New Found Gold (TSXV:NFG) surges 14.8% on Hammerdown completion and $30M financing.

New Found Gold (TSXV:NFG) surged 14.8% in pre-market trading on Dec. 23, 2025, marking a sharp reversal following recent volatility. The move builds on a 5.73% gain in pre-market activity on Dec. 22, driven by the completion of Hammerdown open-pit construction and a $30 million financing package earmarked for 2025 second-half gold production.

Analysts highlight the stock’s 33% one-month rally and 68% annual return, though caution persists over a 13.3x price-to-book ratio that exceeds industry peers (9.5x) and sector averages (2.8x). A discounted cash flow analysis values shares at CA$3.65, below the current CA$3.94 level, underscoring risks tied to potential project delays or underperforming drilling results.

Market focus remains on the company’s ability to achieve 2025 production targets while maintaining operational efficiency post-launch. Profitability will depend heavily on cost discipline and execution, with stakeholders closely monitoring cash flow generation amid broader gold market dynamics.