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New Found Gold ( (TSE:NFG) ) has shared an update.
On January 21, 2026, New Found Gold announced that its 2026 drill program has commenced at the Queensway Gold Project, with four diamond drill rigs active on infill, exploration and condemnation work, and reported additional 2025 infill drilling results from the K2 zone in the AFZ Core. The latest K2 assays from 4,025 metres of drilling in 34 holes, completed in the second half of 2025, show consistent and continuous near-surface gold mineralization that largely matches the existing mineral resource block model, while also intersecting several zones of gold outside the current resource and preliminary economic assessment pit shells, indicating potential for resource growth. The 2025 Queensway program totaled 74,377 metres across 614 holes, mostly focused on AFZ Core infill and pre-development drilling to convert inferred resources to indicated and support Phase 1 mine planning, with roughly half of those assay results still pending. For 2026, the company plans to prioritize Phase 2 open-pit and later Phase 3 underground resource conversion at AFZ Core, expand grade-control drilling at the Keats, Iceberg and Lotto excavations, and pursue resource expansion and regional exploration at targets including Bullseye, Dropkick, AFZ Peripheral and Queensway South, underscoring an aggressive push toward de-risking and growing the Queensway project for future mine development.
The most recent analyst rating on (TSE:NFG) stock is a Hold with a C$4.50 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 mineral exploration company focused on gold, with its flagship asset the 100%-owned Queensway Gold Project in Newfoundland and Labrador, Canada. The company is advancing Queensway through a combination of resource definition, infill and exploration drilling, guided by a preliminary economic assessment on the Appleton Fault Zone (AFZ) Core area that outlines staged open-pit and underground mine development.
Average Trading Volume: 815,337
Technical Sentiment Signal: Buy
Current Market Cap: C$1.39B
See more insights into NFG stock on TipRanks’ Stock Analysis page.