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

A man, dressed in protective gear, holding a golden nugget freshly extracted from an underground mining shaft.

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.

Invest in Gold

Thor Metals Group: Best Overall Gold IRA Learn More

Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase Learn More

American Hartford Gold: #1 Precious Metals Dealer in the Nation Learn More

Powered by Money.com - Yahoo may earn commission from the links above.

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.

While we acknowledge the potential of NFGC as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 10 Best AI Stocks to Buy Under $3 and Bill Ackman Stock Portfolio: Top 10 Stock Picks.

Disclosure: None.