Core Insights - New Found Gold Corp. announced infill drill results from the Monte Carlo zone in the AFZ Core as part of its ongoing 2025 drill program on the Queensway Gold Project in Newfoundland and Labrador, Canada [1][3] Drill Results - The infill drilling aimed to upgrade mineral resources from inferred to indicated categories within the Phase 1 and Phase 2 open pits, with 2,306 meters drilled across 28 diamond drill holes [4][5] - Notable drill results include: - 22.4 g/t Au over 4.75 m from 102.25 m (NFGC-25-2462) - 6.59 g/t Au over 12.20 m from 33.00 m (NFGC-25-2450) - 25.5 g/t Au over 2.70 m from 29.00 m (NFGC-25-2447) [7][19] Geological Context - Gold mineralization at Monte Carlo extends approximately 235 m in strike length and to a depth of 160 m, situated within a fault zone on the western side of the Appleton Fault Zone [6] Future Plans - The company plans to integrate the new drill results into an updated mineral resource estimate scheduled for H1 2026 [3] - Future drill programs will focus on upgrading and expanding the underground portion of the Monte Carlo zone [3][4] Ongoing Drilling Programs - The 2025 Queensway drill program, which commenced in May 2025, is over 95% complete and is expected to conclude in Q4 2025 [13] - Additional drilling includes geotechnical, condemnation, and hydrogeological drilling, all aimed at supporting the Phase 1 mine plan [14] Exploration Activities - Exploration drilling continues in the vicinity of the Dropkick zone, where a new zone of gold mineralization is being outlined [15] - An excavation program has been completed at the Lotto zone, with results pending from the analysis of samples collected [16] Company Overview - New Found Gold is focused on advancing the Queensway Gold Project and bringing the Hammerdown Operation into steady-state production [38] - The company holds a 100% interest in Queensway and has a solid shareholder base, including cornerstone investor Eric Sprott [38]

Core Viewpoint - New Found Gold Corp. has successfully completed the acquisition of a 100% interest in mineral claims in Newfoundland and Labrador, expanding its Queensway Gold Project by up to 31% to a total of 230,225 hectares [1][2]. Group 1: Acquisition Details - The acquisition includes mineral claims previously held by Exploits Discovery Corp., which adjoin New Found Gold's existing Queensway Gold Project [1]. - As part of the acquisition, New Found Gold issued 2,821,556 common shares to Exploits and granted a 1% net smelter returns royalty on certain mineral claims [2][3]. - The company will issue an additional 725,543 shares to Exploits following a positive final determination by the Supreme Court of Newfoundland and Labrador regarding disputed mineral claims [2]. Group 2: Project Expansion and Exploration Plans - The expansion consolidates a district-scale land package of over 110 kilometers along two major fault zones, the Appleton and the JBP [2]. - New Found Gold has outlined a significant initial mineral resource with robust preliminary economics at the AFZ Core and plans to commence exploration on the new landholdings [2][7]. - Recent drilling has yielded new discoveries, indicating the camp-scale potential at Queensway [2][7]. Group 3: Company Overview - New Found Gold is an emerging Canadian gold producer with a focus on advancing the Queensway project and bringing the Hammerdown Operation into steady-state gold production [6]. - The company has a new board of directors and management team, with a solid shareholder base including cornerstone investor Eric Sprott [8].

Core Insights - New Found Gold Corp. has confirmed high-grade gold mineralization at the Keats zone of its Queensway Gold Project, with notable drill results including 219 g/t Au over 9.35 m and 160 g/t Au over 10.30 m [1][5][10] Company Overview - New Found Gold Corp. holds a 100% interest in the Queensway Gold Project and is focused on advancing it into production [38] - The company has also acquired the Hammerdown Gold Project and is working towards steady-state gold production [38] Drilling Program Details - The initial results reported are from 16 of 84 diamond drill holes, representing approximately 20% of the total results from the grade control drilling program [4][6] - The drilling program aims to enhance confidence in the grade distribution of high-grade, near-surface mineralization and support mine planning [4][10] Drill Results Highlights - Significant drill results include: - 219 g/t Au over 9.35 m from 19.00 m [5] - 160 g/t Au over 10.30 m from 5.10 m [5] - 105 g/t Au over 10.20 m from 15.80 m [5] - The results align well with the initial mineral resource estimate block model, confirming strong continuity of high-grade mineralization at Keats [10] Future Plans - The company plans to expand the grade control drilling program in 2026, optimizing drill hole spacing and program scope based on 2025 results [12] - The 2025 Queensway drill program, which commenced in May 2025, is over 90% complete and is expected to finish all proposed drilling in Q4/25 [14][15] Exploration and Excavation Activities - Ongoing exploration drilling is taking place in the vicinity of the Dropkick zone, where a new zone of gold mineralization is being outlined [16] - An excavation program has been completed to validate the geological model and collect analytical information across key zones for the Preliminary Economic Assessment Phase 1 mine plan [17]

Core Insights - New Found Gold Corp. has engaged Cutfield Freeman & Co. Ltd. as its project finance advisor to assist in financing strategies for the Queensway Gold Project [1][2] - The company is targeting a $155 million initial capital expenditure for Phase 1 production, expected to commence in the second half of 2027 [3][10] Company Overview - New Found Gold is an emerging Canadian gold producer with a 100% interest in the Queensway project and additional operations including Hammerdown, Pine Cove, and Nugget Pond [4][6] - The company aims to advance the Queensway project towards production while stabilizing the Hammerdown operation [4][6] Project Development - The Queensway Gold Project has shown promising results from recent drilling, indicating significant district-scale potential along a 110 km strike extent [5] - A Preliminary Economic Assessment (PEA) was completed in July 2025, further supporting the project's viability [5] Management and Strategy - The company has a new board of directors and management team, with a focus on growth and value creation [6] - CEO Keith Boyle emphasized the importance of selecting optimal financing packages for the development and construction of mining projects [3][6]

Core Insights - New Found Gold Corp. has announced new results from infill and expansion drilling at the K2 and Jackpot zones of the Queensway Gold Project, indicating strong continuity of gold mineralization and potential for resource expansion [1][3][4] Drilling Results - The recent drilling program included 5,777 meters across 46 diamond drill holes, with 5,293 meters at K2 and 484 meters at Jackpot [5][6] - Significant drill results from K2 include: - 16.7 g/t Au over 12.25 m [8] - 5.32 g/t Au over 18.85 m [8] - 4.17 g/t Au over 18.00 m [8] - At Jackpot, notable results include: - 15.10 g/t Au over 2.30 m [27] Resource Upgrade Objectives - The primary goal of the drilling at K2 and Jackpot is to upgrade mineral resources from inferred to indicated categories within the Preliminary Economic Assessment (PEA) Phase 1 open pits [9][14] - The drilling at K2 has confirmed good continuity of gold mineralization and a strong correlation with the existing mineral resource estimate [9][10] Future Plans - An updated mineral resource estimate is planned for H1 2026, focusing on high-grade mineralization areas identified during the recent drilling [10][13] - The 2025 Queensway drill program, which commenced in May 2025, is over 85% complete and is expected to conclude in Q4 2025 [18][19] Company Overview - New Found Gold Corp. holds a 100% interest in the Queensway Gold Project and is focused on advancing it into production [42][43] - The company has also completed a PEA at Queensway in 2025, highlighting the project's district-scale potential along two prospective fault zones [44]

Core Insights - Dundee Corporation has acquired a total of 36,722,569 common shares and 7,655,829 warrants of New Found Gold Corp, representing approximately 10.88% interest on an undiluted basis and 12.86% on a partially diluted basis [1][2] Company Overview - Dundee Corporation is a public Canadian independent mining-focused holding company listed on the Toronto Stock Exchange under the symbol "DC.A" [5] - The company is primarily engaged in acquiring mineral resource assets with the objective of unlocking value through strategic investments in mining projects globally [5] - Dundee conducts due diligence to assess the geological, technical, environmental, and financial merits and risks of each project, aiming to deploy capital for investment returns or strategic partnerships [5]

Core Viewpoint - New Found Gold Corp. has successfully completed the acquisition of Maritime Resources Corp., transforming into an emerging Canadian gold producer with significant exploration potential and two high-quality assets [2][4][6]. Transaction Details - New Found Gold acquired all outstanding shares of Maritime Resources through a statutory plan of arrangement, with each holder of Maritime Shares receiving 0.75 of a New Found Gold common share in exchange for each Maritime Share [5][7]. - Following the transaction, New Found Gold shareholders hold approximately 69% of the combined company, while former Maritime Resources shareholders hold about 31% on a fully-diluted basis [5]. Management Changes - Allen Palmiere has joined the board of directors of New Found Gold, while Melissa Render has resigned from the board [3][5]. - All directors and officers of Maritime Resources have also resigned from their positions [3]. Company Strategy and Assets - New Found Gold is focused on bringing the Hammerdown Gold Project into steady-state production, alongside the Queensway Gold Project, both located in a Tier 1 jurisdiction [4][16]. - The Maritime Division includes over 43,900 hectares of exploration land and mineral processing assets in the Baie Verte mining district [16]. Financial Aspects - New Found Gold has entered into a debt settlement agreement to settle approximately $3.28 million in outstanding debt by issuing 1,085,003 New Found Gold Shares at a deemed price of $3.02 per share [13][14]. - The closing of the Shares for Debt Transaction is subject to customary closing conditions, including approvals from TSXV and NYSE American [15].

Summary of New Found Gold and Power Metals Conference Calls New Found Gold (NFGC) Industry and Company Overview - New Found Gold operates in the gold mining industry, specifically in Newfoundland, Canada, which is highlighted as a favorable jurisdiction for mining activities [1][2] - The company's flagship project is the Queensway Gold Project, which aims to produce 172,000 ounces of gold annually at a cost of less than $1,100 per ounce [1][5] Key Points and Arguments - **Queensway Gold Project**: A Preliminary Economic Assessment (PEA) indicates a phased approach starting with a high-grade core, leading to an annual production target of 172,000 ounces [1][5] - **Acquisition of Maritime Resources**: The acquisition is expected to close soon and will provide immediate cash flow to support the Queensway project [2][3] - **Financial Position**: As of September, the company has a treasury of CAD 71 million, with a capital structure of approximately 340 million shares outstanding [2][3] - **Production and Expansion Plans**: The first phase of Queensway is expected to produce 69,000 ounces annually with an initial capital expenditure (CapEx) of CAD 155 million, which will fund a second phase expansion [5][6] - **Exploration Potential**: The company has significant exploration upside with a property package covering over 110 km, and a resource area of 2 million ounces along the Appleton Fault Zone [8][9] - **Geological Confidence**: High-grade cores have been identified, with channel sampling showing promising results, indicating a strong geological foundation for the project [10][11] Additional Important Information - **Market Dynamics**: The company expects a significant re-rate in its valuation as it transitions to a producer, with a potential market cap of CAD 3 billion to CAD 3.5 billion upon successful execution of its plans [4][7] - **Infrastructure and Community Support**: The project benefits from existing infrastructure, including proximity to towns and power lines, which supports operational efficiency [12][19] - **Cost of Discovery**: The all-in cost of discovery per ounce is approximately CAD 143, reflecting improved efficiency in exploration efforts [15] Power Metals Industry and Company Overview - Power Metals operates in the mining sector, focusing on polymetallic discoveries, particularly in Quebec, Canada [16][18] - The company is fully funded with over CAD 40 million in the bank and is actively drilling to expand its resource base [16][17] Key Points and Arguments - **Lion Zone Discovery**: The Lion Zone is a high-grade copper and precious metals discovery, with estimates of 8-13 million tons of material at 5-7% copper equivalent [24][25] - **Infrastructure Advantages**: The project is well-positioned with access to major roads and power, enhancing its operational viability [18][19] - **Investor Confidence**: The company has strong backing from notable investors, indicating confidence in its potential [16][18] - **Exploration Strategy**: The company plans to drill approximately 100,000 meters, with ongoing drilling expected to yield significant assay results [17][30] Additional Important Information - **Fiscal Environment**: Quebec offers favorable fiscal terms for mining projects, which can significantly reduce the capital burden on the company [20][22] - **Resource Growth Potential**: The company has increased its resource estimate from 3.1 million tons to 7.1 million tons, with further growth anticipated [22][23] - **Upcoming Developments**: The company plans to move to the New York Stock Exchange and expects to release a metallurgical study in January [31][32] This summary encapsulates the key points from the conference calls of New Found Gold and Power Metals, highlighting their strategic initiatives, financial positions, and exploration potential within the mining industry.

Financial Performance - The company reported a loss of CAD 32,445,437 for the nine months ended September 30, 2025, compared to a loss of CAD 36,860,760 for the same period in 2024, reflecting a 12.3% improvement[8]. - The company incurred a net loss and comprehensive loss for the three and nine months ended September 30, 2025, with a basic weighted average number of common shares outstanding of 235,018,399 for the three months[87]. - The company recorded a total key management personnel compensation of $5,407,650 for the nine months ended September 30, 2025, which includes salaries, share-based compensation, and bonuses[82]. Assets and Equity - Total assets increased to CAD 119,945,573 as of September 30, 2025, up from CAD 74,019,011 at December 31, 2024, representing a growth of 62.2%[6]. - Total equity increased to CAD 101,331,193 as of September 30, 2025, up from CAD 66,570,705 at December 31, 2024, indicating a growth of 52.2%[6]. - The company’s exploration and evaluation assets remained stable at CAD 34,574,784 as of September 30, 2025, compared to CAD 34,505,484 at December 31, 2024[6]. Cash Flow and Liquidity - Cash and cash equivalents rose significantly to CAD 71,136,121 from CAD 22,317,548, marking an increase of 218.5%[10]. - The company’s cash flows from operating activities resulted in a net outflow of CAD 34,713,701 for the nine months ended September 30, 2025, compared to CAD 39,197,272 for the same period in 2024[10]. - As of September 30, 2025, the company reported total liabilities of $18,614,380 and cash and cash equivalents of $71,136,121, indicating a strong liquidity position[98]. Financing Activities - The company raised CAD 63,480,000 through a prospectus offering and CAD 20,000,001 from a private placement during the nine months ended September 30, 2025[10]. - The company is actively seeking additional financing through share issuance to ensure the continuation of operations and exploration programs[16]. - The company completed a bought deal offering of 24,610,000 flow-through common shares at $2.29 per share, raising gross proceeds of $63,480,000[60]. Exploration and Evaluation - Exploration and evaluation expenditures for the nine months ended September 30, 2025, were CAD 27,794,432, a decrease of 25.2% compared to CAD 37,150,120 for the same period in 2024[8]. - Cumulative exploration expenses rose from $268,423,389 as of December 31, 2024, to $296,217,821 as of September 30, 2025, indicating an increase of $27,794,432[29]. - The company has 98 mineral licenses and 7,018 claims covering 175,450 hectares in the Queensway Project as of September 30, 2025[31]. Share Capital and Options - The weighted average number of shares outstanding increased to 214,761,519 for the nine months ended September 30, 2025, compared to 192,324,461 for the same period in 2024[8]. - The company has a share purchase option plan allowing for options not exceeding 10% of the outstanding common shares, with a weighted average exercise price of $3.97 as of September 30, 2025[66]. - The total outstanding share purchase options as of September 30, 2025, was 12,144,000, with 11,934,000 being exercisable[10]. Investments - The estimated fair value of the company's investment in KLDC increased significantly to $10,040,126 as of September 30, 2025, up from $1,287,563 at the end of 2024[48]. - The company realized gains of $160,701 on investments during the nine months ended September 30, 2025, compared to a loss of $247,660 in the same period of 2024[44]. - The fair value of the company's investments as of September 30, 2025, was $540,096, with no movements between fair value hierarchy levels during the nine months[95]. Legal and Acquisition Activities - The company has entered into a definitive agreement to acquire all issued and outstanding common shares of Maritime Resources Corp. at an exchange ratio of 0.75 New Found Gold Corp. common share for each Maritime share[107][108]. - The company announced the acquisition of a 100% interest in certain mineral claims from Exploits Discovery Corp., increasing the size of its Queensway Gold project by 58,600 hectares[111]. - New Found Gold will issue 2,821,556 common shares to Exploits as part of the claims consideration[112].

Core Viewpoint - New Found Gold Corp. has filed its quarterly financial statements for Q3 2025, highlighting its ongoing growth and strategic initiatives in the gold exploration sector [1][2]. Financial Statements - The Q3 financial statements and Management's Discussion and Analysis are available on SEDAR+ and the SEC's EDGAR system, as well as the company's website [2]. Stock Options and Share Units - The company granted 66,944 incentive stock options to officers and employees at an exercise price of $2.70, with a five-year term expiring on November 6, 2030 [3]. - Additionally, 41,348 restricted share units were granted to certain officers, with a vesting schedule of 1/3 per year over three years [4]. Company Overview - New Found Gold holds a 100% interest in the Queensway Gold Project in Newfoundland and Labrador, a Tier 1 jurisdiction known for its excellent infrastructure and skilled workforce [5]. - The company has completed a Preliminary Economic Assessment (PEA) at Queensway, with ongoing drilling revealing new discoveries, indicating significant district-scale potential [6]. Recent Developments - On September 5, 2025, the company announced a definitive arrangement agreement with Maritime Resources Corp. to acquire outstanding shares, which was overwhelmingly approved on November 5, 2025 [7]. - A property purchase agreement with Exploits Discovery Corp. was announced on September 8, 2025, which would increase the size of the Queensway project by up to 33%, totaling 234,050 hectares [8]. Management and Strategy - The company has a new management team, a strong treasury, and a solid shareholder base, including cornerstone investor Eric Sprott, focusing on growth and value creation [9].