Canadian businessman and investor Eric Sprott invested $20 million in New Found Gold through a private placement, increasing his ownership from 19.0% to 23.1% and becoming New Found Gold’s largest shareholder and control person.
This strategic move signals strong confidence in the Queensway Gold Project, a 1,754.5 sq. km (175,450-hectare) district in Newfoundland with ongoing drilling revealing new gold zones.
Keith Boyle, CEO of New Found Gold, commented, “On behalf of the company, I would like to thank Mr. Sprott for his continued support as New Found Gold’s largest shareholder. His participation in both the private placement and our bought deal financing that closed in June, 2025 reflects his confidence in the project, the new leadership team and our strategy going forward. The proceeds from the private placement support the advancement of Queensway’s key milestones and further position us on the path to production.”
The project benefits from a Tier 1 jurisdiction with solid infrastructure and skilled workers, reducing development risks. Having completed initial mineral resource estimates and economic assessments, the company is well-positioned to advance key milestones with the new capital. The funding supports exploration, project development, and progressing toward production.
Sprott’s involvement highlights long-term commitment and provides the company with valuable industry connections. The investment was structured efficiently as a non-brokered private placement, with shares held for four months and one day, ensuring swift deployment of funds.
Management emphasizes the importance of this capital in accelerating project milestones and reducing financing risks. The focus remains on expanding resources and moving toward production, supported by a stable jurisdiction and a strong financial base.
The Queensway project’s large scale and recent positive drilling results underscore its district-wide potential. With operational advantages in Newfoundland, the company aims to grow its resource base and reduce exploration risks. Sprott’s continued backing reflects market confidence, solidifying New Found Gold’s position in the sector and offering investors exposure to a promising gold exploration story.
