New Found Gold Announces Results of Annual General and Special Meeting; Adds Experienced Mining Executive to Board; Restart of Exploration Activities at Queensway Gold Project
New Found Gold (NYSE-A: NFGC) announced key corporate developments and operational updates. The company held its Annual General and Special Meeting where shareholders approved the appointment of Tamara Brown to its Board of Directors, expanding the board to seven members. Shareholders also approved creating Eric Sprott as a new Control Person in connection with a C$20 million private placement at C$1.63 per share, expected to close by August 27, 2025.
Additionally, the company announced the restart of heavy equipment exploration activities at its 100% owned Queensway Gold Project in Newfoundland and Labrador, following a reduction in the Fire Weather Index. These activities, including drilling, mulching, and excavating, had been temporarily suspended due to regional forest fire risks.
New Found Gold (NYSE-A: NFGC) ha annunciato importanti sviluppi aziendali e aggiornamenti operativi. In occasione dell'Assemblea annuale e straordinaria, gli azionisti hanno approvato la nomina di Tamara Brown nel Consiglio di Amministrazione, portando il board a sette membri. Gli azionisti hanno inoltre approvato la creazione di Eric Sprott come nuova persona di controllo in relazione a un aumento di capitale privato di C$20 milioni a C$1,63 per azione, previsto in chiusura entro il 27 agosto 2025.
In aggiunta, la società ha annunciato la ripresa delle attività esplorative con mezzi pesanti presso il Queensway Gold Project, di sua proprietà al 100%, a Newfoundland e Labrador, a seguito della diminuzione dell'Indice di Pericolo Incendio (Fire Weather Index). Queste attività, che includono perforazioni, trinciatura ed escavazioni, erano state temporaneamente sospese a causa dei rischi di incendi boschivi nella regione.
New Found Gold (NYSE-A: NFGC) anunció importantes novedades corporativas y actualizaciones operativas. En la Junta General y Extraordinaria anual, los accionistas aprobaron el nombramiento de Tamara Brown en la Junta Directiva, ampliando el consejo a siete miembros. También se aprobó el establecimiento de Eric Sprott como nueva persona de control en relación con una colocación privada de C$20 millones a C$1,63 por acción, que se espera cerrar antes del 27 de agosto de 2025.
Además, la compañía anunció la reanudación de las actividades exploratorias con equipo pesado en su Queensway Gold Project, 100% de su propiedad, en Newfoundland y Labrador, tras la reducción del Índice de Condiciones Meteorológicas de Incendios (Fire Weather Index). Estas labores, que incluyen perforación, desbroce y excavaciones, se habían suspendido temporalmente debido al riesgo de incendios forestales en la zona.
New Found Gold (NYSE-A: NFGC)는 주요 기업 소식과 운영 업데이트를 발표했습니다. 연례 및 특별 주주총회에서 주주들은 Tamara Brown을 이사회에 선임하는 안건을 승인하여 이사회를 7명으로 확대했습니다. 또한 주주들은 Eric Sprott를 새로운 통제인(컨트롤 퍼슨)으로 지정하는 안건을 승인했으며, 이는 주당 C$1.63에 총 C$2,000만 규모의 사모 유상증자와 관련된 것으로, 2025년 8월 27일까지 종료될 예정입니다.
아울러 회사는 산불 위험도 지수(Fire Weather Index)가 낮아짐에 따라 뉴펀들랜드 앤드 래브라도에 위치한 100% 소유의 Queensway Gold Project에서 중장비를 활용한 탐사 활동 재개를 발표했습니다. 이 활동들은 시추, 제초(멀칭), 굴착 등을 포함하며, 지역 산불 위험으로 인해 일시 중단되었던 것입니다.
New Found Gold (NYSE-A: NFGC) a annoncé des développements majeurs au niveau de la société et des mises à jour opérationnelles. Lors de l'Assemblée générale et extraordinaire annuelle, les actionnaires ont approuvé la nomination de Tamara Brown au conseil d'administration, portant le conseil à sept membres. Les actionnaires ont également approuvé la désignation de Eric Sprott comme nouvelle personne de contrôle dans le cadre d'un placement privé de 20 M$ CA à 1,63 $ CA par action, qui devrait se clôturer d'ici le 27 août 2025.
Par ailleurs, la société a annoncé la reprise des activités d'exploration lourde sur son Queensway Gold Project détenu à 100 % à Terre‑Neuve‑et‑Labrador, suite à une diminution de l'indice météorologique d'incendie (Fire Weather Index). Ces activités, incluant des forages, du paillage mécanique et des excavations, avaient été temporairement suspendues en raison des risques d'incendies de forêt dans la région.
New Found Gold (NYSE-A: NFGC) hat wichtige unternehmensbezogene Entwicklungen und operative Updates bekannt gegeben. Auf der jährlichen ordentlichen und außerordentlichen Hauptversammlung stimmten die Aktionäre der Ernennung von Tamara Brown in den Verwaltungsrat zu, wodurch das Board auf sieben Mitglieder erweitert wird. Die Aktionäre genehmigten außerdem die Ernennung von Eric Sprott als neue Kontrollperson im Zusammenhang mit einer privaten Kapitalplatzierung über C$20 Millionen zu C$1,63 je Aktie, die voraussichtlich spätestens am 27. August 2025 abgeschlossen sein wird.
Zusätzlich teilte das Unternehmen mit, dass nach einer Verringerung des Fire Weather Index die Wiederaufnahme schwerer Erkundungsarbeiten auf dem zu 100 % gehörenden Queensway Gold Project in Newfoundland und Labrador erfolgt. Zu diesen Maßnahmen gehören Bohrungen, Mulchen und Aushubarbeiten, die aufgrund des Risikos regionaler Waldbrände vorübergehend ausgesetzt worden waren.
- Appointment of experienced mining executive Tamara Brown to Board of Directors strengthens corporate governance
- Secured C$20 million private placement financing at C$1.63 per share
- Resumption of exploration activities at Queensway Project following reduction in fire risk
- Previous suspension of exploration activities due to forest fire risks indicates operational vulnerability to environmental factors
Insights
New Found Gold secures C$20M investment from Eric Sprott while resuming exploration at Queensway after fire-related delays.
This announcement carries several positive developments for New Found Gold. The C$20 million private placement led by mining investor Eric Sprott significantly strengthens NFG's treasury, providing essential capital for continued exploration at their flagship Queensway project. This financing is structured at
The addition of Tamara Brown to the board adds valuable mining industry and capital markets expertise, enhancing the company's leadership depth as they advance their exploration program. Her engineering background and executive experience should provide additional technical oversight to the Queensway development strategy.
Perhaps most immediately impactful is the resumption of heavy equipment exploration activities at Queensway following the reduction in regional fire risks. This restart of drilling, mulching, and excavating operations ends the temporary suspension announced on August 13, allowing the company to continue its exploration momentum without extended delays that could have impacted their work schedule and cash burn rate.
For investors, this combined announcement signals both operational continuity and financial stability. The Queensway project in Newfoundland represents NFG's core asset, and the ability to quickly resume work there while simultaneously securing significant funding represents positive momentum for advancing the project. The market typically views Eric Sprott's involvement as a strong vote of confidence in junior gold explorers, potentially creating additional investor interest in NFG's ongoing exploration program.
At the Meeting, disinterested Shareholders voted in favour of an ordinary resolution to approve the creation of Mr. Eric Sprott as a new "Control Person" (as defined by the policies of the TSX Venture Exchange (the "TSXV")). It is anticipated that Mr. Sprott will become a new Control Person upon closing of the previously announced non-brokered private placement of up to 12,269,939 common shares (the "Common Shares") at a price of
In addition, resolutions regarding the following matters were passed by the requisite majority at the Meeting:
- fixing the number of directors at seven;
- appointing KPMG LLP, Chartered Professional Accountants, as auditor of the Company at a remuneration to be fixed by the Board;
- approving the amendment of "
10% rolling" stock option plan of the Company; and - approving the "
5% rolling" share unit plan of the Company.
The Meeting did not consider any matters that were not presented in the management information circular, dated July 8, 2025, that was filed in connection with the Meeting.
Paul Huet, Chairman of New Found, stated "On behalf of the Board of Directors, I would like to welcome Tamara to New Found Gold. With her extensive capital markets experience and depth of knowledge of the mining industry as both a mining executive and a professional engineer, Tamara's addition to the Board continues to strengthen the team and the Company as a whole."
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Common Shares in any jurisdiction in which such offer or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
Resumption of Heavy Equipment Exploration Activities
As a result of a reduction of the Fire Weather Index in the area of the Company's
Keith Boyle, Chief Executive Officer, stated: "The Fire Weather Index across
About New Found Gold Corp.
New Found Gold holds a
The Company has completed an initial mineral resource estimate ("MRE") and preliminary economic assessment ("PEA") at Queensway (see New Found Gold news release dated March 24, 2025 and July 21, 2025).
Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential of the 175,450 ha project that covers a 110 km strike extent along two prospective fault zones.
New Found Gold has a new management team in place, a solid shareholder base, which includes a
Keith Boyle, P.Eng.
Chief Executive Officer
New Found Gold Corp.
Contact:
For further information on New Found Gold, please visit the Company's website at www.newfoundgold.ca, contact us through our investor inquiry form at https://newfoundgold.ca/contact/
Follow us on social media at https://www.linkedin.com/company/newfound-gold-corp https://x.com/newfoundgold
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Statement Cautions
This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating the Private Placement, including the timing of closing thereof, if at all; and the approval by the TSXV and authorization of the NYSE American of the Private Placement. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "encouraging", "pending", "potential", "goal", "objective", "opportunity", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward- looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV or the NYSE American, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward- looking statements include risks associated with the Company's receiving all the approvals necessary for completion of the Private Placement and the timing of such approvals. The reader is urged to refer to the Company's Annual Information Form and Management's discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.
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SOURCE New Found Gold Corp.
FAQ
Who is the new board member appointed to New Found Gold (NFGC) in August 2025?
What is the size and price of New Found Gold's private placement announced in August 2025?
Why did New Found Gold temporarily suspend exploration activities at Queensway in 2025?
Who will become a Control Person of New Found Gold following the private placement?
What exploration activities are resuming at New Found Gold's Queensway Project?
