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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 May 22, 2024 12:55pm
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Post# 36052234

stockwatch.com

stockwatch.com

Globe says Parkin boosts New Gold to "outperform"

2024-05-22 08:24 ET - In the News

The Globe and Mail reports in its Wednesday edition that National Bank Financial analyst Mike Parkin has upgraded his recommendation for New Gold to "outperform" from "sector perform" in response to its strategic partnership with Ontario Teachers' Pension Plan at the New Afton mine that will increase its effective free cash flow interest to 80.1 per cent (from 54 per cent) for an upfront cash payment of $255-million (U.S.) (all subsequent figures Canadian). Mr. Parkin gave his share target a 25-cent boost to $3.50. Analysts on average target the shares at $2.70. Mr. Parkin says in a note: "Our 2H24+ gold and copper production estimates move meaningfully higher with the 100-per-cent ownership of New Afton, while costs over the same period decline. We have also tweaked our resource credits at New Afton modestly higher to better align with our DCF/GEO value and long-term gold and copper prices. We believe the increased resource credits are fair given the LOM upside potential over the next few years as further exploration continues on near-mine exploration targets, as well as the good start to the C Zone ramp up. ... As a result of our model updates, we see our NAVPS increase 17 per cent while our target price rises."

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