New Found Gold (US:NFGC)2025-11-07 11:37Financial 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].