines have shown some divergence in price response.
Key Terms
total recordable injury frequency rate technical
trifr technical
strip ratio technical
AI-generated analysis. Not financial advice.
Production Targets Achieved Across All Operations; Consolidated Full Year Free Cash Flow Generation Surpasses
(All amounts are in
Strong Operational Exit to 2025 with Growth Initiatives Well Positioned Entering 2026
"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. We delivered on our 2025 production guidance with incredible commitment to health and safety. The total recordable injury frequency rate3 (TRIFR) was 0.65 for the year, a reduction of
"Growth initiatives continued to make tremendous progress towards completion during the fourth quarter. New Afton's C-Zone cave construction remains on track for completion in early-2026.
- Fourth quarter 2025 consolidated production was 107,778 ounces of gold and 11.0 million pounds of copper. Full year consolidated production was 353,772 ounces of gold and 50.1 million pounds of copper, achieving the consolidated guidance ranges of 325,000 to 365,000 ounces of gold and 50 to 60 million pounds of copper, respectively.
- New Afton fourth quarter production was 13,355 ounces of gold and 11.0 million pounds of copper. Full year production was 63,536 ounces of gold and 50.1 million pounds of copper, achieving the production guidance ranges of 60,000 to 70,000 ounces of gold and 50 to 60 million pounds of copper, respectively.
Rainy River fourth quarter production was 94,423 ounces of gold. Full year production was 290,236 ounces of gold, achieving the top end of the production guidance range of 265,000 to 295,000 ounces.- During the fourth quarter, the Company generated free cash flow2 of
$240 million $67 million $532 million $310 million Rainy River underground Main. Cash generated from operations was$327 million $898 million - For the full year 2025, consolidated exploration expense totaled
$38 million 27% higher than the initial$30 million
Operational Highlights
Consolidated | Q4 2025 | FY 2025 | 2025 Guidance |
Gold production (ounces) 1 | 107,778 | 353,772 | 325,000 - 365,000 |
Gold sold (ounces) 1 | 104,886 | 350,127 | - |
Copper production (Mlbs) 1 | 11.0 | 50.1 | 50 - 60 |
Copper sold (Mlbs) 1 | 10.3 | 48.2 | - |
New Afton Mine | Q4 2025 | FY 2025 | 2025 Guidance |
Gold production (ounces) 1 | 13,355 | 63,536 | 60,000 - 70,000 |
Gold sold (ounces) 1 | 12,654 | 62,693 | - |
Copper production (Mlbs) 1 | 11.0 | 50.1 | 50 - 60 |
Copper sold (Mlbs) 1 | 10.3 | 48.2 | - |
Rainy River Mine | Q4 2025 | FY 2025 | 2025 Guidance |
Gold production (ounces) 1 | 94,423 | 290,236 | 265,000 - 295,000 |
Gold sold (ounces) 1 | 92,232 | 287,434 | - |
Operating Key Performance Indicators
New Afton Mine | Q4 2025 | Q4 2024 | FY 2025 | FY 2024 |
Tonnes mined per day (ore and waste) | 11,147 | 11,890 | 11,904 | 10,616 |
Tonnes milled per calendar day | 10,984 | 13,189 | 12,176 | 11,439 |
Gold grade milled (g/t) | 0.47 | 0.58 | 0.52 | 0.61 |
Gold recovery (%) | 87 | 85 | 86 | 87 |
Copper grade milled (%) | 0.54 | 0.62 | 0.57 | 0.65 |
Copper recovery (%) | 92 | 87 | 89 | 89 |
Gold production (ounces) | 13,355 | 19,652 | 63,536 | 72,609 |
Copper production (Mlbs) | 11.0 | 14.5 | 50.1 | 54.0 |
Rainy River Mine | Q4 2025 | Q4 2024 | FY 2025 | FY 2024 |
Open Pit Only | ||||
Tonnes mined per day (ore and waste) | 84,512 | 75,644 | 86,663 | 91,895 |
Ore tonnes mined per day | 47,181 | 21,774 | 28,304 | 20,092 |
Operating waste tonnes per day | 16,610 | 53,870 | 29,805 | 53,443 |
Capitalized waste tonnes per day | 20,721 | - | 28,553 | 18,361 |
Total waste tonnes per day | 37,331 | 53,870 | 58,358 | 71,803 |
Strip ratio (waste:ore) | 0.79 | 2.47 | 2.06 | 3.57 |
Underground Only | ||||
Ore tonnes mined per day | 2,170 | 1,068 | 1,505 | 834 |
Waste tonnes mined per day | 2,213 | 1,506 | 1,770 | 1,251 |
Lateral development (metres) | 2,941 | 1,602 | 8,662 | 5,235 |
Open Pit and Underground | ||||
Tonnes milled per calendar day | 26,480 | 22,656 | 25,294 | 24,563 |
Gold grade milled (g/t) | 1.29 | 0.97 | 1.05 | 0.85 |
Gold recovery (%) | 94 | 93 | 93 | 92 |
About New Gold
New Gold is a Canadian-focused intermediate mining Company with a portfolio of two core producing assets in
For further information, please contact: | |
Ankit Shah | Brandon Throop |
Executive Vice President and Chief Strategy Officer | Director, Investor Relations |
Direct: +1 (416) 324-6027 | Direct: +1 (647) 264-5027 |
Email: ankit.shah@newgold.com | Email: brandon.throop@newgold.com |
Endnotes
- Production is shown on a total contained basis while sales are shown on a net payable basis, including final product inventory and smelter payable adjustments, where applicable.
- "Free cash flow" is a non-GAAP financial performance measure. These measures do not have any standardized meaning under IFRS Accounting Standards, as issued by the IASB, and therefore may not be comparable to similar measures presented by other issuers. For more details about this measure, please see "Non-GAAP Financial Performance Measures" below.
- Total Recordable Injury Frequency Rate (TRIFR) is calculated as recorded incidents × 200,000 / total number of hours worked.
Non-GAAP Financial Performance Measures
Free Cash Flow
"Free cash flow" is a non-GAAP financial performance measure that does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. New Gold defines "free cash flow" as cash generated from operations and proceeds of sale of other assets less capital expenditures on mining interests, lease payments, settlement of non-current derivative financial liabilities which include the Rainy River gold stream obligation and the Ontario Teachers free cash flow interest. New Gold believes this non-GAAP financial performance measure provides further transparency and assists analysts, investors and other stakeholders of the Company in assessing the Company's ability to generate cash flow from current operations. "Free cash flow" is intended to provide additional information only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. This measure is not necessarily indicative of operating profit or cash flows from operations as determined under IFRS Accounting Standards. The following tables reconcile this non-GAAP financial performance measure to the most directly comparable IFRS Accounting Standards.
Three months ended | Twelve months ended December 31 | |||
(in millions of | 2025 | 2024 | 2025 | 2024 |
FREE CASH FLOW RECONCILIATION | ||||
Cash generated from operations | 327 | 110 | 898 | 393 |
Less: Mining interest capital expenditures | (68) | (75) | (310) | (271) |
Less: Lease payments | (1) | (2) | (5) | (3) |
Less: Cash settlement of non-current derivative financial liabilities | (18) | (11) | (51) | (34) |
Free Cash Flow | 240 | 22 | 532 | 85 |
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this news release, including any information relating to New Gold's future financial or operating performance are "forward-looking". All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "targeted", "estimates", "forecasts", "intends", "anticipates", "projects", "potential", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved" or the negative connotation of such terms. Forward-looking statements in this news release include, among others, statements with respect to: the Company's expectations that it is well positioned to deliver another strong year in 2026; the Company successfully completing and achieving all growth initiatives; and the expectation that New Afton's C-Zone cave construction will complete in early 2026.
All forward-looking statements in this news release are based on the opinions and estimates of management that, while considered reasonable as at the date of this news release in light of management's experience and perception of current conditions and expected developments, are inherently subject to important risk factors and uncertainties, many of which are beyond New Gold's ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this news release, New Gold's latest annual management's discussion and analysis ("MD&A"), its most recent annual information form and technical reports on the Rainy River Mine and New Afton Mine filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements in this news release are also subject to there being no significant disruptions affecting New Gold's operations, including material disruptions to the Company's supply chain, workforce or otherwise.
Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation, the "Risk Factors" included in New Gold's most recent annual information form, MD&A and other disclosure documents filed on and available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Forward-looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All forward-looking statements contained in this news release are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
Technical Information
All scientific and technical information contained in this news release has been reviewed and approved by Travis Murphy, Vice President, Operations of New Gold. Mr. Murphy is a Professional Geoscientist, a member of Engineers and Geoscientists British Columbia. Mr. Murphy is a "Qualified Person" for the purposes of NI 43-101 – Standards of Disclosure for Mineral Projects.
View original content to download multimedia:https://www.prnewswire.com/news-releases/new-gold-achieves-2025-production-guidance-302662989.html
SOURCE New Gold Inc.
FAQ
Did New Gold (NGD) meet its 2025 production guidance?
How much free cash flow did New Gold (NGD) generate in 2025?
When will New Afton's C-Zone cave be completed and how does it affect NGD?
What was Rainy River (part of NGD) production performance in 2025?
How much did New Gold invest in exploration and drilling in 2025?
What were New Gold's cash from operations and capital investments in 2025?
