# NEW GOLD REPORTS FIRST QUARTER 2025 RESULTS Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/new-gold-reports-first-quarter-2025-results--6422230e-902d-4af9-8a4c-c6b9460f00ea Original source: https://money.tmx.com/en/quote/NGD/news/6784873327610226/new-gold-reports-first-quarter-2025-results Publisher: tmx Original announcement: 2025-04-29T21:15:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T06:30:42.820Z Atlas analysis updated: 2026-09-30T06:30:42.820Z - Company: New Gold Inc. - Ticker: NGD - Exchange: TSX - Region: Unavailable - Primary commodity: Gold - Secondary commodities: Copper, Silver - Document categories: Production, Metallurgy - Extracted: 2026-09-30 06:30:43 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary New Gold Inc. reported solid first-quarter 2025 financial and operating results, generating $25 million in free cash flow and achieving key strategic milestones including consolidating its interest in the New Afton mine to 100% and extending its credit facility. Consolidated gold production was 52,186 ounces and copper production was 13.6 million pounds, with the company on track to meet its annual guidance through planned production ramp-ups at both its New Afton and Rainy River mines. Reasoning: New Gold Inc. reported solid first-quarter 2025 results, marked by a substantial increase in consolidated free cash flow and key strategic corporate achievements, despite a decrease in overall gold production and higher costs at the Rainy River mine. - Positive factor: Significant increase in consolidated free cash flow - Positive factor: Strong free cash flow generation and negative AISC at New Afton - Positive factor: Successful refinancing and extension of senior notes and credit facility - Positive factor: Consolidation of New Afton interest to 100% - Positive factor: On-track to meet annual production guidance - Negative factor: Decrease in consolidated gold production compared to prior year - Negative factor: Significant increase in All-in Sustaining Costs at Rainy River - Negative factor: Decrease in Rainy River gold production Facts used in scoring: 12 ## Classification and evidence **Tonnage Decline** Polarity: negative Story-specific tag Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: Consolidated gold production decreased from 70,898 ounces in Q1 2024 to 52,186 ounces in Q1 2025. Evidence · table > 52,186 Context: Gold production \(ounces\) **Free Cash Flow** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company generated $24.9 million in free cash flow in Q1 2025, a significant improvement from a negative $14.9 million in Q1 2024. Evidence · table > 24.9 Context: Free cash flow \($M\) **Resource Update** Polarity: neutral Story-specific tag Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The company filed two new Technical Reports outlining strong production profiles with lower costs, indicating an update to resource information. Evidence · text > During the quarter, we also delivered two new Technical Reports outlining strong production profiles with lower costs. **Strategic Corporate Activity** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: New Gold increased its interest in New Afton to 100%, refinanced senior notes, and extended its credit facility, demonstrating significant strategic corporate activity. Evidence · text > We increased our future free cash flow by consolidating our interest in New Afton to 100%. We successfully refinanced and extended our senior notes and extended our credit facility. **Cost Increase** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Consolidated All-in Sustaining Costs per gold ounce sold increased from $1,396 in Q1 2024 to $1,727 in Q1 2025. Evidence · table > 1,727 Context: All-in sustaining costs per gold ounce sold \(by-product basis\) \($/ounce\) **Production Guidance On-Track** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company is on-track to deliver its 2025 consolidated production guidance of 325,000 to 365,000 ounces of gold and 50 to 60 million pounds of copper. Evidence · text > The Company is on-track to deliver its 2025 consolidated production guidance of 325,000 to 365,000 ounces of gold and 50 to 60 million pounds of copper at all-in sustaining costs 1,2 of $1,025 to $1,125 per gold ounce sold. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Metallurgical Results (6) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/new-gold-reports-first-quarter-2025-results--6422230e-902d-4af9-8a4c-c6b9460f00ea#fact-metallurgical-facts-4) New Afton Mine · gold #### Identity - Project: New Afton Mine - Commodity: gold - Ticker: NGD #### Recovery - Recovery: 87 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-29T00:00:00.000Z Reasoning: New Afton delivered exceptionally strong Q1 2025 results with substantial free cash flow and negative costs on a by-product basis, driven by higher production and realized prices, despite slightly lower grades and recovery. - Positive factor: Significant positive free cash flow generation - Positive factor: Negative All-in Sustaining Costs and Cash Costs \(by-product basis\) - Positive factor: Increased gold production compared to prior year - Positive factor: Higher average realized gold price - Negative factor: Lower gold grade milled and recovery compared to prior year Evidence · table > 18,278 Context: Gold production \(ounces\) ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/new-gold-reports-first-quarter-2025-results--6422230e-902d-4af9-8a4c-c6b9460f00ea#fact-metallurgical-facts-5) New Afton Mine · copper #### Identity - Project: New Afton Mine - Commodity: copper - Ticker: NGD #### Recovery - Recovery: 89 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-29T00:00:00.000Z Reasoning: New Afton's copper production increased in Q1 2025 with improved co-product costs and higher realized prices, despite a slight decrease in milled grade and recovery. - Positive factor: Increased copper production compared to prior year - Positive factor: Higher average realized copper price - Positive factor: Lower co-product AISC and cash costs compared to prior year - Negative factor: Lower copper grade milled and recovery compared to prior year Evidence · table > 13.6 Context: Copper production \(Mlbs\) ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/new-gold-reports-first-quarter-2025-results--6422230e-902d-4af9-8a4c-c6b9460f00ea#fact-metallurgical-facts-6) New Afton Mine · gold #### Identity - Project: New Afton Mine - Commodity: gold - Ticker: NGD #### Recovery - Recovery: 88 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-29T00:00:00.000Z Reasoning: New Afton's Q1 2024 gold production was slightly lower than Q1 2025, with negative free cash flow and higher AISC compared to the current year. - Positive factor: Negative cash costs on a by-product basis - Negative factor: Negative free cash flow Evidence · table > 18,179 Context: Gold production \(ounces\) ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/new-gold-reports-first-quarter-2025-results--6422230e-902d-4af9-8a4c-c6b9460f00ea#fact-metallurgical-facts-7) New Afton Mine · copper #### Identity - Project: New Afton Mine - Commodity: copper - Ticker: NGD #### Recovery - Recovery: 90 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-29T00:00:00.000Z Reasoning: New Afton's copper production in Q1 2024 was slightly lower than Q1 2025, with higher co-product costs and lower realized prices. - Negative factor: Higher co-product AISC and cash costs compared to current year Evidence · table > 13.3 Context: Copper production \(Mlbs\) ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/new-gold-reports-first-quarter-2025-results--6422230e-902d-4af9-8a4c-c6b9460f00ea#fact-metallurgical-facts-10) Rainy River Mine · gold #### Identity - Project: Rainy River Mine - Commodity: gold - Ticker: NGD #### Recovery - Recovery: 89 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-29T00:00:00.000Z Reasoning: Rainy River's Q1 2025 performance was negatively impacted by a substantial decrease in gold production, significantly higher costs, and negative free cash flow, primarily due to planned waste stripping and lower-grade mill feed. - Positive factor: Higher average realized gold price - Negative factor: Significant decrease in gold production compared to prior year - Negative factor: Significant increase in All-in Sustaining Costs and Cash Costs - Negative factor: Negative free cash flow - Negative factor: Lower gold grade milled and recovery compared to prior year Evidence · table > 33,908 Context: Gold production \(ounces\) ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/new-gold-reports-first-quarter-2025-results--6422230e-902d-4af9-8a4c-c6b9460f00ea#fact-metallurgical-facts-11) Rainy River Mine · gold #### Identity - Project: Rainy River Mine - Commodity: gold - Ticker: NGD #### Recovery - Recovery: 91 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-04-29T00:00:00.000Z Reasoning: Rainy River's Q1 2024 gold production was higher than Q1 2025, but still showed negative free cash flow and lower realized gold prices. - Negative factor: Negative free cash flow - Negative factor: Lower average realized gold price compared to current year Evidence · table > 52,719 Context: Gold production \(ounces\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.