Dundee Corp. (NFGC) discloses 12.9% beneficial stake in New Found Gold

Rhea-AI Filing Summary

Dundee Corporation has filed a beneficial ownership report showing a significant stake in New Found Gold Corp. Dundee reports beneficial ownership of 44,378,398 common shares, representing 12.9% of the company’s common shares.

The position includes 36,722,569 common shares held directly and 7,655,829 additional common shares issuable within 60 days of November 13, 2025 upon exercise of warrants. Dundee states it has sole voting and dispositive power over all of these shares and certifies the holdings are not for the purpose of changing or influencing control of New Found Gold.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

New Found Gold Corp.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

64440N103

(CUSIP Number)

11/13/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 64440N103

1

Names of Reporting Persons

DUNDEE CORP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 44,378,398.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 44,378,398.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

44,378,398.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.9 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: 1. The number in Rows 5, 7 and 9 Includes (i) 36,722,569 Common Shares, no par value ("Common Shares"), of New Found Gold Corp. (the "Issuer") held of record by Dundee Corporation ("Dundee") and (ii) 7,655,829 Common Shares issuable, within 60 days of November 13, 2025, upon the exercise of warrants to purchase shares of Common Shares held of record by Dundee. 2. The percentage set forth in Row 13 is calculated based on 337,380,934 Common Shares of the Issuer outstanding as of November 13, 2025, plus 7,655,829 Common Shares issuable upon the exercise of warrants held of record by Dundee.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: New Found Gold Corp.
(b)	Address of issuer's principal executive offices: 20 ADELAIDE ST. E, SUITE 603, TORONTO, ONTARIO, CANADA, M5C 2T6.
Item 2.
(a)	Name of person filing: Dundee Corporation
(b)	Address or principal business office or, if none, residence: 80 Richmond Street West, Suite 2000, Toronto, Ontario, Canada M5H 2A4
(c)	Citizenship: Ontario, Canada
(d)	Title of class of securities: Common Shares, no par value
(e)	CUSIP No.: 64440N103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 44,378,398 Common Shares
(b)	Percent of class: 12.9%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 44,378,398 Common Shares
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 44,378,398 Common Shares
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

DUNDEE CORP

Signature:	Mark Pereira
Name/Title:	Vice President and Corporate Secretary
Date:	02/02/2026

FAQ

What percentage of New Found Gold Corp. (NFGC) does Dundee Corporation own?

Dundee Corporation reports beneficial ownership of 12.9% of New Found Gold Corp.’s common shares. This percentage is based on 337,380,934 common shares outstanding as of November 13, 2025, plus 7,655,829 shares issuable upon exercise of Dundee-held warrants.

How many New Found Gold Corp. (NFGC) shares does Dundee Corporation beneficially own?

Dundee Corporation beneficially owns 44,378,398 New Found Gold common shares. This includes 36,722,569 shares held of record and 7,655,829 additional shares issuable within 60 days of November 13, 2025 upon exercise of warrants held by Dundee.

What type of securities in New Found Gold Corp. (NFGC) does Dundee Corporation hold?

Dundee Corporation holds common shares with no par value of New Found Gold Corp., plus warrants. The warrants are exercisable into 7,655,829 common shares within 60 days of November 13, 2025, which are included in Dundee’s reported beneficial ownership.

Does Dundee Corporation control voting and disposition of its New Found Gold (NFGC) shares?

Yes. Dundee Corporation reports sole power to vote and dispose of 44,378,398 New Found Gold common shares. It reports zero shared voting power and zero shared dispositive power over the issuer’s securities in this ownership statement.

Is Dundee Corporation’s New Found Gold (NFGC) stake intended to influence control of the company?

Dundee Corporation certifies its New Found Gold securities were not acquired and are not held for the purpose of changing or influencing control of the issuer, nor in connection with any transaction having that purpose, other than activities solely related to a nomination under the specified proxy rule.

How is Dundee Corporation’s 12.9% ownership in New Found Gold (NFGC) calculated?

The 12.9% figure is based on 337,380,934 New Found Gold common shares outstanding as of November 13, 2025, plus 7,655,829 common shares issuable upon exercise of Dundee’s warrants. Dundee’s 44,378,398 beneficially owned shares are measured against this enlarged share count.