Production Targets Achieved Across All Operations; Consolidated Full Year Free Cash Flow Generation Surpasses $530 Million in 2025

(All amounts are in U.S. dollars unless otherwise indicated)

TORONTO, Jan. 15, 2026 /CNW/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE: NGD) reports fourth quarter and full year operational results for the Company for the three months and year ended December 31, 2025. Fourth quarter production1 was 107,778 ounces of gold and 11.0 million pounds of copper. The strong quarterly results delivered quarterly free cash flow2 of $240 million.

Strong Operational Exit to 2025 with Growth Initiatives Well Positioned Entering 2026

"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. The total recordable injury frequency rate3 (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," stated Patrick Godin, President & CEO. "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."

"Growth initiatives continued to make tremendous progress towards 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. New Gold operations remain well positioned to deliver another strong year in 2026," added Mr. Godin.

Fourth quarter 2025 consolidated production was 107,778 ounces of gold and 11.0 million pounds of copper. Full year consolidated production was 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 Afton fourth quarter production was 13,355 ounces of gold and 11.0 million pounds of copper. Full year production was 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 fourth quarter production was 94,423 ounces of gold. Full year production was 290,236 ounces of gold, achieving the top end of the production guidance range of 265,000 to 295,000 ounces.
During the fourth quarter, the Company generated free cash flow2 of $240 million after investing over $67 million in total capital. For the full year 2025, the Company generated $532 million in free cash flow2 after investing over $310 million in total capital, which included 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.
For the full year 2025, consolidated exploration expense totaled $38 million, consisting of over 126,000 metres drilled. 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.
Operational Highlights

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SOURCE New Gold Inc.