New Found Gold Corp. announced a $205 million financing package that combines a $100 million equity bought‑deal and a $105 million senior secured credit facility. The equity portion will issue 33.8 million shares at $2.96 per share, while the credit facility carries an 8.75 % annual interest rate, a three‑year term, and two tranches—$70 million upon closing and $35 million within 12 months. The equity deal is expected to close on April 27, 2026, subject to regulatory approvals.
The proceeds will fund the initial capital expenditures for Queensway Gold Project Phase I, whose estimated capital cost is C$155 million and is slated to produce its first gold pour in the second half of 2027. The financing also supports the Hammerdown Gold Project, which is expected to reach commercial production in the second half of 2026 and provide cash flow during Queensway’s construction. The package replaces a previously announced term sheet with Nebari Natural Resources Credit Fund II and follows New Found Gold’s acquisition of Maritime Resources Corp. in late 2025, which added the Hammerdown project and processing facilities to the company’s portfolio.
New Found Gold’s financials remain negative, with a trailing‑12‑month EPS of –$0.20 and a net income of –$15.13 million CAD for the latest quarter. Operating income for Q3 2025 was –$17.34 million and the return on assets was –71.58 %. The financing is therefore a critical step in moving the company from a developer to a producer, providing the capital needed to de‑risk the Queensway project and generate future cash flow.
CEO Keith Boyle said the package “provides the funding required to bring our flagship Queensway gold project‑Phase I into production, in line with our development schedule.” He added that the participation of EdgePoint as underwriter of the credit facility and co‑lead on the equity component “is a testament to the quality of the Queensway asset and the Company’s ability to deliver on its mandate of getting to cash flow.”
Investors view the involvement of EdgePoint and Eric Sprott as validation of the project’s economics and the company’s execution capability. The financing strengthens New Found Gold’s balance sheet, reduces reliance on external debt, and positions the company to capitalize on the expected cash flow from Hammerdown while Queensway moves toward production.
The deal signals a significant milestone in New Found Gold’s transition to a producer. By securing both equity and debt at favorable terms, the company has de‑risked its flagship project, improved its liquidity profile, and laid the groundwork for future growth once Queensway reaches production.
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