Record Quarterly Revenue and EBITDA
Revenue of $856 million in Q1 2026; record quarterly EBITDA of $475 million, which rose 12% versus Q4 and was nearly fourfold year-over-year, reflecting strong realized prices and the impact of recent acquisitions.
Strong Free Cash Flow and Cash Position
Generated $267 million of free cash flow (second-highest in company history) in Q1 despite over $200 million of quarter-specific/one-time items; cash and equivalents increased nearly 11-fold year-over-year to $843 million.
Aggressive 2026 Guidance and Expected Cash Generation
2026 guidance reaffirmed: expected to generate more than $3 billion of EBITDA and $2 billion of free cash flow for the year (with only nine months plus 11 days of contributions from New Afton and Rainy River).
Material Production Upside and Metals Mix
Company-wide 2026 midpoint guidance targets ~750,000 ounces of gold (about an 80% increase vs prior year), over 20 million ounces of silver (about a 13% increase vs prior year) and nearly 60 million pounds of copper; 100% of 2026 metals production sourced from North America and ~70% of revenues expected from the U.S. and Canada.
Transformational M&A Integration Progress and Balance Sheet Improvements
Successful close and seven-week integration of New Gold assets; LTM adjusted EBITDA increased by over $1 billion vs prior year; net cash position achieved and a modernized $1 billion revolver in place; received multi-notch rating upgrades.
Capital Return Policy Established
Board authorized $750 million share repurchase program and an inaugural semiannual dividend of $0.02 per share (designed to be sustainable under low-case pricing scenarios); repurchase program expected to be executed starting in Q2 after blackouts lift.
Operational Recoveries and Ramp Plans
Teams have returned Wharf and Rochester toward plan following the Wharf crushing-circuit fire and scheduled maintenance at Rochester; New Afton ramp targeting ~16,000 tpd by end of Q2 (post-close averages trending from ~11–13k tpd toward target).
Safety and ESG Recognition
Named the safest U.S. mining company among peers for the fourth consecutive year (MSHA data); New Afton and Rainy River received John T. Ryan regional safety trophies; 2025 responsibility report published, emphasizing sustainability-aligned value creation.