New Gold (TSX:NGD) Earnings Put Cost Discipline and Mine Guidance at the Center of Its Story

• New Gold Inc. reported earnings on 12 February 2026, with investors closely watching production, all-in sustaining costs, free cash flow, and updated 2026 guidance for its Rainy River and New Afton mines, as well as any developments on its planned arrangement with Coeur Mining.
• Unusually strong pre-market trading activity ahead of the announcement highlighted how much weight the market is placing on operational updates and cost performance at these core assets.
• Next, we’ll examine how the new earnings details and cost trends may reshape New Gold’s investment narrative and risk profile.

Find 5 companies with promising cash flow potential yet trading below their fair value.

New Gold Investment Narrative Recap

To own New Gold today, you need to believe its core mines, Rainy River and New Afton, can keep converting production into disciplined costs and healthy cash generation while the Coeur Mining arrangement proceeds as planned. The latest earnings update is a key short term catalyst because it tests that cost and cash flow story, while the biggest immediate risk remains any operational or cost disappointment that could weaken New Gold’s position ahead of the proposed acquisition.

The most relevant recent announcement in this context is the Q4 and full year 2025 operating results, which showed consolidated production of 353,772 ounces of gold and 50.1 million pounds of copper. Those volumes frame expectations for the new earnings release and will heavily influence how investors judge the trajectory of all in sustaining costs, free cash flow and the value New Gold may ultimately bring into a combined Coeur platform.

However, investors should also be aware that persistent cost pressure at Rainy River could still…

Read the full narrative on New Gold (it’s free!)

New Gold’s narrative projects $2.5 billion revenue and $1.1 billion earnings by 2028.

Uncover how New Gold’s forecasts yield a CA$17.97 fair value, a 16% upside to its current price.

Exploring Other Perspectives

Six fair value estimates from the Simply Wall St Community span a wide range, from CA$6.10 to CA$67.34 per share, underscoring how far apart individual views can be. Against that backdrop, the earnings focused catalyst around production, costs and free cash flow at Rainy River and New Afton may play a decisive role in which of these scenarios appears more realistic over time, so it is worth weighing several of these perspectives before forming a view.

Explore 6 other fair value estimates on New Gold – why the stock might be worth over 4x more than the current price!

Build Your Own New Gold Narrative

Disagree with existing narratives? Create your own in under 3 minutes – extraordinary investment returns rarely come from following the herd.

• A great starting point for your New Gold research is our analysis highlighting 3 key rewards that could impact your investment decision.
• Our free New Gold research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate New Gold’s overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

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