NEW GOLD $3.86 (Toronto symbol NGD; TSINetwork Rating: Speculative) (888-315-9715; www.newgold.com; Shares outstanding: 508.9 million; Market cap: $2.1 billion; No dividends paid) has four mines: the Mesquite project in the U.S., Cerro San Pedro in Mexico, the Peak mine in Australia and the New Afton mine in B.C.
New Gold also owns 30% of the El Morro copper/ gold project in Chile, 100% of the Blackwater property in B.C. and 100% of Ontario’s Rainy River project.
In the three months ended March 31, 2015, the company’s cash flow per share fell 27.8%, to $0.13 from $0.18 a year earlier. Gold production rose 4.0%, to 94,977 ounces from 91,317, but an 11.2% fall in copper output from New Afton, along with lower realized gold prices, cut New Gold’s cash flow.
The company is now starting construction of a mine at Rainy River. It aims to start production in mid-2017 at an average of 325,000 ounces of gold annually over nine years.
New Gold’s $876.9 million of long-term debt is a reasonable 41.8% of its market cap. It also holds cash of $365.8 million, or $0.72 a share. That gives it the funds it needs to build the mine at Rainy River, which, combined with its four operating mines, could increase its annual output to over 700,000 ounces in just over two years.
Like most gold firms, New Gold’s shares will be heavily influenced by the direction of gold prices. Meanwhile, its positive cash flow, strong balance sheet and rising production outlook give it considerable speculative appeal.
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