New Gold Inc.

Good morning. My name is Carrie, and I will be your conference operator today. Welcome to the new Gold's third quarter 2025 earnings call and webcast. All lines have been placed on mute to prevent any background noise. Please be advised that today's conference call and webcast is being recorded. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, please press star 1 again. I would now like to hand the conference over to Ann Kitchoff, Executive Vice President and Chief Strategy Officer. Please go ahead.

Thank you, Operator, and good morning, everyone. We appreciate you joining us today for New Gold's third quarter 2025 earnings conference call and webcast. On the line today, we have Patrick O'Danis, President and CEO, Keith Murphy, CFO, Travis Murphy, Vice President Operations, and Jean-Francois Ravenel, Vice President Geology. In addition, we have Luke Buchanan, Vice President Technical Services, available to assist during the Q&A portion of the call. If you wish to follow along with the webcast, please sign in from our homepage at newgold.com. Before we begin the presentation, I'd like to direct your attention to our cautionary language related to four looking statements found on slide two of the presentation. Today's commentary includes forward-looking statements relating to Newgold. In this respect, we refer you to our detailed cautionary note regarding forward-looking statements in the presentation. You are cautioned that actual results in future events could differ materially from those expressed or implied in forward-looking statements. Slide 2 provides additional information and should be reviewed. We also refer you to the section entitled Risk Factors in Newgold's latest AIF, MD&A, and other filings available on CDAR+. which set out certain material factors that could cause actual results to differ. In addition, at the conclusion of the presentation, there are a number of endnotes that provide important information and should be reviewed in conjunction with the material presented. The third quarter was an impressive one for Newgold, and slide four highlights some of the key quarterly accomplishments. We had an excellent quarter operationally. with both production and cost making big improvements compared to the second quarter. This was highlighted by Rainy River's record quarterly production of over 100,000 ounces of gold, a 63% increase over the second quarter. At New Afton, B3 continued to overperform during the third quarter, while C-Zone remains on track to ramp up to full production in 2026. We remain well positioned to deliver on our 2025 guidance objectives we outlined at the start of the year. Importantly, these impressive quarterly results were achieved while maintaining focus on safe production, with a low total recordable injury frequency rate of 0.61, down from 0.82 in the second quarter, and continuing the downward trend over the last three years. During the quarter, New Athens surpassed 1 million hours and Rainy River surpassed 1.5 million hours worked without a lost time injury, marking a significant safety milestone at both sites. On a consolidated basis, the company produced approximately 115,200 ounces of gold and 12 million pounds of copper in the quarter. All in sustaining costs reduced from the second quarter by $425 an ounce to $966 per ounce. With an average realized goal price of $3,458 per ounce, this represents an impressive all-in-sustaining cost margin of $2,492 per ounce. We expect all-in-sustaining costs to reduce further through the fourth quarter. The company generated more than $300 million in cash flow from operations and achieved a record quarterly free cash flow of $205 million, highlighted by Rainy River's quarterly record of $183 million in free cash flow. The balance sheet was further strengthened in the quarter as we repaid a total of $260 million in debt, including the $150 million drawn on the credit facility earlier this year as part of the new Afton buyback, and this was repaid one quarter ahead of plan. The company continued to advance initiatives aligned with our three-year production growth and accomplished several key milestones during the quarter. At New Afton, sea zone cave construction is approximately 79% complete, supporting the progressive increase in processing rates towards the target of 16,000 tons per day by early 2026. At Rainy River, the focus remained on increasing underground development and production rates, which Travis will speak to shortly. Lastly, our exploration initiatives made significant progress as outlined in our September news release. highlighted by the significant growth in New Afton's K-Zone and the ongoing exploration activities at Rainy River to offset mine depletion. In summary, we had a strong quarter and we built on the results from the first half of the year, all on maintaining focus on generating meaningful value for our shareholders. With that, I will now turn the call over to Travis.

Thank you, Ankit. I'm on slide six, which has our operating highlights. As Ankit noted, Q3 delivered strong production and costs. Production totaled approximately 115,200 gold ounces and 12 million pounds of copper. This increase in gold production compared to Q3 2024 was driven by planned higher feed grade at Rainy River, partially offset by lower planned feed grade at New Afton. Consolidated all in sustaining costs for the quarter were $966 per gold ounce on a by-product basis, 19% lower than Q3, 2024 and a substantial improvement over the first two quarters of 2025. Costs are expected to continue to trend down in the fourth quarter. At New Afton, the B3 Cape continued to over deliver compared to the plan set out at the beginning of the year. As a result, New Afton achieved an all-in sustaining cost of negative $595 per ounce after considering copper credits. Rainy River delivered a strong quarter, a record quarter, as the mill processed higher-grade open-pit ore. All-in sustaining costs were $143 per ounce in the quarter, a substantial 39% improvement compared to the second quarter. Costs should continue to trend lower in the fourth quarter with lower sustaining capital. Our total capital expenditures for the quarter were approximately $76 million, with $19 million spent on sustaining capital and $56 million on growth capital. At New Afton, sustaining capital is primarily related to mobile equipment, while growth capital is primarily related to construction and growth mine development, tailings, and machinery and equipment. At Rainy River, sustaining capital is primarily related to open pit stripping and the tailings dam raise, while growth capital is related to underground development and machinery and equipment. Turning to the assets, starting with New Afton on slide seven, New Afton delivered another quarter on plan. B3 contributed approximately 4,300 tons per day during the quarter. The additional tonnage from B3 above and beyond the previously planned April exhaustion continues to provide excellent shareholder value as it comes with no additional capital. We expect the B3 cave will now exhaust in the middle of the fourth quarter as the current contribution has reduced down to around 1,500 tons per day. Annual copper and gold production is expected to be in line with the guidance profile previously provided. During the third quarter, New Afton generated over $30 million in free cash flow while continuing to complete the construction of the C-Zone Block Cave. Through the first nine months of 2025, New Afton has generated $115 million in free cash flow. In terms of development, C-Zone Cave construction continues to advance on schedule with cave construction progress at 79% complete as of the end of September. Sea Zone remains on track to ramp up to full processing capacity of approximately 16,000 tons per day, beginning in 2026. Now, turning to Rainy River on slide eight, gold production in the third quarter was 100,000 and 300 ounces of gold at an all-in sustaining cost of $1,043 per gold ounce sold, an increase a 63% increase in gold production, and a 39% decrease in ASIC compared to the second quarter. This excellent performance was driven by processing higher-grade open-pit material in addition to processing and pouring the 5,900 ounces of golden circuit as discussed at the end of the second quarter. The mill continued to perform well, with quarterly throughput averaging over 25,100 tons per day. Following the impressive third quarter results, Rainy River Gold production is now expected to be above the midpoint of guidance of 265,000 to 295,000 ounces of gold. As a result of the strong Q3 results, Rainy River generated a quarterly record $183 million in free cash flow. As Ankit mentioned, progress was made during the quarter in advancing underground operations with a focus on increasing underground development and production rates. We undertook a number of key initiatives during the quarter specifically designed to improve recruitment and retention of our people and contractors. These include camp facility upgrades and travel improvements. They also included contract modifications to incentivize and reward optimized development rates. While this has led to an increase in cash costs, and certain growth capital items related to the underground, it is a significant step forward in securing the production growth expected in the coming years. We are seeing improvements in the continued ramp up in daily underground development rates, which we expect to build on through the fourth quarter. To sum up, We made excellent progress in the third quarter and remain on track to deliver our 2025 production and cost goals, as well as longer-term objectives. And with that, I'll turn it over to Keith. Keith?