07:57 AM EDT, 09/05/2025 (MT Newswires) -- New Found Gold ( NFGC ) was at last look up 3.7% in US premarket trade on Friday after moving to acquire Maritime Resources ( MRTMF ) (MAE.V.), which owns the Hammerdown project in central Newfoundland, in an all-shares transaction, for an implied equity value of C$292 million.

Maritime shareholders -- who saw the stock rise $0.03 or 1.6% to near 52 week highs in Canada yesterday -- will receive 0.75 of a New Found Gold ( NFGC ) share, per Maritime share held.

At the close of the transaction, current New Found Gold ( NFGC ) and Maritime shareholders will own 69% and 31%, respectively, of the pro forma company on a fully-diluted in-the-money basis, a statement said. A Maritime director will join the New Found Gold ( NFGC ) board.

New Found Gold ( NFGC ) said the acquisition of Hammerdown, which is forecast to ramp up to full production early next year, will support its' Queensway project development, with phase 1 production slated for 2027. Hammerdown is 180 km away from Queensway, New Found Gold ( NFGC ) said.

"This acquisition positions New Found Gold ( NFGC ) as an emerging producer with gold production expected to commence next year. The synergies obtained by this combination derisks Queensway, providing access to a milling facility and near-term cash flow to support Phase I development, setting the stage for Queensway to commence production in 2027," said New Found Gold ( NFGC ) chief executive Keith Boyle.

New Found Gold ( NFGC ) shares are up US$0.07, to US$1.96, in U.S. pre-market trading. It closed down $0.16, to $2.60, on the TSX Venture Exchange on Thursday.