NEW GOLD ACHIEVES 2025 PRODUCTION GUIDANCE

Executive Summary

• New Gold Inc. reported full‑year 2025 production of 353,772 oz gold and 50.1 M lbs copper, meeting its guidance ranges.
• Consolidated free cash flow for 2025 was $532 million (quarterly $240 million), generated after $310 million of total capital spending.
• Safety performance improved with a record low TRIFR of 0.65 (10% reduction YoY); growth initiatives such as New Afton C‑Zone cave construction remain on schedule for early‑2026.

Key Details

• Quarterly Production (Q4 2025): 107,778 oz gold; 11.0 M lbs copper.
• Full‑Year Production (2025):
• Gold: 353,772 oz (guidance 325–365 k oz).
• Copper: 50.1 M lbs (guidance 50–60 M lbs).
• Mine‑Specific Results:
• New Afton: Q4 gold 13,355 oz; FY gold 63,536 oz (guidance met). Copper 11.0 M lbs (FY).
• Rainy River: Q4 gold 94,423 oz; FY gold 290,236 oz (top of guidance range).
• Free Cash Flow: $240 million in Q4; $532 million for FY2025 after $310 million total capital expenditures.
• Operating Cash Generated: $327 million (Q4) and $898 million (FY).
• Exploration Expense FY2025: $38 million, with >126,000 m drilled – ~27% above the $30 million budget due to expanded targets.
• Capital Allocation FY2025: >$67 million invested in Q4; >$310 million for the year, including growth capital for C‑Zone at New Afton and Rainy River underground Main development.
• Safety KPI: Total Recordable Injury Frequency Rate (TRIFR) 0.65 – lowest ever for the company, a 10% YoY reduction.
• Operational Metrics Highlights:
• New Afton tonnes mined per day (ore + waste) Q4 2025: 11,147 t (down from 11,890 t prior quarter).
• Gold grade milled at New Afton FY 2025: 0.52 g/t (vs. 0.61 g/t FY 2024).
• Rainy River underground lateral development Q4 2025: 8,662 m (up from 5,235 m FY 2024).
• Forward‑Looking Statements: Management expects continued strong performance in 2026, with C‑Zone cave construction slated for early‑2026 completion and ongoing growth initiatives.

Notable Quotes

“New Gold delivered as planned in the fourth quarter, allowing the Company to achieve its 2025 Strategic Goals… We generated over $532 million in free cash flow in a year that prioritized ramping up growth initiatives.” – Patrick Godin, President & CEO

All amounts are U.S. dollars unless otherwise indicated.