New Found Gold, a Canadian gold producer with projects in Newfoundland and Labrador, is fully funded for phase 1 of its Queensway project, now targeting late 2027 production.
This announcement came after the company revealed it had received $70 million from EdgePoint, a Toronto-based investment firm. These funds, which are the first part of a $105 million loan, combined with a recent advance, will support both the Queensway development and commercial production at the company’s Hammerdown site.
"With this key milestone complete, we are pleased to welcome EdgePoint as both a cornerstone investor and a valued partner in this next phase of development. Over the course of the next year, the company will remain focused on disciplined execution as we advance Queensway toward production,"S said Keith Boyle, CEO of New Found Gold.
Upon release of the funds, New Found Gold issued EdgePoint 2.49 million warrants at $3.30 a share, exercisable until May 2029. If the additional $35 million is released, EdgePoint will receive additional warrants worth US$3 million.
As the Queensway project looks to offer Newfoundland and Labrador its next major gold mine, securing full funding removes one of the project’s biggest uncertainties. With financing now in place, New Found Gold can move from funding to execution.
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