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New Found Gold ( (TSE:NFG) ) has provided an update.
On February 2, 2026, New Found Gold reported additional 2025 grade control drilling results from the Keats zone at its Queensway project, confirming strong continuity of high-grade, near-surface gold mineralization across a tightly spaced 5-by-5-metre drill grid. The latest 36 diamond drill holes, part of an 84-hole Keats excavation grade control program totalling 2,773 metres, delivered multiple very high-grade intercepts (including up to 508 g/t gold over 2.20 metres and 9.29 g/t gold over 37.60 metres) that correlate well with the existing mineral resource block model, bolster confidence in the distribution and geometry of mineralized shoots, and support Phase 1 open-pit mine planning outlined in the company’s Preliminary Economic Assessment. In 2025 the company drilled 74,377 metres at Queensway, with roughly three-quarters of that work focused on the Appleton Fault Zone Corridor to advance mine planning and the remainder on exploration; about half of the 2025 assay results, as well as channel sampling from the Lotto excavation, are still pending. The 2026 drill campaign is already underway with four rigs, initially targeting Phase 2 open-pit resource conversion before shifting to Phase 3 underground conversion, while expanded grade control drilling at Keats, Iceberg, and Lotto and new exploration programs at Bullseye, Dropkick, AFZ Peripheral, and Queensway South are planned for later in 2026, ahead of an updated Queensway technical report and mineral resource estimate expected in mid-2026.
The most recent analyst rating on (TSE:NFG) stock is a Hold with a C$4.00 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.
The score is held back primarily by weak financial performance (no revenue, continued losses, and significant cash burn) despite a strong low-debt balance sheet. Technicals are supportive with a clear uptrend and positive momentum, while corporate updates are broadly positive, but valuation is constrained by ongoing unprofitability and the lack of dividend support.
To see Spark’s full report on TSE:NFG stock, click here.
More about New Found Gold
New Found Gold Corp. is a Canadian mineral exploration company focused on high-grade gold discoveries at its 100%-owned Queensway Gold Project in Newfoundland and Labrador. The company operates in the precious metals exploration and development industry, with drilling and excavation work aimed at advancing a phased open-pit and underground mine plan along the Appleton Fault Zone Corridor, including key zones such as Keats, Iceberg, Lotto, Dropkick, and Bullseye.
YTD Price Performance: -8.13%
Average Trading Volume: 866,328
Technical Sentiment Signal: Buy
Current Market Cap: C$1.26B
Learn more about NFG stock on TipRanks’ Stock Analysis page.