New Gold meets guidance
Toronto-listed New Gold has met its 2025 production guidance across its operations, delivering strong fourth-quarter and full-year results and generating consolidated free cash flow of more than $530-million for the year.
The company reported fourth-quarter gold production of 107 778 oz and copper output of 11.0-million pounds, with the quarter delivering free cash flow of $240-million. For the full year, consolidated production reached 353 772 oz of gold and 50.1-million pounds of copper, within guidance ranges of 325 000 oz to 365 000 oz of gold and 50-million to 60-million pounds of copper.
New Gold president and CEO Patrick Godin said the company closed the year in line with its strategic objectives, while also recording improved safety performance.
“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," he said, adding that the total recordable injury frequency rate (TRIFR) was 0.65 for the year, a reduction of 10% compared with the prior year, achieving the lowest ever recorded consolidated TRIFR for the company.
“Rainy River delivered another standout quarter of free cash flow generation, surpassing the previous record set in the third quarter, leading to the company generating over $532-million in free cash flow in a year that prioritised ramping up growth initiatives.”
He added that operational momentum and growth initiatives positioned the company well for 2026.
“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. Rainy River underground saw a 45% improvement quarter-over-quarter in development rates in the fourth quarter, driven by all business improvement initiatives outlined in the third quarter. New Gold operations remain well positioned to deliver another strong year in 2026,” added Godin.
At the New Afton copper/gold mine, fourth-quarter production totalled 13 355 oz of gold and 11.0-million pounds of copper. Full-year output of 63 536 oz of gold and 50.1-million pounds of copper fell within guidance ranges of 60 000 oz to 70 000 oz of gold and 50-million to 60-million pounds of copper.
Rainy River continued to underpin group performance, producing 94 423 oz of gold in the fourth quarter and 290 236 oz for the full year, achieving the top end of its guidance range of 265 000 oz to 295 000 oz.
Financially, New Gold generated $327-million in cash from operations in the fourth quarter and $898-million for the full year. Free cash flow for 2025 totalled $532-million after more than $310-million in capital investment, including growth capital related to ramping up C-Zone production at New Afton and advancing underground development at Rainy River.
Exploration spending for the year reached $38-million, with more than 126 000 m drilled. The company noted that this was about 27% higher than its initial $30-million guidance, reflecting expanded follow-up work on successful exploration targets.
New Gold operates two core producing assets in Canada – the New Afton copper/gold mine and the Rainy River gold mine – and aims to position itself as a leading intermediate gold and copper producer through disciplined growth and responsible mining.
