New Found Gold Completes C$63 Million Bought Deal Financing, Including Full Over-Allotment Exercise

VANCOUVER, BC, June 12, 2025 – In a move that underscores the continued bullish sentiment surrounding the precious metals market, New Found Gold Corp. (NFGC) has successfully closed the second and final tranche of its “bought deal” public offering. The Company, a key player in the gold exploration space, raised a total of C$63.48 million through the offering, signaling strong investor confidence in its Queensway Gold Project.

This latest financing round included the exercise of the underwriters’ over-allotment option, demonstrating the robust demand for New Found Gold’s shares. The second tranche, which finalized the offering, involved the sale of Charity Flow-Through Common Shares and common shares, generating gross proceeds of C$21.4 million.

This offering was completed under the underwriting agreement with key firms including BMO Capital Markets, SCP Resource Finance LP and others. A syndicate of underwriters played a crucial role in bringing this deal to fruition, highlighting the strength and reach of New Found Gold’s financial network, but with fees paid out of its own pocket.

Notably, Mr. Eric Sprott, a significant shareholder, participated in this second tranche, maintaining his approximately 19% stake in the company. This commitment from a major investor further validates the company’s strategic direction and the inherent value of its assets.

The success of this offering hinges on regulatory approvals, including final clearance from the TSX Venture Exchange.

The funds raised will be directed toward eligible Canadian exploration expenses, specifically earmarked for the Queensway Gold Project. These expenses, which qualify as “flow-through mining expenditures,” must be incurred by December 31, 2026, with all qualifying expenditures renounced in favor of subscribers by the end of 2025.

The offering was executed through a prospectus supplement across provinces and territories in Canada and a U.S. prospectus supplement, reflecting New Found Gold’s commitment to broader investor access. Detailed documents, including the prospectus supplement and related materials, are available on SEDAR+ and EDGAR, thus ensuring transparency for investors.

With insiders participating and Mr. Sprott being considered a “related party” due to his holdings, the specifics of this financing are well-documented through the company’s filings per regulatory requirements.

Notably, the company’s recent initiatives include an initial mineral resource estimate and a fully funded preliminary economic assessment is currently underway. Recent drilling is creating a buzz by yielding new gold zones, thus highlighting the massive potential for the 175,600-hectare property.

About New Found Gold

New Found Gold holds a 100% interest in Queensway, where a new management team and a supportive shareholder base are focused on growth and value creation.

The company is focused on growth and value creation at Queensway.

For more information, investors can view the company’s SEDAR+ at www.sedarplus.ca and EDGAR profiles at www.sec.gov.

Keith Boyle
Chief Executive Officer
New Found Gold Corp.

Forward-Looking Information

This release contains forward-looking statements. The company cautions that forward-looking statements are based on present beliefs and estimates and are subject to risks, including regulatory approvals, exploration plans, financial resources, and political and legal issues. Investors are encouraged to review relevant filings for a complete discussion of risk factors.

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SOURCE New Found Gold Corp.