New Found Gold Corp. (NFGC) Cash Flow Statement
Where NFGC’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- −C$55.2M
- Capital expenditures
- C$1.8M 30.6% of revenue
- Free cash flow
- −C$56.9M −980.4% margin
- Returned to shareholders
- —
- Change in cash
- C$37.5M cash at year-end C$58.8M
Cash from operations
−C$55.2M
Capital expenditures
−C$1.8M
Investments (net)
+C$752,634
Acquisitions & other
+C$10.3M
Shares issued
+C$83.5M
Other financing
−C$1.0M
Currency & other
+C$939,220
Change in cash
C$37.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NFGC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
NFGC cash flow trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −C$2.0M2017 | −C$55.2M2025 | — | |
| Capital expenditures | C$689,1412017 | C$1.8M2025 | +12.6%/yr | |
| Free cash flow | −C$2.7M2017 | −C$56.9M2025 | — | |
| Stock-based compensation | C$2.1M2019 | C$6.3M2025 | +19.8%/yr | |
| Dividends paid | C$02019 | C$02025 | — |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NFGC cash flow by activity
OperatingInvestingFinancingChange in cash
NFGC net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NFGC cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | −C$47.5M | −C$50.3M | −C$79.9M | −C$90.0M | −C$50.6M | −C$32.5M | −C$4.0M | −C$1.3M | −C$408,158 |
| Depreciation & amortization | C$827,879 | C$813,654 | C$940,208 | C$880,396 | C$582,930 | C$129,957 | C$12,492 | C$4,308 | C$76,063 |
| Stock-based compensation | C$6.3M | C$889,045 | C$1.4M | C$8.5M | C$7.6M | C$26.5M | C$2.1M | — | — |
| Change in working capital | C$989,618 | C$1.3M | −C$604,651 | C$3.8M | −C$170,181 | −C$1.5M | −C$866,159 | C$626,342 | — |
| Other non-cash items | −C$15.7M | −C$8.4M | −C$21.1M | C$2.4M | −C$5.9M | −C$5.8M | C$93,714 | −C$1.2M | −C$1.7M |
| Cash from operating activities | −C$55.2M | −C$55.7M | −C$99.3M | −C$74.4M | −C$48.5M | −C$13.2M | −C$2.6M | −C$1.9M | −C$2.0M |
| Investing activities | |||||||||
| Capital expenditures | −C$1.8M | −C$4.5M | −C$1.7M | −C$5.6M | −C$5.4M | −C$1.5M | −C$307,370 | −C$308,604 | −C$689,141 |
| Investments (net) | C$752,634 | −C$3.0M | −C$4.4M | −C$737,874 | −C$11.5M | −C$11.5M | C$280,786 | C$551,532 | C$1.3M |
| Acquisitions & other investing | C$10.3M | C$4.5M | C$1.7M | C$5.6M | −C$111,130 | C$11.5M | C$0 | C$975,000 | C$310,000 |
| Cash from investing activities | C$9.3M | −C$3.0M | −C$4.4M | −C$737,874 | −C$17.1M | −C$1.6M | −C$26,584 | C$1.2M | C$952,680 |
| Financing activities | |||||||||
| Dividends paid | C$0 | C$0 | C$0 | — | C$0 | C$0 | C$0 | — | — |
| Net borrowing (repayment) | −C$58,560 | −C$134,001 | −C$143,957 | −C$121,775 | −C$93,984 | −C$32,331 | −C$32,331 | −C$32,331 | −C$200,342 |
| Shares issued | C$83.5M | C$27.5M | C$79.0M | C$52.5M | C$120.5M | C$38.5M | C$9.2M | C$0 | C$0 |
| Other financing | −C$1.0M | −C$266,965 | −C$3.4M | C$4.4M | −C$2.1M | C$16.7M | C$471,831 | C$9.7M | C$2.2M |
| Cash from financing activities | C$82.4M | C$27.1M | C$75.4M | C$56.8M | C$118.3M | C$55.2M | C$9.7M | C$9.7M | C$2.0M |
| Summary | |||||||||
| Net change in cash | C$37.5M | −C$31.6M | −C$28.3M | −C$18.3M | C$52.8M | C$40.4M | C$7.0M | −C$683,478 | C$997,469 |
| Cash at end of period | C$58.8M | C$22.3M | C$53.9M | C$82.2M | C$100.5M | C$47.7M | C$7.3M | C$323,179 | C$1.0M |
| Free cash flow | −C$56.9M | −C$60.2M | −C$101.0M | −C$79.9M | −C$53.9M | −C$14.8M | −C$3.0M | −C$2.2M | −C$2.7M |
| Free cash flow margin | −980.4% | — | — | — | — | — | — | — | — |
| Capex / revenue | 30.6% | — | — | — | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −C$11.1M | −C$19.2M | −C$15.1M | −C$12.9M | −C$10.6M | −C$8.9M | −C$13.4M | −C$11.6M | −C$12.1M | −C$13.2M | −C$20.5M | −C$23.4M |
| Depreciation & amortization | C$352,817 | C$321,582 | C$245,516 | C$183,182 | C$205,791 | C$193,390 | C$198,416 | C$195,958 | C$204,662 | C$214,618 | C$224,210 | C$226,923 |
| Stock-based compensation | C$1.7M | C$1.8M | C$4.2M | C$766,158 | C$1.5M | −C$152,554 | C$73,799 | C$188,857 | C$75,491 | C$550,898 | C$206,606 | C$285,222 |
| Change in working capital | C$8.0M | −C$2.5M | C$615,401 | −C$149,213 | C$1.0M | −C$513,272 | −C$264,554 | C$1.4M | −C$7,244 | C$158,658 | −C$2.6M | C$2.8M |
| Other non-cash items | −C$5.0M | C$902,390 | −C$10.4M | −C$3.9M | −C$1.2M | −C$280,165 | −C$3.1M | −C$2.7M | C$245,918 | −C$2.9M | −C$1.9M | −C$5.4M |
| Cash from operating activities | −C$5.9M | −C$18.6M | −C$20.5M | −C$16.0M | −C$9.0M | −C$9.7M | −C$16.5M | −C$12.5M | −C$11.6M | −C$15.1M | −C$24.6M | −C$25.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −C$14.2M | −C$5.8M | −C$1.4M | −C$163,817 | −C$202,131 | −C$676,921 | −C$1.7M | −C$2.4M | −C$228,883 | −C$122,500 | −C$435,226 | −C$400,210 |
| Investments (net) | C$0 | C$0 | C$0 | −C$406,142 | C$3.1M | −C$434,363 | −C$1.0M | −C$1.5M | −C$404,968 | −C$49,578 | −C$451,791 | −C$2.9M |
| Acquisitions & other investing | −C$447,705 | −C$396,147 | C$8.4M | C$163,817 | C$202,131 | C$676,921 | C$1.7M | C$2.4M | C$228,883 | C$122,500 | C$435,226 | C$400,210 |
| Cash from investing activities | −C$14.6M | −C$6.2M | C$7.0M | −C$406,142 | C$3.1M | −C$434,363 | −C$1.0M | −C$1.5M | −C$404,968 | −C$49,578 | −C$451,791 | −C$2.9M |
| Financing activities | ||||||||||||
| Dividends paid | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | — | C$0 |
| Share repurchases & issuance (net) | −C$6.0M | — | — | — | — | — | — | — | — | — | — | — |
| Net borrowing (repayment) | C$69.2M | −C$70,922 | −C$4,648 | −C$10,431 | −C$21,830 | −C$21,651 | −C$28,452 | −C$31,396 | — | — | — | — |
| Shares issued | C$115.1M | C$0 | C$0 | C$20.0M | C$63.5M | C$0 | C$0 | C$1.3M | C$14.4M | C$11.9M | C$56.0M | C$13.1M |
| Other financing | −C$1.7M | C$3.9M | C$1.2M | C$1.1M | −C$3.5M | C$196,659 | C$759,975 | −C$352,405 | −C$415,125 | −C$333,563 | −C$3.0M | −C$273,799 |
| Cash from financing activities | C$176.5M | C$3.9M | C$1.2M | C$21.1M | C$60.0M | C$175,008 | C$731,523 | C$900,004 | C$13.9M | C$11.5M | C$53.0M | C$12.9M |
| Summary | ||||||||||||
| Net change in cash | C$155.9M | −C$21.7M | −C$11.3M | C$4.7M | C$54.1M | −C$9.9M | −C$16.8M | −C$13.1M | C$2.0M | −C$3.6M | C$27.9M | −C$15.5M |
| Cash at end of period | C$193.8M | C$38.0M | C$58.8M | C$71.1M | C$66.4M | C$12.4M | C$22.3M | C$39.1M | C$52.2M | C$50.3M | C$53.9M | C$26.0M |
| Free cash flow | −C$20.1M | −C$24.4M | −C$21.9M | −C$16.2M | −C$9.2M | −C$10.4M | −C$18.2M | −C$14.9M | −C$11.8M | −C$15.3M | −C$25.0M | −C$25.8M |
| Free cash flow margin | −128.0% | −247.1% | −376.8% | — | — | — | — | — | — | — | — | — |
| Capex / revenue | 90.2% | 58.7% | 24.3% | — | — | — | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
NFGC cash generation
In fiscal 2025 (ended December 31, 2025), New Found Gold generated -C$55.2 million of cash from operations and spent C$1.8 million on capital expenditures, leaving free cash flow of -C$56.9 million, −980.4% of revenue. Cash and equivalents rose by C$37.5 million over the year.
Related: NFGC income statement, NFGC balance sheet. See the NFGC stock overview for the latest quote and news.
NFGC cash flow FAQ
What is New Found Gold's free cash flow?
New Found Gold's free cash flow was -C$56.9 million in fiscal 2025: -C$55.2 million of operating cash flow minus C$1.8 million of capital expenditures It was -C$60.2 million a year earlier..
How much cash does New Found Gold generate from operations?
New Found Gold generated -C$55.2 million of cash from operating activities in fiscal 2025.
How much does New Found Gold spend on capital expenditures?
New Found Gold spent C$1.8 million on capital expenditures in fiscal 2025, 30.6% of revenue, compared with C$4.5 million the year before.