12 Best Canadian Penny Stocks to Buy According to Analysts

1. New Found Gold Corp. (NYSEAMERICAN:NFGC)  

Upside Potential: 381.28%  

Stock Price as of January 5: $1.87  

Number of Hedge Fund Holders: 7  

New Found Gold Corp. (NYSEAMERICAN:NFGC) is a gold exploration company based in Vancouver, Canada, The company owns a 100% interest in the Queensway Project. The company also recently acquired a 100% interest in the Kingsway Project. Both projects are located in the Canadian province of Newfoundland and Labrador.

New Found Gold Corp. (NYSEAMERICAN:NFGC) is focusing on advancing its Queensway Project towards feasibility studies and the commencement of gold production in the coming years. The company is currently working on a maiden resource estimate and preliminary economic assessment, which is expected to be completed in the second quarter of 2025. This study will provide a clear path forward for the project’s development and will help to define the company’s strategic development pathway.

Additionally, New Found Gold Corp. (NYSEAMERICAN:NFGC) is exploring opportunities to enhance its high-grade gold discoveries at the Kingsway Project and is committed to identifying more significant gold occurrences along the Appleton Fault Zone. The recent acquisition of the Kingsway Project, adjacent to the Queensway Project, provides the company with an additional 7,775 hectares. Drilling results in this area have indicated high-grade gold discoveries and a low-cost, long-term sustainable gold project.

While we acknowledge the potential of New Found Gold Corp. (NYSEAMERICAN:NFGC) to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than NFGC but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock

Disclosure. None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and investors. Please subscribe to our daily free newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.