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New Gold Inc

www: www.newgold.com   email: info@newgold.com
Category: Emerging Major
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Symbol Data

Symbol Currency
NYSEAMERICAN:NGD USD
TSE:NGD CAD

Description

New Gold Inc are a gold focused emerging major with two producing mines in Canada. Currently they produce roughly 350koz. of gold per year. They have approximately 5.5Moz. of gold in the reserves and resources category of which 5.3Moz. are in the measured and indicated category. They have a market capitalisation of ~$5142.16M which is a rise of roughly 131% over the last twelve months. As of 04/29/2025 they have ~$400M debt and ~$211M cash. They have 791M shares outstanding and trade on the Toronto Stock Exchange.

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General Details

Financial 10/05/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $2,228.80M $5,142.16M 10/05/2024
MCap (OS): $2,213.50M $5,106.86M 10/05/2024
Total Assets: $2,000.00M $2,000.00M 10/05/2024
Total Liabilities: $1,000.00M $1,000.00M 10/05/2024
Current Assets: $331.00M $331.00M 10/05/2024
Current Liabilities: $221.00M $221.00M 10/05/2024
Total Debt: $496.00M $400.00M 04/29/2025
Cash: $184.00M $211.00M 04/29/2025
Debt (Net): $312.00M $189.00M
Enterprise Value: $2,540.80M $5,331.16M 12/09/2138
Cash Flow: $347.46M $599.68M never
Cash Flow Multiple: 6.41 8.57 never
Net Debt to
Cash Flow Ratio:		 0.90 0.32 never
Finance within 1 year: 10/05/2024
Misc 10/05/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 790,535,918 790,535,918 10/05/2024
Shares (FD): 796,000,000 796,000,000 10/05/2024
Insider Ownership: n/a n/a never
Dividend (Annual): n/a n/a never
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a n/a 10/05/2024
Production (Gold Eq Oz.): (guess) 
330,000		 (guess) 
350,000		 02/12/2025
Production (Silver Eq Oz.): (guess) 
27,247,339		 (guess) 
30,710,886		 02/12/2025
Development Phase: none Producer (Multiple Mines) 09/01/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 25
Producer: Quality
 25
Producer: Quality
 06/23/2024
Cash Flow Multiple: 15 15 10/05/2024

Resource Data

GOLD 10/05/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 3.20M 3.20M 10/05/2024
Measured & Indicated: 5.30M 5.30M 10/05/2024
Inferred: 0.20M 0.20M 10/05/2024
Reserves & Resources: 5.50M 5.50M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 2.88M 2.88M 10/05/2024
Measured & Indicated: 4.39M 4.39M 10/05/2024
Inferred: 0.09M 0.09M 10/05/2024
Reserves & Resources: 4.48M 4.48M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
330,000oz.		 (guess) 
350,000oz.		 02/12/2025
Cash Cost: $1,100 $1,250 07/28/2025
Extra Operating Cost: $500 $700 07/28/2025
Total: $1,600 $1,950 07/28/2025
Margin (Free Cash Flow): $1,053 (40%) $1,713 (47%)
MCap / Production (AuEq): $6,753.94 $14,691.89
EV / Production (AuEq): $7,699.39 $15,231.89
G
R
A
D
E		 Underground (Avg): 3.00 g/t 3.00 g/t 10/05/2024
Open Pit (Avg): n/a 0.70 g/t 03/24/2024
Recovery Rate: (CG)  90.00% (CG)  90.00% 09/01/2025
F
U
T
U
R
E		 Proven & Probable: 5.00M 5.00M 10/05/2024
Annual Production: 430,000oz. 425,000oz. 02/12/2025
Cash Cost: $900 $1,100 07/28/2025
Extra Operating Cost: $600 $700 07/28/2025
SILVER 10/05/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 10/05/2024
Measured & Indicated: n/a n/a 10/05/2024
Inferred: n/a n/a 10/05/2024
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 10/05/2024
Measured & Indicated: n/a n/a 10/05/2024
Inferred: n/a n/a 10/05/2024
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 10/05/2024
Extra Operating Cost: n/a n/a 10/05/2024
Total: n/a n/a 10/05/2024
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $81.80 $167.44
EV / Production (AgEq): $93.25 $173.59
G
R
A
D
E		 Underground (Avg): n/a n/a 10/05/2024
Open Pit (Avg): n/a n/a 10/08/2023
Recovery Rate: n/a n/a 10/05/2024
F
U
T
U
R
E		 Proven & Probable: n/a n/a 10/05/2024
Annual Production: n/a n/a 10/05/2024
Cash Cost: n/a n/a 10/05/2024
Extra Operating Cost: n/a n/a 10/05/2024

Property

Last Analysis Data  (10/05/2024)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod New Afton
80 n/a
Prod Rainy River
100 show
3M oz deposit.
300k production /yr

Size: 15,000 ha
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod New Afton
100 n/a
Prod Rainy River
100 show
3M oz deposit.
300k production /yr

Size: 15,000 ha

Profitability (by resource)

Proven &
Probable		 10/05/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 3.20M 3.20M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.88M 2.88M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $3,032.35M $4,934.51M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $3,032.35M $4,934.51M n/a
Max Profit / Current MCap: 1.361 0.960 n/a
Max Profit Per Share (Gold): $3.81 $6.20 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $3.81 $6.20 n/a
Total Free Profit Per Share: $1.01 $0.00 n/a
FD MCap / Gold Eq.: $773.89 $1,785.47 n/a
FD MCap / Silver Eq.: $9.37 $20.35 n/a
FD MCap / Per Metal
as % Spot Price:		 29.17% 48.74% n/a
EV / Gold Eq.: $882.22 $1,851.10 n/a
EV / Silver Eq.: $10.68 $21.10 n/a
EV / Per Metal
as % Spot Price:		 33.26% 50.53% n/a
Measured &
Indicated		 10/05/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 5.30M 5.30M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.39M 4.39M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $4,624.34M $7,525.12M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $4,624.34M $7,525.12M n/a
Max Profit / Current MCap: 2.075 1.463 n/a
Max Profit Per Share (Gold): $5.81 $9.45 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $5.81 $9.45 n/a
Total Free Profit Per Share: $3.01 $2.99 n/a
FD MCap / Gold Eq.: $507.47 $1,170.80 n/a
FD MCap / Silver Eq.: $6.15 $13.34 n/a
FD MCap / Per Metal
as % Spot Price:		 19.13% 31.96% n/a
EV / Gold Eq.: $578.51 $1,213.83 n/a
EV / Silver Eq.: $7.01 $13.83 n/a
EV / Per Metal
as % Spot Price:		 21.81% 33.13% n/a

Reserves &
Resources		 10/05/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 5.50M 5.50M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 4.48M 4.48M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $4,719.10M $7,679.32M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $4,719.10M $7,679.32M n/a
Max Profit / Current MCap: 2.117 1.493 n/a
Max Profit Per Share (Gold): $5.93 $9.65 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $5.93 $9.65 n/a
Total Free Profit Per Share: $3.13 $3.19 n/a
FD MCap / Gold Eq.: $497.28 $1,147.29 n/a
FD MCap / Silver Eq.: $6.02 $13.08 n/a
FD MCap / Per Metal
as % Spot Price:		 18.74% 31.32% n/a
EV / Gold Eq.: $566.89 $1,189.46 n/a
EV / Silver Eq.: $6.87 $13.56 n/a
EV / Per Metal
as % Spot Price:		 21.37% 32.47% n/a

Future Valuation (Cash Flow & Totals)

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