New Found Gold

NFGC

Gold · Basic Materials

Price

$1.38

+0.01 (+0.73%)

Market Cap

$338.4M

Exchange

New York Stock Exchange American

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+51.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 154.9M (2021) → 234.6M (2025)

New Found Gold Corp. is a Canadian mineral exploration company focused on finding and developing gold deposits. Its main asset is the Queensway Project, a large land package located in Newfoundland, Canada. The company does not yet mine or sell gold — it is still in the exploration stage, drilling holes and testing rock samples to figure out how much gold is in the ground.

New Found Gold makes no revenue from selling gold or any product. It funds its operations by raising money from investors through stock offerings, which is why its margins are deeply negative. The company's potential competitive advantage lies in the high-grade gold results reported at Queensway, which attracted attention from major mining companies, including a strategic investment from Newmont Corporation. The key risk is that exploration-stage companies burn cash constantly with no guarantee that a deposit will ever become a producing mine, and the company remains entirely dependent on outside financing to continue its work.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

Revenue data limited

EPS Growth

-80.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

30.1%ownership

Insiders own a meaningful stake in the company

Cash Runway

~5 months

$44M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

New Found Gold has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

14.5%

Thin — 14.5% gross margin

Operating Margin

-182.0%

Losing money on operations — -182.0%

ROCE

-4.4%

Weak — -4.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

N/A

—

Data not available

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-456.8%

Burning cash (-456.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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