New Found to acquire Maritime Resources in $292 million deal
New Found Gold Corp. [NFG-TSXV] said it has struck a definitive deal to acquire all of the issued and outstanding shares of Maritime Resources Corp. [MAE-TSXV] it does not already own via a plan of arrangement.
Under the terms of the transaction, Maritime shareholders will each receive 0.75 of a New Found Gold share. New Found currently owns 0.1% of Maritime shares. The implied value of the deal is approximately $292 million. The exchange ratio implies a premium of 32%, based on the 20-day volume weighted average price of Maritime share on the TSX Venture Exchange as of September 4, 2025, and a premium of 56% to the closing price of Maritime shares on July 30, 2025.
The transaction will create a multi-asset near-term gold producer in Newfoundland with significant regional synergies across the portfolio. Both New Found’s Queensway project and Maritime’s Hammerdown gold project are located in central Newfoundland. New Found delivered a positive preliminary economic assessment for Queensway in July, 2025 and is targeting phase one production from a now capital-intensive high-grade core in 2027. Hammerdown, located 180 kilometres northwest of Queensway, is targeted to ramp up to full production in early 2026.
The combined entity is expected to create significant operational synergies through available infrastructure, including the Pine Cove Mill and the Nugget Pond Hydrometallurgical Gold Plant and anticipated cash flow from Hammerdown once in full production to support Queensway’s development.
Hammerdown is a 100% Maritime-owned high-grade, open pit gold project located in the Baie Verte District. It is a former underground mine that was operated by Richmont Mines from 2000 to 2004, producing 143,000 ounces of gold.
The 2022 feasibility study for Hammerdown highlights 50,000 ounces of annual gold production at an all-in-sustaining cost of US$912 an ounce.
New Found’s Queensway is located approximately 15 kilometres west of Gander. A preliminary economic assessment envisages total production of 1.5 million ounces of gold over 15 years at an all-in-sustaining cost of US$1,256 an ounce.
Maritime Resources shares edged up 0.535% or $0.01 to $1.88 in early trading Friday. The shares trade in a 52-week range of $1.93 and 35 cents.
New Found gold shares rose 1.9% or $0.05 to $2.65, and trade in a 52-week range of $3.89 and $1.34.
The transaction will require the approval of 66 and 2/3% of the votes cast by Maritime shareholders, and 66 and 2/3% of the votes cast by Maritime shareholders and holders of options voting together as a single class.
The board of directors of Maritime, in consultation with its senior management and financial and legal advisors, has unanimously determined that the transaction is in the best interests of Maritime and fair to Maritime shareholders.