New Gold (AMEX:NGD) Stock, Quote.Headers.trade-ideas

New Gold

New Gold Inc participates in the development and operation of intermediate mining properties. The company has a portfolio of two primary assets: the Rainy River Mine and the New Afton Mine in Canada. The company also owns the Cerro San Pedro Mine in Mexico. The company derives revenue from the sale of gold, copper, and silver.

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7 mid-cap stocks with impressive gains last week: CDE, MPW, NGD, RH, AUR, TWST, ALHC. Positive news and financial results drove the surge.

Coeur Mining, Medical Properties Trust And RH Are Among Top 7 Mid Cap Stock Gainers Last Week (Sep 8-Sep 14): Are The Others In Your Portfolio?

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Gold mining stocks are surging due to rise in gold prices. ECB cuts rates, US producer inflation mixed. Gold-only investments seen as attractive due to limited supply.

Gold Miners Eye Best 1-Day Rally In 6 Months As Gold Hits Fresh Record Highs: &#39;Today&#39;s Environment Closely Resembles The 1970s&#39;

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Have you been paying attention to shares of Agnico Eagle Mines (NYSE: AEM)? Shares have been on the move with the stock up 16.3% over the past month. The stock hit a new 52-week high of $75.95 in the previous session.

Agnico Eagle Mines Limited Hit a 52 Week High, Can the Run Continue?

New Gold Inc

Scotiabank analyst Eric Winmill maintains New Gold (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/NGD#AMEX">NGD</a>) with a Sector Outperform and raises the price target from $2.75 to $3.25.

Price Target

Scotiabank Maintains Sector Outperform on New Gold, Raises Price Target to $3.25

These seven mid-cap stocks were the best performers in the last week. Are they in your portfolio?
<ol>
<li>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>) shares jumped 36.59%. The company reported positive throughput trends at the expanded Rochester <a href="https://www.benzinga.com//node/40829092" target="_blank" rel="noreferrer noopener">Silver-Gold Mine in Nevada</a>.</li>
<li>Medical Properties Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPW#NYSE">MPW</a>) stock gained 32.85% last week after reaching a global settlement agreement that restored its control over its real estate and severed its relationship with Steward Health Care.</li>
<li>New Gold Inc. (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/NGD#AMEX">NGD</a>) shares were up 32.48%. The company provided an update on its <a href="https://www.benzinga.com//node/40810423" target="_blank" rel="noreferrer noopener">ongoing Rainy River exploration program</a>.</li>
<li>RH (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RH#NYSE">RH</a>) stock gained 29.79% after the company reported better-than-expected Q2 financial results. Multiple analysts raised their <a href="https://www.benzinga.com/quote/RH/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecasts following the report</a>.</li>
<li>Aurora Innovation, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AUR#NASDAQ">AUR</a>) stock escalated 29.17%.</li>
<li>Twist Bioscience Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TWST#NASDAQ">TWST</a>) shares upped 26.89%. The company's Wilsonville, OR facility has earned LEED certification from the U.S. Green Building Council (USGBC) for meeting sustainability standards in its <a href="https://www.benzinga.com//node/40830370" target="_blank" rel="noreferrer noopener">building, operations, and maintenance</a>.</li>
<li>Alignment Healthcare, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALHC#NASDAQ">ALHC</a>) stock rose 26.88%.</li>
</ol>
Also Read:
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40869287/chewy-broadcom-and-microstrategy-are-among-top-10-large-cap-stock-gainers-last-week-sep-8-sep-14-are" target="_blank" rel="noreferrer noopener">Chewy, Broadcom And MicroStrategy Are Among Top 10 Large Cap Stock Gainers Last Week (Sep 8-Sep 14): Are The Others In Your Portfolio?</a></li>
<li><a href="https://www.benzinga.com/news/large-cap/24/09/40869968/moderna-tyson-foods-and-adobe-are-among-top-10-large-cap-stock-losers-last-week-sep-8-sep-14-are-t" target="_blank" rel="noreferrer noopener">Moderna, Tyson Foods And Adobe Are Among Top 10 Large Cap Stock Losers Last Week (Sep 8-Sep 14): Are The Others In Your Portfolio?</a></li>
</ul>

Gold mining stocks, as tracked by the VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>), are enjoying a stellar rally, rising 4.3% by 11 a.m. ET, on track for its largest one-day <a href="https://www.benzinga.com/topic/mining">gain since early March.</a>
The rally in miners was driven by a surge in gold prices, which jumped 1.6% to reach an all-time high of over $2,550 per ounce on Thursday, fueled by economic data and central bank interest rate decisions.
In the U.S., the latest producer inflation report for <a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40831982/producer-inflation-slows-to-1-7-yearly-in-august-jobless-claims-align-with-expect">August showed mixed results.</a> Both the headline and core Producer Price Index (PPI) exceeded monthly expectations, but on an annual basis, they fell short. 
The European Central Bank (ECB) reduced its deposit facility rate <a href="https://www.benzinga.com/government/24/09/40831961/european-central-bank-cuts-key-interest-rates-as-inflation-cools">by 25 basis points</a>, bringing it to 3.5%. The ECB noted it is "appropriate to take another step in moderating the degree of monetary policy restriction." 
This move has increased demand for gold as a safe-haven asset amid lower interest rates in Europe and expectations for a similar 25-basis-point drop in the U.S. fed funds rate next week. 
<h1 class="wp-block-heading">Analyst Takeaways</h1>
Otavio Costa, macro strategist at Crescat Capital, highlighted that Barrick Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>), the second-largest gold miner globally, has reported its lowest annual gold production in more than 20 years. 
&#8220;From this perspective, today's environment closely resembles the 1970s,&#8221; Costa wrote in a post on social media platform X.
Back then low gold prices led major mining companies to shift their focus to other metals, just before gold experienced one of the most significant bull runs in history. 
Today, miners are once again diversifying into base metals, not due to low gold prices, but to capitalize on the growing demand for materials critical to electrification, like copper. 
However, this time the shift isn&#8217;t driven by low prices, but by a strategic move to increase exposure to base metals like copper, which are crucial for electrification and have attracted institutional capital. 
Costa argues that neglect of gold, in favor of base metals, is a potential opportunity. With fewer companies exploring and developing new gold projects, he sees several pathways for gold prices to rise, making gold-only investments particularly attractive.
However, Costa sees the limited supply as a bullish catalyst for gold, stating, "I believe it's time to be greedy when others are being fearful."
<h1 class="wp-block-heading">Thursday&#8217;s Seven Top Performing Gold Miners</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>NAME</td>
<td>% RETURN (1-DAY)</td>
</tr>
<tr>
<td>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>)</td>
<td>14.52</td>
</tr>
<tr>
<td>B2Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTG#NYSE">BTG</a>)</td>
<td>10.04</td>
</tr>
<tr>
<td>First Majestic Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>)</td>
<td>9.96</td>
</tr>
<tr>
<td>Endeavour Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXK#NYSE">EXK</a>)</td>
<td>9.94</td>
</tr>
<tr>
<td>Equinox Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQX#NYSE">EQX</a>)</td>
<td>8.09</td>
</tr>
<tr>
<td>OceanaGold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OGC#NYSE">OGC</a>)</td>
<td>7.18</td>
</tr>
<tr>
<td>New Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGD#NYSE">NGD</a>) </td>
<td>7.01</td>
</tr>
</tbody>
</table>
</figure>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40833654/gold-reaches-record-high-as-dollar-weakens-on-soft-producer-inflation-data-wall-street-eyes-four">Gold Reaches Record High As Dollar Weakens On Soft Producer Inflation Data; Wall Street Eyes Fourth Day Of Gains</a></li>
</ul>
Photo: Shutterstock

Gold Miners Eye Best 1-Day Rally In 6 Months As Gold Hits Fresh Record Highs: 'Today's Environment Closely Resembles The 1970s'

New Gold Inc. ("New Gold" or the "Company") (TSX:<a class="ticker" href="https://www.benzinga.com/stock/NGD#TSX">NGD</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGD#NYSE">NGD</a>)&nbsp;is pleased to provide an update on its ongoing Rainy River exploration program. Over the first eight months of 2024, exploration drilling at Rainy River has proven successful in advancing the Company's exploration objectives to expand existing resource envelopes, confirm the continuity of potential new mining zones, and grow the mineralized footprint through new near-mine discoveries. These results are expected to have a positive impact on Rainy River's mineral resource estimate at year-end 2024 and provide high-quality targets as the foundation of the Company's exploration strategy in the coming years.

TSX:NGD

New Gold Expands Resource Potential with Rainy River Exploration Progress in 2024

Scotiabank analyst Eric Winmill maintains New Gold (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/NGD#AMEX">NGD</a>) with a Sector Outperform and raises the price target from $2.5 to $2.75.

Scotiabank Maintains Sector Outperform on New Gold, Raises Price Target to $2.75

New Gold (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/NGD#AMEX">NGD</a>) reported quarterly earnings of $0.02 per share which beat the analyst consensus estimate of $0.01 by 100 percent. The company reported quarterly sales of $218.200 million which beat the analyst consensus estimate of $214.310 million by 1.82 percent. This is a 18.33 percent increase over sales of $184.400 million the same period last year.

Earnings Beats

New Gold Q2 2024 Adj. EPS $0.02 Beats $0.01 Estimate, Sales $218.200M Beat $214.310M Estimate

New Gold Inc. ("New Gold" or the "Company") (TSX:<a class="ticker" href="https://www.benzinga.com/stock/NGD#TSX">NGD</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGD#NYSE">NGD</a>)&nbsp;deeply regrets that early this morning, July 24th, 2024, an employee operating a piece of equipment in the open pit was fatally injured at the Rainy River Mine in northwestern Ontario.
The health, safety and wellbeing of our employees is our top priority. The Company is working closely with local authorities and an investigation is underway. Operations have been voluntarily suspended. The thoughts of management are with the family, friends and colleagues who have been impacted by this tragic incident.

New Gold Reports On July 24th, 2024, An Employee Operating A Piece Of Equipment In The Open Pit Was Fatally Injured At The Rainy River Mine In Northwestern Ontario

Have you been paying attention to shares of Agnico Eagle Mines (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aem#NYSE">AEM</a>)? Shares have been on the move with the stock up 16.3% over the past month. The stock hit a new 52-week high of $75.95 in the previous session. Agnico Eagle Mines has gained 36.3% since the start of the year compared to the -1.6% move for the Zacks Basic Materials sector and the 21.1% return for the Zacks Mining - Gold industry.
What&#39;s Driving the Outperformance?
The stock has an impressive record of positive earnings surprises, as it hasn&#39;t missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on April 25, 2024, Agnico reported EPS of $0.76 versus consensus estimate of $0.6 while it beat the consensus revenue estimate by 12.82%.
For the current fiscal year, Agnico is expected to post earnings of $3.28 per share on $7.65 billion in revenues. This represents a 47.09% change in EPS on a 15.49% change in revenues. For the next fiscal year, the company is expected to earn $3.56 per share on $7.67 billion in revenues. This represents a year-over-year change of 8.57% and 0.23%, respectively.
Valuation Metrics
Agnico may be at a 52-week high right now, but what might the future hold for the stock? A key aspect of this question is taking a look at valuation metrics in order to determine if the company is due for a pullback from this level.
On this front, we can look at the Zacks Style Scores, as they provide investors with an additional way to sort through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. Investors should consider the style scores a valuable tool that can help you to pick the most appropriate Zacks Rank stocks based on their individual investment style.
Agnico has a Value Score of C. The stock&#39;s Growth and Momentum Scores are A and A, respectively, giving the company a VGM Score of A.
In terms of its value breakdown, the stock currently trades at 22.8X current fiscal year EPS estimates, which is a premium to the peer industry average of 16.3X. On a trailing cash flow basis, the stock currently trades at 14.4X versus its peer group&#39;s average of 10.3X. Additionally, the stock has a PEG ratio of 0.8. This isn&#39;t enough to put the company in the top echelon of all stocks we cover from a value perspective.
Zacks Rank
We also need to look at the Zacks Rank for the stock, as this supersedes any trend on the style score front. Fortunately, Agnico currently has a Zacks Rank of #2 (Buy) thanks to rising earnings estimates.
Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if Agnico meets the list of requirements. Thus, it seems as though Agnico shares could have potential in the weeks and months to come.
How Does AEM Stack Up to the Competition?
Shares of AEM have been soaring, and the company still appears to be a decent choice, but what about the rest of the industry? One industry peer that looks good is New Gold Inc. (AMEX:NGD). NGD has a Zacks Rank of # 1 (Strong Buy) and a Value Score of B, a Growth Score of B, and a Momentum Score of C.
Earnings were strong last quarter. New Gold Inc. beat our consensus estimate by 100%, and for the current fiscal year, NGD is expected to post earnings of $0.15 per share on revenue of $906.5 million.
Shares of New Gold Inc. have gained 22.4% over the past month, and currently trade at a forward P/E of 16.02X and a P/CF of 5.69X.
The Mining - Gold industry is in the top 11% of all the industries we have in our universe, so it looks like there are some nice tailwinds for AEM and NGD, even beyond their own solid fundamental situation.
<a href="https://www.zacks.com/stock/news/2302374/agnico-eagle-mines-limited-aem-hit-a-52-week-high-can-the-run-continue?cid=CS-BENZ-FT-52_week_high-2302374">To read this article on Zacks.com click here.</a>

CIBC analyst Anita Soni maintains New Gold (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/NGD#AMEX">NGD</a>) with a Outperformer and raises the price target from $3 to $3.4.

CIBC Maintains Outperformer on New Gold, Raises Price Target to $3.4

WIIM

Shares of gold companies are trading higher as investors assess Fed Chair Powell's comments. Also, strength may be due to trader uncertainty about when the central bank will start cutting interest rates.

Source: <a href="https://www.streetwisereports.com/article/2024/06/26/copper-gold-co-s-both-rated-strong-buys-ahead-of-merger.html?utm_medium=feed">Clive Maund 06/26/2024</a>
This year, Blackwolf Copper &amp; Gold Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bwcgf#OTC">BWCGF</a>) and Treasury Metals Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tsrmf#OTC">TSRMF</a>) signed a merger deal to combine the two companies to advance the Goliath Gold Complex project (GGC project) in Ontario toward production with a strengthened leadership, balance sheet, and capital markets team with the merger expected to complete on July 3. 
The combined company&#39;s Niblack copper-gold development project in Alaska and other exploration properties also represent promising upside projects for future growth. The benefits of this merger can be summarized as the synergies produced by the companies combining their assets, expertise, and experience, as well as the resulting economies of scale as they combine forces.
The combined company weill aspire to mid-tier producer status and move in this direction through strategic acquisitions under the guidance of key investor Frank Giustra. The expected cash position of $16 million after the merger will allow the company to execute on its development and exploration plans thus realizing value and increase mineable resources at the Goliath Gold Complex in Ontario, final permits for which are in process.
After the merger, TML shareholders will own approximately 68% of the new company, which will be called NexGold, while BWCG shareholders will own approximately 32%. BWCG shareholders will swap in their shares at a ratio of 0.607% TML shares for each BWCG share held, while options and warrants will convert at the same ratio, i.e., 1-for-1.
In furtherance of the transaction, Treasury Metals is doing a financing, which has been raised to $6.4 million at a unit price of 23 cents, which is very near to what the shares are now priced at, and Frank Giustra will be taking $2 million of them which is viewed as a positive indication as is the upscaling of this financing from a minimun of $4 million to $6.4 million. TML shares are therefore regarded as attractive here being as they are near to the issue price of the financing. Following the merger, there will be a 1-for-4 consolidation or reverse split of the stock.
The following map gives an overview of the combined company&#39;s assets, and in terms of revenue-generating power, the Goliath Gold Camp is clearly the most important as it is well along the road to becoming a significant gold producer, in addition to which it holds significant potential for further exploration and expansion of the resource.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682554_1.jpg" style="height:562px; width:1000px" />
The Goliath Gold Camp is in a prolific gold bearing zone in Ontario and is surrounded by an impressive array of mines and prospects with big players involved like Kinross Gold Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kgc#NYSE">KGC</a>) and New Gold Inc. (AMEX:NGD).
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682616_2.jpg" style="height:562px; width:1000px" />
The following slide gives an overview of the Goliath Gold Complex and also shows a bulleted list of the 2023 pre-feasibility study highlights.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682651_3.jpg" style="height:563px; width:1000px" />
This one provides a summary of the PFS highlights.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682710_4.jpg" style="height:563px; width:1000px" />
Turning now to the combined company&#39;s other properties over in the west, in Alaska and British Columbia, the following slide makes glaringly obvious the potential of the Hyder property in The Golden Triangle since it is very close to significant properties owned by other important mining companies such as Dolly Varden Silver Corp. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/dollf#OTC">DOLLF</a>), Hecla Mining Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hl#NYSE">HL</a>), Newcrest Mining Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ncmgf#OTC">NCMGF</a>), and Scottie Resources Corp. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/sctsf#OTC">SCTSF</a>), to name just some of them.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682733_5.jpg" style="height:563px; width:1000px" />
After noting the position of the company&#39;s Niblack property on the slide above, just across the border to the west in SE Alaska, the following important and interesting slide presents a profile view of it and gives a range of details of the project, including stats on its indicated and inferred resources.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682758_6.jpg" style="height:563px; width:1000px" />
The following slide shows the post-merger ownership of the stock and here we see that the significant stakeholders together own about 39.5% of it, meaning that 60.5% is in the float.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682819_7.jpg" style="height:562px; width:1000px" />
The last slide summarizes the benefits to the combined company resulting from the synergies produced by combining forces.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682837_8.jpg" style="height:563px; width:1000px" />
Now, with the merger fast approaching, we will review the stock charts for both companies.
A general point to make at the outset is that with a merger pending and imminent, both the stocks we are looking at will soon cease to exist and be replaced by a new stock for the merged entity NexGold &mdash; does that mean that the current charts have no predictive value?
No, it doesn&#39;t, because the state of the companies and, therefore, of their charts going into the merger will determine how things work out for the merged company and also its stock.
Looking at the long-term charts for both Blackwolf Copper and Gold and Treasury Metals it is easy to see why merging and combining forces is an attractive option for both companies at this time because the capitalisation of both of them has been greatly reduced by the severe bear markets that have plagued them over the past several years, which has limited their options and presumably threatened liquidity problems.
Starting with the long-term 11-year chart for Blackwolf, we see that it got as high as CA$2.80, albeit briefly, early in 2017, so that now, with it priced at just 12 cents, it has lost well over 95% of its value, and top put it mildly, this has cramped its style. However, as is a lot more clear on its shorter-term charts, Blackwolf is showing definite signs of basing at a low level in recent months.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682902_9.jpg" style="height:857px; width:679px" />
It&#39;s a similar story with Treasury Metals, although in Treasury&#39;s case it has lost a mere 90% of its value relative to its early 2017 peak and it is showing clear signs that it has been basing in recent months on its long-term 11-year chart.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682931_11.jpg" style="height:857px; width:671px" />
These two long-term charts make abundantly clear why merging is an attractive option for both companies &mdash; combining forces makes possible valuable synergies and economies of scale that will enable them, as the newly merged entity, to advance their projects as one company, especially as the outlook for the metals sector is set to vastly improve before much longer, because when the debt markets meltdown, a development that is drawing ever closer, enormous amounts of capital will flood into tangible assets with base and precious metals set to soar.
So, regardless of any near-term pause or correction, the outlook for companies such as the newly merged NexGold could scarcely be better.
Turning now to the shorter-term 1-year charts, we see that both companies&#39; stocks have been marking out base patterns in recent months with Blackwolf starting a basing process early this year and Treasury Metals starting its basing process back last October.
In Blackwolf&#39;s case, we see that the base pattern that formed in January is a hybrid Cup &amp; Handle base / Head-and-Shoulders bottom &mdash; it is both at the same time, and both are bullish. It has been rather weak in recent days with selling on rather high volume and its Accumulation line dropping, which, when comparing it to the parallel performance of Treasury Metals, suggests that Treasury Metals&#39; shareholders will come out of the merger somewhat better than Blackwolf shareholders, although both should benefit. This quite high downside volume in recent days means that we cannot rule out that it won&#39;t drop further ahead of the merger.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682958_12.jpg" style="height:857px; width:673px" />
In the case of Treasury Metals, there seems to be a more definite base pattern with a Cup and Handle base having formed from last Fall that includes an embedded Double Bottom whose first low occurred last November, with the second low being in February / March which was the low point marking the end of the long bear market.
This is a bullish-looking chart with the &quot;Handle&quot; part of the pattern allowing time for the price to consolidate and unwind its earlier overbought condition following its clear and decisive break above its 200-day moving average early in April and it has also allowed time for the 50-day moving average to make a bullish cross above the 200-day and catch up to the price, all of this setting the stock up for a breakout above the resistance shown at the upper boundary of the pattern which will mark the start of a major new bull market.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462683022_13.jpg" style="height:857px; width:689px" />
So to sum up &mdash; the outlook for both stocks looks favorable on their respective charts, especially Treasury Metals, and this means that the outlook for the merged company NexGold is even better, since it is set to benefit from synergies resulting from the merger and also from economies of scale and in due course it will benefit greatly from the major sector bull market that is building.
Both Blackwolf Copper &amp; Gold and Treasury Metals are rated Strong Buys ahead of the merger, with a slight preference for Treasury Metals for the reasons discussed.
Blackwolf Copper &amp; Gold Ltd. closed for trading at CA$0.12, US$0.0826 on June 25, 2024
Treasury Metals Inc. closed for trading at CA$0.205, US$0.153 on June 25, 2024
Important Disclosures:
<ol>
<li>Blackwolf Copper &amp; Gold Ltd. and Dolly Varden Silver Corp. are billboard sponsors of Streetwise Reports and pay SWR a monthly sponsorship fee between US$4,000 and US$5,000. For this article, Blackwolf Copper &amp; Gold Ltd. has paid Street Smart, an affiliate of Streetwise Reports, US$1,500 in addition to the monthly consulting fee.</li>
<li>As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Blackwolf Copper &amp; Gold Ltd., Treasury Metals Inc., and Dolly Varden Silver Corp.</li>
<li>Author Certification and Compensation: [Clive Maund of clivemaund.com] was retained and compensated as an independent contractor by Street Smart to write this article. Mr. Maund is a technical analyst who analyzes historical trading data and he received his UK Technical Analysts&#39; Diploma in 1989. The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.</li>
<li>Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services, or securities of any company.</li>
</ol>
Clivemaund.com Disclosures
The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund&#39;s opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund&#39;s opinions on the market and stocks cannot be construed as a recommendation or solicitation to buy and sell securities.

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Copper-Gold Co.s Both Rated Strong Buys Ahead of Merger

Gold futures for August delivery are currently around $2,343 per ounce, delivering a year-to-date rise of 13.5%. Gold is currently at two-week highs, buoyed by lackluster U.S. economic data that has led to expectations of interest rate cuts by the Federal Reserve this year. So far in 2024, gold has been consistently above the $2,000-per-ounce mark, surging to an unprecedented high of $2,449.50 in May. Several factors have contributed to this upward trajectory, including increased geopolitical tensions, a depreciating U.S. dollar, the potential for monetary policy easing and continuous purchasing by central banks.
The prospects for the Zacks Mining - Gold industry look optimistic, supported by the momentum in gold prices. We suggest keeping a tab on companies like Harmony Gold (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hmy#NYSE">HMY</a>), Eldorado Gold (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ego#NYSE">EGO</a>), New Gold Inc. (AMEX:NGD) and Galiano Gold (AMEX:GAU), as these are well-poised for improvement, backed by their strong balance sheets, efforts to lower costs and growth initiatives.
<h3>Weak U.S Data Work in Favor of Gold</h3>
Per the&nbsp; U.S. Census Bureau&#39;s latest report, retail and foodservices sales in the United States inched up 0.1% in May 2024 from April 2024. On a year-over-year basis, sales rose 2.3%. This weaker-than-expected performance indicates that consumers are grappling with stubbornly higher levels of inflation. The market is currently pricing in about a 66% chance of a Fed rate cut in September, which has aided gold prices lately. 
The Institute for Supply Management&#39;s manufacturing index languished in contraction territory for a consecutive 16 months until February 2024. Even though it saw a slight uptick to 50.3% in March, the index slipped to the contraction territory again in April with a 49.2% reading. It further decelerated to 48.7% in May. This continued weakness in the manufacturing sector has contributed to heightened economic uncertainty, boosting investor interest in gold as a safe-haven asset and thereby hiking gold prices.
<h3>Demand &amp; Supply Imbalance to Support Prices</h3>
Central banks, particularly China, have been ramping up reserves held in gold due to currency depreciation, and geopolitical and economic risks. In 2022, central banks added 1,082 tons of gold, marking the highest annual purchase on record. This was followed by 1,037 tons of gold purchases in 2023, which was the second highest. 
According to the 70 responses to the 2024 Central Bank Gold Reserves survey, 29% of central banks have plans to increase their gold reserves in the next 12 months. This is the highest projection since the initiation of the survey in 2018. 
The use of gold in energy, healthcare and technology is rising. India and China account for around 50% of consumer gold demand. Economic strength in India is yielding wealth-driven buying. Physical demand has also been strong in China of late since the weaker yuan, volatile stock market and comparatively low deposit rates have led investors to explore alternatives for their savings. 
Meanwhile, depleting resources, declining supply in old mines and the lack of new mines have been inherent threats to the industry. Therefore, this will eventually create a demand-supply imbalance, which is likely to drive gold prices.
<h3>4 Gold Stocks to Buy</h3>
We have handpicked four gold-mining stocks, which currently sport a Zacks Rank #1 (Strong Buy) or #2 (Buy) and have solid growth potential. 
The chart below shows the price performances of these stocks year to date. These stocks have outperformed the industry as well as the broader Basic Materials sector and the S&amp;P 500.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/b8/69232.jpg?v=1032028614" /> 
Image Source: Zacks Investment Research
New Gold: In the first quarter of 2024, the company&#39;s New Afton mine delivered a strong performance, producing 18,179 ounces of gold and 13.3 million pounds of copper. Both gold and copper productions were in line with the company&#39;s guidance. The Rainy River mine produced 52,719 ounces of gold. At Rainy River, the underground Main Zone is on target to produce its first ore in the fourth quarter of 2024. The company is on track to meet the 2024 consolidated production forecast of 310,000-350,000 ounces of gold and 50-60 million pounds of copper at all-in-sustaining costs of $1,240-$1,340 per gold ounce sold. Rainy River gold production is likely to expand dramatically over the next three years as underground mill feed increases. 
NGD recently signed an agreement relating to its strategic partnership with the Ontario Teachers&#39; Pension Plan for the New Afton Mine that will increase its effective free cash flow interest in the mine to 80.1%. This transaction is projected to result in a significant increase in attributable life-of-mine cash flow, while keeping New Gold&#39;s balance sheet strong and financially liquid. Continued focus on operational discipline and investment in growth projects will aid the company. 
The Zacks Consensus Estimate for the Toronto, Canada-based company&#39;s 2024 earnings has moved up 50% over the past 60 days. The consensus estimate indicates year-over-year growth of 71%. NGD currently sports a Zacks Rank #1. 
Eldorado Gold: The company produced 117,111 ounces of gold in the first quarter of 2024, up 5% year over year, reflecting higher gold production at most sites, notably at Lamaque (up 12%) and Olympias (up 14%). EGO expects production between 505,000 to 555,000 ounces of gold in 2024. The mid-point of the range suggests a 9% year-over-year increase. Project costs and schedule are on track for its development project, Skouries, with commercial production expected to commence at the end of 2025. 
March 2024 marked five years since the start of commercial production at the Lamaque Complex in Quebec. The complex has produced 848,014 ounces of gold, which exceeded EGO&#39;s expectations by 32% compared with the initial pre-feasibility study of 644,100 ounces. With the inaugural reserve expected at Ormaque later this year, the prospects of the Lamaque Complex are solid. 
Eldorado Gold is based in Vancouver, Canada. The Zacks Consensus Estimate for the company&#39;s fiscal 2024 earnings has moved up 49% over the past 60 days. The estimate indicates year-over-year growth of 91.2%. The company has an estimated long-term earnings growth of 50.8%. EGO has a trailing four-quarter earnings surprise of 430.7%, on average. The company currently carries a Zacks Rank #2. 
Galiano Gold: In March 2024, GAU acquired Gold Fields Group&#39;s 45% interest in the Asanko Gold Mine. With this move, Galiano Gold established itself as a growing gold producer with solid financial strength, owning and operating one of the largest gold mines in West Africa. The mine produced 30,386 ounces of gold in the first quarter of 2024. Output is expected to increase in the second half of 2024 after the completion of waste stripping at the Abore deposit, and the company expects to achieve 2024 production guidance of 140,000-160,000 ounces. 
GAU recently announced an upgrade to the Mineral Resources at Abore by 38%. The company&#39;s planned exploration programs for 2024 include drilling at Midras South to advance the deposit toward a potential maiden Mineral Reserve estimate, infill drilling at Adubiaso, early-stage drill testing at Target 3 and extension drilling at Gyagyatreso. A property-wide reconnaissance program has also been designed to identify new target areas of interest. 
Headquartered in Vancouver, Canada, Galiano Gold has an expected earnings growth of 117% for the current year. The Zacks Consensus Estimate for the company&#39;s fiscal 2024 earnings has moved up 37% over the past 60 days. GAU currently carries a Zacks Rank #2. 
Harmony Gold: The company produced 1,182,405 ounces of gold in the first nine months of fiscal 2024, which marked a 10% year-over-year improvement. With this performance, the company raised its production target to 1.55 million ounces from the prior expectation of 1.38-1.48 million ounces of gold in fiscal 2024. The operating free cash flow surged 171% year over year to $468 million in the period, driven by operational excellence and higher recovered grades. The company&#39;s all-in sustaining costs declined 2% year over year to $1,457 per ounce in the period. 
HMY continues to move down the industry cost curve. The company&#39;s efforts to reduce its debt levels appear encouraging and its flexible balance sheet continues to support its investments in its solid growth pipeline. 
The Zacks Consensus Estimate for earnings for the Randfontein, South Africa-based company&#39;s fiscal 2024 has been revised upward by 5.6% over the past 60 days. The consensus mark indicates year-over-year growth of 109%. HMY currently carries a Zacks Rank #2.
<a href="https://www.zacks.com/stock/news/2291035/gold-prices-increase-13-5-ytd-4-market-outperformers?cid=CS-BENZ-FT-analyst_blog|investment_ideas-2291035">To read this article on Zacks.com click here.</a>

Gold Prices Increase 13.5% YTD: 4 Market Outperformers

Correction: CIBC analyst Anita Soni upgrades New Gold (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/NGD#AMEX">NGD</a>) from Neutral to Outperformer and raises the price target from $2.1 to $3. Rating change updated

Upgrades

Correction: CIBC Upgrades New Gold to Outperformer, Raises Price Target to $3. Rating change updated

BMO Capital analyst Brian Quast maintains New Gold (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/NGD#AMEX">NGD</a>) with a Outperform and raises the price target from $3 to $3.5.

BMO Capital Maintains Outperform on New Gold, Raises Price Target to $3.5

Scotiabank analyst Eric Winmill maintains New Gold (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/NGD#AMEX">NGD</a>) with a Sector Outperform and raises the price target from $2.25 to $2.5.

Scotiabank Maintains Sector Outperform on New Gold, Raises Price Target to $2.5

Scotiabank analyst Eric Winmill upgrades New Gold (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/NGD#AMEX">NGD</a>) from Sector Perform to Sector Outperform and raises the price target from $2 to $2.25.

Scotiabank Upgrades New Gold to Sector Outperform, Raises Price Target to $2.25

Friday is shaping up to be one of the strongest days for metal commodities in recent years. Gold climbed over 1.7% toward a record-high close above $2,400 per ounce, silver surged more than 6% to its highest level since February 2013, and copper hit <a href="https://www.benzinga.com/topic/mining">an all-time high.</a>
What Happened: In a week marked by diminishing inflation fears, the case for Federal Reserve rate cuts strengthened. Additionally, news of a broad-based Chinese stimulus to support the struggling real estate sector sent metal commodities skyrocketing. Beijing announced measures such as reducing down payments for homebuyers and a state-financed package to convert unsold<a href="https://www.benzinga.com/markets/asia/24/05/38895805/china-goes-all-in-as-beijing-vows-to-buy-unsold-properties-chinese-stocks-rally-copper-hits-all-time"> properties into social housing.</a>
Copper, extremely sensitive to China&#8217;s economic health as the country is the top purchaser of the red metal, rallied 4% to above $5 a pound. This surge marked a fresh weekly all-time high and its strongest day since November 2022.
Precious metals like silver and gold positively reacted to both interest-rate and Chinese-related developments. Silver spiked above $30, breaking out of a triple-top resistance pattern.
Chart: Copper Hits All-Time High
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1024x495.png" alt="" class="wp-image-344275" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Expert Insights on Metal Commodities</h3>
According to Otavio Costa, macro strategist at Crescat Capital, central banks are &#8220;acquiring gold to enhance the quality of their international reserves and thereby strengthen the credibility of their monetary systems.&#8221; 
He highlighted that unlike many investors and traders, central banks have a long-term perspective, meaning that &#8220;the accumulation of gold by these institutions is just beginning.&#8221;
According to analysts at Goldman Sachs, copper remains a focus amid an ongoing short squeeze that has sent futures to record highs. The investment bank maintains a positive outlook on copper, citing the market&#8217;s structural deficit and forecasting a 20% increase from current levels.
Jeff Currie, former Goldman Sachs commodities strategist and now chief strategy officer of energy pathways at Carlyle Group, stated in a Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-05-17/jeff-currie-says-copper-is-the-best-trade-he-s-seen-in-his-career?sref=TBDibEcD">interview </a>that the red mental still has more room to run, emphasizing copper&#8217;s importance in powering electric vehicles, updated grids and AI data centers.
Chart: Silver Notches Best-Performing Week Since August 2020
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1024x495.png" alt="" class="wp-image-344292" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Mining Stocks Surge</h3>
The rally in metal commodities fueled broad-based gains on mining stocks. 
<ul>
<li>The SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) rose 1.8% reaching April 2022 highs. Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>) and Hecla Mining Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>) were the top gainers among miners, both up by 11%. </li>
</ul>
<ul>
<li>The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) skyrocketed 4.3%, hitting a record high since the fund&#8217;s inception in 2010. Taseko Mines Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGB#NYSE">TGB</a>), Ero Copper Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ERO#NYSE">ERO</a>), and First Quantum Minerals Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FM#NYSE">FM</a>) were the fund&#8217;s top performers, up 7.3%, 6.8% and 6.6%, respectively</li>
</ul>
<ul>
<li>The Global X Silver Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SIL#NYSE">SIL</a>) rose 5%, reaching April 2022 highs. Besides Coeur Mining and Hecla Mining Company, Endeavour Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXK#NYSE">EXK</a>) also performed strongly, up 10%. </li>
</ul>
<ul>
<li>The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) surged 3%, also reaching April 2022 highs, with New Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGD#NYSE">NGD</a>) topping the performance among gold miners, up nearly 12%.</li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38894659/bank-of-americas-contrarian-guru-unveils-best-portfolio-hedge-against-hard-landing-">Bank Of America&#8217;s Contrarian Guru Unveils Best Portfolio Hedge Against Hard Landing: &#8216;No One Is Long&#8217;</a>
Photo: Shutterstock

COPX

Silver Rockets To 11-Year Highs, Copper Hits Record Peak, Gold Approaches Historic Close: Mining Stocks' Wild Ride

(All dollar figures are in US dollars unless otherwise indicated) &nbsp;
TORONTO, May 13, 2024 (GLOBE NEWSWIRE) -- New Gold Inc. ("New Gold" or the "Company") (NYSE:<a href="https://www.benzinga.com/stock/NGD#NYSE">NGD</a>) is pleased to announce that it has entered into an agreement relating to its strategic partnership with Ontario Teachers' Pension Plan ("Ontario Teachers'") at the New Afton Mine ("New Afton"), whereby New Gold will increase its effective free cash flow interest in New Afton to 80.1% (the "Transaction").
On closing of the Transaction, Ontario Teachers' free cash flow interest in New Afton will be reduced from 46.0% to 19.9% in exchange for an upfront cash payment of $255 million from New Gold. New Gold will fund the cash payment with cash on hand, borrowings from its existing revolving credit facility and net proceeds from a concurrent bought deal equity financing of common shares of New Gold ("Common Shares") for approximately $150 million.

Financing

New Gold Increases Exposure In New Afton Copper/Gold Mine To 80.01%, Ontario Teachers' Free Cash Flow Interest In New Afton Will Be Reduced From 46.0% To 19.9% In Exchange For An Upfront Cash Payment Of $255M From New Gold; Launches $150M Bought Deal Financing

New Gold Inc. Files Mixed Securities Shelf

New Gold (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/NGD#AMEX">NGD</a>) reported quarterly earnings of $0.02 per share which beat the analyst consensus estimate of undefined by Infinity percent. This is a 33.33 percent decrease over earnings of $0.03 per share from the same period last year. The company reported quarterly sales of $192.100 million which beat the analyst consensus estimate of $190.920 million by 0.62 percent. This is a 4.71 percent decrease over sales of $201.600 million the same period last year.

New Gold Q1 2024 Adj EPS $0.02 Beats undefined Estimate, Sales $192.100M Beat $190.920M Estimate

New Gold Inc. (NGD) Q2 2024 Earnings Call Transcript

Crude oil little changed after volatile week with China demand fears lingering

Canaccord Genuity analyst Jeremy Hoy maintained a Buy rating on New Gold (NGD – Research Report) today and set a price target of C$4.50. The compan...

New Gold (NGD) Receives a Buy from Canaccord Genuity

New Gold (TSE:NGD) has released an update. New Gold Inc. has enhanced its Board of Directors with the appointment of two experienced professionals,...

New Gold Inc. Bolsters Board with Expert Appointments

New Gold (TSE:NGD) has released an update. New Gold Inc. has reported promising results from its 2024 drilling program at Rainy River, which indica...

New Gold Announces Promising Rainy River Drilling Results

Gold rallies to another record high; analyst says could go 'a lot higher'

Commodity Roundup: Gold notches record high on large rate cut bets, oil eyes weekly gain

New Gold (TSE:NGD) has released an update. New Gold Inc. has reported promising exploration results at its New Afton mine, with continuous high-gra...

New Gold Inc. Strikes High-Grade Growth at New Afton

New Gold: Production Upside, Significant EBITDA Margin Expansion

New Gold (TSE:NGD) has released an update. New Gold Inc. has reported promising exploration results from its New Afton mine, revealing high-grade c...

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New Gold (NGD) Forecast

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