New Found Gold (NFGC) Stock News

New Found Gold (NYSE-A: NFGC) has announced a temporary suspension of heavy equipment exploration activities at its Queensway Gold Project in Newfoundland and Labrador, Canada, due to extreme forest fire risks in the region. The suspension affects drilling, mulching, and excavating operations in or near forested areas.

The decision comes as the Fire Weather index across Newfoundland is classified as Extreme or Very High, with several major fires currently burning in the province. CEO Keith Boyle expressed solidarity with local communities and gratitude to firefighters battling the blazes.

New Found Gold (NYSE-A: NFGC) has announced a Preliminary Economic Assessment (PEA) for its Queensway Gold Project in Newfoundland, Canada, outlining a 15-year mine life with total production of 1.5 million ounces of gold.

The project will be developed in three phases: Phase 1 requires $155 million initial capital for a small open-pit mine producing 69.3koz Au annually at US$1,282/oz AISC (Years 1-4). Phase 2 involves $442 million growth capital to expand production to 172.2koz Au annually at US$1,090/oz AISC (Years 5-9). Phase 3 adds underground mining operations.

The PEA demonstrates strong economics with an after-tax NPV(5%) of $743 million and IRR of 56.3% at US$2,500/oz gold. The project shows significant leverage to gold prices, with NPV increasing to $1.45 billion at US$3,300/oz gold. Initial production is targeted for 2027, pending regulatory approval.

New Found Gold (NYSE-A: NFGC) has announced significant drill results from its 2025 Work Program at the 100%-owned Queensway Gold Project in Newfoundland and Labrador. The drilling program revealed impressive high-grade gold intersections at the Keats West zone, including 55.0 g/t Au over 35.05m, 20.7 g/t Au over 18.05m, and 15.4 g/t Au over 16.70m.

The results confirm the continuity of multiple high-grade gold domains within Keats West, which has a mineralized footprint of 315m wide by 305m long. The mineralization starts at surface and extends to depths of 150m vertical. The company also identified new gold mineralization regions within the proposed Keats West open pit that are currently outside the mineral resource estimate (MRE) block model.

New Found Gold plans to continue infill drilling in H2/25, targeting remaining lower-grade material domains and expansion drilling in new mineralized areas. A preliminary economic assessment (PEA) is ongoing with completion targeted for early Q3/25.

New Found Gold Corp. (TSX-V: NFG, NYSE-A: NFGC) has expanded its 2025 Work Program at the Queensway Gold Project in Newfoundland and Labrador. The program includes a 70,000-meter diamond drill campaign, with 11,750m already completed using five drill rigs. The work plan allocates 80% to resource definition and pre-development, while 20% focuses on exploration. The AFZ Core excavation program is progressing, with Iceberg excavation channel sampling 80% complete. Notable exploration results from the Dropkick zone include high-grade gold intersections of up to 89.5 g/t Au. The company is advancing engineering studies, including a PEA scheduled for late Q2/25, metallurgical testing, and environmental baseline studies for future permitting.

New Found Gold Corp (NFGC) has successfully closed the second and final tranche of its C$63 million bought deal financing. The offering included 24.61 million charity flow-through common shares at C$2.29 per share and 4.37 million common shares at C$1.63 per share. The second tranche consisted of 9.345 million charity flow-through shares, raising C$21.4 million. Notable investor Eric Sprott maintained his 19% shareholding through participation. The proceeds will fund Canadian exploration expenses at the Queensway Gold Project before December 31, 2026. The offering was led by BMO Capital Markets and SCP Resource Finance LP, with underwriters receiving a total fee of C$526,413.75.

New Found Gold Corp (NFGC) has closed the first tranche of its C$56M bought deal financing, raising C$42M through the issuance of 15,265,000 charity flow-through shares at C$2.29 per share and 4,370,000 common shares at C$1.63 per share. The second tranche, expected to close around June 12, 2025, will raise an additional C$14M through 6,135,000 charity flow-through shares. Notable investor Eric Sprott plans to maintain his 19% stake. The proceeds from flow-through shares will fund Canadian exploration expenses at the Queensway Gold Project before December 31, 2026, while common share proceeds will support project advancement and working capital. The offering was led by BMO Capital Markets and SCP Resource Finance LP, with underwriters receiving a 5.25% fee on general sales and 1% on President's List Sales.

New Found Gold Corp. (TSX-V: NFG, NYSE-A: NFGC) has expanded its previously announced bought deal financing to C$56 million, adding a new hard dollar tranche of 4,370,000 common shares at C$1.63 per share. The offering includes 21,400,000 charity flow-through common shares at C$2.29 per share. Additionally, the company plans a non-brokered private placement of up to 12,269,939 common shares at C$1.63 per share for C$20 million. Notable investor Eric Sprott intends to participate in both offerings to maintain and increase his shareholding above 20%. The proceeds will advance the Queensway Gold Project, with flow-through funds specifically allocated for Canadian exploration expenses to be renounced by December 31, 2025.

New Found Gold Corp (TSX-V: NFG, NYSE-A: NFGC) has announced a significant financing package totaling approximately C$69 million, consisting of two components: a C$49 million bought deal financing of charity flow-through shares and a C$20 million private placement. The bought deal involves 21,400,000 charity flow-through common shares at C$2.29 per share, with an additional 15% over-allotment option. The private placement will offer up to 12,269,939 non-flow-through common shares at C$1.63 per share. Strategic investor Eric Sprott intends to participate in both offerings to increase his ownership beyond 20%, becoming a new Control Person. The proceeds will advance the Queensway Gold Project to development stage, with the flow-through funds specifically allocated for Canadian exploration expenses to be renounced by December 31, 2025.

New Found Gold (NYSE-A: NFGC) reported significant drill results from its Queensway Gold Project in Newfoundland and Labrador. The company announced high-grade gold intersections at the Dropkick zone, including 42.8 g/t Au over 14.95m, 47.6 g/t Au over 3.95m, and 22.9 g/t Au over 2.40m. The Dropkick mineralization has been extended to a 580m strike length and remains open in all directions. A new mineralization domain was discovered east of the Appleton Fault Zone (AFZ), yielding 5.30 g/t Au over 15.20m. At the Pistachio zone, drilling intersected 5.34 g/t Au over 7.30m, extending high-grade mineralization by 40m down-dip. The company has completed its 2024 exploration program totaling 89,974m in 271 diamond drill holes, with follow-up drilling at Dropkick planned for June 2025.