10 Best Gold Penny Stocks to Buy Now

3. New Gold Inc. (NYSE:NGD)

Number of Hedge Fund Holders: 26

New Gold Inc. (NYSE:NGD) is a Canadian gold mining company focusing on developing and running key mineral sites across North America. The company owns the Rainy River mine in Ontario and the New Afton project in British Columbia, where it extracts gold, silver, and copper.

For the year ended December 31, 2024, New Gold Inc. (NYSE:NGD) reported impressive financial results, with revenue hitting $924.5 million, up 17.55% from 2023. This growth came from higher gold and copper prices, and improved operations. The company cut total costs per ounce by 31%, from $1,481 in Q4 2023 to $1,018 in Q4 2024. These cost savings boosted margins and helped generate $90 million in free cash flow.

New Gold Inc. (NYSE:NGD) hit major operational milestones in 2024. The C-Zone at New Afton achieved commercial production, boosting efficiency and cutting costs. However, Rainy River faced some mechanical downtime that briefly impacted production.

Going forward, New Gold Inc. (NYSE:NGD) expects gold output to rise from 300,000 ounces in 2024 to 410,000 ounces by 2027. Production may dip in early 2025 due to mine sequencing, but should bounce back in the second half as the C-Zone fully ramps up. Ongoing exploration at Rainy River might extend the mine’s life, depending on metal prices and tailings capacity.

With solid financial performance, reduced costs, and a 94.22% stock gain over the past year, as of the date of writing this article, New Gold Inc. (NYSE:NGD) stands out as one of the best penny stocks. Its focus on efficiency, production growth, and financial strength makes it a compelling option for investors in the gold market.