New Gold(US:NGD)2025-10-28 21:22Financial Performance - Revenues for Q3 2025 reached $462.5 million, a significant increase of 83.5% compared to $252.0 million in Q3 2024[4] - Net earnings for the nine months ended September 30, 2025, were $194.2 million, up 309.5% from $47.5 million in the same period of 2024[6] - Earnings from operations for Q3 2025 were $233.4 million, compared to $66.0 million in Q3 2024, reflecting a growth of 253.0%[4] - The company reported a total comprehensive income of $137.7 million for Q3 2025, compared to $43.6 million in Q3 2024, marking an increase of 215.4%[6] - Net earnings for Q3 2025 reached $142.3 million, a significant increase from $37.9 million in Q3 2024, representing a growth of 276%[12] - Cash generated from operations for the nine months ended September 30, 2025, was $571.2 million, compared to $283.2 million for the same period in 2024, reflecting a 101% increase[12] - Total revenues for the three months ended September 30, 2025, were $462.5 million, a significant increase from $252.0 million in the same period of 2024, representing an 83.5% year-over-year growth[94][96] - Gold revenues for the three months ended September 30, 2025, reached $405.0 million, compared to $203.2 million in the same period of 2024, marking a 99.5% increase[94][96] - For the nine months ended September 30, 2025, total revenues were $980.0 million, compared to $662.3 million for the same period in 2024, indicating a 48.0% increase[98][101] Assets and Liabilities - Total assets increased to $2,369.0 million as of September 30, 2025, up from $2,003.8 million at the end of 2024, representing an increase of 18.2%[8] - The company’s long-term debt stood at $394.0 million as of September 30, 2025, slightly down from $397.0 million at the end of 2024[8] - Total trade and other payables increased to $243.8 million as of September 30, 2025, compared to $196.1 million as of December 31, 2024[26] - The fair value of long-term debt is reported at $422.0 million as of September 30, 2025, compared to $404.0 million at the end of 2024[117] - The company’s reclamation and closure cost obligations increased to $123.9 million as of September 30, 2025, from $119.4 million at the end of 2024[82] Cash and Cash Equivalents - Cash and cash equivalents rose to $123.3 million as of September 30, 2025, compared to $105.2 million at the end of 2024, an increase of 17.5%[8] - The company’s cash and cash equivalents at the end of Q3 2025 were $123.3 million, slightly down from $132.6 million at the end of Q3 2024[12] - As of September 30, 2025, the carrying value of cash and cash equivalents is $123.3 million, an increase from $105.2 million as of December 31, 2024[117] Operating Expenses - Total operating expenses for Q3 2025 were $131.2 million, up from $107.6 million in Q3 2024, indicating a 22% increase[19] - The company reported operating expenses of $131.2 million for the three months ended September 30, 2025, compared to $107.6 million in the same period of 2024, which is a 22.0% increase[94][96] - The company recognized $123.5 million in inventory expenses for the three months ended September 30, 2025, up from $103.8 million in the same period of 2024, a 19.0% increase[28] Exploration and Development - The company reported exploration and business development expenses of $13.6 million in Q3 2025, up from $5.7 million in Q3 2024, indicating a growth of 138.6%[4] - Exploration and business development expenses for the nine months ended September 30, 2025, totaled $28.2 million, compared to $12.6 million for the same period in 2024, indicating a 123.8% increase[98][101] Financial Obligations and Commitments - The company incurred $75.6 million in mining interests for Q3 2025, compared to $62.5 million in Q3 2024, reflecting a 21% increase[12] - The Rainy River gold stream obligation requires the company to deliver 6.5% of gold production up to 230,000 ounces, and 60% of silver production up to 3.1 million ounces[51] - The company recognized a total gain of $8.6 million on the provisional pricing of concentrate sales for the three months ended September 30, 2025, which includes $5.7 million from realized gains and $4.9 million from unrealized gains[74] Shareholder Information - The weighted average number of shares outstanding increased to 791.7 million in Q3 2025 from 790.7 million in Q3 2024[4] - The company had 791.7 million common shares outstanding as of September 30, 2025, with a total share capital value of $3,337.0 million[84] - The basic earnings per share for the three months ended September 30, 2025, was $0.18, compared to $0.05 for the same period of 2024[89] Financial Ratios - The minimum interest coverage ratio for the twelve months ended September 30, 2025, was 16.6:1, significantly above the required 3.0:1[45] - The maximum leverage ratio for the same period was 0.7:1, well below the threshold of 4.5:1[45] Derivative Financial Instruments - The fair value of the gold prepayment financing liability was recognized at $97.8 million as of September 30, 2025, after a fair value adjustment of $26.4 million during the period[61] - The fair value of gold and copper swap contracts is $(7.6) million as of September 30, 2025, down from $1.7 million at the end of 2024[117] - The company reported a total loss on swap contracts of $8.4 million for the three months ended September 30, 2025, compared to a total loss of $4.6 million for the same period in 2024[76]