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New Gold Inc T.NGD

Alternate Symbol(s):  NGD

New Gold Inc. is a Canadian intermediate gold mining company with a portfolio of two core producing assets in Canada, namely the Rainy River gold mine and the New Afton copper-gold mine. The Company also holds other Canadian-focused investments. The Company is engaged in the acquisition, exploration and development of natural resource properties. Rainy River is a gold mine located in Northwestern Ontario, Canada, approximately 65 kilometers (km) northwest of Fort Frances, Ontario. The New Afton mine is located approximately 10 km west of Kamloops, approximately 350 km northeast of Vancouver, British Columbia, Canada.


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Post by TELEMARKERon Oct 07, 2022 3:53pm
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Post# 35013090

stockwatch

stockwatch

Globe says RBC's Siperco hikes New Gold to "outperform"

2022-10-04 08:16 ET - In the News

The Globe and Mail reports in its Tuesday, Oct. 4, edition that RBC Dominion Securities analyst Michael Siperco has upgraded New Gold to "outperform" from "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Siperco boosted his share to $1.25 (U.S.) from $1 (U.S.). Analysts on average target the shares at $1.10 (U.S.). Mr. Siperco says his rating boost "is driven by the rerate potential versus peers over the next several quarters as production growth starts to accelerate." Mr. Siperco says he now has a higher confidence in a production rebound from its Rainy River open pit mine in Northwestern Ontario after a tour of the project. Mr. Siperco says in a note: "Overall we came away with more certainty that open pit issues have been resolved, boding well for revised 2H production guidance, while having more confidence in the longer term shift from open pit to underground mining at Rainy River. The pit has been dewatered and normal mining operations have resumed, with 41koz AuEq [gold equivalent] produced in July/Aug (RBC estimate 64koz for 3Q22). We expect higher grade, lower cost production in 2H (up 32 per cent half-over-half), inline with guidance."

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