New Found Gold secures $150M funding for first phase of Queensway project

New Found Gold secured C$205 million (US$150m) to fund Phase I of its Queensway gold project via a C$100m bought-deal equity placement and a C$105m senior secured credit facility led by EdgePoint, with Eric Sprott anchoring the equity. The credit facility (C$70m initial, C$35m contingent) carries an 8.75% annual rate and a three-year term. The financing covers the PEA‑estimated initial capex for Phase I (C$155m) and supports a development schedule targeting first‑phase production in 2027. The company’s stock traded little on the news and has a market cap north of C$1bn. Market impact: the deal reduces project execution risk and funding uncertainty for Queensway but produced no immediate share rally; implications for broader gold prices are limited and mostly supportive over the medium term.