New Found Gold Corp. (NFGC) Reports Preliminary Economic Assessment (PEA) for Queensway Gold Project; Roth MKM Maintains 'Buy' Rating

With significant hedge fund interest and a share price under $5, New Found Gold Corp. (NYSE:NFGC) secures a place on our list of the 11 Best Gold Penny Stocks to Buy According to Hedge Funds (and Precious Metals Stocks).

On July 21, 2025, New Found Gold Corp. (NYSE:NFGC) reported a Preliminary Economic Assessment (PEA) for its Queensway Gold Project in Newfoundland and Labrador, Canada. The company holds a 100% stake in the project.

Phase 1 of the project entails a $155 million initial capital investment, which is expected to deliver 69.3 koz of gold annually at an AISC of $1,282 per ounce for the first four years. The production proceeds are then projected to fund the $442 million Phase 2 build-out to 172.2 koz/year at $1,090 per ounce for the following five years. New Found Gold Corp. (NYSE:NFGC) expects 1.5 Moz total production across the 15-year mine life, with first output expected in 2027, pending approvals.

With a gold price projected at $2,500 per ounce, after-tax NPV5% is estimated at $743 million. On the other hand, the expected gold price of $3,300 per ounce yields $1.45 billion in NPV.

Three days later, on July 24, Roth MKM reiterated its ‘Buy’ rating with a $5 target price.

New Found Gold Corp. (NYSE:NFGC), a gold mining company, holds a 100% interest in the Queensway Project in Canada. It is included in our list of the Best Penny Stocks.

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