Core Viewpoint - New Found Gold Corp. has successfully closed the first tranche of its public offering, raising a total of C$56,129,100 through the issuance of charity flow-through common shares and common shares [1][2][4]. Group 1: Offering Details - The first tranche of the offering included 15,265,000 charity flow-through common shares and 4,370,000 common shares, generating gross proceeds of C$42,079,950 [2]. - The second tranche will consist of an additional 6,135,000 charity flow-through common shares, expected to raise C$14,049,150, and is anticipated to close around June 12, 2025 [4]. - The total gross proceeds from both tranches will be used for Canadian exploration expenses related to the Queensway Gold Project [8]. Group 2: Underwriting and Fees - The offering was conducted under an underwriting agreement with a syndicate led by BMO Capital Markets and included several other financial institutions [3]. - The company paid the underwriters a cash fee of C$2,075,959, which is 5.25% of the gross proceeds from the first tranche, excluding certain sales [7]. Group 3: Use of Proceeds - Proceeds from the charity flow-through common shares will be allocated to eligible Canadian exploration expenses related to the Queensway Gold Project, with all qualifying expenditures to be renounced in favor of the subscribers by December 31, 2025 [8]. - The net proceeds from the common shares will be utilized to advance the Queensway Project and for general corporate purposes [9]. Group 4: Company Background - New Found Gold holds a 100% interest in the Queensway Gold Project, located in Newfoundland and Labrador, which is recognized for its excellent infrastructure and skilled workforce [13]. - The company has completed an initial mineral resource estimate at Queensway and is currently conducting a fully funded preliminary economic assessment [13][14].

Core Viewpoint - New Found Gold Corp. has successfully closed the first tranche of its public offering, raising a total of C$56,129,100 through the issuance of charity flow-through common shares and common shares, with plans for a second tranche to follow [1][2][4]. Group 1: Offering Details - The first tranche includes 15,265,000 charity flow-through common shares and 4,370,000 common shares, generating gross proceeds of C$42,079,950 [2]. - The charity flow-through common shares were priced at C$2.29 each, while the common shares were priced at C$1.63 each [1]. - The second tranche is expected to consist of 6,135,000 charity flow-through common shares, aiming for additional gross proceeds of C$14,049,150, with a closing date anticipated around June 12, 2025 [4]. Group 2: Underwriting and Fees - The offering was conducted under an underwriting agreement with a syndicate led by BMO Capital Markets and SCP Resource Finance LP, among others [3]. - The company paid the underwriters a cash fee totaling C$2,075,959, which is 5.25% of the gross proceeds from the first tranche, excluding certain sales [7]. Group 3: Use of Proceeds - Proceeds from the charity flow-through common shares will be allocated to eligible Canadian exploration expenses related to the Queensway Gold Project, with all qualifying expenditures to be renounced in favor of the subscribers by December 31, 2025 [8]. - Net proceeds from the common shares will be utilized to advance the Queensway Project and for general corporate purposes [9]. Group 4: Company Background - New Found Gold holds a 100% interest in the Queensway Gold Project, located in Newfoundland and Labrador, which is recognized for its excellent infrastructure and skilled workforce [13]. - The company has completed an initial mineral resource estimate at Queensway and is currently conducting a fully funded preliminary economic assessment, expected to be completed by late Q2 2025 [13][14].

[Underwriting Agreement](index=1&type=section&id=Underwriting%20Agreement) [Introduction and Offering Summary](index=1&type=section&id=Introduction%20and%20Offering%20Summary) This section outlines the underwriting agreement for the offering of Flow-Through and HD Common Shares, totaling **$56,129,100** gross proceeds, structured in two tranches with an over-allotment option Offering Details | Share Type | Number of Shares | Price per Share | Gross Proceeds | | :--- | :--- | :--- | :--- | | Flow-Through Shares | 21,400,000 | $2.29 | $48,996,000 | | HD Common Shares | 4,370,000 | $1.63 | $7,133,100 | | **Total** | **25,770,000** | | **$56,129,100** | - The offering is divided into two tranches: a First Tranche for **$42,079,950** and a Second Tranche for **$14,049,150**[3](index=3&type=chunk) - The Company has granted the Underwriters an Over-Allotment Option to purchase up to an additional **3,210,000 Flow-Through Shares** at **$2.29 per share**, exercisable for **30 days** after closing[4](index=4&type=chunk) - The Company may conduct a subsequent non-brokered private placement of up to **12,269,939 Common Shares** at **$1.63 per share** for additional gross proceeds of up to approximately **$20 million**[15](index=15&type=chunk) [Section 1: Definitions](index=4&type=section&id=1.%20DEFINITIONS) This section defines key terms used throughout the Underwriting Agreement, establishing common understanding for securities, legal, and regulatory frameworks - Defines critical terms such as "**Offered Securities**", "**Flow-Through Shares**", "**Prospectus**", "**Applicable Securities Laws**", "**material adverse effect**", and "**Qualifying Expenditure**" which are fundamental to interpreting the rights and obligations of the Company and the Underwriters[17](index=17&type=chunk)[18](index=18&type=chunk)[21](index=21&type=chunk) [Section 2: Filing of Prospectuses](index=12&type=section&id=2.%20FILING%20OF%20PROSPECTUSES) This section outlines the Company's covenants for timely prospectus filing in Canada and the U.S., granting Underwriters participation rights in document preparation and due diligence - The Company covenants to file the Canadian Prospectus Supplement by 5:00 p.m. (Vancouver time) on **May 29, 2025**, to enable the lawful distribution of the Offered Securities[26](index=26&type=chunk) - The Company must allow Underwriters to participate fully in preparing offering documents and to conduct all necessary due diligence[28](index=28&type=chunk) - The agreement specifies procedures for the creation, approval, and filing of any marketing materials used in connection with the offering, ensuring compliance with securities laws[28](index=28&type=chunk) [Section 3: Over-Allotment Option](index=13&type=section&id=3.%20OVER-ALLOTMENT%20OPTION) This section formally grants the Underwriters the Over-Allotment Option, specifying terms for purchasing additional shares to cover over-allocations Over-Allotment Option Details | Item | Detail | | :--- | :--- | | **Option Shares** | Up to 3,210,000 Flow-Through Shares | | **Exercise Price** | $2.29 per share | | **Total Proceeds (if full)** | $7,350,900 | | **Exercise Period** | Up to 30 days after the First Tranche Closing Date | [Section 4: Distribution and Obligations](index=14&type=section&id=4.%20DISTRIBUTION%20AND%20CERTAIN%20OBLIGATIONS%20OF%20THE%20UNDERWRITERS%20AND%20THE%20COMPANY) This section details the Underwriters' firm commitment to purchase offered securities and mutual obligations for distribution, including securities qualification and the Company's non-involvement in subsequent purchaser transactions - The Underwriters agree to purchase all, but not less than all, of the Flow-Through Shares and HD Common Shares on the respective closing dates[31](index=31&type=chunk) - The Company acknowledges potential "Follow-On Transactions" (such as charitable donations or resales) by initial purchasers but confirms it has no involvement or liability related to the tax consequences of such transactions[33](index=33&type=chunk) - The Company is not liable if the Flow-Through Shares become "prescribed shares" under the Tax Act due to actions taken by purchasers in Follow-On Transactions[33](index=33&type=chunk) [Section 5: Representations and Warranties](index=15&type=section&id=5.%20REPRESENTATIONS%20AND%20WARRANTIES) This section contains foundational assurances, with the Company providing extensive representations and warranties and Underwriters providing their own, all of which must be true at signing and closing - The Company represents that the offering documents are true, contain no misrepresentations, and constitute full, true, and plain disclosure as required by applicable securities laws[34](index=34&type=chunk) - Each Underwriter severally represents that it is appropriately registered to fulfill its obligations and has the authority to enter into the agreement[34](index=34&type=chunk) - The representations and warranties survive the completion of the offering, providing a basis for future claims if they are found to be untrue[33](index=33&type=chunk) [Section 6: Additional Covenants](index=17&type=section&id=6.%20ADDITIONAL%20COVENANTS) This section details the Company's specific operational, financial, and legal covenants before, during, and after the offering, ensuring a successful and compliant offering and protecting Underwriter interests - **Exchange Listings:** The Company must obtain approval from the NYSE American and TSXV for the listing of the Offered Securities[36](index=36&type=chunk) - **Flow-Through Share Obligations:** The Company must incur Qualifying Expenditures equal to the proceeds from the Flow-Through Shares by **December 31, 2026**, and renounce them to purchasers with an effective date no later than **December 31, 2025**[37](index=37&type=chunk)[38](index=38&type=chunk) - **Lock-Up Agreements:** The Company must ensure its directors and executive officers enter into **90-day** lock-up agreements, restricting them from selling their shares after the First Tranche Closing Date[43](index=43&type=chunk) - **Closing Deliverables:** The Company is required to provide numerous documents at closing, including legal opinions, auditor comfort letters, and officer's certificates, to the satisfaction of the Underwriters[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) - **Standstill Covenant:** The Company agrees not to issue any additional Common Shares for **90 days** following the First Tranche Closing Date, with certain exceptions such as for employee incentive plans and the announced Non-Brokered Private Placement[43](index=43&type=chunk) [Section 7: Underwriters' Fees and Expenses](index=26&type=section&id=7.%20UNDERWRITERS'%20FEES%20AND%20EXPENSES) This section specifies Underwriter compensation, detailing the cash fee structure based on gross proceeds and confirming the Company's responsibility for all offering costs, including legal fees up to a specified cap Underwriters' Fee Structure | Sale Type | Fee Percentage | | :--- | :--- | | Standard Sales | 5.25% of gross proceeds | | President's List Sales | 1.0% of gross proceeds | - President's List Sales shall not exceed **35%** of the gross proceeds from the Offering[8](index=8&type=chunk) - The Company is responsible for all offering expenses and will reimburse the Underwriters for their reasonable out-of-pocket expenses, including legal fees and disbursements up to a maximum of **$225,000** (plus applicable taxes)[47](index=47&type=chunk) [Section 8: Underwriting Percentages](index=26&type=section&id=8.%20UNDERWRITING%20PERCENTAGES) This section outlines the individual commitment of each underwriter in the syndicate, clarifying their several (not joint) obligations and detailing procedures for underwriter default Underwriter Commitments | Underwriter | Percentage | | :--- | :--- | | BMO Nesbitt Burns Inc. | 38.5% | | SCP Resource Finance LP | 33.5% | | Paradigm Capital Inc. | 10.0% | | Canaccord Genuity Corp. | 5.5% | | Haywood Securities Inc. | 3.0% | | Stifel Nicolaus Canada Inc. | 3.0% | | Roth Canada, Inc. | 2.5% | | A.G.P. Canada Investments ULC | 2.0% | | ATB Securities Inc. | 2.0% | | **Total** | **100%** | - A **5%** work fee is to be split between BMO Nesbitt Burns Inc. (**54%**) and SCP Resource Finance LP (**46%**)[46](index=46&type=chunk) [Section 9: Conditions Precedent](index=27&type=section&id=9.%20CONDITIONS%20PRECEDENT) This section lists conditions precedent for Underwriters' obligation to purchase securities at closing, ensuring the Company meets all legal, regulatory, and business requirements - All necessary corporate actions and regulatory approvals (including from the TSXV and NYSE American) must be obtained[50](index=50&type=chunk) - All closing documents, including legal opinions, comfort letters, and officer's certificates, must be delivered in a form satisfactory to the Underwriters[50](index=50&type=chunk) - No stop-trade orders or similar proceedings shall be pending or threatened against the Company's securities[51](index=51&type=chunk) - The Company's representations and warranties must remain true and correct, and there must not have been any material adverse change in the Company's business or financial condition[51](index=51&type=chunk)[53](index=53&type=chunk) [Section 10: Closing](index=29&type=section&id=10.%20CLOSING) This section specifies the logistical details for the offering's completion, including closing dates for two tranches, share delivery, and payment mechanics from Underwriters to the Company - The closing is divided into two tranches with specific dates: - **First Tranche Closing Date:** June 3, 2025 - **Second Tranche Closing Date:** June 12, 2025[53](index=53&type=chunk) - On the closing dates, the Company will deliver global certificates for the shares, and the Underwriters will pay the aggregate gross proceeds to the Company, with fees and expenses deducted from the first tranche proceeds and paid separately for the second tranche[53](index=53&type=chunk) [Section 11: Option Closing](index=30&type=section&id=11.%20OPTION%20CLOSING) This section details procedures for the Over-Allotment Option exercise, outlining the timing of option closing, delivery of additional shares, and corresponding payment by Underwriters - If the Over-Allotment Option is exercised, the closing for the additional shares will occur within **three business days** of the exercise notice[56](index=56&type=chunk) - The Company must deliver the required closing documents (as per section 6.1(w)) and the Additional Shares, after which the Underwriters will pay the proceeds for those shares, with the Underwriters' Fee being deducted or paid as applicable[56](index=56&type=chunk) [Section 12: Indemnity](index=30&type=section&id=12.%20INDEMNITY) This section establishes the Company's obligation to indemnify Underwriters from losses, claims, and expenses arising from misrepresentations, breaches, or non-compliance, including provisions for contribution if indemnification is unavailable - The Company agrees to indemnify the Underwriters (the "Indemnified Parties") against all claims arising from untrue statements or omissions of material facts in the offering documents[56](index=56&type=chunk) - The indemnity does not apply to information provided in writing by the Underwriters specifically for inclusion in the offering documents[56](index=56&type=chunk) - If indemnification is unavailable, the Company and Underwriters will contribute to the losses based on relative benefits (proceeds to Company vs. fees to Underwriters) and relative fault[65](index=65&type=chunk) [Section 13: Termination of Agreement](index=35&type=section&id=13.%20TERMINATION%20OF%20AGREEMENT) This section grants Underwriters the right to terminate their obligations under specified "out clauses," protecting them from proceeding with the offering if significant negative events occur - Underwriters can terminate the agreement if there is a material adverse change in the Company's business or financial condition[67](index=67&type=chunk) - Termination is also possible due to major adverse national or international events (including financial crises, terrorism, or pandemics) that negatively affect the financial markets or the Company[67](index=67&type=chunk) - Other termination triggers include the issuance of a cease-trade order against the Company's securities or a material breach of the agreement by the Company[67](index=67&type=chunk) [Section 14: General](index=36&type=section&id=14.%20GENERAL) This section contains standard legal clauses governing the agreement's administration and interpretation, covering notices, governing law, survival of representations, and party relationships - **Notices:** Specifies the contact information and methods for formal communication between the parties[68](index=68&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) - **Governing Law:** The agreement is governed by the laws of the Province of British Columbia and the applicable federal laws of Canada[76](index=76&type=chunk) - **Relationship of Parties:** Explicitly states that the Underwriters are acting as principals in an arm's length contractual relationship, not as fiduciaries to the Company[74](index=74&type=chunk) - **Survival:** Representations, warranties, and indemnification obligations survive the closing of the offering[74](index=74&type=chunk) [Schedules](index=45&type=section&id=Schedules) [Schedule 5.1: Representations and Warranties of the Company](index=45&type=section&id=SCHEDULE%205.1%20REPRESENTATIONS%20AND%20WARRANTIES) This schedule provides an exhaustive list of the Company's representations and warranties to the Underwriters, covering its legal, financial, and operational status, forming the factual basis for the offering - **Corporate Status:** The Company is a duly incorporated and existing reporting issuer in all Canadian qualifying jurisdictions and is listed on the TSXV and NYSE American without being in default[90](index=90&type=chunk) - **Financials & Disclosure:** Financial statements are prepared in accordance with IFRS and fairly present the Company's financial position[91](index=91&type=chunk) - **Mining & Technical Information:** The Technical Report for the Queensway Gold Project complies with NI 43-101, and the Company holds the necessary material mining claims for its current exploration activities[98](index=98&type=chunk)[99](index=99&type=chunk) - **Compliance:** The Company asserts compliance with anti-corruption laws (FCPA, CFPOA), anti-money laundering laws, and economic sanctions[96](index=96&type=chunk)[97](index=97&type=chunk) - **Flow-Through Shares:** The Company represents that the shares will qualify as "flow-through shares" under the Tax Act and that it will be able to incur and renounce the required amount of Qualifying Expenditures[102](index=102&type=chunk) [Schedule A: Matters for Company's Counsel Opinion](index=59&type=section&id=SCHEDULE%20A%20MATTERS%20IN%20RESPECT%20OF%20WHICH%20COMPANY'S%20COUNSEL%20SHALL%20DELIVER%20OPINIONS) This schedule lists specific legal matters on which the Company's counsel must provide formal legal opinions to Underwriters as a closing condition, verifying key legal representations and compliance - Counsel must opine on the Company's status as a validly existing "reporting issuer" in good standing[106](index=106&type=chunk) - The opinion must confirm that the Offered Securities have been duly authorized and, upon issuance, will be fully paid and non-assessable shares[106](index=106&type=chunk) - A key opinion required is that the Flow-Through Shares will qualify as "flow-through shares" under the Tax Act and will not be "prescribed shares", subject to certain qualifications regarding purchaser actions[107](index=107&type=chunk) [Schedule B: Mining Claims](index=61&type=section&id=SCHEDULE%20B%20MINING%20CLAIMS) This schedule provides a detailed list of material mining licenses and claims held by New Found Gold Corp. for its Queensway Gold Project, serving as an inventory of mineral property rights - The schedule lists numerous map-staked license numbers held by New Found Gold Corp. and other parties in trust for the Company[109](index=109&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) [Schedule C: Form of Subscription and Renunciation Agreement for Flow-Through Shares](index=66&type=section&id=SCHEDULE%20C%20FORM%20OF%20SUBSCRIPTION%20AND%20RENUNCIATION%20AGREEMENT%20FOR%20FLOW-THROUGH%20SHARES) This schedule provides the template agreement for Flow-Through Share purchasers, outlining subscription terms, and detailing the Company's representations, warranties, and covenants regarding tax treatment and indemnity for tax-related failures - Subscribers agree to purchase Flow-Through Shares at **$2.29 per share**[116](index=116&type=chunk) - The Company covenants to incur Qualifying Expenditures equal to the subscription proceeds and renounce them to subscribers with an effective date no later than **December 31, 2025**[121](index=121&type=chunk) - The Company provides an indemnity to subscribers for additional taxes payable if the Company fails to renounce the required expenditures, but this indemnity does not cover issues arising from the subscriber's own actions, such as participating in a "Post-Closing Arrangement" that causes the shares to become "prescribed shares"[122](index=122&type=chunk) [Schedule D: Pricing Disclosure Package](index=77&type=section&id=SCHEDULE%20D%20PRICING%20DISCLOSURE%20PACKAGE) This schedule defines the "Pricing Disclosure Package" for U.S. securities law purposes, including final offering pricing terms and specific public documents (news releases) Final Offering Terms | Security | Number Offered | Price | Underwriting Commission ($/share) | | :--- | :--- | :--- | :--- | | Flow-Through Shares | 21,400,000 | $2.29 | $0.1202 | | HD Common Shares | 4,370,000 | $1.63 | $0.0856 | - The Pricing Disclosure Package also includes the Company's news releases dated **May 27, 2025** (announcing the offering) and **May 28, 2025** (announcing the increased size of the offering)[130](index=130&type=chunk)

Core Insights - New Found Gold continues to report high-grade gold mineralization from its 2024 exploration program, particularly at the Dropkick and Pistachio zones, indicating potential for resource expansion [1][2][10] - The exploration program included 13,768 meters of drilling across 38 diamond drill holes, focusing on high-grade mineralization and strike extensions [2][10] Dropkick Zone - Significant drill results from the Dropkick zone include 42.8 g/t Au over 14.95 m and 47.6 g/t Au over 3.95 m, with mineralization now intersected over a 580 m strike extent [5][6] - The mineralization at Dropkick is open in all directions, with potential for further expansion [6][10] - The new domain of mineralization discovered east of the Appleton Fault Zone (AFZ) returned 5.30 g/t Au over 15.20 m, marking the first mineralization found in that area [6][10] Pistachio Zone - The Pistachio zone has shown promising results with 5.34 g/t Au over 7.30 m, extending the high-grade mineralization by 40 m down-dip [12][14] - The zone spans a strike length of 240 m and remains open down plunge and to depth [12][14] - Systematic reconnaissance drilling has identified additional target areas for future exploration [12][14] Future Plans - The company plans to conduct follow-up drilling at Dropkick starting in June 2025, with additional work planned at a soil anomaly located north of Pistachio [10][12] - The total drilling for the 2024 exploration program reached 89,974 m across 271 diamond drill holes, with results from 37,750 m in 82 holes to be included in the next mineral resource estimate [10][12] Company Overview - New Found Gold holds a 100% interest in the Queensway project located in Newfoundland and Labrador, which covers a significant area with a 110 km strike extent along two prospective fault zones [31][32] - The company is focused on growth and value creation, supported by a solid shareholder base, including a 19% holding by Eric Sprott [32]

Core Viewpoint - New Found Gold Corp. has commenced its 2025 work program at the Queensway Gold Project, focusing on development and resource expansion following an initial mineral resource announcement in Q1 2025 and a fully-funded Preliminary Economic Assessment (PEA) expected to be completed later this quarter [1][2][15]. Drilling and Excavation Activities - The company has initiated diamond drilling with four rigs at the Keats West and Lotto zones within the AFZ Core of the Queensway mineral resource, focusing on infill drilling before excavating near-surface portions [3][8]. - Following the completion of infill drilling at Keats West and Lotto, the company plans to drill priority open pits and underground portions of the mineral resource, as well as further explore the Dome and Golden Dome zones, which are located close to the initial mineral resource [4][8]. - An additional two drill rigs are scheduled to be mobilized in early June 2025 to target exploration areas 10 to 12 kilometers north of the AFZ Core, including the Dropkick zone, which has shown promising drill results [5][8]. Excavation Program - The excavation of shallow overburden at key zones in the AFZ Core has begun, with successful mapping and sampling conducted at Keats in 2023 and 2024, enhancing confidence in the geological model and grade distribution [6][8]. - The Iceberg zone has been excavated over a 220 m by 105 m area, revealing broad zones of gold-bearing quartz veins, with channel sampling expected to commence in late May 2025 [7][9]. Future Plans - The company is evaluating the potential to add more drills to expand the 2025 work program and will provide updates once the full program is finalized [10]. - Excavation of Keats West and Lotto is anticipated to be completed in Q4 2025, with channel sampling planned for Q2 2026 [9]. Investor Relations - New Found Gold has entered into an investor relations agreement with Target IR & Communications, which will provide investor relations services for a monthly fee of $8,500 for an initial term of six months [11][12].

Core Insights - New Found Gold continues to discover gold mineralization outside the initial resource at Queensway, with significant high-grade results from recent drilling [1][2][5] - The Phase I deep drilling program has successfully assessed the depth potential of the orogenic gold system at Queensway, revealing new zones over a kilometer below the surface [1][8] Drilling Results - The recent drilling program included 7,765 meters across 12 diamond drill holes, primarily targeting depth extensions at Dome and other areas [2][3] - Notable drill results include 38.7 g/t Au over 6.55 meters at Dome, and 10.3 g/t Au over 8.20 meters at Keats South Deep [5][11] - Eleven of the twelve drill holes reported were outside the initial mineral resource estimate area, indicating potential for resource expansion [2][6] Future Plans - The company is planning a 2025 drill program focusing on near-surface targets and high-priority discoveries, including Dropkick, Dome, and Golden Dome [9][30] - The completion of a preliminary economic assessment is scheduled for late Q2/25, which will further evaluate the Queensway project [30][31]

Core Insights - New Found Gold Corp. has provided an overview and plans for the Queensway Gold Project, including the filing of a technical report for the initial mineral resource estimate [1][29] - The company is advancing towards a preliminary economic assessment (PEA) scheduled for completion in late Q2/25, with a focus on exploring additional discoveries [3][29] Project Highlights - The Queensway Gold Project is located in a Tier 1 jurisdiction with favorable mining conditions, including access to infrastructure and a skilled workforce [5] - The initial mineral resource estimate includes 18.0 million tonnes grading 2.40 grams per tonne (g/t) gold, totaling 1.39 million ounces (Moz) in the indicated category, and 10.7 million tonnes grading 1.77 g/t gold, totaling 0.61 Moz in the inferred category [5][9] - High-grade veins are exposed at the surface, with 73% of the ounces contained in 24% of the tonnage within the mineral resource pit shells [5] Future Plans - A fully funded PEA is underway, with a planned release in late Q2/25 [6] - A 2025 drill campaign is being planned to start in mid Q2/25, focusing on resource conversion and exploration for additional major deposits along the 110 km strike extent of the project [6] - Bulk sampling is planned to commence in H1/26 to confirm grade continuity and validate the resource model [6] Technical Report and Resource Estimate - The technical report was prepared by SLR Consulting in accordance with Canadian standards and has been filed under the company's profile [7][29] - The current mineral resource estimate as of March 15, 2025, shows a total of 18.0 million tonnes indicated and 10.7 million tonnes inferred, with respective grades and contained metal detailed in the report [9][10] Data Verification and Quality Control - The data used in the mineral resource estimate is supported by quality assurance and quality control procedures, ensuring the reliability of the assay database [19][23] - An independent Qualified Person has reviewed the sampling, analytical methods, and QA/QC program, confirming they meet industry standards [21][25]

With gold making recent headlines due to its strong performance in turbulent markets, I fell upon New Found Gold Corp. (NYSE: NFGC ) after seeing it share price down 70% in the past year. After investigation, I view NFGC as aAmateur value investor seeking bargains in any market, with a specific focus on emerging markets. Admires great investors such as Li Lu and Peter Lynch, and am not afraid to go against the grain. Willing to buy any company at the right price, and is looking for low-risk and high uncerta ...

Core Viewpoint - New Found Gold Corp. has successfully sold non-convertible senior secured notes of Maritime Resources Corp. for gross proceeds of US$2,000,000, which will enhance the company's treasury without diluting shareholders [1][2]. Financial Summary - The sale of the notes generated approximately CAD$2,778,000 in gross proceeds [1]. - The company had previously invested US$1,960,000 (CAD$2,638,500) in the notes, which were issued at a 2.0% original issue discount [2]. - New Found Gold has received approximately CAD$500,000 in interest income from the notes [2]. Warrant Details - The issuance of the notes included a 40% warrant coverage, resulting in the company receiving 15,324,571 warrants [3]. - Each warrant is exercisable into one common share of Maritime at a price of $0.07 per share until August 14, 2025, with an option for Maritime to extend the expiry until August 14, 2026 [3]. Project Development - New Found Gold holds a 100% interest in the Queensway Gold Project, located in Newfoundland and Labrador, which is recognized for its excellent infrastructure and skilled workforce [4]. - The company has completed an initial mineral resource estimate for the Queensway project and is currently conducting a fully funded preliminary economic assessment, expected to be completed by Q2/25 [4]. Exploration Potential - Recent drilling at the Queensway project has led to new discoveries, indicating significant district-scale potential across the 175,600-hectare area [5]. - The project covers a 110 km strike extent along two prospective fault zones, highlighting its exploration upside [5]. Management and Shareholder Base - New Found Gold has a new management team focused on growth and value creation at the Queensway project [5]. - The company has a solid shareholder base, including a 19% holding by Eric Sprott [5].

Accessibility StatementSkip Navigation Keith Boyle, CEO of New Found Gold commented: "This initial mineral resource estimate marks a pivotal moment for the Company, as it represents the first evaluation of gold mineralization at Queensway. The completion of this key step allows us to advance the Project, first with the completion of a PEA in late Q2/25 and potentially on to pre-feasibility and feasibility. While the economic evaluation is advancing, exploration of our highly prospective landholdings will co ...