New Found Gold (NFG) Q4 2025 earnings summary

Executive summary

• Transitioned from an exploration company to a multi-asset emerging gold producer in 2025, highlighted by the acquisition of Maritime Resources Corp. and the commencement of gold production at Hammerdown and Pine Cove Mill.

• Completed key financings totaling $83.5M, strengthening liquidity and supporting project advancement.

• Published initial Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA) for Queensway, and updated PEA and MRE for Hammerdown, establishing robust technical and economic foundations.

Financial highlights

• Revenue of $5.8M recognized for the first time, generated from gold sales at Pine Cove Mill using Hammerdown ore (Nov 13–Dec 31, 2025).

• Net loss for 2025 was $47.6M, compared to $50.3M in 2024, reflecting ramp-up costs, exploration, and transaction expenses.

• Cash and cash equivalents at year-end were $58.8M, up from $22.3M in 2024, driven by equity financings and cash acquired in the Maritime transaction.

• Total assets increased to $536.1M (2024: $74.0M) and shareholders’ equity rose to $419.1M (2024: $66.6M) following the Maritime acquisition.

• Operating cash outflows for the year were $55.1M; capital expenditures and acquisitions were funded by $82.4M in financing inflows.

Outlook and guidance

• Focused on ramping up Hammerdown to commercial production and advancing Queensway toward a Phase I construction decision in late 2026, with first production targeted for late 2027.

• Ongoing exploration at Queensway aims to expand resources and support future growth.

• Entered into a non-binding term sheet for up to US$75M loan facility to finance Queensway development and Pine Cove Mill expansion.