07:15 AM EDT, 07/30/2024 (MT Newswires) -- New Found Gold Corp. ( NFGC ) (NFG.V,) on Tuesday said it has entered into three royalty purchase agreements with arm's length holders, to purchase part of their interest that had been granted under a 2016 agreement.

The company will purchase 0.6% of the vendors' 1.6% net smelter returns royalty on the Golden Bullet property for $650,000 cash and 100,000 common shares to each vendor, for a total $1.95 million and 300,000 in shares.

New Found has the right to purchase the remaining 1% net smelter returns royalty from the vendors for $1 million by November 12.

The Golden Bullet property covers a key target area on the company's Queensway Project. This is the second royalty purchase completed by New Found. In November 2021, it acquired a 0.6% royalty underlying its Keats-Golden Joint-Lotto-Iceberg area, leaving a minimal 0.4% royalty burden.