10 Best Multibagger Penny Stocks to Buy According to Billionaires

8. New Gold Inc. (NYSE:NGD)

Number of Billionaire Holders: 5

1-Year Gain as of April 21: 111.63%

Share Price as of April 21: $3.64

New Gold Inc. (NYSE:NGD) is an intermediate gold mining company that develops and operates mineral properties. It primarily explores gold, silver, and copper deposits. The company’s principal operating properties include a 111.63% interest in the Rainy River mine located in Northwestern Ontario, Canada. The stock has skyrocketed by 111.63% over the past year as the company increasingly capitalizes on the soaring gold prices above $3,000 an ounce.

On April 8, New Gold Inc. (NYSE:NGD) inked a deal with the Ontario Teachers’ Pension Plan to acquire 19.9% free cash flow interest in the New Afton Mine. With the acquisition, the company enhances its gold asset portfolio by gaining access to an asset with the potential of enhancing production and prolonging the mine lifespan. Scotiabank views the deal as positive for consolidating a key copper-gold asset. Therefore, it raised New Gold’s (NYSE:NGD) price target to $4.25 up from the previous $4.00, maintaining a Sector Outperform rating.

Last year, New Gold Inc. (NYSE:NGD) produced 298,303 ounces of gold and 54 million pounds of copper; therefore, it is well poised to benefit from soaring prices. The company also posted a record fourth-quarter 2024 revenue of $262 million with earnings per share of $0.07. New Gold expects its production to average 265,000 ounces and 295,000 ounces in 2025 as it seeks to take advantage of higher gold prices. Free cash flow is also expected to reach between $1.7 billion and $2 billion over the next three years, driven by higher production and cost efficiencies.