New Found Gold raises $115M to advance Queensway

New Found Gold (TSXV: NFG; US-NYSE American: NFGC) completed a $115 million public offering this week, selling nearly 39 million shares at $2.96 each to fund development of its premier Queensway gold project in Newfoundland and Labrador.

The Vancouver-based company closed the bought deal offering after underwriters exercised their full over-allotment option, bringing total proceeds to $115,055,200. BMO Capital Markets and SCP Resource Finance led the syndicate of 11 underwriters that managed the sale.

Major investors back the deal

Prominent investor Eric Sprott participated in the offering through co-lead orders, maintaining his approximate 19 percent stake in the company. EdgePoint Investment Group also placed co-lead orders in the financing.

Sprott, considered a related party due to his significant shareholdings, joined certain directors and officers who participated directly or indirectly in the share sale. The company relied on regulatory exemptions that allowed the related party transactions without requiring separate shareholder approval.

New Found Gold will use the net proceeds to advance its wholly-owned Queensway gold project and support general corporate activities and working capital needs. The underwriting group included major Canadian investment dealers such as Canaccord Genuity Corp., National Bank Financial, CIBC Capital Markets and Desjardins Capital Markets, along with several boutique firms focused on resource financing.

Project development focus

Company executives have prioritized bringing Queensway toward production while advancing Hammerdown toward commercial gold production. The dual-project approach allows New Found Gold to potentially generate cash flow from Hammerdown while developing the larger Queensway opportunity.

Recent drilling programs at Queensway continue yielding new discoveries along strike and down dip from known gold zones. The results point to district-scale potential covering more than 110 kilometers of strike length along two prospective fault zones.

Recent corporate changes

New Found Gold completed a preliminary economic assessment at Queensway in July 2025, providing updated project economics and development timelines. The company also built new board of directors and management team throughout 2025 as it transitioned from exploration toward development.

The leadership changes accompanied efforts to strengthen the shareholder base, which now includes cornerstone investor Sprott alongside institutional investors like EdgePoint. Management describes the company's current focus as growth and value creation through systematic project advancement.

More information is available at www.NewFoundGold.ca