New Gold surges to 12-year high after strong Q3 beat

New Gold (NGD) +14.5% to its highest levels since 2013 in Wednesday's trading after easily beating Q3 adjusted earnings expectations, with production totaling 115,213 oz of gold at an operating expense of $874/oz sold and all-in sustaining costs of $966/oz sold, and 12 million lbs of copper.

New Gold (NGD) said Rainy River quarterly production totaled a record 100,301 oz of gold at all-in sustaining costs of $1,043/oz sold, a 63% production increase and 39% decrease in AISC vs. Q2, as the mill processed higher grade open pit ore.

The company said it generated cash flow from operations of $301 million and record quarterly free cash flow of $205 million, highlighted by Rainy River's record $183 million in quarterly free cash flow.

New Gold (NGD) said it is on track to achieve FY 2025 gold production guidance of 325,000-365,000 oz, with Rainy River gold output expected to come in above the midpoint of the 265,000-295,000 oz guidance range and New Afton gold production seen coming in at the midpoint of the guidance range of 60,000-70,000 oz.