Intrinsic value of New Gold - NGD

Previous Close

$0.85

  Intrinsic Value

$0.92

stock screener

  Rating & Target

hold

+9%

Previous close

$0.85

 
Intrinsic value

$0.92

 
Up/down potential

+9%

 
Rating

hold

We calculate the intrinsic value of NGD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  15.60
  14.54
  13.59
  12.73
  11.95
  11.26
  10.63
  10.07
  9.56
  9.11
  8.70
  8.33
  7.99
  7.69
  7.42
  7.18
  6.96
  6.77
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.85
  5.76
  5.68
  5.62
  5.55
  5.50
Revenue, $m
  699
  800
  909
  1,025
  1,147
  1,276
  1,412
  1,554
  1,703
  1,858
  2,020
  2,188
  2,363
  2,544
  2,733
  2,930
  3,134
  3,346
  3,566
  3,796
  4,034
  4,283
  4,542
  4,811
  5,093
  5,386
  5,692
  6,012
  6,346
  6,695
Variable operating expenses, $m
  692
  792
  900
  1,014
  1,136
  1,264
  1,398
  1,539
  1,686
  1,839
  1,999
  2,166
  2,339
  2,519
  2,706
  2,900
  3,102
  3,312
  3,531
  3,758
  3,994
  4,240
  4,496
  4,763
  5,042
  5,332
  5,635
  5,952
  6,282
  6,628
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  692
  792
  900
  1,014
  1,136
  1,264
  1,398
  1,539
  1,686
  1,839
  1,999
  2,166
  2,339
  2,519
  2,706
  2,900
  3,102
  3,312
  3,531
  3,758
  3,994
  4,240
  4,496
  4,763
  5,042
  5,332
  5,635
  5,952
  6,282
  6,628
Operating income, $m
  7
  8
  9
  10
  11
  13
  14
  16
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  36
  38
  40
  43
  45
  48
  51
  54
  57
  60
  63
  67
EBITDA, $m
  262
  300
  341
  384
  430
  479
  529
  583
  638
  697
  757
  820
  886
  954
  1,025
  1,098
  1,175
  1,254
  1,337
  1,423
  1,512
  1,606
  1,703
  1,804
  1,909
  2,019
  2,134
  2,254
  2,379
  2,510
Interest expense (income), $m
  55
  54
  70
  87
  105
  125
  145
  167
  190
  214
  239
  265
  292
  320
  349
  380
  411
  444
  478
  514
  551
  589
  630
  671
  715
  760
  807
  856
  908
  961
  1,017
Earnings before tax, $m
  -47
  -62
  -78
  -95
  -113
  -133
  -153
  -174
  -197
  -220
  -244
  -270
  -296
  -324
  -352
  -382
  -413
  -445
  -478
  -513
  -549
  -587
  -626
  -666
  -709
  -753
  -799
  -847
  -898
  -950
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -47
  -62
  -78
  -95
  -113
  -133
  -153
  -174
  -197
  -220
  -244
  -270
  -296
  -324
  -352
  -382
  -413
  -445
  -478
  -513
  -549
  -587
  -626
  -666
  -709
  -753
  -799
  -847
  -898
  -950

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,597
  5,265
  5,980
  6,741
  7,547
  8,397
  9,290
  10,225
  11,203
  12,224
  13,287
  14,393
  15,543
  16,739
  17,982
  19,274
  20,616
  22,011
  23,462
  24,971
  26,541
  28,176
  29,879
  31,654
  33,504
  35,434
  37,449
  39,552
  41,749
  44,045
Adjusted assets (=assets-cash), $m
  4,597
  5,265
  5,980
  6,741
  7,547
  8,397
  9,290
  10,225
  11,203
  12,224
  13,287
  14,393
  15,543
  16,739
  17,982
  19,274
  20,616
  22,011
  23,462
  24,971
  26,541
  28,176
  29,879
  31,654
  33,504
  35,434
  37,449
  39,552
  41,749
  44,045
Revenue / Adjusted assets
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
  0.152
Average production assets, $m
  3,697
  4,234
  4,810
  5,422
  6,070
  6,753
  7,471
  8,224
  9,010
  9,831
  10,685
  11,575
  12,500
  13,462
  14,462
  15,501
  16,580
  17,702
  18,869
  20,083
  21,345
  22,660
  24,030
  25,457
  26,945
  28,498
  30,118
  31,809
  33,576
  35,422
Working capital, $m
  66
  76
  86
  97
  109
  121
  134
  148
  162
  177
  192
  208
  224
  242
  260
  278
  298
  318
  339
  361
  383
  407
  431
  457
  484
  512
  541
  571
  603
  636
Total debt, $m
  1,300
  1,615
  1,953
  2,312
  2,692
  3,093
  3,515
  3,956
  4,418
  4,899
  5,401
  5,923
  6,466
  7,031
  7,617
  8,227
  8,861
  9,519
  10,204
  10,916
  11,657
  12,429
  13,233
  14,071
  14,944
  15,855
  16,806
  17,799
  18,835
  19,919
Total liabilities, $m
  2,170
  2,485
  2,823
  3,182
  3,562
  3,963
  4,385
  4,826
  5,288
  5,770
  6,271
  6,793
  7,336
  7,901
  8,488
  9,097
  9,731
  10,389
  11,074
  11,786
  12,528
  13,299
  14,103
  14,941
  15,814
  16,725
  17,676
  18,669
  19,706
  20,789
Total equity, $m
  2,427
  2,780
  3,158
  3,559
  3,985
  4,434
  4,905
  5,399
  5,915
  6,454
  7,015
  7,599
  8,207
  8,838
  9,495
  10,177
  10,885
  11,622
  12,388
  13,185
  14,014
  14,877
  15,776
  16,713
  17,690
  18,709
  19,773
  20,884
  22,044
  23,256
Total liabilities and equity, $m
  4,597
  5,265
  5,981
  6,741
  7,547
  8,397
  9,290
  10,225
  11,203
  12,224
  13,286
  14,392
  15,543
  16,739
  17,983
  19,274
  20,616
  22,011
  23,462
  24,971
  26,542
  28,176
  29,879
  31,654
  33,504
  35,434
  37,449
  39,553
  41,750
  44,045
Debt-to-equity ratio
  0.540
  0.580
  0.620
  0.650
  0.680
  0.700
  0.720
  0.730
  0.750
  0.760
  0.770
  0.780
  0.790
  0.800
  0.800
  0.810
  0.810
  0.820
  0.820
  0.830
  0.830
  0.840
  0.840
  0.840
  0.840
  0.850
  0.850
  0.850
  0.850
  0.860
Adjusted equity ratio
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -47
  -62
  -78
  -95
  -113
  -133
  -153
  -174
  -197
  -220
  -244
  -270
  -296
  -324
  -352
  -382
  -413
  -445
  -478
  -513
  -549
  -587
  -626
  -666
  -709
  -753
  -799
  -847
  -898
  -950
Depreciation, amort., depletion, $m
  255
  292
  332
  374
  419
  466
  515
  567
  621
  678
  737
  798
  862
  928
  997
  1,069
  1,143
  1,221
  1,301
  1,385
  1,472
  1,563
  1,657
  1,756
  1,858
  1,965
  2,077
  2,194
  2,316
  2,443
Funds from operations, $m
  208
  230
  254
  279
  305
  333
  362
  393
  425
  458
  493
  529
  566
  605
  645
  687
  731
  776
  823
  872
  923
  976
  1,031
  1,089
  1,149
  1,212
  1,278
  1,346
  1,418
  1,493
Change in working capital, $m
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
Cash from operations, $m
  199
  220
  243
  268
  294
  321
  349
  379
  411
  443
  477
  513
  549
  587
  627
  668
  711
  756
  802
  850
  900
  952
  1,007
  1,064
  1,123
  1,184
  1,249
  1,316
  1,386
  1,460
Maintenance CAPEX, $m
  -220
  -255
  -292
  -332
  -374
  -419
  -466
  -515
  -567
  -621
  -678
  -737
  -798
  -862
  -928
  -997
  -1,069
  -1,143
  -1,221
  -1,301
  -1,385
  -1,472
  -1,563
  -1,657
  -1,756
  -1,858
  -1,965
  -2,077
  -2,194
  -2,316
New CAPEX, $m
  -501
  -538
  -575
  -612
  -648
  -683
  -718
  -752
  -786
  -821
  -855
  -890
  -925
  -962
  -1,000
  -1,039
  -1,079
  -1,122
  -1,167
  -1,214
  -1,263
  -1,315
  -1,370
  -1,427
  -1,488
  -1,552
  -1,620
  -1,692
  -1,767
  -1,846
Cash from investing activities, $m
  -721
  -793
  -867
  -944
  -1,022
  -1,102
  -1,184
  -1,267
  -1,353
  -1,442
  -1,533
  -1,627
  -1,723
  -1,824
  -1,928
  -2,036
  -2,148
  -2,265
  -2,388
  -2,515
  -2,648
  -2,787
  -2,933
  -3,084
  -3,244
  -3,410
  -3,585
  -3,769
  -3,961
  -4,162
Free cash flow, $m
  -523
  -572
  -624
  -676
  -728
  -781
  -834
  -888
  -943
  -999
  -1,056
  -1,114
  -1,174
  -1,237
  -1,301
  -1,368
  -1,437
  -1,510
  -1,586
  -1,665
  -1,748
  -1,834
  -1,925
  -2,021
  -2,121
  -2,226
  -2,337
  -2,453
  -2,574
  -2,702
Issuance/(repayment) of debt, $m
  292
  315
  338
  359
  380
  401
  421
  442
  462
  482
  502
  522
  543
  564
  587
  610
  634
  659
  685
  712
  741
  772
  804
  838
  873
  911
  951
  993
  1,037
  1,084
Issuance/(repurchase) of shares, $m
  370
  415
  456
  497
  539
  581
  624
  668
  713
  759
  806
  854
  904
  955
  1,009
  1,064
  1,122
  1,182
  1,244
  1,310
  1,378
  1,450
  1,525
  1,603
  1,686
  1,772
  1,863
  1,958
  2,058
  2,162
Cash from financing (excl. dividends), $m  
  662
  730
  794
  856
  919
  982
  1,045
  1,110
  1,175
  1,241
  1,308
  1,376
  1,447
  1,519
  1,596
  1,674
  1,756
  1,841
  1,929
  2,022
  2,119
  2,222
  2,329
  2,441
  2,559
  2,683
  2,814
  2,951
  3,095
  3,246
Total cash flow (excl. dividends), $m
  139
  158
  169
  180
  191
  201
  211
  222
  232
  242
  252
  262
  272
  283
  294
  306
  318
  330
  344
  357
  372
  387
  403
  420
  438
  457
  477
  498
  520
  544
Retained Cash Flow (-), $m
  -370
  -415
  -456
  -497
  -539
  -581
  -624
  -668
  -713
  -759
  -806
  -854
  -904
  -955
  -1,009
  -1,064
  -1,122
  -1,182
  -1,244
  -1,310
  -1,378
  -1,450
  -1,525
  -1,603
  -1,686
  -1,772
  -1,863
  -1,958
  -2,058
  -2,162
Prev. year cash balance distribution, $m
  35
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -196
  -257
  -286
  -317
  -348
  -380
  -413
  -447
  -481
  -517
  -554
  -592
  -631
  -672
  -714
  -758
  -804
  -851
  -901
  -953
  -1,006
  -1,063
  -1,122
  -1,183
  -1,248
  -1,315
  -1,386
  -1,460
  -1,537
  -1,619
Discount rate, %
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
  -187
  -233
  -246
  -256
  -264
  -268
  -269
  -268
  -263
  -256
  -246
  -234
  -220
  -205
  -188
  -171
  -153
  -135
  -118
  -101
  -85
  -71
  -58
  -47
  -37
  -28
  -21
  -16
  -11
  -8
Current shareholders' claim on cash, %
  79.9
  64.2
  52.0
  42.5
  34.9
  28.9
  24.1
  20.1
  16.9
  14.3
  12.2
  10.4
  8.9
  7.6
  6.5
  5.6
  4.9
  4.2
  3.6
  3.2
  2.8
  2.4
  2.1
  1.8
  1.6
  1.4
  1.2
  1.1
  0.9
  0.8

New Gold Inc. is an intermediate gold mining company. The Company is engaged in the development and operation of mineral properties. Its segments include New Afton, Mesquite, Peak Mines, Cerro San Pedro, Corporate and Other. It has operating mines in Canada, the United States, Australia and Mexico; development projects in Canada, and a stream on gold production from a development property in Chile. Its development projects include Rainy River and Blackwater projects, which are located in Canada. Its Rainy River project is a gold project located approximately 65 kilometers northwest of Fort Frances in northwestern Ontario, Canada. The Rainy River comprises approximately 192 square kilometers of various rights and claims. The Blackwater Project is located approximately 160 kilometers southwest of the city of Prince George in central British Columbia, Canada and 110 kilometers southwest of the town of Vanderhoof. The Blackwater project covers an area of over 1,000 square kilometers.

FINANCIAL RATIOS  of  New Gold (NGD)

Valuation Ratios
P/E Ratio 145.6
Price to Sales 0.6
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow 1.5
Price to Free Cash Flow -1.5
Growth Rates
Sales Growth Rate -4.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 45.4%
Cap. Spend. - 3 Yr. Gr. Rate 14.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 42.9%
Total Debt to Equity 42.9%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.2%
Ret/ On Assets - 3 Yr. Avg. -4.2%
Return On Total Capital 0.1%
Ret/ On T. Cap. - 3 Yr. Avg. -6.9%
Return On Equity 0.1%
Return On Equity - 3 Yr. Avg. -9.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 76.5%
Gross Margin - 3 Yr. Avg. 77.1%
EBITDA Margin 45.8%
EBITDA Margin - 3 Yr. Avg. 8.1%
Operating Margin 2.3%
Oper. Margin - 3 Yr. Avg. -23.8%
Pre-Tax Margin 0.3%
Pre-Tax Margin - 3 Yr. Avg. -33.1%
Net Profit Margin 0.4%
Net Profit Margin - 3 Yr. Avg. -31.2%
Effective Tax Rate -50%
Eff/ Tax Rate - 3 Yr. Avg. -10.5%
Payout Ratio 0%

NGD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NGD stock intrinsic value calculation we used $604.4 million for the last fiscal year's total revenue generated by New Gold. The default revenue input number comes from 0001 income statement of New Gold. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NGD stock valuation model: a) initial revenue growth rate of 15.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.7%, whose default value for NGD is calculated based on our internal credit rating of New Gold, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of New Gold.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NGD stock the variable cost ratio is equal to 99%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NGD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for New Gold.

Corporate tax rate of 27% is the nominal tax rate for New Gold. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NGD stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NGD are equal to 529.1%.

Life of production assets of 14.5 years is the average useful life of capital assets used in New Gold operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NGD is equal to 9.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2139.5 million for New Gold - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 578.636 million for New Gold is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of New Gold at the current share price and the inputted number of shares is $0.5 billion.

RELATED COMPANIES Price Int.Val. Rating
EGO Eldorado Gold 0.610 1.12  hold
GG Goldcorp 9.14 4.08  str.sell
RGLD Royal Gold 72.51 9.39  str.sell
IAG IAMGOLD 2.84 1.50  str.sell

COMPANY NEWS

▶ Yamana Gold Is Near 52-Week Low   [Oct-29-18 12:12PM  GuruFocus.com]
▶ New Gold: 3Q Earnings Snapshot   [06:48PM  Associated Press]
▶ New Gold Announces Management Change   [Oct-22-18 05:00PM  CNW Group]
▶ Exor Investments (UK) LLP Buys New Gold Inc   [Oct-05-18 11:38AM  GuruFocus.com]
▶ Here's Why New Gold Dropped as Much as 14.5% Today   [Sep-20-18 04:28PM  Motley Fool]
▶ New Gold Sells Its Mesquite Mine   [04:13PM  GuruFocus.com]
▶ New Gold Announces Sale of Mesquite Mine   [Sep-19-18 05:26PM  PR Newswire]
▶ New Gold Announces Appointment of VP, Investor Relations   [Sep-17-18 05:30PM  PR Newswire]
▶ New Gold Inc (TSE:NGD) Is Trading At A 44.73% Discount   [Sep-13-18 09:34AM  Simply Wall St.]
▶ Why New Gold Inc. Shares Jumped 19% Today   [Sep-12-18 11:58AM  Motley Fool]
▶ Gold Nears 19-Month Low: 5 Worst Stocks YTD   [Aug-20-18 05:24PM  InvestorPlace]
▶ New Gold Files Rainy River Technical Report   [Aug-07-18 04:55PM  PR Newswire]
▶ Here's Why New Gold Dropped as Much as 22.4% Today   [Jul-26-18 03:23PM  Motley Fool]
▶ New Gold: 2Q Earnings Snapshot   [05:10AM  Associated Press]
▶ New Gold Announces Addition of New Director   [Jul-09-18 06:51PM  PR Newswire]
▶ Market Sentiment Around Loss-Making New Gold Inc (TSE:NGD)   [May-21-18 01:02PM  Simply Wall St.]
▶ New Gold Announces Appointment of President and CEO   [May-09-18 05:00PM  CNW Group]
▶ New Gold Inc. to Host Earnings Call   [Apr-26-18 07:15AM  ACCESSWIRE]
▶ New Gold: 1Q Earnings Snapshot   [Apr-25-18 07:36PM  Associated Press]
▶ New Gold Announces Changes to the Board of Directors   [Mar-26-18 07:45AM  PR Newswire]
▶ New Gold Inc. to Host Earnings Call   [Feb-21-18 07:20AM  ACCESSWIRE]
▶ New Gold And Other High Growth Stocks   [Feb-03-18 11:02AM  Simply Wall St.]
▶ New Gold Falls Sharply   [Jan-19-18 11:12AM  GuruFocus.com]
▶ How Precious Metals Reacted to GDP Numbers   [Jan-03-18 02:02PM  Market Realist]
▶ ETFs with exposure to New Gold, Inc. : December 13, 2017   [Dec-13-17 01:47PM  Capital Cube]
▶ New Gold Announces Sale of Peak Mines for $58 Million   [Nov-20-17 05:59PM  PR Newswire]
▶ ETFs with exposure to New Gold, Inc. : November 10, 2017   [Nov-10-17 12:43PM  Capital Cube]
▶ ETFs with exposure to New Gold, Inc. : October 30, 2017   [Oct-30-17 12:06PM  Capital Cube]
▶ Inside the Palladium Market and the Gold-Palladium Spread   [Oct-26-17 12:08PM  Market Realist]
▶ New Gold, Inc. to Host Earnings Call   [07:15AM  ACCESSWIRE]
▶ New Gold Announces Completion of Schedule 2 Amendment   [Sep-28-17 07:00AM  PR Newswire]
▶ Why Kirkland Lake Gold Is A Buy   [Sep-20-17 09:34AM  Forbes]
▶ What Caused Gold to Rise to Its 1-Year High?   [Sep-13-17 09:07AM  Market Realist]
▶ Could Hurricane Harvey Spin the Precious Metals Market?   [Sep-06-17 07:38AM  Market Realist]
▶ ETFs with exposure to New Gold, Inc. : August 22, 2017   [Aug-22-17 04:11PM  Capital Cube]
▶ Why IAMGOLDs Valuation Could Climb Higher in 2017 and Beyond   [Aug-15-17 09:06AM  Market Realist]
▶ ETFs with exposure to New Gold, Inc. : August 11, 2017   [Aug-11-17 06:06PM  Capital Cube]
▶ Investor Network: New Gold, Inc. to Host Earnings Call   [Jul-27-17 08:00AM  ACCESSWIRE]
▶ New Gold meets 2Q profit forecasts   [01:00AM  Associated Press]

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