8 Best Value Penny Stocks to Invest in Now

3. New Gold Inc. (NYSE:NGD)

Price as of March 3: $2.72

Forward P/E ratio: 8.27

Analysts upside potential: 36.03%

Number of hedge fund holders: 26

New Gold Inc. (NYSE:NGD) is an intermediate mining company that operates two core producing assets in Canada. It produces both gold and copper and intends to build a world-class diversified intermediate gold operation in Canada.

The latest financials indicate that the company is at its strongest in terms of production. The company revealed that Q4 2024 was its strongest in terms of production, with 80,438 ounces of gold and 14.5 million pounds of copper. This represents increases of 2% and 20% respectively over the prior-year period. Despite slightly missing its updated consolidated gold production guidance with 298,303 ounces for the full year, the company delivered impressive cost discipline with all-in sustaining costs of $1,239 per gold ounce, below the bottom end of the 2024 guidance range. This cost discipline enabled the company to generate $85 million in free cash flow for 2024 while continuing to invest in growth projects.

In addition, New Gold Inc. (NYSE:NGD) reached commercial production at New Afton’s C-Zone and the first ore from Rainy River underground, both ahead of schedule. So, the company has a solid balance sheet and it is doing better than ever operationally. But the share price has barely moved past $2.5 over the past five years. This means the market is yet to fully register the opportunity that New Gold Inc. (NYSE:NGD) presents.