Core Viewpoint - New Gold Inc. reported strong financial and operational results for Q3 2025, achieving record production and free cash flow, primarily driven by the performance of the Rainy River mine and the New Afton mine [1][2][3]. Financial Performance - Q3 2025 revenue reached $462.5 million, a significant increase from $252.0 million in Q3 2024 [9]. - The company generated cash flow from operations of $301 million and record free cash flow of $205 million, marking a 225% quarter-over-quarter improvement [2][10]. - Net earnings for Q3 2025 were $142.3 million, compared to $37.9 million in Q3 2024, with adjusted net earnings of $199.5 million [11][12]. Production Highlights - Total gold production for Q3 2025 was 115,213 ounces, with Rainy River contributing 100,301 ounces, reflecting a 63% increase from Q2 2025 [6][10]. - New Afton produced 14,912 ounces of gold and 12.0 million pounds of copper, with the B3 cave performing above expectations [6][14]. - The company is on track to meet its annual production guidance of 325,000 to 365,000 ounces of gold [4][10]. Cost Metrics - All-in sustaining costs (AISC) for Q3 2025 were $966 per gold ounce sold, down from $1,195 in Q3 2024 [12][19]. - Cash costs per gold ounce sold on a by-product basis were $639, compared to $741 in Q3 2024 [12][19]. - Operating expenses per gold ounce sold were $874, a decrease from $1,021 in the previous year [12][19]. Debt Management - The company repaid $260 million in debt obligations during the quarter, including the full $150 million drawn on the credit facility [3][10]. - The company exited Q2 2025 with cash and cash equivalents of $123 million, strengthening its financial position [10][19]. Future Outlook - New Gold is well-positioned to achieve its full-year guidance, with capital spending and cash costs trending in line with expectations [4][5]. - The C-Zone at New Afton is on track for a production ramp-up in 2026, while Rainy River's operations are expected to generate significant free cash flow in the coming years [5][10]. Exploration and Growth - The exploration budget for New Afton has been increased to $22 million, with ongoing drilling confirming the potential for further mineralization at the K-Zone [16][19]. - The company anticipates a maiden K-Zone mineral resource estimate to be announced in early 2026 [16].