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Image: The Rainy River gold/silver mine in northwestern Ontario. Source: New Gold, Inc.
Investment thesis
The Canadian-based New Gold, Inc. (NGD) released its second-quarter results on July 30, 2020. The production was weak due to the disruptions encountered at Rainy River. However, it was not catastrophic.
One notable event that could be viewed as a vital move is the divestiture of the Blackwater Project for C$190 million in cash, an 8% gold stream, and a C$20 million equity stake in Artemis Gold Inc. (ARGTF) announced by the company on June 9, 2020.