New Found Gold Corp.

Raised C$115.1 million gross, selling 38,870,000 shares at C$2.96 with the over-allotment fully exercised, with EdgePoint and Eric Sprott both taking co-lead orders. That is roughly double the C$63.5 million raised in June 2025 and the largest financing in this record, at a share price about 80% above June 2025's C$1.63 common shares.

capital raising announcement

Business acquisition report for Maritime Resources, which closed on 13 November 2025 by court-approved plan of arrangement. New Found now holds Hammerdown and the former Point Rousse assets, including mineral processing plants, in the Baie Verte district.

business combination

Channel sampling across 185 metres of continuously exposed rock in the Iceberg excavation returned 64.8 g/t gold over 6.71m, 23.9 g/t over 15.12m, 113 g/t over 2.99m and 47.4 g/t over 7.36m. Iceberg is one of the zones earmarked for the first phase of custom milling in the economic assessment.

drilling result

Agreed to buy mineral claims adjoining Queensway from Exploits Discovery for 2,821,556 shares, a 1% net smelter royalty and a further 725,543 shares contingent on a Newfoundland court ruling over disputed claims. The ground adds up to 33% to the land package, taking it to 234,050 hectares and adding 20km of strike on the controlling structures.

asset acquisition disposition

Agreed to acquire Maritime Resources, whose Hammerdown project and two mills sit in the same part of central Newfoundland, at 0.75 New Found shares per Maritime share - a 32% premium to Maritime's 20-day average and an implied equity value of about C$292 million, leaving New Found holders with 69% of the combined company. Having sold Maritime's secured notes five months earlier for a US$2 million treasury top-up, New Found is now buying the whole company.

business combination

Eric Sprott put in another C$20 million, buying 12,269,939 shares at about C$1.63 and lifting his stake from 19.0% to 23.1%. He first backed the company before its IPO and bought C$48 million of stock at C$9.60 in 2021; this round was priced at roughly a sixth of that.

capital raising announcement

The preliminary economic assessment put a two-phase mine behind the resource: C$155 million to build Phase 1 producing about 69,300 ounces a year at US$1,282/oz all-in sustaining cost, funding a C$442 million Phase 2 at about 172,200 ounces a year and US$1,090/oz, for 1.5 million ounces over a 15-year life. After-tax net present value at a 5% discount is C$743 million with a 56.3% return at US$2,500 gold, rising to C$1.45 billion and 197% at US$3,300. First gold is targeted for 2027 subject to permitting.

resource reserve update

First 2025 results, from infill drilling inside the proposed Keats West open pit: 55.0 g/t gold over 35.05m in NFGC-24-2254, 20.7 g/t over 18.05m and 15.4 g/t over 16.70m. The company says these define gold that is currently outside the resource block model, which is what infill drilling is meant to test.

drilling result

Closed the second tranche with the over-allotment taken up in full, lifting the bought deal from C$56 million to C$63.5 million gross. That is bigger than either of the company's two earlier bought deals in this record, C$56.0 million at C$7.25 a share in November 2023 and C$50 million at C$8.00 in December 2022 - but at C$2.29 and C$1.63, on far more shares.

capital raising announcement

Closed the first tranche of a C$56 million bought deal: 15,265,000 charity flow-through shares at C$2.29 and 4,370,000 common shares at C$1.63, for C$42.1 million. The flow-through premium means most of the money is restricted to Canadian exploration spending.

capital raising announcement

Final 2024 results from Dropkick: 42.8 g/t gold over 14.95m (NFGC-24-2225), 47.6 g/t over 3.95m and 22.9 g/t over 2.40m, now traced over 580 metres of strike and open in all directions, plus a newly identified domain east of the Appleton Fault at 5.30 g/t over 15.20m. Pistachio gave 5.34 g/t over 7.30m over a 240m strike.

drilling result

Filed the technical report behind the initial resource and set out the development path: high-grade starter pits under study in the PEA due late Q2 2025, bulk sampling planned for the first half of 2026. Seventy percent of the 2.0 million resource ounces are in the indicated category.

resource reserve update

Queensway's first mineral resource estimate, five years after drilling began there in 2020: 18.0 million tonnes at 2.40 g/t gold for 1.39 million ounces indicated, plus 10.7 million tonnes at 1.77 g/t for 0.61 million ounces inferred. The grade is a fraction of the headline drill intercepts because the high grade sits in narrow veins inside much larger volumes of low-grade rock - 73% of the indicated ounces are in 24% of the tonnage. The estimate covers less than 5% of the 110km strike of the controlling structures.

resource reserve update

Follow-up holes expanded Golden Dome 18m and 92m along strike from the October discovery hole, returning 148 g/t gold over 4.10m and 41.3 g/t over 2.40m in NFGC-24-2188. Step-outs 50m below past drilling at the nearby Dome zone gave 51.2 g/t over 13.30m in NFGC-24-2227.

drilling result

Five step-out holes at the Dropkick zone on the Kingsway ground bought from Labrador Gold returned 89.48 g/t gold over 5.85m in NFGC-24-2197 and 26.15 g/t over 16.15m in NFGC-24-2193, with a 0.35m sample at 1,128 g/t. True widths are not yet known.

drilling result

Second phase of Keats trench channel sampling returned 455 g/t gold over 4.1m, 148 g/t over 7.0m and 58.6 g/t over 11.6m per the company's headline, with KM-24-01-45 giving 73.63 g/t over 4.95m from surface. Grades at surface remain as high as anything the drill has returned.

drilling result

Hired SLR Consulting to produce Queensway's first mineral resource estimate and a preliminary economic assessment, targeted for Q2 2025. After four years and hundreds of thousands of metres of drilling this is the company's first attempt to put an ounce count and a set of project economics behind the intercepts.

resource reserve update

Deep drilling found a new zone about 490 metres downhole, Golden Dome: 343 g/t gold over 2.15m, 40.6 g/t over 2.20m and 9.51 g/t over 7.45m in NFGC-24-2158. Wedge holes also carried Keats South mineralisation to 850 and 990 metres downhole, at 23.31 g/t over 2.20m and 1.97 g/t over 7.20m.

drilling result

First six holes into the newly bought Kingsway ground hit a zone the company named Pistachio: 104.62 g/t gold over 2.10m and 10.36 g/t over 4.45m in NFGC-24-2153. Twenty-nine further holes at Honeypot, Jackpot and Everest returned 36.7 g/t over 2m at Jackpot and 5.20 g/t over 6.15m at Honeypot.

drilling result

First channel samples from the Keats trench confirmed the high grade continues right at surface: 300 g/t gold over 5.1 metres and 215 g/t over 5.2 metres per the company's headline, with KM-24-01-12 returning 214.97 g/t over 5.21m and KM-24-01-16 10.38 g/t over 13.70m. This is the same rock the drill had been intersecting, now exposed and sampled directly.

drilling result

The first eleven deep holes confirmed high-grade gold at 820 metres depth, doubling the known vertical extent of the Queensway system, and cut nine new zones spread over 3km of strike on both sides of the Appleton Fault, with single assays to 42.0 and 57.1 g/t gold.

drilling result

Closed the Kingsway purchase from Labrador Gold, issuing 5,263,157 shares. Cash and marketable securities stood at about C$54 million, against the roughly C$150 million of working capital the company cited in October 2021.

asset acquisition disposition

Settled the Ontario lawsuit brought by ThreeD Capital and 1313366 Ontario against the company, Palisades Goldcorp and founder Collin Kettell, which had been set for trial in January 2025. The plaintiffs receive 3.75 million New Found shares, of which Palisades transfers 3,380,000 it already holds and New Found issues only 370,000 new ones, with no admission of liability.

material agreement

Agreed to buy Labrador Gold's Kingsway project, which adjoins Queensway to the north on the same Appleton Fault trend, for C$20 million payable entirely in New Found shares. No cash leaves the company.

asset acquisition disposition

First metallurgical testwork recovered 90% to 96% of the gold from 116 composite samples spanning the Keats Main, Golden Joint and Lotto zones, using gravity separation plus carbon-in-leach on the tails. Phase II testing on Iceberg and Iceberg East was already under way.

well test result

Thirty-eight holes expanded Iceberg Alley, a zone 1 km along strike from Iceberg, with 187 g/t gold over 2.55 metres in NFGC-23-1941 (including 632 g/t over 0.75m) and 28.95 g/t over 2.50m; a further 114 holes traced the Keats-Baseline Fault where it runs under South Hermans Pond.

drilling result

Sixty-one holes at Iceberg and Iceberg East, 300m northeast of Keats, returned 36 g/t gold over 16.7m, 34 g/t over 14.7m, 43 g/t over 7.35m and 41 g/t over 5.85m, with individual samples to 172 g/t. The program was aimed at infilling gaps and carrying the high grade up to surface.

drilling result

A HiSeis seismic survey over a 47 km2 core of Queensway North imaged structures down to 2.5 km that line up with the known gold-bearing faults, and picked out a previously unidentified fault about 500m east of the Appleton Fault. On the strength of it the company began deep drilling.

drilling progress report

Ninety-seven holes around Monte Carlo, 800m southwest of K2, turned up a new zone the company named Vegas: 35.2 g/t gold over 16.85 metres in NFGC-23-1848, including a 0.30m sample at 1,910 g/t. Monte Carlo itself gave 25.77 g/t over 2.00m and 10.57 g/t over 3.25m.

drilling result

Forty-six holes on the west side of the Appleton Fault returned wide, moderate-grade intervals at Keats West - 3.20 g/t gold over 43.8 metres in NFGC-23-1708, 4.28 g/t over 16.25m in NFGC-23-1144, 2.97 g/t over 23.0m in NFGC-23-1713 - a different shape of target from the narrow, very high-grade intercepts previously reported at Keats itself, and defined a new gold domain at the Cokes zone.

drilling result

Signed an at-the-market equity distribution agreement with BMO and Paradigm allowing the sale of up to US$100 million of shares into the market over time off a base shelf prospectus. This is issuance capacity, not money raised.

capital raising announcement

Eric Sprott agreed to buy 5 million shares at C$9.60 for C$48 million in a non-brokered private placement, money earmarked for Queensway drilling. The company says this takes working capital to about C$150 million; Sprott had backed it since before the IPO.

capital raising announcement

Four days after the Keats step-out the company doubled its Queensway drill program from 200,000 to 400,000 metres and set out to go from nine rigs to fourteen by Q1 2022, lifting core production from about 3,000 to 4,700 metres a week. It had drilled roughly 102,000m so far and says the expansion is funded from about C$103 million of working capital, rising to about C$150 million once the Sprott placement closes.

drilling progress report

Eleven holes at the Keats zone on the Appleton Fault pushed the high-grade core 65 metres further down-plunge, to 530 metres, on 61.50 g/t gold over 5.20 metres in hole NFGC-21-360; up-dip holes returned 63.92 g/t over 3.25m and 17.59 g/t over 6.50m. Keats now measures roughly 250m wide by 490m along strike by 307m deep and is open in every direction.

drilling result