07:50 AM EDT, 09/05/2025 (MT Newswires) -- New Found Gold ( NFGC ) said Friday it signed a definitive agreement to acquire Maritime Resources in an all-stock deal valued at about 292 million Canadian dollars ($211.7 million).

The transaction will combine New Found Gold's ( NFGC ) Queensway project and Maritime's Hammerdown project to create a multi-asset near-term Canadian gold producer, the companies said.

Under the agreement, Maritime shareholders will receive 0.75 New Found Gold ( NFGC ) share for each Maritime share held. The exchange ratio reflects a 32% premium to Maritime's 20-day volume weighted average price as of Sept. 4, the companies said.

New Found Gold ( NFGC ) stockholders are expected to own approximately 69% of the combined company and Maritime stockholders are expected to own approximately 31% when the deal closes.

Hammerdown is expected to reach full production in early 2026, with Queensway targeting Phase 1 production in 2027, according to the companies.

Shares of New Found Gold ( NFGC ) were more than 3% higher in Friday premarket activity.