New Gold — Q2 2025 Earnings Presentation
21 slides from New Gold's earnings presentation, Jul 28, 2025
Slide 1: Q2 2025 Earnings Call and Webcast
Q2 2025 Earnings Call and Webcast July 28, 2025
Slide 2: Cautionary Notes
Cautionary Notes All amounts in U.S. Dollars unless otherwise stated Cautionary note regarding forward-looking statements Certain information contained in this presentation, including any information relating to New Gold’s future financial or expectations for the purposes of guidance and otherwise;
Slide 3: Introduction
Introduction Ankit Shah, EVP, Chief Strategy Officer 3
Slide 4: Q2/25 Key Accomplishments
Q2/25 Key Accomplishments QUARTER-OVER-QUARTER PRODUCTION AND COST IMPROVEMENT Production and cost management tracking well, highlighted by record monthly production at Rainy River and B3 overperformance at New Afton RECORD QUARTERLY FREE CASH FLOW GENERATION Generated a record $63 million of free c
Slide 5: Q2 2025 Operational Review
Q2 2025 Operational Review Travis Murphy, VP Operations 5
Slide 6: Operating Results
Operating Results On-Track to Deliver 2025 Guidance Consolidated Q2 2025 Q2 2024 6M 2025 6M 2024 Gold production (oz) 78,595 68,598 130,781 139,496 Copper production (Mlbs) 13.5 13.6 27.1 26.9 Operating expenses per gold ounce 1,070 1,156 1,220 1,131 sold ($/ounce, co-product) All-in sustaining cost
Slide 7: New Afton 2025 Outlook
New Afton 2025 Outlook B3 Continues to Over-Deliver, C-Zone Undercut Level Complete H1/25 2025 Operational Estimates Actual Outlook Tonnes processed (kt) 2,357 5,102 Gold feed grade (g/t) 0.53 0.48 Copper feed grade (g/t) 0.59 0.56 Gold recovery (%) 86 83 Copper recovery (%) 88 88 Gold production (k
Slide 8: Rainy River 2025 Outlook
Rainy River 2025 Outlook Record June Production and Quarterly Free Cash Flow H1/25 2025 Operational Estimates Actual Outlook Total ex-pit tonnes (Mt) 13.2 30 Strip ratio 5.97 1.8 Underground ore (kt) 180 846 Tonnes processed (kt) 4,486 9,147 Gold feed grade (g/t) 0.72 1.06 Gold recovery (%) 91 91 Go
Slide 9: Q2 2025 Financial Review
Q2 2025 Financial Review Keith Murphy, CFO 9
Slide 10: Financial Highlights
Financial Highlights Record Quarterly Free Cash Flow Generation Q2 2025 Q2 2024 6M 2025 6M 2024 Revenue ($M) 308.4 218.2 517.5 410.3 Operating expenses ($M) 111.0 109.5 214.4 216.3 Depreciation and depletion ($M) 66.1 69.8 123.3 132.5 Net earnings ($M) 68.3 53.1 51.6 9.6 Net earnings per share ($) 0
Slide 11: Balance Sheet
Balance Sheet Strong Liquidity Position, Financial Flexibility Financial Flexibility Enhanced Face Value ($M) Maturity Interest Rate SOFR Revolving credit facility $400 March 2029 +2.00% - 3.25% Post-quarter redeemed remaining July 2027 Senior Notes Senior unsecured notes $400 April 2032 6.875% Se
Slide 12: Outlook and Concluding Remarks
Outlook and Concluding Remarks Patrick Godin, President and CEO 12
Slide 13: New Afton Exploration
New Afton Exploration • 18,000m of the planned 48,000m completed HW through H1/25 ZONE • Seven diamond drill rigs currently active • Commenced drilling from the C-Zone extraction level exploration drift in April • Infill drilling is conducted to support Mineral Resource development at K-Zone 4500L E
Slide 14: Rainy River Exploration
Rainy River Exploration Longitudinal View Looking North NW South Trend Pushback • At Rainy River, the Company is advancing open pit and underground exploration in parallel • 28,000m of the planned 58,000m completed Intrepid through H1/25 • Three diamond drill rigs currently active UG Main • Explorat
Slide 15: Free Cash Flow
Free Cash Flow FREE CASH FLOW1 GENERATION OVER THE NEXT THREE YEARS $1,200 Cumulative FCF 2025-20272 $1,000 ~US$2.2 Billion $800 Average Annual FCF 2025-20272 $600 ~US$720 Million $400 ~US$0.90/share $200 Average Annual FCF Yield2 $- 2025-2027 2025 2026 2027 $2,750/oz Au and $3.75/lb Cu $3,000/oz Au
Slide 16: 2025 Strategic Goals
2025 Strategic Goals Building on 2024 Free Cash Flow Inflection Point New Gold • Deliver on 2025 production and cost guidance • Maintain exemplary health and safety performance • Increased exploration program targeting Mineral Reserve replacement New Afton • Ramp up of New Afton’s C-Zone • Advance d
Slide 17: Questions
Questions 17
Slide 18: Endnotes
Endnotes Cautionary note to U.S. readers concerning estimates of mineral Technical Information reserves and mineral resources Disclosure regarding Mineral Reserve and Mineral Resource estimates included in this presentation was prepared in All scientific and technical information has been reviewed a
Slide 19: Non-GAAP Measures
Non-GAAP Measures Non-GAAP Financial Performance Measures 1. Cash costs per gold ounce sold the world’s leading gold mining companies established in 1987 to promote the use of gold to industry, consumers and "Cash costs per gold ounce sold" is a common non-GAAP financial performance measure used in
Slide 20: Non-GAAP Measures
Non-GAAP Measures Non-GAAP Financial Performance Measures 3. Sustaining capital and sustaining leases stakeholders of the Company in assessing the Company's ability to generate cash flow from current operations. "Free "Sustaining capital" and "sustaining lease" are non-GAAP financial performance mea
Slide 21: Non-GAAP Measures
Non-GAAP Measures Non-GAAP Financial Performance Measures 7. Cash Generated from Operations, before Changes in Non-Cash Operating Working Capital “Cash generated from operations, before changes in non-cash operating working capital” is a non-GAAP financial performance measure that does not have any