Dundee Corporation completed a block‑trade sale of 24,480,000 units of New Found Gold Corp. (NFGC) common shares and warrants on December 8 2025. Each unit contains one NFGC share and a half‑share warrant exercisable at C$5.00 within 12 months. The transaction generated gross proceeds of C$97.92 million, with a potential upside of C$159.12 million if all warrants are exercised. The deal is scheduled to close on or about December 16 2025.
The sale reduces Dundee’s undiluted ownership in NFGC from 10.8 % to roughly 3.6 %. After the transaction, Dundee will retain 12,242,569 NFGC shares and 7,655,829 warrants. The proceeds will be deployed to strengthen Dundee’s liquidity and support its broader portfolio of mining assets, following a Q3 2025 earnings report that highlighted a jump in net earnings to $90.6 million from $7.3 million in Q3 2024.
For New Found Gold, the capital infusion provides a substantial boost to working capital and funding for the Queensway Gold Project. The company’s cash and cash equivalents rose to C$71.1 million in Q3 2025 from C$22.3 million at the end of 2024, while total assets fell to C$61.7 million from C$74 million. The proceeds will support exploration and development activities through 2026 as NFGC moves from an explorer to a producer, following the acquisition of the Hammerdown operation and Pine Cove mill in November 2025.
Gold prices have been on an upward trajectory, and NFGC’s share price has gained more than 74 % over the past year, reflecting investor confidence in the company’s high‑grade discoveries and production potential. The sale underscores that confidence, as Dundee’s retained warrants provide upside participation in any future appreciation of NFGC shares.
The transaction aligns with Dundee’s strategy of unlocking value in undervalued mining assets and redeploying capital to higher‑return opportunities. By monetizing a significant portion of its stake in NFGC, Dundee positions itself to pursue new acquisitions and strengthen its balance sheet for future growth.
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