Hammerdown project. Credit: Maritime Resources
New Found Gold (TSXV: NFG; NYSE-A: NFGC) is acquiring Maritime Resources (TSXV: MAE) in a deal valued at about C$292 million ($212 million) that would create a multi-asset gold producer in central Newfoundland.
The combined company would bring together New Found’s Queensway project, due to start production in 2027, with Maritime’s Hammerdown project, which aims to begin output this year, the companies said Friday. The two projects, 180 km apart, are expected to benefit from shared infrastructure including Maritime’s Pine Cove mill and the Nugget Pond hydrometallurgical plant.
The deal comes at nearly a one-third premium to Maritime’s recent share price and 56% more than its July 30 close, the day before the companies signed a letter of intent, New Found CEO Keith Boyle said on a conference call.
“We were able to get comfortable with with [the…
