10 Best Gold Royalty and Small-Cap Gold Stocks to Buy

2. New Gold Inc. (NYSEAMERICAN:NGD)

Number of Hedge Fund Investors: 23

Market Capitalization as of December 23: $1.98 Billion

New Gold Inc. (NYSEAMERICAN:NGD) is a prominent intermediate gold mining company with a diversified portfolio of high-quality assets across North America. The company operates two flagship mines: Rainy River in Ontario, Canada, and New Afton in British Columbia, Canada.

New Gold Inc. (NYSEAMERICAN:NGD) prioritizes exploration to generate additional value and extend the operational life of its mines. At Rainy River, the company has identified promising opportunities in the main pit and several smaller satellite pits. These prospects could further extend the open-pit mine’s life while minimizing capital expenditures. At New Afton mine, New Gold Inc. (NYSEAMERICAN:NGD) is focusing on optimizing the C-Zone, the fourth block cave at the mine, and advancing the technical study for the East Extension, which has the potential to introduce a high-grade zone in the mine’s eastern section.

New Gold Inc. (NYSEAMERICAN:NGD) is also advancing several critical projects aimed at boosting production capacity and improving cost efficiency. At the C-Zone, the company has successfully commissioned the gyratory crusher and conveyor system, eliminating the need for truck haulage. At the Rainy River Mine, efforts are concentrated on developing the Underground Main Zone, the second and much larger sector of the mine compared to Intrepid. The Underground Main Zone is slated to begin production in the first half of 2025 and is expected to ramp up to processing 5,500 tonnes of gold ore per day by 2027.