Claim 50% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
New Found Gold ( (TSE:NFG) ) has provided an announcement.
On January 26, 2026, New Found Gold announced a significant step in developing its 100%-owned Queensway Gold Project in Newfoundland and Labrador by entering into a Phase 1 engineering, procurement and construction management (EPCM) contract with WSP Canada. The mandate covers site development at Queensway and detailed engineering for an offsite milling facility, leveraging the company’s fully permitted Pine Cove Mill and Nugget Pond Hydrometallurgical Gold Plant, with planned upgrades to Pine Cove to process ore from both Hammerdown and Queensway Phase 1. The company reported that environmental baseline work at Queensway is largely complete and it plans to submit an Environmental Registration to provincial regulators in late Q1 2026 to initiate the environmental assessment process, while an updated technical report with a new mineral resource estimate is targeted for mid-2026. New Found Gold has also retained Cutfield Freeman & Co. as project finance adviser to assemble funding for Queensway Phase 1, as it advances engineering and permitting on an aggressive schedule that management says positions the company to accelerate development in a supportive gold price environment and strengthens its transition from explorer to producer in a top-ranked mining jurisdiction.
The most recent analyst rating on (TSE:NFG) stock is a Hold with a C$5.00 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 an emerging Canadian gold producer focused on assets in Newfoundland and Labrador. The company holds a 100% interest in the Queensway Gold Project and owns the Hammerdown and Pine Cove operations as well as the Nugget Pond Hydrometallurgical Gold Plant, and is concentrating on advancing Queensway to production while bringing Hammerdown into steady-state gold output, supported by ongoing exploration that indicates district-scale potential along a more than 110-kilometre strike length.
YTD Price Performance: 15.52%
Average Trading Volume: 823,703
Technical Sentiment Signal: Buy
Current Market Cap: C$1.58B
See more insights into NFG stock on TipRanks’ Stock Analysis page.