New Found Gold Engages Project Finance Advisor for the Queensway Gold Project

Rhea-AI Summary

New Found Gold (TSXV: NFG, NYSE American: NFGC) engaged Cutfield Freeman & Co. Ltd. as project finance advisor for the Queensway Gold Project in Newfoundland and Labrador.

CF&Co will evaluate financing alternatives, act as the primary contact with financiers, manage due diligence with short-listed lenders and advise management and the board on final financing selection. The company referenced the 2025 Preliminary Economic Assessment and noted a $155 million initial capital expenditure to fund Phase 1 production currently targeted for H2/27.

Positive

• Engaged CF&Co as specialist project finance advisor
• $155 million defined initial capex for Phase 1
• Phase 1 production target: H2/27

Negative

• Requirement to secure $155 million project financing
• Timing dependency: Phase 1 financing needed before H2/27

News Market Reaction

+5.70%

5 alerts

+5.70% News Effect

+$44M Valuation Impact

$821M Market Cap

0.1x Rel. Volume

On the day this news was published, NFGC gained 5.70%, reflecting a notable positive market reaction. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $44M to the company's valuation, bringing the market cap to $821M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Initial capex: $155 million Phase 1 target start: H2/27

2 metrics

Initial capex $155 million Required to fund Queensway Phase 1 production per 2025 PEA

Phase 1 target start H2/27 Targeted start of Queensway Phase 1 production

Market Reality Check

Price: $3.35 Vol: Volume 1,714,624 is 2% ab...

normal vol

$3.35 Last Close

Volume Volume 1,714,624 is 2% above the 20-day average of 1,683,401. normal

Technical Price 2.83 is trading above the 200-day MA at 1.74, reflecting a pre-existing uptrend.

Peers on Argus

Key gold peers like CMCL, GAU, GROY and IDR show positive moves (up to 8.58%), w...

Key gold peers like CMCL, GAU, GROY and IDR show positive moves (up to 8.58%), which broadly supports a constructive gold backdrop even though scanners did not flag a coordinated sector momentum move for NFGC.

Historical Context

5 past events · Latest: Dec 05 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 05	Project expansion	Positive	+3.3%	Completed Queensway expansion via claim acquisition and equity-based consideration.
Dec 01	Drill results	Positive	+18.3%	Reported high-grade near-surface intercepts from Keats grade control drilling.
Nov 28	Project financing	Positive	+5.7%	Engaged specialist advisor to structure financing for Queensway development.
Nov 19	Drill results	Positive	+2.3%	Released infill and expansion drilling results from K2 and Jackpot zones.
Nov 13	Ownership change	Neutral	-4.7%	Eric Sprott’s NFGC ownership updated following Maritime Resources arrangement.

Pattern Detected

Recent Queensway-focused news (drilling, expansion, project finance) has generally been followed by positive price reactions, suggesting the stock has rewarded operational and development milestones.

Recent Company History

Over the last month, New Found Gold issued several Queensway-centered updates. On Nov 13, 2025, Eric Sprott’s stake increased via securities received in the Maritime Resources transaction. Subsequent drilling updates on Nov 19 and Dec 1 highlighted high-grade intercepts and infill results, both followed by gains. The Nov 28 engagement of a project finance advisor and the Dec 5 Queensway expansion also coincided with positive moves, framing today’s financing-strategy news within a steady de-risking and growth narrative.

Market Pulse Summary

The stock moved +5.7% in the session following this news. A strong positive reaction aligns with the...

Analysis

The stock moved +5.7% in the session following this news. A strong positive reaction aligns with the company’s pattern of gains following Queensway milestones, as seen after drilling and expansion updates with moves up to 18.26%. Structuring financing for the $155 million initial capex may have reinforced confidence in advancing Phase 1 toward the H2/27 target. However, past ownership-related news showed a negative reaction, underscoring that funding structure and future capital decisions could still influence sustainability of any rally.

Key Terms

project finance, debt instrument, due diligence, preliminary economic assessment

4 terms

project finance financial

"engaged Cutfield Freeman & Co. Ltd. ... to act as its project finance advisor"

Project finance is a way to fund a single, large undertaking — like a power plant or toll road — where lenders are repaid mainly from the project’s own future cash flows and the project is run through a separate company to keep its money and risks separate. For investors, this structure concentrates risk and reward around that specific asset, so returns and credit exposure depend more on the project’s success than on its sponsors, making careful assessment of cash flow forecasts and contracts crucial.

debt instrument financial

"with a variety of financiers and debt instrument providers, manage the"

A debt instrument is a written promise that someone—like a company or government—has borrowed money and will pay it back with interest over time; common examples include bonds, loans and notes. For investors it matters because these instruments provide predictable income and reveal the borrower’s ability to meet obligations, so they influence risk, expected return and where a lender stands relative to other creditors if the borrower gets into trouble. Think of it as a formal IOU that can be bought, sold or held for steady payments.

due diligence financial

"manage the due diligence process with short-listed financiers and advise"

Due diligence is the careful investigation and analysis someone conducts before making a decision, such as investing money or entering into an agreement. It’s like researching thoroughly before buying a used car to ensure it’s in good condition; this helps prevent surprises and makes informed choices. For investors, due diligence reduces risk by verifying details and understanding what they’re getting into.

preliminary economic assessment technical

"As indicated in Queensway's 2025 Preliminary Economic Assessment, the Company"

A preliminary economic assessment is an initial analysis that estimates the potential profitability and feasibility of a project or resource, such as a new mineral deposit or development venture. It provides a rough idea of costs, benefits, and risks, helping investors decide whether to pursue more detailed studies. This early evaluation is important because it offers a snapshot of whether the project is worth further investment and development.

AI-generated analysis. Not financial advice.

Vancouver, British Columbia--(Newsfile Corp. - November 28, 2025) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold" or the "Company") is pleased to announce that it has engaged Cutfield Freeman & Co. Ltd. ("CF&Co"), an independent global mining finance advisory firm, to act as its project finance advisor.

CF&Co will advise New Found Gold management on developing and implementing project finance strategies for the Queensway Gold Project ("Queensway"), located in Newfoundland and Labrador, Canada. As part of its mandate, CF&Co will assist in evaluating financing alternatives that may be available, act as point of contact with a variety of financiers and debt instrument providers, manage the due diligence process with short-listed financiers and advise management and the Company's board of directors on the final selection of financing alternatives.

Keith Boyle, CEO commented, "I am pleased to announce that we are working with CF&Co, a leading global mining finance firm with expertise in selecting optimal financing packages for the development and construction of mining projects. As indicated in Queensway's 2025 Preliminary Economic Assessment, the Company will be evaluating financing options for the $155 million initial capital expenditure required to fund Phase 1 production, currently targeted for H2/27."

About New Found Gold Corp.

New Found Gold is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The Company holds a 100% interest in Queensway, as well as the recently acquired Hammerdown Operation, Pine Cove Operation and Nugget Pond Hydrometallurgical Gold Plant. The Company is currently focused on advancing Queensway to production and bringing the Hammerdown Operation into steady-state gold production.

In July 2025, the Company completed a PEA at Queensway (see New Found Gold press release dated 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 that covers a +110 km strike extent along two prospective fault zones at Queensway.

New Found Gold has a new board of directors and management team and a solid shareholder base which includes cornerstone investor Eric Sprott. The Company is focused on growth and value creation.

Keith Boyle, P.Eng.
Chief Executive Officer
New Found Gold Corp.

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, P. Geo., President, and a Qualified Person as defined under National Instrument 43-101. Ms. Render consents to the publication of this press release, by New Found Gold. Ms. Render certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

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/ or contact:

Fiona Childe, Ph.D., P.Geo.
Vice President, Communications and Corporate Development
Phone: +1 (416) 910-4653
Email: contact@newfoundgold.ca

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 release.

Forward-Looking Statement Cautions

This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to CF&Co's engagement to act as the Company's project finance advisor to advise the Company's management on developing and implementing project finance strategies for Queensway, assist in evaluating financing alternatives that may be available, act as point of contact with financiers and debt instrument providers, manage the due diligence with short-listed financiers and advise management and the Company's board of directors on the final selection of financing alternatives; statements related to the selection of optimal financing packages for the development and construction of the Company's mining projects; and the planned evaluation of financing options for the $155 million initial capital expenditure required to fund Phase 1 production, currently targeted for H2/27. 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 TSX Venture Exchange, 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 possible accidents and other risks associated with mineral exploration operations, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276219

FAQ

What did New Found Gold announce on November 28, 2025 regarding Queensway financing (NFGC)?

New Found Gold engaged Cutfield Freeman & Co. as project finance advisor to evaluate financing alternatives for Queensway.

How much initial capital expenditure does Queensway require according to the 2025 PEA (NFGC)?

The 2025 Preliminary Economic Assessment cites a $155 million initial capital expenditure for Phase 1.

When is Phase 1 production at Queensway targeted (NFGC)?

Phase 1 production is currently targeted for H2/27.

What will Cutfield Freeman & Co. do for New Found Gold (NFGC)?

CF&Co will advise on project finance strategies, contact financiers, manage due diligence and advise on final financing selection.

Will engaging a project finance advisor affect NFGC shareholders immediately?

The engagement itself is advisory; any shareholder impact depends on future chosen financing options and terms.