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].

Core Points - New Found Gold Corp. has received overwhelming approval from Maritime Resources Corp. shareholders for the arrangement to combine the two companies, with 99.68% of Maritime Shareholders and 99.69% of Maritime Securityholders voting in favor [2][3] - The final order for the arrangement will be sought from the Supreme Court of British Columbia on November 7, 2025, with the closing expected around November 13, 2025, pending customary closing conditions [3] - New Found Gold has appointed Jelena Novikov Fried as General Counsel and Corporate Secretary, bringing over 20 years of legal experience in corporate and securities compliance [4][5] Company Overview - New Found Gold is an advanced-stage exploration company with a 100% interest in the Queensway Gold Project located in Newfoundland and Labrador, recognized for its excellent infrastructure and skilled workforce [6] - The company has completed a Preliminary Economic Assessment (PEA) at the Queensway project and continues to discover new gold zones, indicating significant district-scale potential [6][7] - New Found Gold has a solid management team and board, with a notable shareholder base that includes approximately 23.1% ownership by Eric Sprott [8]

Core Insights - New Found Gold Corp. has announced significant drill results from the Dropkick zone at its Queensway Gold Project, indicating high-grade mineralization and an expanded strike length of 815 meters [1][3][21] - The ongoing exploration drilling program aims to further expand the mineralized footprint, with initial results confirming high-grade gold presence [3][10][21] Drill Results - The latest drilling results include notable intercepts such as 29.2 g/t Au over 9.25 m and 20.9 g/t Au over 11.10 m, showcasing the potential of the Dropkick zone [8][25] - A total of 9,477 meters of drilling across 30 diamond drill holes were completed, with results indicating high-grade mineralization extending to a depth of 285 meters [6][9][21] Exploration Strategy - The exploration focus is on expanding the Dropkick zone along strike and depth, with additional drilling planned to test the extent of high-grade mineralization [10][21][22] - The 2025 drill program encompasses 70,000 meters, with approximately 80% dedicated to the AFZ Core area and 20% to other exploration targets [21][22] Future Plans - Infill drilling is ongoing to convert resources from inferred to indicated status, with completion expected in Q4/25 [22] - An excavation program is underway to validate the geological model and collect detailed analytical information across key zones, with results anticipated soon [23][22] Company Overview - New Found Gold holds a 100% interest in the Queensway Gold Project, located in Newfoundland and Labrador, a region known for its excellent infrastructure and skilled workforce [44][46] - The company has a solid shareholder base, including significant holdings by Eric Sprott, and is focused on growth and value creation [47]

Core Insights - New Found Gold Corp. announced high-grade gold mineralization results from its ongoing 2025 drill program at the Queensway Gold Project in Newfoundland and Labrador, Canada [1][3] - Significant drill results include 10.4 g/t Au over 20.50 m and 7.47 g/t Au over 13.40 m from the Dome zone, indicating potential for resource expansion [7][9] - The 2025 drill program aims to convert inferred mineral resources to indicated resources, with results expected to be included in a mineral resource update scheduled for H1/26 [3][4] Drill Results Summary - The news release includes results from 11,187 m of drilling across 79 diamond drill holes completed in Q3/25, focusing on infill and exploration at the AFZ Core [4][5] - Key highlights from the Dome zone include: - 10.4 g/t Au over 20.50 m (NFGC-25-2299) - 7.47 g/t Au over 13.40 m (NFGC-25-2265) [7][9] - Lotto zone results include: - 40.6 g/t Au over 2.80 m (NFGC-25-2268) - 30.5 g/t Au over 2.05 m (NFGC-25-2263) [7] - Lotto North zone results include: - 33.8 g/t Au over 2.05 m (NFGC-25-2292) - 8.26 g/t Au over 4.40 m (NFGC-25-2331) [7] Future Plans - The 2025 Queensway drill program, which commenced in May 2025, is approximately 70% complete, with a focus on the AFZ Core area [14][15] - Infill drilling is ongoing to convert remaining inferred resources to indicated resources, with completion expected in Q4/25 [15][16] - Additional drilling in 2026 will target the expansion of the newly identified high-grade domain at the Dome zone [10][12]

Core Points - New Found Gold Corp. has granted incentive stock options to acquire 809,167 common shares at an exercise price of $2.97, with a 5-year term expiring on September 25, 2030 [1] - The company also granted 2,053,000 restricted share units (RSUs) to directors and officers, with a vesting schedule of 1/3 per year over three years [2] - New Found Gold holds a 100% interest in the Queensway project in Newfoundland and Labrador, which has shown promising exploration results and a district-scale potential [4] - Recent agreements include acquiring shares from Maritime Resources Corp. and mineral claims from Exploits Discover Corp., potentially increasing the project size by up to 33% to a total of 234,050 hectares [4] - The company has a new management team and a solid shareholder base, including a 23.1% holding by Eric Sprott, focusing on growth and value creation [4]

Group 1 - U.S. stocks experienced an upward trend, with the Dow Jones index increasing by over 200 points on Friday [1] - Crinetics Pharmaceuticals, Inc. saw a significant stock price increase of 23.7%, reaching $44.41, following FDA approval of PALSONIFY [1] - Baird and JMP Securities raised their price targets for Crinetics Pharmaceuticals [1] Group 2 - Aquestive Therapeutics, Inc. stock rose by 21.2% to $6.38 [3] - Perpetua Resources Corp. increased by 18% to $22.43 after providing an update on securing the American antimony supply chain [3] - Robo.ai Inc. gained 14% to $2.77 [3] - Quantum Computing Inc. saw a 13% increase to $23.15 [3] - SkyWater Technology, Inc. shares jumped 12% to $17.23 [3] - Scholar Rock Holding Corporation surged 10.8% to $38.23, despite receiving a Complete Response Letter from the FDA regarding its treatment for spinal muscular atrophy [3] - Avino Silver & Gold Mines Ltd. gained 9.2% to $5.24 [3] - New Found Gold Corp. rose 9.1% to $2.3347, confirming high-grade core in its sampling program [3] - Gorilla Technology Group Inc. increased by 7% to $20.10 after signing a $1.4 billion deal for AI data centers in Southeast Asia [3] - BlackBerry Limited rose 6.6% to $4.9596 after reporting better-than-expected second-quarter EPS and sales, along with raising its FY2026 adjusted EPS guidance [3] - Carpenter Technology Corporation increased by 6.6% to $247.84 [3]