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New Found Gold Completes Queensway Gold Project Expansion; Grants Restricted Share Units
Vancouver, British Columbia--(Newsfile Corp. - December 5, 2025) - New Found Gold Corp.  (T...
About this update from New Found Gold Corp
[{"type":"text","content":"New Found Gold Completes Queensway Gold Project Expansion; Grants Restricted Share UnitsVancouver, British Columbia--(Newsfile Corp. - December 5, 2025) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) (\"New Found Gold\" or the \"Company\") is pleased to announce the Company has successfully completed its previously announced acquisition (the \"Acquisition\") of a 100% interest in certain mineral claims in Newfoundland and Labrador previously held by Exploits Discovery Corp. (\"Exploits\") (the \"Claims\"). The Claims adjoin New Found Gold's Queensway Gold Project (\"Queensway\" or the \"Project\") and increases the size of the Project by up to 31%, to a total of 230,225 hectares. Keith Boyle, CEO of New Found Gold, commented, \"With the Queensway expansion, New Found Gold has consolidated a district-scale land package encompassing over 110 kilometres of strike along two major fault zones, the Appleton and the JBP. With our focused work over the past several years on a 5 kilometre segment of the Appleton, we have outlined a significant initial mineral resource with robust preliminary economics at the AFZ Core. New discoveries at depth and along strike demonstrates the camp-scale potential at Queensway. We look forward to commencing exploration on our new landholdings, beginning with drill testing of areas immediately to the northeast and along strike from the AFZ Core.\"As consideration for the Claims, the Company (i) issued 2,821,556 common shares of the Company (the \"Shares\") to Exploits; (ii) granted to Exploits a 1% NSR Royalty (as defined below); and (iii) within 10 business days following a positive final determination by the Supreme Court of Newfoundland and Labrador with respect to certain disputed mineral claims, will issue 725,543 Shares to Exploits (\"the \"Contingent Shares\"). As partial consideration for the Claims, the Company granted to Exploits a 1.0% net smelter returns royalty on certain of the mineral claims (the \"NSR Royalty\") on the products derived from certain of the mineral licenses forming part of the Claims pursuant to a royalty agreement (the \"Royalty Agreement\"). For three years from the date of the Royalty Agreement, New Found Gold retains the right and option to purchase 0.5% of the NSR Royalty for a price equal to CDN$750,000.Grant of Restricted Share UnitsThe Company anno...