New Gold — Q3 2025 Earnings Presentation
22 slides from New Gold's earnings presentation, Oct 29, 2025
Slide 1: Q3 2025 Earnings Call and Webcast
Q3 2025 Earnings Call and Webcast October 29, 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 lesser extent, the Mexican Peso, and commodity prices bei
Slide 3: Introduction
Introduction Ankit Shah, EVP, Chief Strategy Officer 3
Slide 4: Q3/25 Key Accomplishments
Q3/25 Key Accomplishments QUARTER-OVER-QUARTER PRODUCTION AND COST IMPROVEMENT Production and cost management tracking well, highlighted by record quarterly production at Rainy River and ongoing B3 overperformance at New Afton 225% QUARTER OVER QUARTER INCREASE IN FREE CASH FLOW Generated a record $
Slide 5: Q3 2025 Operational Review
Q3 2025 Operational Review Travis Murphy, VP Operations 5
Slide 6: Operating Results
Operating Results On-Track to Deliver 2025 Guidance Consolidated Q3 2025 Q3 2024 9M 2025 9M 2024 Gold production (oz) 115,213 78,369 245,994 217,865 Copper production (Mlbs) 12.0 12.6 39.1 39.5 Operating expenses per gold ounce 874 1,021 1,054 1,090 sold ($/ounce, co-product) All-in sustaining costs
Slide 7: New Afton 2025 Outlook
New Afton 2025 Outlook Tracking In-Line with Guidance, C-Zone Ramp-Up On Plan 9M 25 2025 Operational Estimates Actual Outlook Tonnes processed (kt) 3,414 5,102 Gold feed grade (g/t) 0.53 0.48 Copper feed grade (g/t) 0.58 0.56 Gold recovery (%) 85 83 Copper recovery (%) 89 88 Gold production (koz) 49
Slide 8: Rainy River 2025 Outlook
Rainy River 2025 Outlook Record Quarterly Production and Free Cash Flow 9M 2025 2025 Operational Estimates Actual Outlook Total ex-pit tonnes (Mt) 17.9 30 Strip ratio 2.98 1.8 Underground ore (kt) 350 846 Tonnes processed (kt) 6,796 9,147 Gold feed grade (g/t) 0.97 1.06 Gold recovery (%) 93 91 Gold
Slide 9: Q3 2025 Financial Review
Q3 2025 Financial Review Keith Murphy, CFO 9
Slide 10: Financial Highlights
Financial Highlights Record Quarterly Free Cash Flow Achieved Q3 2025 Q3 2024 9M 2025 9M 2024 Revenue ($M) 462.5 252.0 980.0 662.3 Operating expenses ($M) 131.2 107.6 345.6 323.9 Depreciation and depletion ($M) 69.5 58.3 192.7 190.8 Net earnings ($M) 142.3 37.9 194.2 47.5 Net earnings per share ($)
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% Redeemed remaining $111 million July 2027 Senior Notes Senior unsecured notes $400 April 2032 6.875%
Slide 12: Exploration
Exploration Jean-Francois Ravenelle, VP Geology 12
Slide 13: New Afton Exploration
2025 Strategic Outlook New Afton Exploration • Building on recent success, the 2025 exploration program at New Afton is strongly focused on K-Zone (budget recently increased by $5 million to $22 million total) • Exploration highlights include: 1. Discovery of additional mineralization in the footwal
Slide 14: Rainy River Underground Exploration
2025 Strategic Outlook Rainy River Underground Exploration • Infill drilling programs are expected to upgrade the existing pit- constrained resource to the indicated category at NW Trend • Exploration drilling has extended underground mining zones, which remain open at depth • Additional underground
Slide 15: Outlook and Concluding Remarks
Outlook and Concluding Remarks Patrick Godin, President and CEO 15
Slide 16: 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 17: 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 New Afton • Ramp up of New Afton’s C-Zone • Advance K-Zone exploration towards maiden resource in early-2026 Rainy River •
Slide 18: Questions
Questions 18
Slide 19: 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 20: 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 21: 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 22: 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