New Found Gold secures $205M for Queensway development

New Found Gold (TSXV: NFG; US-NYSE American: NFGC) announced it has locked down $205 million in financing through a dual-pronged approach that combines equity and debt funding.

The mining company structured the package around a $100 million bought deal equity financing alongside a $105 million senior secured credit facility. EdgePoint Investment Group Inc. led both components, while longtime backer Eric Sprott anchored the equity portion.

"We are pleased to announce this comprehensive finance package, consisting of an at-market equity bought deal financing and a senior secured credit facility at superior terms to those previously contemplated," Keith Boyle, CEO of New Found Gold, commented.

He continued: "With today's announcement, we have secured funding for the initial capital expenditures required to bring our flagship Queensway gold project-phase I into production, in line with our development schedule. The participation of EdgePoint as the underwriter of the credit facility, as well as co-lead on the equity component of this finance package, is a testament to the quality of the Queensway asset and the Company's ability to deliver on its mandate of getting to cash flow. We thank our long-time cornerstone investor Eric Sprott and our newest shareholder, EdgePoint, along with existing and other new shareholders, for their participation in the equity portion of this finance package."

EdgePoint's backing represents a significant vote of confidence in the Newfoundland-based project. The investment firm will underwrite the credit facility while co-leading the equity component.

"We are excited to partner with the New Found Gold team in the development of Queensway. This opportunity aligns with our strategy of investing in assets that demonstrate compelling economics in attractive mining jurisdictions," CIO of EdgePoint, Frank Mullen, commented. "Queensway is uniquely positioned for near-term cash flow via a rapid path to production with excellent exploration upside potential which should translate into attractive project economics."

The announcement means New Found Gold will abandon its previously announced arrangement with Nebari Natural Resources Credit Fund II, LP, which involved a secured loan facility and warrant issuance outlined in a March 5, 2026 press release.

Equity component details

BMO Capital Markets and SCP Resource Finance LP will co-lead the bought deal financing, working with a syndicate of underwriters to purchase 33.8 million common shares at $2.96 each. The underwriters received a 15% over-allotment option exercisable within 30 days of closing.

New Found Gold plans to direct proceeds toward advancing its wholly-owned Queensway Gold Project and general corporate purposes.

The shares will trade across Canadian provinces and territories except Quebec and Nunavut, using a prospectus supplement to the company's existing shelf prospectus from May 23, 2025. U.S. investors can access the offering through a separate prospectus supplement.

The deal requires regulatory approval from both the TSX Venture Exchange and NYSE American, with closing targeted for April 27, 2026.

More information is available at www.NewFoundGold.ca