- New Found Gold (TSXV:NFG) will acquire Maritime Resources (TSXV:MAE), creating a near-term central Newfoundland gold producer with synergistic projects
- Consideration implies a C$292 million valuation for Maritime
- Once closed, the transaction would expedite New Found Gold’s path to production from 2027 to early 2026
New Found Gold (TSXV:NFG) will acquire Maritime Resources (TSXV:MAE), creating a near-term central Newfoundland gold producer with synergistic projects.
This content has been prepared as part of a partnership with New Found Gold Corp. and Maritime Resources Corp., and is intended for informational purposes only.
New Found delivered a C$1.45 billion preliminary economic assessment for its Queensway project in July 2025 and is targeting initial production by 2027. The project is estimated to generate 1.5 million ounces of gold over a 15-year life-of-mine at all-in-sustaining costs (AISC) of only US$1,256 per ounce.
Maritime expects its flagship Hammerdown gold project, located 180 kilometres to the northwest of Queensway, to reach full production in early 2026 at AISC of only US$912 per ounce, backed by 272,000 ounces proven and probable and 330,000 ounces measured and indicated. A highlight intercept released in August delivered 51.2 grams per ton of gold over 0.97 metres.
The projects will benefit from shared infrastructure, including Maritime’s fully permitted and operational 1,300-ton-per-day Pine Cove mill and the 500-ton-per-day Nugget Pond hydrometallurgical plant, with near-term cash flow from Hammerdown expected to fund a significant percentage of Queensway’s capital expenditures.
Transaction details
Maritime shareholders will receive 0.75 New Found Gold shares for each share held, implying a C$292 million valuation, resulting in a 31 per cent/69 per cent split of the resulting company.
Consideration represents a 32 per cent premium to where Maritime shares traded on September 4, and a 56 per cent premium to the price on July 30, the day prior to signing the letter of intent to kick off acquisition discussions.
According to Friday’s news release, the transaction remains subject to shareholder, exchange and court approval, and is expected to close in Q4 2025.
Leadership insights
“From day one, the focus of our new board and management team has been to rapidly advance to cash flow and transform New Found Gold from an exploration company to a gold producer,” Keith Boyle, New Found Gold’s chief executive officer (CEO), said in a statement. “This acquisition positions New Found Gold as an emerging producer with gold production expected to commence next year. The synergies obtained by this combination de-risks Queensway, providing access to a milling facility and near-term cash flow to support phase-I development, setting the stage for Queensway to commence production in 2027. We look forward to the successful completion of this transaction and providing production guidance in due course.”
“This transaction provides Maritime shareholders with a near-term premium offer and a longer-term opportunity to be part of a much larger Canadian gold story,” added Garett Macdonald, Maritime Resources’ president and CEO. “Bringing the two company’s assets together will unlock operational synergies, generating cash flow by utilizing both Maritime gold plants to fund future growth at Hammerdown, Queensway and aggressive exploration across all land holdings. This transaction recognizes the significant efforts of Maritime’s team to bring Hammerdown online and provides an excellent outcome for Maritime shareholders.”
About New Found Gold
New Found Gold is a well-financed advanced-stage exploration company in Newfoundland and Labrador. Renowned mining investor Eric Sprott owns a 23.1 per cent position in the company.
New Found Gold stock (TSXV:NFG) last traded at C$2.60. The stock is down by 25.29 per cent year-over-year.
About Maritime Resources
Maritime Resources is a gold exploration and development company that controls more than 439 km2 of land in Newfoundland and Labrador.
Maritime Resources stock (TSXV:MAE) last traded at C$1.87. The stock has added 434.29 per cent year-over-year.
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