NGD FINANCIAL STATEMENTS

New Gold Inc — balance sheet, income statement and cash flow trends

NGDNew Gold Inc

🇨🇦 Canada · TO · Basic Materials · Gold

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q4 2025 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue1.5 B $+61.1%

Gross Profit767.1 M $+218.7%

Operating Income659.1 M $+261.6%

EBITDA810.1 M $+139.0%

Net Income866.5 M $+744.6%

Peer Comparison· Gold

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
NGD	61.1%	51.5%	54.4%	58.2%
GMD	149.7%	44.2%	51.6%	28.5%
GGP	11,100.4%	51.7%	52.6%	33.5%
CMM	66.8%	57.9%	53.2%	36.2%
RMS	13.3%	57.1%	71.7%	24.7%
SSRM	75.1%	55.8%	43.0%	12.2%
Industry median	60.5%	52.6%	53.8%	31.1%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
NGD	61.1%	51.5%	54.4%	58.2%
ELD	40.5%	49.4%	53.8%	28.7%
SSRM	75.9%	52.6%	44.0%	12.3%
BTO	86.4%	54.4%	51.9%	14.8%
DPM	79.7%	60.6%	64.8%	47.1%
OGC	62.3%	55.1%	62.4%	33.8%
Industry median	60.5%	52.6%	53.8%	31.1%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q4 2025

Equity1.9 B $60%
Current Liabilities391.2 M $12%
Long-term Liabilities874.2 M $28%

Key Figures

YoY change

Total Assets3.2 B $+58.4%

Total Liabilities1.3 B $+33.0%

Total Equity1.9 B $+81.4%

Cash & ST Investments330.2 M $+199.4%

Total Debt395.7 M $-1.0%

Net Debt66.2 M $-77.5%

Peer Comparison· Gold

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
NGD	1.32	20.7%	0.08	60.1%
GMD	2.48	7.1%	-0.32	75.4%
GGP	2.48	2.3%	-0.92	63.4%
CMM	3.54	3.5%	-1.17	78.6%
RMS	3.30	3.9%	-0.59	86.2%
SSRM	5.33	1.9%	-0.74	61.1%
Industry median	2.84	8.1%	-0.29	70.4%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
NGD	1.32	20.7%	0.08	60.1%
ELD	1.62	28.8%	0.57	64.5%
SSRM	5.33	1.9%	-0.72	61.1%
BTO	1.19	14.2%	0.02	61.5%
DPM	4.34	—	—	84.5%
OGC	1.45	2.3%	-0.40	68.8%
Industry median	2.84	8.1%	-0.29	70.4%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q4 2025 · TTM

Key Figures

YoY change

Operating Cash Flow884.3 M $+125.2%

Capital Expenditures590.3 M $+117.7%

Free Cash Flow294 M $+142.0%

Dividends Paid0 $—

Peer Comparison· Gold

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
NGD	59.4%	19.7%	39.6%	102.1%
GMD	47.6%	31.0%	16.6%	167.1%
GGP	66.4%	46.7%	19.6%	198.0%
CMM	59.2%	36.3%	22.9%	163.5%
RMS	52.0%	36.1%	15.9%	210.2%
SSRM	34.3%	25.5%	13.7%	282.3%
Industry median	47.9%	27.8%	18.0%	150.7%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
NGD	59.4%	19.7%	39.6%	102.1%
ELD	34.9%	-16.1%	51.0%	121.6%
SSRM	34.4%	20.0%	14.4%	280.5%
BTO	33.5%	11.7%	21.7%	226.4%
DPM	53.9%	51.6%	2.3%	114.5%
OGC	53.1%	32.5%	20.7%	157.3%
Industry median	47.9%	27.8%	18.0%	150.7%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Mar 24, 26. This content is for informational purposes only and is not investment advice.