New Found Gold (NFG) AI Stock Analysis

• Market Cap: C$495.28M
• Dividend Yield: N/A
• Average Volume (3M): 515.61K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.91
• Revenue Growth: N/A
• EPS Growth: 36.66%
• Country: CA
• Employees: 98
• Sector: Basic Materials
• Sector Strength: 63
• Industry: Mining
• EPS (TTM): -0.30
• Shares Outstanding: 198,907,990
• 10 Day Avg. Volume: 513,952
• 30 Day Avg. Volume: 515,612
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• Price to Cash Flow (P/CF): -9.50
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$7.22
• Price Target Upside: 203.30% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

The overall score of 37 reflects the significant financial challenges of New Found Gold as a pre-revenue mining company with negative earnings and substantial reliance on external financing. While the technical indicators suggest a bearish trend, the recent appointment of a new CEO with a strategic focus on the Queensway Project could potentially drive future growth, but this does not yet offset the current financial and valuation concerns.

New Found Gold Business Overview & Revenue Model

Company Description

New Found Gold (NFG) is a mineral exploration company focused on the discovery and development of gold resources in Canada. The company operates primarily in the mining sector, leveraging its expertise to identify and explore promising mineral properties. With a significant land position in Newfoundland, New Found Gold aims to advance its projects through strategic exploration efforts to enhance shareholder value.

How the Company Makes Money

New Found Gold makes money primarily through the exploration and development of its mineral properties. The company's revenue model is based on increasing the value of its mining assets through successful exploration and potential future production. Key revenue streams include raising capital through equity financing to fund exploration activities and partnerships with other mining companies for joint ventures or property sales. As a junior exploration company, it does not yet generate revenue from gold production but focuses on increasing the value of its assets to attract investment or potential acquisition by larger mining companies.

New Found Gold Financial Statement Overview

Summary

New Found Gold's financials reflect a typical early-stage mining company with strong equity backing but no revenue generation yet. The company is heavily reliant on external financing to fund its operations, which presents a risk if financing becomes less accessible. The balance sheet strength is a positive, but the lack of revenue and negative cash flows are notable challenges.

Income Statement

New Found Gold has consistently reported negative net income and no revenue, reflecting its stage as a pre-revenue mining company. The gross profit margin is negative due to operating expenses without offsetting revenue. However, the slight improvement in EBIT margin from TTM to the previous year suggests some cost management improvements.

Balance Sheet

The balance sheet indicates a strong equity position with minimal debt, resulting in a very low debt-to-equity ratio. The equity ratio is high, highlighting substantial stakeholder investment relative to total assets. However, recurring net losses have been eroding equity over time.

Cash Flow

The cash flow statement shows substantial operating cash outflows typical for a company at this stage, with financing activities largely covering these outflows. Free cash flow remains negative, but financing inflows have helped maintain liquidity. However, reliance on financing is a concern for long-term sustainability.

Breakdown
TTM	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019
Income Statement		Total Revenue
0.00	0.00	0.00	0.00	0.00	0.00
	Gross Profit
-839.45K	-940.21K	-880.40K	-582.93K	-129.96K	-12.49K
	EBIT
-65.87M	-103.47M	-88.72M	-56.66M	-38.35M	-3.93M
	EBITDA
-55.94M	-102.04M	-89.09M	-50.05M	-32.40M	-4.01M
	Net Income Common Stockholders
-57.41M	-79.89M	-109.63M	-57.27M	-34.31M	-4.02M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
7.45M	57.48M	89.64M	132.43M	68.82M	7.45M
	Total Assets
9.36M	84.58M	110.69M	148.06M	73.54M	9.36M
	Total Debt
0.00	157.80K	150.23K	100.85K	53.20K	0.00
	Net Debt
-7.34M	-53.73M	-82.02M	-100.38M	-47.68M	-7.34M
	Total Liabilities
392.85K	19.08M	27.21M	25.40M	635.08K	392.85K
	Stockholders Equity
8.96M	65.50M	83.47M	122.65M	72.90M	8.96M
Cash Flow		Free Cash Flow
-66.83M	-101.06M	-79.94M	-53.94M	-14.76M	-2.96M
	Operating Cash Flow
-63.66M	-99.27M	-74.38M	-48.51M	-13.22M	-2.65M
	Investing Cash Flow
-2.58M	-4.44M	-737.87K	-17.07M	-1.59M	-26.58K
	Financing Cash Flow
79.37M	75.43M	56.80M	118.34M	55.20M	9.69M

New Found Gold Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.38
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NFG, the sentiment is Negative. The current price of 2.38 is below the 20-day moving average (MA) of 2.57, below the 50-day MA of 2.55, and below the 200-day MA of 3.27, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 48.04 is Neutral, neither overbought nor oversold. The STOCH value of 21.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:NFG.

New Found Gold Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ORE	70 Outperform	C$382.21M	7.66	16.08%	―	5.77%	-35.11%
Sector *	46 Neutral	$2.64B	-3.89	-29.36%	3.33%	2.89%	-29.66%
GFG	39 Underperform	C$47.10M	26.92	4.96%	―	―	―
NFG	37 Underperform	C$495.28M	―	-89.92%	―	―	36.66%
BTR	31 Underperform	C$36.72M	―	-91.29%	―	―	7.15%
GLD	29 Underperform	C$1.63M	―	-188.34%	―	―	83.95%

New Found Gold Corporate Events

New Found Gold Appoints Keith Boyle as CEO to Lead Queensway Project

New Found Gold Corp. has announced the appointment of Keith Boyle as its new Chief Executive Officer. Boyle, who has a wealth of experience in leading successful mining operations, is set to guide the company’s Queensway Project through its next phase of growth. This leadership change follows the resignation of Collin Kettell, who will remain as a director and significant shareholder of the company. The appointment is seen as a strategic move to capitalize on the untapped potential of the Queensway Project in the emerging gold district of Newfoundland, promising value creation for stakeholders.

New Found Gold Welcomes New Leadership

New Found Gold Corp has announced the appointment of Paul Huet as the Independent Chairman, alongside welcoming new board members William Hayden and Melissa Render. Huet, a seasoned mining executive, is expected to bring significant expertise to the company as it advances its Queensway Project. The board changes come after a successful meeting of shareholders in Vancouver.

New Found Gold Uncovers High-Grade Gold in Newfoundland

New Found Gold Corp. has announced impressive results from their Phase II trench channel sampling at the Keats Trench in Newfoundland, revealing high-grade gold mineralization, including 455 g/t Au over 4.05 meters. These findings underscore the potential for significant gold deposits at the Queensway Project.

New Found Gold Expands Queensway Project Exploration

New Found Gold Corp. has filed a technical report for its Queensway Gold Project, highlighting significant expansions and new exploration activities. The company has acquired full interest in the Kingsway Property and additional claims, enhancing its exploration capabilities. With robust funding and an extensive drilling program underway, New Found Gold is poised for further discoveries.

New Found Gold Begins Key Assessment for Queensway Project

New Found Gold Corp has initiated a maiden resource estimate and preliminary economic assessment for its Queensway Project in Newfoundland. This development marks a significant step in evaluating the project’s mineral inventory and economic potential, with the goal of identifying development scenarios. The assessment is expected to be completed by Q2 2025, guided by the expertise of SLR Consulting.