12 Best Multibagger Penny Stocks to Buy Now

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7. New Gold, Inc. (NYSE:NGD)

Stock Performance Over Last Year: 144.48%

Number of Hedge Fund Holders: 23

Share Price as of February 3: $3.11

New Gold, Inc. (NYSE:NGD) is a Canadian-focused intermediate mining company that operates two core-producing assets: the Rainy River gold mine and the New Afton copper-gold mine. The company aims to build a leading diversified intermediate gold company based in Canada.

New Gold, Inc. (NYSE:NGD) is on strong operational footing. The latest quarter saw it deliver the highest production, with 80,438 ounces of gold and 14.5 million pounds of copper. New Afton’s performance was particularly impressive, beating its gold production guidance while achieving midpoint copper production targets. The successful commissioning of New Afton’s C-Zone and the first ore from Rainy River underground, both ahead of schedule, demonstrates the company’s execution capabilities.

Despite some operational challenges at Rainy River, New Gold, Inc. (NYSE:NGD) produced 298,303 ounces of gold for the full year 2024 and expects all-in sustaining costs to be at the low end of guidance ($1,240-$1,340 per gold ounce). With upcoming technical reports and operational outlook expected to showcase increased production and cost reduction initiatives, the company appears well-positioned to maximize free cash flow generation.

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