New Found Gold adds mining executive to board, resumes operations

New Found Gold Corp. (TSXV: NFG) (NYSE-A: NFGC) appointed Tamara Brown to its board of directors following its annual general and special meeting held August 20, 2025, in Vancouver. The board now comprises seven members including Paul Huet, Keith Boyle, William Hayden, Vijay Mehta, Melissa Render, Chad Williams and Brown.

Shareholders voted to approve Eric Sprott as a new "Control Person" under TSX Venture Exchange policies. Sprott is expected to achieve this status upon closing of a previously announced private placement of up to 12,269,939 common shares at C$1.63 per share for gross proceeds of approximately C$20 million. The private placement is expected to close by August 27, 2025, subject to final regulatory approvals.

The meeting approved several resolutions including fixing the number of directors at seven, appointing KPMG LLP as auditor, and approving amendments to the company's stock option and share unit plans.

The company also announced the resumption of heavy equipment exploration activities at its Queensway Gold Project in Newfoundland and Labrador, Canada. These activities, including drilling, mulching and excavating, had been suspended August 13, 2025, due to regional forest fire risks. Operations restarted following a reduction in the Fire Weather Index in the project area.

New Found Gold holds a 100% interest in the 175,450-hectare Queensway project, which covers a 110-kilometer strike extent along two fault zones. The company completed an initial mineral resource estimate and preliminary economic assessment at the project in March and July 2025.

Eric Sprott currently holds a 19% stake in New Found Gold, according to the press release statement.

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