New Found Gold secures $150M for first phase of Queensway project

Staff Writer | April 20, 2026 | 5:46 am Markets Canada Gold

New Found Gold’s geologists at the Queensway Gold Project. Credit: Tamer Elbokl

Canadian explorer New Found Gold (TSXV: NFG; NYSE-A: NFGC) has secured C$205 million ($150 million) in financing to support the development of its Queensway project in Newfoundland and Labrador.

The package comprises a C$100 million equity financing and a C$105 million credit facility. New investor EdgePoint Investment Group led both components, while long-time shareholder Eric Sprott anchored the equity portion.

Under the equity offering, the company sold 33.8 million shares at C$2.96 apiece to a syndicate of underwriters led by BMO Capital Markets and SCP Resource Finance. The credit facility, meanwhile, will be advanced in two tranches (C$70 million initially and C$35 million upon satisfaction of certain conditions), and will bear interest at 8.75% annually and have a three-year term.

“We are pleased to announce this comprehensive finance package, consisting of an at-market equity bought deal financing and a senior secured credit facility at superior terms to those previously contemplated,” New Found Gold CEO Keith Boyle said in a press release on Monday.

New Found Gold stock moved little on the announcement, trading just short of C$3 a share in Toronto. The company has a market capitalization of over C$1 billion ($731 million).

Proceeds from the funding are expected to fund the company’s flagship Queensway gold project, which it brought to the preliminary economic assessment (PEA) stage last year. The PEA, released in July, envisioned a 15-year gold operation producing a total of 1.5 million oz. Production is expected to occur in two phases, with the first phase scheduled to begin in 2027.

“With today’s announcement, we have secured funding for the initial capital expenditures required to bring our flagship Queensway gold project-Phase I into production, in line with our development schedule,” Boyle said.

According to the PEA, the first phase of the project — spanning years 1 through 4 — has an estimated initial capital cost of C$155 million, while the second expansion phase would cost C$442 million.