5 Explosive Mining Penny Stocks to Watch in 2026

4. New Found Gold Corp (NYSEAMERICAN:NFGC)

Stock Price: $2.22

Number of Hedge Fund Holders: 13

Upside Potential: 94.90%

New Found Gold Corp (NYSEAMERICAN:NFGC) is one of the explosive mining penny stocks to watch in 2026. NFGC stock has climbed more than 80% over the past year, and the Street expects it to rise more than 90% over the next 12 months.

On April 27, New Found Gold Corp (NYSEAMERICAN:NFGC) reported that it raised C$115 million in gross proceeds through an equity offering in a bought deal financing. The company said it closed the offering of 38.9 million shares of its common stock, including the full exercise of the underwriters’ over-allotment option to purchase an additional 5.1 million shares.

EdgePoint Investment Group and New Found Gold shareholder Eric Sprott participated in the offering. Sprott already had a stake of around 19% in New Found Gold. New Found Gold plans to use the net proceeds from the offering to fund its flagship Queensway gold project.

The company has another fundraising program underway. On April 20, it announced it had entered into a credit agreement with EdgePoint to raise up to C$105 million. It said the credit facility would have a three-year term and bear interest at a fixed annual rate of 8.75%. New Found Gold planned to use proceeds from the credit facility for working capital purposes.

New Found Gold Corp (NYSEAMERICAN:NFGC) is a Canadian gold mining company. It holds 100% interest in both the Queensway and Hammerdown gold projects. The flagship Queensway project is advancing to production. This project includes more than 100 mineral licenses and covers an area of 175,600 hectares.