New Found Gold Celebrates Milestone Year: Transformation to an Emerging Canadian Gold Producer

Core Insights - New Found Gold Corp. has transitioned from an early-stage exploration company to an emerging Canadian gold producer in 2025, with a focus on a multi-asset portfolio in Newfoundland and Labrador [1][2][3] Company Transformation - The strategic acquisition of Maritime Resources Corp. marks a significant shift for New Found Gold, allowing it to control the Queensway project, which has a high-grade mineral resource base [3][16] - The company has strengthened its governance with a new board and management team, including experienced mining executives and capital markets specialists [6][7] Financial Milestones - New Found Gold completed a C$63 million bought deal financing and a C$20 million private placement, enhancing its financial position and confirming support from key investors [3][18] - The initial Mineral Resource Estimate (MRE) for the Queensway project indicates 18.0 million tonnes at 2.40 grams per tonne of gold, totaling 1.39 million ounces indicated, and 10.7 million tonnes at 1.77 grams per tonne for 0.61 million ounces inferred [3][8] - A Preliminary Economic Assessment (PEA) revealed a C$743 million after-tax NPV5% and a 56.3% after-tax IRR at a base case gold price of US$2,500/oz, with a life of mine all-in sustaining cost of US$1,256/oz [3][9] Project Development - The company aims to ramp up production at Hammerdown and advance the Queensway project through engineering, permitting, and project finance, targeting a construction decision in late 2026 and first production in H2 2027 [4][20] - The 2025 work program included over 74,000 meters of diamond drilling, focusing on resource definition and exploration, with significant high-grade discoveries [10][11] Exploration Potential - Exploration efforts outside the AFZ Core have demonstrated the broader district's potential, with high-grade gold discovered at the Dropkick zone and ongoing work at other targets [13][14] - The Queensway land package has expanded to 230,225 hectares, a 31% increase from 2024, enhancing the company's exploration footprint [14]