Canada's New Found Gold to acquire remaining shares in Maritime Resources Corporation

Canadian companies New Found Gold Corporation (NFGC) and Maritime Resources Corporation (MRC) have entered into a definitive agreement, pursuant to which NFGC has agreed to acquire all of the issued and outstanding common shares of MRC that it does not already own by way of a plan of arrangement.

The transaction will create a multi-asset near-term gold producer in a tier one jurisdiction, "with significant regional synergies across its portfolio, NFGC said in a press release.

Both NFGC's Queensway Gold Project and MRC's Hammerdown Gold Project are located in central Newfoundland. NFGC delivered a positive preliminary economic assessment (PEA) for Queensway in July 2025 and is targeting phase one production from a low capital-intensive high-grade core in 2027.

Hammerdown, located 180 kilometres northwest of Queensway, is targeted to ramp up to full production in early 2026.

NFGC expects the combined entity will create "significant operational synergies" through available infrastructure, including the Pine Cove Mill and the Nugget Pond Hydrometallurgical Gold Plant, and anticipated cash flow from Hammerdown once in full production to support Queensway's development.

"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," said Keith Boyle, CEO and Director of NFGC. "This acquisition positions New Found Gold as an emerging producer with gold production expected to commence next year."

"Bringing the two company's assets together will unlock operational synergies, generating cash flow by utilising both Maritime [Resources] gold plants to fund future growth at Hammerdown, Queensway, and aggressive exploration across all land holdings," added Garett Macdonald, President, CEO and Director of MRC.

Under the terms of the arrangement agreement, each holder of the common shares of MRC will receive 0.75 of an NFGC common share in exchange for each MRC share at the effective time of the transaction.

NFGC currently owns approximately 0.1 per cent of MRC shares. At closing of the transaction, existing NFGC and MRC shareholders will own approximately 69 per cent and 31 per cent, respectively, of the pro forma company on a fully-diluted in-the-money basis.