NFGC · New Found Gold Corp.

New Found Gold's Q1 2026 marked its first full quarter as a gold producer following the November 2025 acquisition of Maritime Resources Corp. Revenue of $9.9 million was generated from the Hammerdown Gold Project, yielding $1.4 million in mine operating income. The net loss of $19.1 million widened from $8.9 million in Q1 2025, primarily due to a $12.6 million increase in exploration and evaluation expenses (driven by the Queensway drill program) and $3.4 million in losses on investments. The company ended the quarter with $37.9 million in cash and a working capital surplus of $40.0 million. Subsequent to quarter-end, New Found Gold completed a $220 million finance package: a $115 million bought deal equity offering at $2.96 per share (including full exercise of the over-allotment option) and a $105 million senior secured credit facility with EdgePoint at 8.75% interest. The credit facility includes a $70 million first tranche expected to be drawn before end of May 2026 and a $35 million second tranche available within 12 months. Proceeds will fund Queensway development and Hammerdown ramp-up. The company also advanced its Queensway project by awarding a Phase I EPCM contract to WSP Canada Inc. and submitting an Environmental Registration to the Newfoundland government. The Hammerdown PEA, released in February 2026, outlined an after-tax NPV5% of $199.2 million at a base case gold price of US$3,475/oz. Management's outlook focuses on declaring commercial production at Hammerdown in H2 2026, targeting a construction decision for Queensway Phase I in H2 2026 with first gold in H2 2027, and filing an updated Queensway technical report in mid-2026.