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New Gold Management
Management criteria checks 4/4
New Gold's CEO is Pat Godin, appointed in Nov 2022, has a tenure of 3.33 years. total yearly compensation is $3.03M, comprised of 19.5% salary and 80.5% bonuses, including company stock and options. directly owns 0.037% of the company’s shares, worth CA$3.78M. The average tenure of the management team and the board of directors is 2.9 years and 5.8 years respectively.
Key information
Pat Godin
Chief executive officer
US$3.0m
Total compensation
| CEO salary percentage | 19.54% |
| CEO tenure | 3.3yrs |
| CEO ownership | 0.04% |
| Management average tenure | 2.9yrs |
| Board average tenure | 5.8yrs |
Recent management updates
Recent updates
Narrative Update • Mar 17
NGD: Future Upside Will Depend On Executing Plan Of Arrangement
Analysts have raised their CA$ price targets on New Gold by up to CA$3, citing updated assumptions around discount rates, profitability, and P/E expectations that support a higher valuation range. Analyst Commentary Recent Street research points to a reassessment of New Gold’s valuation framework.Narrative Update • Mar 03
NGD: Future Upside Will Rely On Executing Plans And Sustaining Margins
Analysts have nudged their CA$ price target on New Gold slightly higher, reflecting small adjustments to fair value, discount rate and profit expectations following recent target increases from CA$2.25 to CA$3 in Street research. Analyst Commentary Recent research updates frame the higher CA$ price targets as a refinement of fair value rather than a dramatic shift in thesis, with analysts weighing both upside execution potential and ongoing risks to delivery.Narrative Update • Feb 17
NGD: Future Upside Will Depend On Sustained Margins Supporting Earnings
Analysts have nudged their CA$ price targets on New Gold higher by a few dollars, citing incremental improvements in revenue growth assumptions, slightly stronger profit margins, and a modestly lower future P/E multiple in their updated models. Analyst Commentary Recent Street research includes price target increases of CA$2.25 and CA$3, which reflect updated views on New Gold's earnings power, valuation multiples, and execution risks.Narrative Update • Feb 02
NGD: Higher Fair Value Will Rely On Sustained Margins And Earnings
Analysts have lifted their price targets on New Gold, including increases of $2.25 and C$3, citing updated views on fair value, revenue growth, profit margins, and a lower expected future P/E multiple. Analyst Commentary Bullish analysts lifting their targets by $2.25 and C$3 are updating their views on what they see as fair value for New Gold, based on revised expectations for revenue, profit margins, and a lower future P/E multiple.Narrative Update • Jan 19
NGD: Fairly Valued Outlook As Raised P/E Assumptions Support Future Upside
Analysts have raised their price target on New Gold to C$12.50 from C$11.50, citing updated assumptions around growth, profitability and future P/E that support a higher valuation range for the shares. Analyst Commentary Recent research points to a higher valuation range for New Gold, with the new C$12.50 price target anchored to updated assumptions on growth, profitability and future P/E expectations.Narrative Update • Jan 05
NGD: Revenue Will Rise As $4,500 Gold Supports Merged Entity Upside
Narrative update New Gold's implied price target has moved higher, reflecting analyst revisions such as C$12.50 from C$11.50 and C$9.50 from C$6.50 that are tied to updated gold and silver price forecasts and a modest adjustment in assumed future P/E multiples. Analyst Commentary Recent research points to a more constructive stance on New Gold, with higher price targets tied to updated precious metal assumptions and revised P/E expectations.Narrative Update • Dec 15
NGD: Revenue Will Rise As $4,500 Gold Supports Continued Outperformance
Analysts have modestly raised their price target on New Gold, reflecting slightly higher long term valuation multiples and updated precious metal price forecasts that support a fair value of approximately C$15.12 per share. Analyst Commentary Recent research notes highlight a constructive backdrop for New Gold, with multiple price target increases reflecting stronger long term commodity assumptions and improved company specific execution.Narrative Update • Dec 01
NGD: Revenue Will Rise With $4,500 Gold And Outperformance Will Continue
Analysts have raised their price targets on New Gold. Recent increases reflect higher gold and silver price forecasts as well as strong year-to-date stock performance.Narrative Update • Nov 17
NGD: Revenue Will Rise If Gold Reaches $4,500 Per Ounce
Analysts have raised their price targets for New Gold, increasing the fair value estimate from $12.34 to $15.12. They cite upward revisions in gold and silver price forecasts and continued sector outperformance as key drivers for the updated outlook.Narrative Update • Nov 01
NGD: Higher Precious Metal Prices Will Drive Robust Gold And Copper Output
Analysts have raised their price target for New Gold to C$12.50, up from C$11.50. This reflects optimism from higher gold price forecasts and recent sector outperformance.Narrative Update • Oct 18
Higher-Grade Ore Production Will Reinforce Gold And Copper Output
Analysts have raised their price target for New Gold, increasing it from C$6.50–C$8 previously to C$9.50, citing higher gold and silver price forecasts driving improved revenue growth and profit margin expectations. Analyst Commentary Recent analyst updates have highlighted significant changes in sentiment and valuation for New Gold, reflecting both increased optimism and areas of continued vigilance among market observers.Narrative Update • Oct 04
Higher-Grade Ore Production Will Reinforce Gold And Copper Output
Analysts have raised their price targets for New Gold, citing revised fair value estimates and stronger revenue growth forecasts. The targets now reach up to C$9.50 and $6.25, reflecting increased optimism for the company's outlook.Narrative Update • Sep 19
Higher-Grade Ore Production Will Reinforce Gold And Copper Output
Analysts have raised New Gold's price target modestly to CA$9.13, reflecting a higher future P/E multiple despite sharply lower revenue growth forecasts. What's in the News New Gold has significantly expanded the K-Zone mineralized system at its New Afton mine, more than doubling its known extent and increasing horizontal thickness to 180 metres through new copper-gold porphyry discoveries and ongoing drilling.Analysis Article • Sep 16
What New Gold Inc.'s (TSE:NGD) 28% Share Price Gain Is Not Telling You
New Gold Inc. ( TSE:NGD ) shares have continued their recent momentum with a 28% gain in the last month alone. The last...Narrative Update • Sep 04
Higher-Grade Ore Production Will Reinforce Gold And Copper Output
The consensus analyst price target for New Gold has edged higher to CA$8.78, primarily reflecting a substantial increase in the projected Future P/E multiple while the discount rate remained unchanged. What's in the News Q2 gold production increased to 78,595 ounces from 68,598 ounces year-over-year.Analysis Article • Jul 06
New Gold (TSE:NGD) Has A Rock Solid Balance Sheet
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
New Narrative • Feb 22
Early Project Milestones At Rainy River And Afton Will Strengthen Future Operations
Delivered key milestones ahead of schedule and increased stake at New Afton, enhancing asset value and future revenue share.CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Sep 30 2025 | n/a | n/a | US$249m |
| Jun 30 2025 | n/a | n/a | US$145m |
| Mar 31 2025 | n/a | n/a | US$129m |
| Dec 31 2024 | US$3m | US$591k | US$103m |
| Sep 30 2024 | n/a | n/a | US$20m |
| Jun 30 2024 | n/a | n/a | -US$20m |
| Mar 31 2024 | n/a | n/a | -US$76m |
| Dec 31 2023 | US$3m | US$528k | -US$64m |
| Sep 30 2023 | n/a | n/a | -US$54m |
| Jun 30 2023 | n/a | n/a | -US$55m |
| Mar 31 2023 | n/a | n/a | -US$91m |
| Dec 31 2022 | US$726k | US$281k | -US$67m |
Compensation vs Market: Pat's total compensation ($USD3.03M) is about average for companies of similar size in the Canadian market ($USD3.86M).
Compensation vs Earnings: Pat's compensation has been consistent with company performance over the past year.
CEO
Pat Godin (56 yo)
3.3yrs
Tenure
US$3,025,638
Compensation
Mr. Patrick Godin, also known as Pat, B.Sc., P.Eng., M. Eng., Asc., Eng., served as the Vice President and Chief Operating Officer at Pretium Resources Incorporated since August 1, 2020. He serves as Chief...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO, President & Director | 3.3yrs | US$3.03m | 0.037% CA$ 3.8m | |
| Executive VP & CFO | 2.9yrs | US$995.53k | 0.0081% CA$ 835.6k | |
| Executive VP & Chief Strategy Officer | no data | US$1.24m | 0.026% CA$ 2.7m | |
| Vice President of Technical Services | 2.9yrs | US$944.26k | no data | |
| Vice President of Operations | 1yr | no data | no data | |
| Director of Investor Relations | no data | no data | no data | |
| VP, General Counsel & Corporate Secretary | 6.3yrs | US$891.81k | 0.022% CA$ 2.2m | |
| VP & Chief Human Resources Officer | 1.4yrs | no data | no data | |
| Vice President of Geology | 2.9yrs | no data | no data | |
| Vice President of Treasury & Risk | 2.1yrs | no data | 0.0012% CA$ 122.8k | |
| General Manager of New Afton | no data | no data | no data | |
| General Manager of Rainy River | no data | no data | no data |
2.9yrs
Average Tenure
Experienced Management: NGD's management team is considered experienced (2.9 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO, President & Director | 23.3yrs | US$3.03m | 0.037% CA$ 3.8m | |
| Independent Chairman of the Board | 2yrs | US$182.78k | no data | |
| Independent Director | 1.5yrs | US$63.22k | no data | |
| Independent Director | 4.8yrs | US$133.90k | no data | |
| Independent Director | 8.8yrs | US$158.24k | no data | |
| Independent Director | 7.9yrs | US$151.28k | no data | |
| Independent Director | 6.8yrs | US$144.33k | no data | |
| Independent Director | 1.5yrs | US$63.22k | no data |
5.8yrs
Average Tenure
60.5yo
Average Age
Experienced Board: NGD's board of directors are considered experienced (5.8 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/03/19 14:06 |
| End of Day Share Price | 2026/03/19 00:00 |
| Earnings | 2025/09/30 |
| Annual Earnings | 2024/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
New Gold Inc. is covered by 14 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Farooq Hamed | Barclays |
| Brian Quast | BMO Capital Markets Equity Research |
| Lawson Winder | BofA Global Research |