Palisades Expands Nevada Gold Portfolio Through Acquisition of Undercover Gold by Made in America Gold Corp.

The most recent news, dated November 17, 2025, reports that Palisades Goldcorp Ltd. (PALI), a significant shareholder of New Found Gold Corp. (NFG), has expanded its Nevada gold portfolio. This expansion is through the acquisition of Undercover Gold Inc. by Palisades' 100%-owned subsidiary, Made in America Gold Corp. (MIAG).

Key details of this transaction include: - Acquisition Target: Undercover Gold Inc. - Consideration: Undercover Gold shareholders will receive a 10% equity interest in Made in America Gold Corp. - Implied Valuation: The transaction implies a valuation of US$25 million for Undercover Gold. - Properties Acquired: The acquisition includes the exploration-stage South Cortez and South Tonkin gold projects located in Nevada, USA. - Status: A non-binding Letter of Intent (LOI) has been signed, with a definitive share purchase agreement to be negotiated, targeting February 10, 2026, for completion. The transaction is subject to TSX Venture Exchange and other regulatory/third-party approvals. - Management Commentary: Justin Daley, CEO of Made in America Gold, stated that the consolidation strengthens their footprint in a productive North American gold trend. Alistair Waddell, Partner of NewQuest (representing Undercover Gold), noted that partnering with MIAG is a logical step for advancing the exploration assets within a larger, consolidated Nevada portfolio.

This news release concerns an acquisition made by Palisades Goldcorp Ltd., a shareholder of New Found Gold Corp., and its subsidiary. It is not direct operational or financial news pertaining to New Found Gold Corp. itself.

New Found Gold has recently undergone significant strategic changes, including completing a Preliminary Economic Assessment (PEA) for its Queensway Gold Project, substantial financings, and, most notably, the closing of the arrangement with Maritime Resources Corp. just days prior (November 13, 2025). The Maritime acquisition transforms New Found Gold into an "emerging Canadian gold producer" with near-term cash flow from the Hammerdown project intended to fund Queensway's development.

The current news highlights the continued strategic activity and growth within the portfolio of one of NFG's major shareholders (Palisades Goldcorp owns 15% of NFG, and Collin Kettell, NFG's founder and director, is also CEO of Palisades). While this indirectly reinforces the financial backing and strategic prowess of NFG's key investors, it does not directly alter NFG's financial position, operational plans for Queensway or Hammerdown, or its production outlook. It's a positive development for a related entity, indicating a healthy and active ecosystem around NFG, but it does not have a material direct impact on NFG's stock price or its core business operations.

Therefore, this news is classified as Routine - Neutral for New Found Gold Corp. It does not introduce new material information about NFG's projects or financial standing that would fundamentally change its investment thesis or warrant a significant re-rating of its stock.

New Found Gold Corp. (NFG) is a Canadian gold exploration and production company primarily focused on its 100%-owned Queensway Gold Project in Newfoundland and Labrador, Canada. Following the recent acquisition of Maritime Resources Corp., NFG has transitioned from an advanced-stage explorer to an "emerging Canadian gold producer" by adding Maritime's Hammerdown Gold Project.

Queensway Gold Project: - Location: Central Newfoundland, Canada, a Tier 1 jurisdiction with excellent infrastructure (Trans-Canada Highway, logging roads, high-voltage power lines, skilled local workforce) and a mining-positive government. - Project Size: Increased to 234,050 hectares (from 175,450 ha) with the acquisition of additional claims from Exploits Discovery Corp. This covers over 110 km strike extent along two prospective fault zones (Appleton Fault Zone and JBP Fault Zone). - Status: Development stage with ongoing aggressive exploration. - Mineral Resource Estimate (MRE - March 15, 2025): - Indicated: 18.0 Mt @ 2.40 g/t Au for 1.39 Moz Au. - Inferred: 10.7 Mt @ 1.77 g/t Au for 0.61 Moz Au. - Notably, 70% of initial MRE ounces are in the indicated category, with 73% of contained ounces and 24% of tonnage in high-grade veins (at 2 g/t Au cut-off, 887,000 oz indicated @ 7.16 g/t Au). - Preliminary Economic Assessment (PEA - July 21, 2025): - Phased Approach: Aims for low initial capital and rapid payback to fund subsequent growth. - Phase 1 (Years 1-4): Initial capital cost of C$155 million, average annual production of ~69.3 koz Au, All-In Sustaining Cost (AISC) of US$1,282/oz Au. Uses off-site toll milling for high-grade material. First production targeted Q3 2027. - Phase 2 (Years 5-9): Growth capital of C$442 million for an on-site processing plant, average annual production of ~172.2 koz Au, AISC of US$1,090/oz Au. Payback in less than one year. - Life of Mine (LOM): 15 years, total recovered gold of 1.5 Moz Au. - Economics (Base Case @ US$2,500/oz Au): After-tax NPV5% of C$743 million, IRR of 56.3%, payback less than 2 years. (Note: PEA is preliminary and includes inferred resources.) - Exploration Potential: Significant resource expansion potential, with gold mineralization remaining open along strike and at depth. Drilling has historically focused on less than 5% of the total strike extent. Recent drill results (e.g., Keats West, Dropkick, Dome, Golden Dome) consistently indicate high-grade mineralization at both near-surface and depth. - Metallurgy: Phase III metallurgical test work confirms high gold recovery (89.2% for Keats West sulphide samples) to a saleable concentrate.

Hammerdown Gold Project (acquired via Maritime Resources): - Location: Central Newfoundland, 180 km northwest of Queensway. - Status: Targeted to ramp up to full production in early 2026. - Reserves & Resources: Proven and Probable Reserves of 1.9 Mt @ 4.46 g/t Au for 272 koz Au. Total Measured + Indicated Resources of 2.9 Mt @ 3.63 g/t Au for 339 koz Au. - Production/Costs: Feasibility Study (2022) highlights 50,000 oz Au/year average production at an AISC of US$912/oz Au. - Infrastructure: Includes the Pine Cove Mill, providing offsite processing capabilities and synergies for Queensway. Fully permitted. - Strategic Importance: Provides near-term cash flow to de-risk and fund the development of the Queensway project, particularly Phase 2, reducing reliance on future equity financing.