New Found Gold Corp. Secures $70M Funding and Advances Queensway Project

New Found Gold Corp. has successfully drawn $70 million under its $105 million senior secured credit facility with EdgePoint Investment Group Inc. This funding, combined with a recent $115 million equity financing, fully finances the Queensway Phase 1 development and construction, targeting production by late 2027. The company issued warrants to EdgePoint as part of the agreement. The funds will be used for general corporate purposes, including the development of the Queensway and Hammerdown gold projects. EdgePoint has also committed an additional $35 million, subject to certain conditions. Separately, the company disclosed that its independent auditor included a going concern qualification in its report for the fiscal year ended December 31, 2025, indicating substantial doubt about its ability to continue as a going concern. This disclosure is made to comply with exchange regulations and does not alter the previously filed annual report.