New Gold delivered consolidated gold production of 353,772 ounces and copper production of 50.1 million pounds in 2025, meeting its guidance ranges of 325,000–365,000 ounces of gold and 50–60 million pounds of copper. Fourth-quarter output totaled 107,778 ounces of gold and 11.0 million pounds of copper, driving record quarterly free cash flow of $240 million after investing $67 million in capital projects.

The company generated $532 million of free cash flow for the full year, surpassing initial expectations. Cash from operations reached $898 million, funding growth capital of $310 million, which included C-Zone cave construction at New Afton and underground development at Rainy River. Exploration expenditures totaled $38 million, 27% above guidance, supporting 126,000 metres of drilling.

In 2025, New Gold achieved its lowest ever consolidated total recordable injury frequency rate of 0.65, a 10% improvement year-over-year. At New Afton, tonnes milled per calendar day averaged 12,176 with gold recoveries of 86% and copper recoveries of 89%. Rainy River saw open-pit ore throughput of 25,294 tonnes per day at a 1.05 g/t gold grade and underground lateral development of 8,662 metres.

C-Zone cave construction at New Afton remains on schedule for early 2026 completion, while Rainy River underground development rates improved 45% quarter-over-quarter. These initiatives, combined with record free cash flow, position the company to sustain production levels and advance value-accretive projects throughout 2026.