New Found Gold Closes Bought Deal Financing Including Full Exercise of Underwriters' Over-Allotment Option for Gross Proceeds of $115M

The most recent news release dated April 27, 2026, confirms the closing of a previously announced bought-deal financing. The company raised aggregate gross proceeds of $115,055,200 CAD by issuing 43,940,000 common shares at $2.96 per share. This offering included the full exercise of an over-allotment option (totaling 5,070,000 additional shares). The funds are earmarked for advancing the Queensway Gold Project and general corporate working capital. Key participants in this financing include EdgePoint Investment Group Inc. and Eric Sprott, who maintains an approximate 19% shareholding. This closing follows the April 20, 2026 announcement of a broader $205 million finance package (comprising $100 million equity bought deal + $105 million senior secured credit facility).

The closing of this financing is classified as Routine - Positive. While securing capital for the Queensway Phase 1 development is critical, the terms and existence of the deal were fully disclosed in the April 20, 2026 announcement. The market had already priced in the dilution associated with the $100 million base offering. The exercise of the full over-allotment option signals strong institutional demand at the $2.96 price point, which is a positive indicator for liquidity and investor confidence. However, it does not constitute "new" information that fundamentally alters the investment thesis beyond what was already known from the April 20 announcement. It confirms execution of the capital raise required to move Queensway toward its H2 2027 production target.

New Found Gold Corp. is an emerging Canadian gold producer formed through the November 2025 acquisition of Maritime Resources Corp. The company now controls two Tier-1 Newfoundland assets: * Queensway Gold Project: The flagship development project, targeting Phase 1 production in H2/27 via off-site toll milling at the Pine Cove Mill. It features high-grade near-surface mineralization (e.g., Dropkick Zone) with a PEA showing an NPV5% of C$743M and IRR of 56.3%. * Hammerdown Gold Project: A production-ready asset targeting commercial gold production in H2/26. It has a PEA indicating an NPV5% of US$199.2M and average annual production of ~19.3 koz Au over a 13-year life. * Infrastructure: The company owns the fully permitted Pine Cove Mill and Nugget Pond Hydrometallurgical Gold Plant, providing significant operational synergies between the two projects.