New Found Gold Corp. has officially announced an agreement with Maritime Resources Corp. to acquire the latter’s issued and outstanding common shares.
According to certain reports, this particular deal will conceive a multi-asset near-term gold producer in a tier 1 jurisdiction, boasting significant regional synergies across its portfolio. You see, New Found Gold delivered a positive preliminary economic assessment for its Queensway project in July 2025 and is targeting Phase I production from a low capital-intensive high-grade core in 2027.
On the other hand, Maritime’s Hammerdown Gold Project, located 180 kilometres northwest of Queensway, is targeted to ramp up to full production in early 2026.
All in all, the combined entity will create significant operational synergies through available infrastructure, including the Pine Cove Mill and the Nugget Pond Hydrometallurgical Gold Plant.
More on the given agreement would reveal how, under the agreed conditions, each holder of the common shares of Maritime will receive 0.75 of a New Found Gold common share. As a result, existing New Found Gold and Maritime shareholders will own approximately 69% and 31%, respectively, of the pro forma company on a fully-diluted in-the-money basis.
Markedly enough, this Exchange Ratio implies a premium of 32% based on the 20-day VWAP of Maritime Shares on the TSX Venture Exchange as at September 4, 2025, the last trading day before announcement of the transaction, and a premium of 56% to the closing price of Maritime Shares on July 30, 2025, the last trading day prior to a letter of intent between the parties.
“This transaction provides Maritime shareholders with a near-term premium offer and a longer-term opportunity to be part of a much larger Canadian gold story. Bringing the two company’s assets together will unlock operational synergies, generating cash flow by utilizing both Maritime gold plants to fund future growth at Hammerdown, Queensway, and aggressive exploration across all land holdings. This transaction recognizes the significant efforts of Maritime’s team to bring Hammerdown online and provides an excellent outcome for Maritime shareholders,” said Garett Macdonald, President, CEO and Director of Maritime.
Talk about the deal’s ripple effects, we begin from the access to Hammerdown, a high-grade, near-term producing gold project. For better understanding, if we go by a feasibility study conducted in 2022, Hammerdown boasts 50,000 ounces of annual gold production at an all-in sustaining cost of US$912/oz Au.
Not just that, Hammerdown’s cash flow will also go a long distance to support Queensway development.
Both these elements, as well as increased scale and capital markets presence should also pave the way for significant re-valuation opportunity.
Turning our attention towards the benefits coming into play for Maritime shareholders, they include exposure to two high-quality assets in a Tier 1 jurisdiction. In essence, Maritime shareholders retain exposure to Hammerdown, while simultaneously gaining exposure to New Found Gold’s high-grade, low capex Queensway, with initial production targeted for 2027.
Moving on, they can also come expecting improved visibility and trading liquidity. We get to say so because New Found Gold is a well-known, advanced exploration company listed on both the TSX Venture Exchange (NFG) and NYSE American (NFGC), with its shares enjoying high liquidity (volumes of ~$4 million per day over the last six months on Canadian and U.S. exchanges).
“From day one, 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. This acquisition positions New Found Gold as an emerging producer with gold production expected to commence next year. The synergies obtained by this combination derisks Queensway, providing access to a milling facility and near-term cash flow to support Phase I development. We look forward to the successful completion of this transaction and providing production guidance in due course,” said Keith Boyle, CEO and Director, New Found Gold.
