New Found Gold Completes C$63 Million Financing to Boost Queensway Project

New Found Gold ( (TSE:NFG) ) has shared an announcement.

On June 12, 2025, New Found Gold Corp. announced the closing of the second tranche of its C$63 million bought deal financing, which included the full exercise of the underwriters’ over-allotment option. The proceeds from the offering will be used to fund exploration expenses at the Queensway Gold Project. The financing strengthens New Found Gold’s financial position, supporting its ongoing exploration and development efforts, and highlights the continued support from key stakeholders, including significant shareholder Eric Sprott.

The most recent analyst rating on (TSE:NFG) stock is a Buy with a C$3.00 price target. To see the full list of analyst forecasts on New Found Gold stock, see the TSE:NFG Stock Forecast page.

Spark’s Take on TSE:NFG Stock

According to Spark, TipRanks’ AI Analyst, TSE:NFG is a Neutral.

New Found Gold’s overall score reflects significant challenges typical for exploration companies, including lack of revenue and negative technical momentum. However, a strong equity position and promising corporate developments provide potential upside, making it a speculative investment with high risk and potential long-term reward.

To see Spark’s full report on TSE:NFG stock, click here.

More about New Found Gold

New Found Gold Corp. is a mining company that holds a 100% interest in the Queensway Gold Project located in Newfoundland and Labrador, Canada. The company is focused on gold exploration and has completed an initial mineral resource estimate for the Queensway project. It is currently conducting a preliminary economic assessment and continues to make new discoveries, indicating the project’s district-scale potential.

Average Trading Volume: 705,334

Technical Sentiment Signal: Sell

Current Market Cap: C$399.5M

See more data about NFG stock on TipRanks’ Stock Analysis page.