TORONTO, Ontario — January 16, 2026 — Leads & Copy — New Gold Inc. (TSX: NGD) (NYSE: NGD) has released its fourth quarter and full-year operational results for the three months and year ended Dec. 31, 2025, reporting a consolidated full-year free cash flow generation surpassing $530 million in 2025.
The company reported fourth-quarter production of 107,778 ounces of gold and 11.0 million pounds of copper, which generated $240 million in free cash flow. Full-year consolidated production reached 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 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,” said Patrick Godin, President & CEO. The total recordable injury frequency rate (TRIFR) was 0.65 for the year, a reduction of 10% compared to 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 prioritized ramping up growth initiatives.
New Afton’s fourth-quarter production totaled 13,355 ounces of gold and 11.0 million pounds of copper. The full-year production totaled 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’s fourth-quarter production was 94,423 ounces of gold. Its full-year production reached 290,236 ounces of gold, achieving the top end of the production guidance range of 265,000 to 295,000 ounces.
In the fourth quarter, the company’s free cash flow was $240 million after investing over $67 million in total capital. For the full year 2025, the company’s free cash flow was $532 million after investing over $310 million in total capital, including growth capital involved with ramping up C-Zone production at New Afton and advancing Rainy River underground Main. Cash generated from operations was $327 million and $898 million for the quarter and full year, respectively.
Consolidated exploration expense for the full year 2025 totaled $38 million, consisting of over 126,000 meters drilled. The 2025 exploration investment was approximately 27% higher than the initial $30 million guidance for the year, as the company increased the budget and scope throughout the year to follow up on successful exploration targets.
According to Mr. Godin, growth initiatives continued to make tremendous progress toward 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. He added that New Gold operations remain well-positioned to deliver another strong year in 2026.
Contact:
Ankit Shah
Executive Vice President and Chief Strategy Officer
Direct: +1 (416) 324-6027
Email: ankit.shah@newgold.com
Brandon Throop
Director, Investor Relations
Direct: +1 (647) 264-5027
Email: brandon.throop@newgold.com
Source: New Gold Inc.
