New Gold(US:NGD)2025-04-29 22:09Financial Performance - Revenues for Q1 2025 were $209.1 million, a 8.9% increase from $192.1 million in Q1 2024[5] - Net loss narrowed to $16.7 million in Q1 2025 compared to a net loss of $43.5 million in Q1 2024, representing a 61.6% improvement[5] - The company reported a total comprehensive loss of $19.7 million for Q1 2025, down from $57.0 million in Q1 2024, a reduction of 65.5%[7] - The company reported a loss per share of $0.02 for Q1 2025, an improvement from a loss per share of $0.06 in Q1 2024[5] - The company reported a net loss of $16.7 million for the three months ended March 31, 2025, compared to a net loss of $43.5 million in the same period of 2024[82] Expenses and Costs - Operating expenses decreased to $103.4 million in Q1 2025 from $106.8 million in Q1 2024, reflecting a 3.2% reduction[5] - Exploration and business development expenses rose to $4.6 million in Q1 2025, compared to $0.9 million in Q1 2024, indicating a significant increase in investment in growth initiatives[5] - Finance costs increased significantly to $14.9 million in Q1 2025 from $10.3 million in Q1 2024, with total finance costs after adjustments at $13.7 million compared to $2.6 million in the previous year[22] - Share-based payment expenses increased to $6.0 million in Q1 2025 from $1.9 million in Q1 2024, with total share-based payment expenses of $4.5 million after excluding operating expenses[79] - The company recognized a restructuring charge of $3.3 million in March 2025 related to executive leadership changes[88] Assets and Liabilities - Total assets increased to $2,118.4 million as of March 31, 2025, up from $2,003.8 million at the end of 2024, marking a 5.7% growth[9] - Long-term debt increased to $504.1 million as of March 31, 2025, up from $397.0 million at the end of 2024, reflecting a 26.9% rise[9] - Trade and other receivables decreased to $10.3 million as of March 31, 2025, down from $26.2 million at the end of 2024, with trade receivables specifically dropping from $21.6 million to $8.3 million[25] - Total trade and other payables increased to $209.0 million as of March 31, 2025, compared to $196.1 million at the end of 2024, with notable increases in interest payable and current obligations[26] - The reclamation and closure cost obligations totaled $123.9 million as of March 31, 2025, reflecting a balance increase from $119.4 million at the end of 2024[75] Cash and Cash Equivalents - Cash and cash equivalents rose to $212.8 million at the end of Q1 2025, compared to $156.7 million at the end of Q1 2024, indicating a 35.8% increase[13] - As of March 31, 2025, the company's cash and cash equivalents increased to $212.8 million from $105.2 million as of December 31, 2024, representing a 102.4% increase[104] Investments and Capital Expenditures - Capital expenditures for the three months ended March 31, 2025, were $75.2 million, compared to $61.1 million in the same period of 2024[92] - The total commitments for capital items increased to $83.5 million as of March 31, 2025, up from $63.7 million as of December 31, 2024, indicating a 31.1% rise[108] - The company plans to acquire the remaining 19.9% free cash flow interest in the New Afton Mine for a cash payment of $300.0 million, expected to close in May 2025[110] Derivative Financial Liabilities - The company has a non-current portion of derivative financial liabilities totaling $183.0 million as of March 31, 2025[53] - The company recognized a total loss of $8.3 million on swap contracts for the three months ended March 31, 2025[70] - The fair value of gold and copper swap contracts decreased to $(5.1) million as of March 31, 2025, from $1.7 million as of December 31, 2024, reflecting a negative shift[104] Credit Facilities and Ratios - The Company has a revolving credit facility with a borrowing limit of $400.0 million, extended to March 2029, with an option to increase the limit to $500.0 million[47][48] - As of March 31, 2025, the Company has not drawn any funds from the credit facility, but has issued letters of credit amounting to $23.3 million[51] - The minimum interest coverage ratio for the twelve months ended March 31, 2025, is 11.7:1, significantly above the required >3.0:1[50] - The maximum leverage ratio as of March 31, 2025, is 1.0:1, well below the threshold of <4.5:1[50] Other Financial Metrics - The weighted average number of shares outstanding increased to 791.2 million in Q1 2025 from 687.6 million in Q1 2024, a growth of 15.1%[5] - The carrying amount of mining interests increased to $1,717.6 million as of March 31, 2025, compared to $1,687.1 million at the end of 2024, reflecting ongoing investments in mining properties[33] - The fair value of unrealized foreign exchange forward contract liabilities as of March 31, 2025, is $2.7 million, down from $5.3 million as of December 31, 2024[72] - The fair value of provisionally priced contracts was $3.1 million as of March 31, 2025, compared to $(0.5) million as of December 31, 2024, indicating a significant recovery[104] - The fair value of unrealized foreign exchange forward contracts was $2.7 million as of March 31, 2025, down from $5.3 million as of December 31, 2024, representing a decrease of 49.1%[106]