New Found Gold has announced a definitive agreement to acquire Maritime Resources and form an emerging Canadian gold producer.
The estimated value of the transaction in terms of equity is around C$292m ($211.1m), considering all in-the-money options and fully diluted shares.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The transaction, structured as a plan of arrangement, will see New Found Gold acquiring all outstanding common shares of Maritime that it does not already own.
The merger is set to establish a multi-asset, near-term gold producer in a tier-one jurisdiction, leveraging significant regional synergies across both companies’ portfolios.
Under the terms of the Arrangement Agreement, Maritime shareholders will receive 0.75 of a New Found Gold common share for each Maritime share at the time of the transaction’s effective date.
With New Found Gold currently holding around 0.1% of Maritime shares, the post-transaction ownership will be approximately 69% for New Found Gold shareholders and 31% for Maritime shareholders.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataNew Found Gold’s Queensway Gold Project and Maritime’s Hammerdown Gold Project, both situated in central Newfoundland, Canada, are central to this strategic consolidation.
The Queensway project, which received a positive preliminary economic assessment (PEA) in July 2025, is on track to commence phase one production in 2027. The Hammerdown project, located 180km north-west of Queensway, aims to reach full production by early 2026.
The combined entity is expected to benefit from shared infrastructure such as the Pine Cove Mill and Nugget Pond Hydrometallurgical Gold Plant, with the anticipated cash flow from Hammerdown set to support the development of Queensway.
New Found Gold CEO and director Keith Boyle said: “This acquisition positions New Found Gold as an emerging producer with gold production expected to commence next year.
“The synergies obtained by this combination de-risks Queensway, providing access to a milling facility and near-term cash flow to support phase one development, setting the stage for Queensway to commence production in 2027.”
The transaction, subject to court approval and a vote by Maritime shareholders and option holders, is expected to be finalised in the fourth quarter of 2025.
The Maritime shares are set to be delisted from the TSX Venture Exchange following the transaction’s close.
Upon completion, the number of issued and outstanding New Found Gold shares is projected to be 335.93 million.
Maritime Resources president CEO and director Garett Macdonald said: “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 utilising both Maritime gold plants to fund future growth at Hammerdown, Queensway, and aggressive exploration across all land holdings.”
BMO Capital Markets and Blake, Cassels & Graydon are advising New Found Gold, while SCP Resource Finance, Osler, Hoskin & Harcourt, Canaccord Genuity and Paradigm Capital are advising Maritime.
In April last year, New Found Gold acquired the Kingsway Project in Newfoundland and Labrador from Labrador Gold for C$20m.
