New Found Gold Corp. completed the acquisition of a 100 % interest in mineral claims held by Exploits Discovery Corp. on December 5 2025, adding 31 % to the Queensway Gold Project and bringing the total area to 230,225 hectares. The company’s prior land package was 175,600 hectares, so the purchase represents a substantial expansion of its district‑scale footprint.
The deal was financed with 2,821,556 common shares issued to Exploits and a 1 % net‑smelter‑returns (NSR) royalty. In addition, 725,543 contingent shares will be issued if a court determination on disputed mineral claims is positive. The NSR royalty includes an option for New Found Gold to buy back 0.5 % of the royalty for CDN$750,000 within three years, giving the company flexibility to adjust its royalty exposure.
Strategically, the acquisition consolidates more than 110 km of strike along the Appleton and JBP fault zones, the primary structural controls for gold mineralization in Newfoundland and Labrador. By securing claims immediately adjacent to the existing AFZ Core, New Found Gold unlocks new high‑grade drilling targets that could accelerate the project’s path to production. CEO Keith Boyle emphasized the importance of the expansion, noting that it “consolidates a district‑scale land package encompassing over 110 km of strike along two major fault zones, positioning the company to advance exploration and development in a Tier 1 jurisdiction.”
The Queensway Gold Project has already produced a preliminary economic assessment in July 2025 and a mineral resource estimate in March 2025. The land package expansion is expected to enhance the project’s resource base, improve economies of scale, and reduce exploration risk by providing a more contiguous and structurally coherent area for future drilling.
Overall, the acquisition strengthens New Found Gold’s competitive position in a highly regulated and infrastructure‑rich jurisdiction, while providing a clear pathway to bring the Queensway project closer to commercial production.
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