CEO Increases Stake in New Gold Inc Amid Stock Surge
New Gold Inc (NGD:CN), a Canadian-focused intermediate gold producer prioritizing responsible mining, diversified operations, premium valuation, and Indigenous partnerships. New Gold Inc is listed on the Toronto Stock Exchange and the New York Stock Exchange with a market capitalization of CAD 1.31 billion.
CEO's Confidence in Company Stock
Patrick Godin, a seasoned industry professional with over 30 years of technical and operations experience in the mining industry, currently serves as President and CEO of a mining company.
On February 27, he increased his position in the company by acquiring 8,600 common shares at an average price of 1.77 CAD per share. Again on March 1, he acquired 49,000 common shares. In total, the insider invested an amount exceeding CAD 99,000. These moves gain significance as the stock has surged more than 24% since his trade.
Institutional Investors Front
NGD's ownership is strong, with major institutes like Van Eck Associates Corp. holding 68,678,023 shares, AzValor Asset Management SGIIC SA with 51,214,124 shares, and Renaissance Technologies LLC owning 14,605,964 shares. This diverse ownership makes NGD resilient to market changes.
Strong 2023 Performance
On February 13, the mining company released its fourth quarter and full year 2023 results, highlighting a successful year characterized by achieving the top end of consolidated production guidance and the midpoint of all-in sustaining cost guidance.
The company reported full-year production of 423,517 gold equivalent ounces at all-in sustaining costs of $1,545 per gold equivalent ounce. Despite investing in growth projects, New Gold generated strong cash flow from operations of $71 million and positive free cash flow.
Looking ahead, the company anticipates a significant increase in production over the next three years, with a corresponding decrease in costs, driving significant free cash flow generation.
Latest Stories
Understanding Stock Buybacks: How Companies Boost Shareholder Value
Insider Confidence Fuels Hyliion’s Green Energy Vision
Insider Selling at Sol Strategies: Executives Cash out After Price Surge
Carl Icahn’s Form 144 Filing Hints at $109.96M Southwest Gas Exit; The Start of Something Bigger?
Insider Confidence and Promising Growth at Celldex Therapeutics