New Found Gold Secures C$69 Million for Queensway Project Expansion

New Found Gold ( (TSE:NFG) ) has provided an update.

New Found Gold Corp. has announced a C$49 million bought deal financing and a C$20 million private placement to advance its Queensway Gold Project. The financing includes a significant lead order from strategic investor Eric Sprott, who aims to increase his holdings to over 20%, potentially becoming a new control person. The proceeds will be used for eligible Canadian exploration expenses and general corporate purposes, positioning the company for further development and strengthening its market position.

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. operates in the mining industry, focusing on gold exploration and development. The company is primarily engaged in advancing its Queensway Gold Project, which is 100% owned, and is strategically positioned to capitalize on gold mining opportunities in Canada.

Average Trading Volume: 665,266

Technical Sentiment Signal: Sell

Current Market Cap: C$363.1M

Find detailed analytics on NFG stock on TipRanks’ Stock Analysis page.