On April 20, 2026, New Found Gold Corp. announced a $205 million finance package to fund initial capital expenditures for its flagship Queensway Gold Project Phase I in Newfoundland and Labrador, as well as the ramp up of the Hammerdown Gold Project.

The package consists of a $100 million bought deal equity financing of 33,800,000 common shares priced at $2.96 per share, co-led by BMO Capital Markets and SCP Resource Finance LP, with lead orders from EdgePoint Investment Group Inc. and cornerstone investor Eric Sprott. The underwriters were granted an over-allotment option of up to 15 percent of the shares issued. The package also includes a $105 million senior secured credit facility with EdgePoint, advanced in two tranches ($70 million and $35 million), bearing a fixed interest rate of 8.75 percent payable quarterly over a 3-year term. As part of the deal, the company will not proceed with the previously contemplated Nebari Natural Resources Credit Fund II loan facility.

Blake, Cassels & Graydon LLP is acting as legal counsel to New Found Gold, while Miller Thomson LLP is acting as legal counsel to EdgePoint. Cutfield Freeman & Co. Ltd. is serving as financial advisor.