New Found Gold (NFG) Q2 2025 earnings summary

Executive summary

• Advanced exploration and development of the Queensway Gold Project in Newfoundland, with a focus on resource definition, expansion drilling, and pre-development studies.

• Completed initial Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA) in 2025, outlining a phased mine plan targeting first gold production in 2027.

• Acquired the Kingsway Project and additional royalty interests, expanding the land package and strike length along key gold-bearing fault zones.

• Raised $63.5 million in a bought deal equity financing and sold secured notes for $2.8 million, significantly increasing cash reserves.

Financial highlights

• Total assets increased to $113.1 million at June 30, 2025, from $74.0 million at December 31, 2024, driven by equity financing and asset sales.

• Cash and cash equivalents rose to $66.4 million from $22.3 million over the same period.

• Net loss for the six months ended June 30, 2025, was $19.5 million ($0.10 per share), down from $25.3 million ($0.13 per share) in the prior year period.

• Operating cash outflow for the six months was $18.7 million, reflecting ongoing exploration and development activities.

• Working capital surplus of $48.5 million as of June 30, 2025.

Outlook and guidance

• Plans to complete 70,000 meters of drilling in 2025, with 80% focused on resource definition and 20% on exploration.

• Advancing engineering, environmental, and permitting work to support a feasibility study in 2027 and targeted first production in Q3 2027.

• Estimated $250 million in expenditures required to advance the Queensway Project to production.

• Actively seeking additional financing to fund ongoing and future programs.