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.
What it means for a shareholder
38.9m new shares at C$2.96 to raise about C$115m. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held C$1,000 of shares (338 at the issue price), your slice goes from 0.0000987% to 0.0000886% of the company. To keep it you'd need 38 more shares - about C$112 at the issue price.
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.
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.
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.
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.
The SLR and Stantec NI 43-101 technical report supporting the July preliminary economic assessment, effective 30 June 2025 and signed 2 September 2025.
Third round of metallurgical testing returned 89.2% average gold recovery on Keats West sulphide composites, confirming the recovery assumed in July's economic assessment, and 87% from rougher flotation on low-grade samples from Keats, Golden Joint, Lotto and Iceberg. The PEA technical report was filed the same day.
27 Aug 2025capital raising announcement▲ GoodMajor
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.
Suspended all drilling, mulching and excavating in or near forests at Queensway because of extreme fire-weather conditions and major fires burning across Newfoundland. No restart date was given.
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.
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.
With the bought deal closed, the 2025 program was expanded to 70,000 metres with five rigs, 80% of it aimed at resource definition and pre-development rather than exploration. Channel sampling of the Iceberg excavation was about 80% complete and the PEA was still expected in late Q2 2025.
13 June 2025capital raising announcement▲ GoodMajor
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.
3 June 2025capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
4.4m new shares at C$1.63 to raise about C$7.1m. That's 2.1% dilution: every existing holder's slice gets 2.1% smaller. If you held C$1,000 of shares (613 at the issue price), your slice goes from 0.000306% to 0.0003% of the company. To keep it you'd need 13 more shares - about C$21 at the issue price.
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.
Started the 2025 program with four rigs infilling Keats West and Lotto - drilling to firm up the resource rather than find more of it - with two more rigs due in June for exploration at Dome and Dropkick. The company describes the focus as having shifted from discovery towards development.
Last of the 2024 drilling: 38.7 g/t gold over 6.55m at Dome (NFGC-24-2238), 10.3 g/t over 8.20m at Keats South Deep and 6.16 g/t over 3.10m at Keats-AFZ Deep. All three sit outside the initial resource, and Dome is within 250 metres of surface.
The SLR Consulting and Stantec NI 43-101 technical report supporting the initial mineral resource estimate, effective 18 March 2025 and signed 15 April 2025. This is the document the March resource announcement was drawn from.
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.
Sold the Maritime Resources senior secured notes it had bought in August 2023 for gross proceeds of US$2.0 million, against a US$1.96 million cost and about C$500,000 of interest already collected. A small, non-dilutive top-up to treasury - and the first sign of a relationship with Maritime, which New Found agreed to acquire outright five months later.
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.
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.
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.
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.
The NI 43-101 technical report itself, prepared by APEX Geoscience with metallurgy sections by Jorgensen and GL Simmons, effective 1 November 2024, filed alongside the news release announcing it.
Filed an updated NI 43-101 technical report effective 1 November 2024 covering the enlarged Queensway land package, including the Kingsway ground bought from Labrador Gold in July. Still an exploration update, not a resource estimate.
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.
Second-round metallurgical testing on Iceberg and Iceberg East averaged 96.9% gold recovery across 46 composites, at the top of the 90.1% to 96.7% range the Keats Main, Golden Joint and Lotto samples gave in April. Keats West testing was next.
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.
