12 Most Promising Gold Stocks According to Hedge Funds

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10. New Gold Inc. (NYSEAMERICAN:NGD)

Number of Hedge Fund Investors: 23

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

New Gold Inc. (NYSEAMERICAN:NGD) focused on exploration to unlock additional value and extend the mine life of its operations. At Rainy River, the company has identified potential opportunities in the main pit and some smaller satellite pits. These opportunities could further extend the open pit mine life and keep capital investment to a minimum. At New Afton, the company is optimizing C-Zone, the fourth block cave at the New Afton mine, and advancing the technical study of the East extension, which has the potential to add a new high-grade zone to the eastern section of the mine.

New Gold Inc. (NYSEAMERICAN:NGD) is also advancing several key projects that will significantly enhance its production capacity and cost efficiency. At C-Zone, the company has completed the commissioning of the gyratory crusher and conveyor system to eliminate truck haulage. At Rainy River Mine, the company is focusing on the development of the Underground Main Zone, the second sector in the mine, which is much larger than Intrepid. The Underground Main Zone is expected to start production in the first half of 2025 and ramp up to 5,500 tonnes of gold ore per day by 2027.

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