10 Best Canadian Stocks to Buy Under $10

6. New Gold Inc. (NYSE:NGD)

Number of Hedge Funds Holders: 23

Share Price as of November 27: $2.74

New Gold Inc. (NYSE:NGD) is a leading gold mining company based in Toronto, Canada. The company has two core-producing assets including the Rainy River gold mine and the New Afton copper-gold mine. New Gold is focused on the acquisition, exploration and development of natural resource properties. In the third quarter of 2024, the company reported a record quarterly free cash flow of $57 million, reflecting strong financial performance. New Gold Inc. improved its production by 40% compared to Q2 2024, while decreasing its sustaining costs by 13%.

New Gold Inc. (NYSE:NGD) has achieved guidance for eight consecutive quarters, driven by production improvement of its both mines. The company projects to achieve 600,000 ounces of gold equivalent production in fiscal year 2024, up by 42% compared to FY2023. According to the Heartland Value Fund, NGD is on track to surpass AISC by more than 50% by 2026. If you want to know what the investment firm further said about NGD, the copy of investors letter can be downloaded here.

Jim Simons’ Renaissance Technologies increased its stake in NGD by 13% in Q3 from Q2 and now holds 22,526,464 shares valued at $64.87 million.