08:26 AM EDT, 09/08/2025 (MT Newswires) -- New Found Gold ( NFGC ) rose 8.4% in NYSE American pre-market trading at last look after agreeing to acquire claims that will expand its Queensway gold project in Newfoundland and Labrador.

The company said it entered into a property purchase agreement with Exploits Discovery ( NFLDF ) covering 58,600 hectares of claims adjoining Queensway. The acquisition will increase the project's size by up to 33% to 234,050 hectares.

As consideration, New Found Gold ( NFGC ) will issue 2,821,556 shares and a further 725,543 shares within 10 business days following a final determination by the Supreme Court of Newfoundland and Labrador regarding certain disputed mineral claims.

The company will also grant a 1% net smelter royalty, half of which can be repurchased for $750,000.

"With this acquisition, New Found Gold ( NFGC ) will control a key claim block immediately adjacent to the AFZ Core, where we recently announced the results of a positive preliminary economic assessment," said Keith Boyle, chief executive of New Found Gold ( NFGC ).

"In addition, we will add a further 20 km of strike extent along the main structures that control gold mineralization at Queensway," Boyle said.

The transaction requires approval from Exploits shareholders and is expected to close in the fourth quarter.