New Found Gold (TSXV: NFG; US-NYSE American: NFGC) entered into a non-binding term sheet for a loan facility worth up to US$75 million to finance development of its Queensway gold project in Newfoundland and Labrador. The company rebuilt its board and management team through 2025, establishing a shareholder base including cornerstone investor Eric Sprott while focusing on growth and value creation.
The company will use the proceeds to fund long-lead equipment purchases, early construction activities, and upgrades to its Pine Cove Mill to process Queensway phase 1 ore. The facility also supports general working capital needs for the fully company-owned project.
New Found Gold views the loan facility as a key component of its financing strategy, working alongside cash flow from its Hammerdown gold project to advance development.
CEO Keith Boyle expressed satisfaction with the debt financing arrangement, stating it supports phase 1 development while maintaining the timeline established in the company's 2025 preliminary economic assessment. He noted that once the facility becomes available, the company will possess sufficient capital to progress toward a formal construction decision later this year, targeting first production in late 2027.
More information is available at www.NewFoundGold.ca
March 6, 2026
March 5, 2026
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