Analysts See Over 100% Upside for New Found (NFGC) Amid Accelerated Progress At Queensway Gold Project

New Found Gold Corp. (NYSE:NFGC) earns a place on our list of the 8 best gold penny stocks to buy according to analysts.

New Found Gold Corp. (NYSE:NFGC) is working to accelerate progress at its 100%-owned Queensway Gold Project. With the company continuing to bolster its growth narrative, all of the covering analysts remain bullish on the stock. Based on analyst consensus, NFGC has an implied upside of 105.22%.

New Found Gold Corp. (NYSE:NFGC) is sharply focused on its Queensway Gold Project, for which it has entered into a non-binding term sheet for a loan facility of up to $75 million. According to the company’s announcement on March 5, 2026, the loan proceeds will be utilized to support its plans for early construction, procurement of long-lead items, mill expansion, and working capital. Importantly, the company’s CEO, Keith Boyle, emphasized plans for first production by late 2027.

The loan facility will be documented through a secured debenture, to be advanced in two tranches: $50 million at closing, along with an additional $25 million, which will be available within 15 months, subject to certain conditions. Furthermore, the arrangement features a 0.50% annual administration fee, a 24-month term, and a fixed annual interest rate of 9.25%, while also offering an option to extend the loan by six months.

New Found Gold Corp. (NYSE:NFGC), a Canadian gold producer, owns assets in Newfoundland and Labrador and holds interests in the following projects: Queensway Gold, Hammerdown Gold, Pine Cove Mill, and Nugget Pond.

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