Eric Sprott Announces Additional Securities of New Found Gold Corp. Acquired in Exchange for Securities of Maritime Resources Corp. Pursuant to the Plan of Arrangement

Rhea-AI Summary

Eric Sprott (through 2176423 Ontario Ltd.) acquired 7,691,250 common shares and 2,000,025 warrants of New Found Gold Corp (NFGC) following the closing of a statutory plan of arrangement between New Found Gold and Maritime Resources on November 13, 2025.

Prior to the arrangement Mr. Sprott held 56,224,015 NFGC shares; after the transaction he beneficially owns 63,915,265 NFGC shares and 2,000,025 NFGC warrants, representing ~18.9% of outstanding shares (non-diluted) and ~19.4% on a partially diluted basis.

Mr. Sprott no longer holds securities of Maritime Resources and ceased to be an insider of Maritime Resources.

Insights

Equity Analyst

Eric Sprott exchanged Maritime securities for New Found Gold shares and warrants, raising his New Found stake to ~18.9% post‑arrangement.

What happened: A statutory plan of arrangement closed on November 13, 2025, under which holders of Maritime Resources securities received 0.75 of a New Found Gold share or warrant per Maritime security. As a result, 2176423 Ontario Ltd. (beneficially owned by Eric Sprott) acquired 7,691,250 New Found Gold common shares and 2,000,025 New Found Gold warrants. Mr. Sprott no longer holds Maritime Resources securities and ceased to be an insider of Maritime Resources.

Dependencies and risks: The change alters Mr. Sprott’s ownership mix: his New Found Gold holdings rose in absolute terms to 63,915,265 shares and 2,000,025 warrants but declined to approximately 18.9% of outstanding New Found shares on a non‑diluted basis (about 19.4% partially diluted). Key dependencies are the final SEDAR+ early warning filings and any future trades by Mr. Sprott; those filings will confirm exact timelines and ownership figures.

What to watch (near term): Monitor the early warning reports on SEDAR+ for filing timestamps and any statements about planned further purchases or sales, and watch warrant exercise activity which would affect dilution over the next reporting periods. Expect definitive ownership disclosures immediately following the arrangement and within standard early‑warning windows after November 13, 2025.

Toronto, Ontario--(Newsfile Corp. - November 13, 2025) - Eric Sprott announces that, today, 2176423 Ontario Ltd. (a corporation beneficially owned by him) acquired 7,691,250 common shares (New Found Shares) and 2,000,025 share purchase warrants (New Found Warrants) of New Found Gold Corp. upon the closing of a statutory plan of arrangement (Arrangement) between New Found Gold and Maritime Resources Corp., pursuant to which New Found Gold acquired all the outstanding common shares of Maritime Resources (Maritime Shares) that it does not already own. Pursuant to the Arrangement, holders of Maritime Shares (other than New Found Gold or its affiliates) received 0.75 of a New Found Share for every Maritime Share they held and holders of Maritime share purchase warrants (Maritime Warrants) received 0.75 of a New Found Warrant for every Maritime Warrant.

Maritime Resources holdings: Prior to the Arrangement, Mr. Sprott beneficially owned 10,255,000 Maritime Shares and 2,666,700 Maritime Warrants, representing approximately 8.3% of the outstanding Maritime Shares on a non-diluted basis and 10.2% of the outstanding Maritime Shares on a partially-diluted basis assuming exercise of such Maritime Warrants. Mr. Sprott no longer holds any securities of Maritime Resources, and Mr. Sprott (as well as 2176423 Ontario Ltd.) ceased to be insiders of Maritime Resources.

New Found Gold holdings: Prior to the Arrangement, Mr. Sprott beneficially owned 56,224,015 New Found Shares, representing approximately 23.1% of the outstanding New Found Shares on a non-diluted basis. As a result of the Arrangement, Mr. Sprott now beneficially owns 63,915,265 New Found Shares and 2,000,025 New Found Warrants, representing approximately 18.9% of the outstanding New Found Shares on a non-diluted basis and approximately 19.4% on a partially diluted basis assuming exercise of such warrants, which represents a decrease in holdings of approximately 3.7% from what was reported in the most recent early warning report for New Found Gold,

Mr. Sprott has a long-term view of the investment in New Found Gold and may acquire additional securities of New Found Gold including on the open market or through private acquisitions or sell securities including on the open market or through private dispositions, in the future, depending on market conditions, reformulation of plans and/or other relevant factors.

New Found Gold is located at 1133 Melville Street, Suite 3500, Vancouver, British Columbia, V6E 4E5. Maritime Resources is located at 3200-650 West Georgia St., c/o Harper Grey LLP, Vancouver, British Columbia, V6B 4P7. A copy of the early warning reports with respect to the foregoing will appear on New Found Gold's or Maritime Resources' profile, respectively, on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto, ON M5C 3C5).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274464

FAQ

What did Eric Sprott acquire of New Found Gold (NFGC) on November 13, 2025?

He acquired 7,691,250 common shares and 2,000,025 warrants of New Found Gold.

How many New Found Gold shares does Eric Sprott now beneficially own (NFGC)?

He now beneficially owns 63,915,265 New Found Gold shares and 2,000,025 warrants.

What percentage of New Found Gold does Eric Sprott own after the arrangement (NFGC)?

He owns approximately 18.9% of outstanding New Found shares (non-diluted) and 19.4% on a partially diluted basis.

Why did Eric Sprott receive New Found Gold securities in this transaction?

New Found Gold acquired Maritime Resources via a plan of arrangement under which Maritime shareholders and warrant holders received 0.75 of a New Found share or warrant per Maritime security.

Does Eric Sprott still hold securities of Maritime Resources after the arrangement?

No; he no longer holds any securities of Maritime Resources and ceased to be an insider of Maritime Resources.

Where can investors find the related early warning reports for Eric Sprott's holdings in NFGC?

The early warning reports will appear on New Found Gold's or Maritime Resources' profile on SEDAR+ at www.sedarplus.ca.