10 Best Affordable Stocks Under $5 to Buy Now

2. New Gold Inc. (NYSEAMERICAN:NGD)

Number of Hedge Fund Holdings: 23

Forward P/E Ratio as of January 24: 8.27

Earnings Growth This Year: 94.74%

Stock Price as of January 24: $2.92

New Gold Inc. (NYSEAMERICAN:NGD) is a Canadian mining company focused on producing gold and copper. The company operates major projects such as the Rainy River and New Afton Mines in North America. New Gold Inc.’s (NYSEAMERICAN:NGD) client base includes international markets, jewelry, and industrial applications.

New Gold Inc. (NYSEAMERICAN:NGD) is actively advancing several key growth projects to enhance production and extend the mine life of its operations. At New Afton, the company has developed an underground block cave area known as the C-Zone that has significantly extended the mine’s life by providing a large new source of copper and gold ore. New Gold Inc. (NYSEAMERICAN:NGD) is now also exploring the potential to increase mineral reserves at C-Zone without additional capital expenditure. The company is also conducting a technical study in the eastern part, which aims to add a new high-grade zone and improve the copper and gold production profile.

At Rainy River, New Gold Inc. (NYSEAMERICAN:NGD) has completed significant milestones in the underground mine development, including the first ore development from the Underground Main zone. These developments are critical for preparing the underground mine in the first half of 2025 and ramping up production to 5,500 tonnes per day by 2027.