New Found Gold Secures $205M Queensway Production Financing
- New Found Gold has announced a comprehensive C$205M finance package comprising a C$100M bought deal equity financing and a C$105M senior secured credit facility, both anchored by EdgePoint Investment Group, with cornerstone investor Eric Sprott participating in the equity component.
- The package replaces a previously announced US$75M debt term sheet with Nebari Natural Resources Credit Fund II and is structured to fully fund the C$155M capital cost outlined in the Queensway PEA, with an overrun buffer built into the facility.
- EdgePoint, entering as both the lead lender and co-lead underwriter on the equity, is making its first meaningful position in New Found Gold at market price, signalling institutional conviction in the Queensway asset's near-term production economics.
- CEO Keith Boyle confirmed there has been no change to timing or strategy, with first production from Queensway still targeted for end of 2027, and construction expected to begin this summer following permit amendments and environmental assessment submission.
- With Hammerdown approaching commercial production in the second half of 2025 and Queensway projecting approximately 100,000 ounces per year at an all-in sustaining cost of around $1,300 per ounce in its first years of operation, management sees the company as positioned for a significant re-rate as it transitions from developer to producer.
u/GodMyShield777 — 20 hours ago