TORONTO, ON / ACCESS Newswire / January 7, 2026 / NextSource Materials Inc. (TSX:NEXT,OTC:NSRCF) (‘NextSource’ or the ‘Company’) is pleased to announce that the first shipment of equipment for its proposed Battery Anode Facility (‘BAF’) has arrived in Abu Dhabi in the United Arab Emirates (‘UAE’), marking a significant milestone in advancing the Company’s downstream value‑add strategy.

The shipment consists of long‑lead items for anode processing which the Company has previously procured. The procurement of key processing equipment and delivery of these components are critical in demonstrating the Company’s proactive approach and ability to deliver, ensuring that key equipment is secured ahead of installation and commissioning.

The equipment will be installed in the pre‑existing industrial building selected by the Company within the Industrial City of Abu Dhabi (‘ICAD’). The availability of this ready‑to‑use facility provides a substantial schedule advantage by minimizing the need for extensive construction, allowing the Company to focus capital and time on process installation and operational readiness.

The Company also reports significant progress in the Front‑End Engineering and Design (‘FEED’) phase. The FEED work has now progressed to schematic design, providing further definition on plant design, capital requirements, and execution planning. This growing level of technical and cost certainty will form a key input into the Final Investment Decision (‘FID’). Following a successful FID, the Company will proceed with full equipment procurement, installation, commissioning, and ramp‑up in accordance with its phased development plan.

Hanré Rossouw, President and CEO of NextSource, commented:

‘The arrival of long-lead equipment in Abu Dhabi is a tangible demonstration of continued progress on our Battery Anode Facility. Securing these items proves logistical supply chains into the UAE. With the ICAD building secured, we are strengthening the foundations for a disciplined and efficient development phase.’

About NextSource Materials Inc.

NextSource Materials Inc. is a battery materials company based in Toronto, Canada that is intent on becoming a vertically integrated global supplier of battery materials through the mining and value-added processing of graphite and other minerals.

The Company’s Molo graphite project in Madagascar is one of the largest known and highest-quality graphite resources globally, and the only one with SuperFlake^® graphite. The Molo mine has begun production through Phase 1 mine operations.

The Company is also developing a significant downstream graphite value-add business through the staged rollout of Battery Anode Facilities (BAF) capable of large-scale production of coated, spheronized and purified graphite for direct delivery to battery and automotive customers, in a fully transparent and traceable manner. The Company is now in the process of developing its first BAF in the UAE.

NextSource Materials is listed on the Toronto Stock Exchange under the symbol ‘NEXT’ and on the OTCQB under the symbol ‘NSRCF’.

For further information about NextSource Materials, please visit our website at www.nextsourcematerials.com or contact us at +1.416.364.4911 or email Brent Nykoliation, Executive Vice President at brent@nextsourcematerials.com.

Safe Harbour: This press release contains statements that may constitute ‘forward-looking information’ or ‘forward-looking statements’ within the meaning of applicable Canadian and United States securities legislation. Readers are cautioned not to place undue reliance on forward-looking information or statements. Forward looking statements and information are frequently characterized by words such as ‘plan’, ‘expect’, ‘project’, ‘intend’, ‘believe’, ‘anticipate’, ‘estimate’, ‘potential’, ‘possible’ and other similar words, or statements that certain events or conditions ‘may’, ‘will’, ‘could’, ‘expected’ or ‘should’ occur. Forward-looking statements include any statements regarding, among others, timing of construction and completion of the BAF and proposed timing of future locations of additional BAFs, timing and completion of front-end engineering and design and ESIA permitting, the economic results of the BAF Technical Study including capital costs estimates, operating costs estimates, payback, NPV, IRR, production, sales pricing and working capital estimates, the construction and potential expansion of the BAFs, expansion plans, as well as the Company’s intent on becoming a fully integrated global supplier of critical battery and technology materials. These statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits the Company will derive there from. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Although the forward-looking statements contained in this news release are based on what management believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with them. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.

SOURCE: NextSource Materials Inc.

View the original press release on ACCESS Newswire

TORONTO, ON / ACCESS Newswire / January 7, 2026 / 55 North Mining Inc. (CSE:FFF,OTC:FFFNF)(FSE:6YF) (‘55 North‘ or the ‘Company‘) is pleased to announce that it has completed the required property payment on its Last Hope Gold Project (the ‘Project’), resulting in 55 North now owning 100% of the property.

With the property payment complete, 55 North has initiated mobilization of a drill rig to the Project site and expects to commence drilling in mid-January as part of its 2025-2026 drill program. The Company anticipates providing drill results approximately eight to ten weeks following completion of drilling, subject to laboratory turnaround times.

Drill Program Objective: Grow the Resource

The planned drill program will focus on step-out drilling to the south of the Company’s existing zones. The Company plans to drill fences comprised of two to three holes approximately every 120 metres along strike, expanding the footprint of known mineralization and testing for potential extensions over an approximately 800-metre strike length.

‘Securing full ownership of Last Hope is a major milestone for 55 North,’ said Bruce Reid, CEO of 55 North Mining. ‘With drilling expected to begin in mid-January, we will focus on step-out drilling designed to test potential extensions of known mineralization and support an updated geological model. The results from this program will guide our plans for an updated mineral resource estimate later in 2026.’

Updated Resource Estimate Expected Later in 2026

Following the 2025-2026 drill program, 55 North plans to deliver an updated mineral resource estimate later in the year, integrating the new drill results. The previous mineral resource estimate at the Last Hope Gold Project was completed in September 2021 based on a US$1,650/oz gold price. With gold prices now materially higher, updated price assumptions may support a lower cut-off grade and a larger reported resource.

Upcoming Catalysts

• Mid-January 2026: Drill program commencement

• Following Completion (approx. 8-10 weeks): Drill results expected (subject to laboratory turnaround)

• Later in 2026: Updated mineral resource estimate

Qualified Person

Peter Karelse, P.Geo. a ‘qualified person’ as defined under National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this release. Peter Karelse is not independent of 55 North Mining, as he is the Company’s Head of Exploration.

About 55 North Mining Inc.

55 North Mining Inc. is a Canadian exploration and development company advancing its high-grade Last Hope Gold Project located in Manitoba, Canada.

FOR FURTHER INFORMATION, PLEASE CONTACT:

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release contains ‘forward-looking statements’ and ‘forward-looking information’ within the meaning of applicable securities laws. Forward-looking statements in this news release include, but are not limited to, statements regarding the timing of mobilization and drilling, the expected timing of drill results, the scope and objectives of the drill program, and the timing and completion of an updated mineral resource estimate.

Forward-looking statements are based on management’s expectations and assumptions as of the date hereof and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: delays in mobilization or drilling; weather, logistics and site conditions; availability of equipment, personnel and contractors; receipt and timing of assay results; exploration results not being consistent with expectations; and general market conditions.

SOURCE: 55 North Mining Inc.

View the original press release on ACCESS Newswire

Nobel Resources Corp. (TSX V: NBLC) (the ‘Company’ or ‘Nobel’) is pleased to announce commencement of mobilization by the Company’s diamond drill contractor to the Cuprita copper project (‘Cuprita’ or the ‘Project’) and drilling will commence during the week of January 12th. All necessary permits for this initial drilling at Cuprita have been received from the local authorities.

Larry Guy, Chairman and CEO of Nobel, states: ‘During 2025, our technical team identified highly prospective near surface copper targets at the Cuprita project. We are excited to commence drilling this large-scale, mineralized alteration system characterized by widespread copper minerals in outcrop. Nobel is the first company to drill test Cuprita, a copper project with exciting potential, in a prolific copper mining region of Chile. This is a fabulous start to 2026 for the Company.’

About Cuprita

Cuprita is a highly prospective copper porphyry project in the Atacama region of northern Chile. Cuprita is part of the Metallogenic Paleocene Porphyry Copper Belt that hosts several major porphyry copper deposits such as El Salvador, Cerro Colorado, Spence, Sierra Gorda, Fortuna, as well as several gold deposits. The Project sits on a very important north-northeast trending major structural corridor crosscut by a Northwest trending secondary structure. This structural setting is almost identical to the structural setting of the world class Spence, Sierra Gorda and El Salvador porphyry deposits to the north. Nobel geologists have identified multiple key geologic characteristics consistent with a potentially buried porphyry.

During the 2025 field campaigns, Nobel geologists identified a leach cap at Cuprita with an associated copper, lead and zinc anomaly in soils. The leach cap and soil anomaly are located adjacent to a ground magnetic low and are situated near the intersection of a major north-northeast striking fault structure with numerous northwest striking quartz veins with copper oxides. Intersecting major faults is a common, if not essential, structural control for the emplacement of copper-gold porphyries in the region (Figure 1).

The presence of strongly anomalous copper in soil on the flanks of the leach cap is an important positive indicator supporting the potential for a buried mineralized porphyry deposit at the Cuprita project. The highest copper in soils values identified to date occur southeast of the outcropping leach cap (Figure 1). Much of the soil anomaly exhibits soil values more than 300% above the expected background levels of the area. In addition, the leach cap and soils anomaly are coincidental with a ground magnetic low (figure 2) which is a common indicator associated with mineralized systems in the region, where hydrothermal processes have replaced the magnetic minerals.

The presence of a leach cap at Cuprita is exceptionally encouraging in a regional context. Leach caps are a key feature of intact porphyry systems in this region (Figure 3, Conceptual Model). Recirculation of acidic fluids from the buried porphyry below often leave a bleached or iron oxide ‘rusty’ appearance on surface. The leach cap identified by Nobel geologists exhibits classic hydrothermal alteration similar to that found above a buried porphyry. The presence of copper oxides, quartz veins and remanent sulfides indicates potential for mineralization under the leach cap, which fits the classic geological model for the region.

Geological mapping has also identified a large area of tourmaline breccias covering much of the target, also considered an additional favorable pathfinder, characteristic of productive porphyry systems.

Figure 1: Compilation map showing the drill hole collars in relation to the extensive leached cap (lithocap) and associated structures, quartz-copper veins, soil geochemical anomalies, tourmaline breccias associated with a magnetic low, that comprise the key criteria for a mineralized porphyry target.

Figure 2: Location of the proposed prioritized drill holes in the most prospectives identified zones showing geophysical mag anomaly and outcropping mineralized veins.

Figure 3: Section View IP 7055700N Chargeability Inversion. Projected proposed drill holes 2 and 3.

Grant of Stock Options and Restricted Share Units

Nobel has issued a total of 3,900,000 stock options (‘Options’) to purchase common shares of the Company to certain officers and directors pursuant to the Company’s Stock Option Plan. Such Options are exercisable into common shares of the Company at an exercise price of $0.05 per common share for a period of three years from the date of grant.

In addition, the Company has issued a total of 3,600,000 restricted share units (‘RSUs’) to certain directors and officers of the Company in accordance with the Company’s Restricted Share Unit and Deferred Unit Plan. The RSUs will vest annually in equal installments over a three-year period beginning on the one-year anniversary of the grant date.

The grant of the Options and the RSUs is subject to the approval of the TSX Venture Exchange.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Mr. David Gower, P.Geo., as defined by National Instrument 43-101 of the Canadian Securities Administrators. Mr. Gower is a consultant of Nobel and is not considered independent of the Company.

About Nobel

Nobel Resources is a Canadian resource company focused on identifying and developing prospective mineral projects. The Company has a team with a strong background of exploration success.

For further information, please contact:

Lawrence Guy
Chairman and Chief Executive Officer
+1 647-276-0533

Vincent Chen
Investor Relations
vchen@nobel-resources.com
www.nobel-resources.com

Cautionary Note Regarding Forward-Looking Information

This press release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, the mineralization and prospectivity of the Project, the Company’s ability to explore and develop the Project, the Company’s exploration program, the granting of compensation securities, the Company’s ability to obtain adequate financing and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as ‘plans’, ‘expects’ or ‘does not expect’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’, or variations of such words and phrases or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will be taken’, ‘occur’ or ‘be achieved’. Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Nobel, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Nobel has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Nobel does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e2e2f879-a393-486f-b72a-fb122a1a50b7
https://www.globenewswire.com/NewsRoom/AttachmentNg/89a960f8-26b5-4399-8ed7-b11223425754
https://www.globenewswire.com/NewsRoom/AttachmentNg/15cf79bc-e3ab-49b8-8b54-fe06f4685844

HIGHLIGHTS:

• 2025 Production of 34,098 GEOs (32,990 gold ounces and 80,527 silver ounces)

• Cash balance of US$41M as of December 31, 2025

Heliostar Metals Ltd. (TSXV: HSTR,OTC:HSTXF) (OTCQX: HSTXF) (FSE: RGG1) (‘Heliostar’ or the ‘Company’) is pleased to announce that it produced 8,459 Gold Equivalent Ounces (GEOs) (8,180 gold ounces and 21,494 silver ounces) in the three months ended December 31, 2025.

This resulted in a total production in calendar year 2025 of 34,098 GEOs (32,990 gold ounces and 80,527 silver ounces). As a result, the Company achieved its production guidance for 2025 of 31,000-41,000 GEOs (see news release dated February 4, 2025). Financial results for the quarter and year ended December 31, 2025, will be reported during March 2026. Cash Costs and All-In Sustaining Costs (‘AISC‘) are expected to be within the guidance range.

As of December 31, 2025, the Company had a preliminary cash balance of US$41M and no debt. This provides a strong balance sheet for Heliostar’s 2026 growth initiatives, further supported by ongoing cash generated by operations.

 
Heliostar CEO, Charles Funk, commented, ‘This is a wonderful result for our first full year of gold production. Achieving our 2025 guidance was the result of the team successfully executing on the restart of operations at our two mines; La Colorada in January and San Agustin in December. The restart of San Agustin is expected to materially increase Heliostar’s year-on-year gold production in 2026, and we look forward to providing guidance for 2026 shortly. In addition to increasing production this year, we will be advancing Ana Paula through a feasibility study and recommencing the decline as we work toward our goal of becoming a 500,000 ounce per year producer by the end of the decade.’

Statement of Qualified Persons

Michael Gingles, Qualified Person, as such term is defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed the production and financial information that forms the basis for this news release and has approved the disclosure herein. Mr. Gingles is employed as Vice President Corporate Development of the Company.

Non-GAAP Financial Measures

Management believes that the reported non-GAAP financial measures will enable certain investors to better evaluate the Company’s performance, liquidity, and ability to generate cash flow. These measures do not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently.

About Heliostar Metals Ltd.

Heliostar is a gold producer with production from operating mines in Mexico. This includes the La Colorada Mine in Sonora and San Agustin Mine in Durango. The Company also has a strong portfolio of development projects in Mexico and the USA. These include the Ana Paula project in Guerrero, the Cerro del Gallo project in Guanajuato, the San Antonio project in Baja Sur and the Unga project in Alaska.

FOR ADDITIONAL INFORMATION PLEASE CONTACT:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain ‘Forward-Looking Statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995 and ‘forward-looking information’ under applicable Canadian securities laws. When used in this news release, the words ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘target’, ‘plan’, ‘forecast’, ‘may’, ‘would’, ‘could’, ‘schedule’ and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things, the Company’s plans, prospects and business strategies; the Company’s guidance on the timing and amount of future production and its expectations regarding the results of operations; and expectations for other economic, business, and/or competitive factors.

Forward-looking statements and forward-looking information relating to the terms and completion of the Facility, any future mineral production, liquidity, and future exploration plans are based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the receipt of necessary approvals, price of metals; no escalation in the severity of public health crises or ongoing military conflicts; costs of exploration and development; the estimated costs of development of exploration projects; and the Company’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.

These statements reflect the Company’s respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political, and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: precious metals price volatility; risks associated with the conduct of the Company’s mining activities in foreign jurisdictions; regulatory, consent or permitting delays; risks relating to reliance on the Company’s management team and outside contractors; risks regarding exploration and mining activities; the Company’s inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises, ongoing military conflicts and general economic factors to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company’s interactions with surrounding communities; the Company’s ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption ‘Risk Factors’ in the Company’s public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/279687

New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) (‘New Found Gold’ or the ‘Company’) is pleased to highlight a transformational 2025 in which the Company has evolved from an early-stage exploration company to an emerging Canadian gold producer with a multi-asset portfolio focused on a top-tier mining jurisdiction, Newfoundland and Labrador, Canada.

Over the past year, New Found Gold has delivered multiple significant milestones including:

• New board of directors and management team: Led by Chairman Paul Andre Huet and Chief Executive Officer, Keith Boyle, the Company has a new and highly experienced board of directors, along with a new management team of mine builders and operators to complement its existing exploration strength.
• Initial Mineral Resource Estimate (‘MRE‘): Publication of an MRE for its 100% owned Queensway Gold Project (‘Queensway‘), outlining 18.0 million tonnes (‘Mt‘) grading 2.40 grams per tonne of gold (‘g/t Au‘) of gold for 1.39 million ounces (‘Moz‘) (indicated), with another 10.7 Mt grading 1.77 g/t Au for 0.61 Moz (inferred), firmly establishing a solid mineral resource base¹.
• Hammerdown and Pine Cove Operations: With the successful acquisition of Maritime, the Company is focused on bringing the newly acquired Hammerdown and Pine Cove Operations (‘Hammerdown‘ and ‘Pine Cove‘, respectively) into steady state production.
• Queensway Advancement: Completed 2025 work program, including over 74,000 metres (‘m‘) of diamond drilling with a primary focus on resource definition and pre-development work, and a secondary focus on exploration, with high-grade discoveries such as the Dropkick zone (‘Dropkick‘) underscoring the camp-scale potential of the district.
• Queensway Project Finance: Engaged Cutfield Freeman & Co. Ltd. (‘CF&Co‘), an independent global mining finance advisory firm, to act as a project finance advisor with the objective of selecting the optimal financing package for the initial capital expenditure required to fund Queensway Phase 1 production.

‘2025 was a transformational year for New Found Gold, as we began the year as an early-stage exploration company and ended as an emerging Canadian gold producer with a growing, multi-asset and multi-stage portfolio in Newfoundland and Labrador,’ said Keith Boyle, Chief Executive Officer of New Found Gold. ‘We delivered both the initial MRE and a PEA at Queensway, strengthened our balance sheet, and completed two meaningful strategic acquisitions – adding near-term production and cash flow via Hammerdown and securing fully permitted processing infrastructure. These achievements were made possible by the strength of our new management team and board of directors, support from our shareholders and local stakeholders who continue to back us as we execute on our strategic growth plans, and the hard work and dedication of our employees and contractors.’

‘As we enter 2026, our focus is clear: ramp up Hammerdown safely and efficiently, advance Queensway through engineering, permitting, and project finance toward a targeted 2027 start-up, and continue disciplined, high-impact exploration across the district – building on our success at targets like Dropkick – to unlock the full camp-scale potential of this emerging Canadian gold camp.’

From Early-Stage Explorer to Emerging Gold Producer

The strategic acquisition of Maritime formally marks New Found Gold’s transformation from an exploration company into an emerging multi-asset gold producer. Following this transaction, New Found Gold now controls Queensway, a high-grade, 100%-owned project with a recently completed MRE and PEA that demonstrates a phased, low-capital path to production and Hammerdown, an emerging gold producer in central Newfoundland, targeted to ramp up to commercial production through 2026, with a fully permitted mill and tailings at Pine Cove, as well as a Hydrometallurgical Gold Plant at Nugget Pond, which provides existing processing infrastructure and significant regional synergies.

With Hammerdown moving toward steady-state production and Queensway Phase 1 production targeted for H2/27, Queensway and Hammerdown continue to offer significant exploration upside to bolster each project’s economics within a strong gold price environment.

New Board and Management Team

In parallel with its portfolio growth, New Found Gold has made significant strides at the corporate level, strengthening its governance and leadership team in 2025. During the year the board of directors was refreshed under the leadership of Paul Andre Huet as Chairman. It now includes seasoned mining executives and capital markets specialists with deep experience in building, operating and financing mines globally, including: William Hayden, Chad Williams, Tamara Brown and Allen Palmiere, as well as Dr. Andrew Furey, the former Premier of Newfoundland and Labrador, and the Company’s Chief Executive Officer, Keith Boyle.

New Found Gold’s management team was also rebuilt with the objective of executing on the Company’s strategy to rapidly advance Queensway to development and production. Under the leadership of Keith Boyle (Chief Executive Officer) and Melissa Render (President), the following executives were appointed to the leadership team in 2025: Hashim Ahmed (Chief Financial Officer), Robert Assabgui, (Chief Operating Officer), Fiona Childe (VP, Communications and Corporate Development), Jared Sauders (VP, Sustainability) and Jelena Novikov Fried (General Counsel and Corporate Secretary).

Advancing Queensway to Development

Queensway remains the cornerstone of New Found Gold’s growth strategy and continued to deliver in 2025, achieving several major milestones. The initial MRE published in 2025 confirmed Queensway’s resource potential, outlining 18.0 Mt grading 2.40 g/t of gold for 1.39 Moz (indicated), with another 10.7 Mt grading 1.77 g/t gold for 0.61 Moz (inferred). This initial resource sits within less than 5% of the 110 kilometre (‘km‘) long strike extent of the two major structures controlling gold mineralization, where numerous additional gold targets have been identified, demonstrating potential for expansion (see the New Found Gold press release dated March 24, 2025).

This MRE served as the stepping stone, forming the basis for the positive Queensway PEA published in mid-2025, which outlined phased development with low initial capital of approximately C$155M for Phase 1 and a robust production profile, with anticipated average annual production of over 70,000 ounces of gold in Phase 1 and more than 170,000 ounces of gold per year in Phase 2 and 3 Years 5 to 9 (see the New Found Gold press release dated July 21, 2025).

With attractive baseline economics confirmed, New Found Gold has completed its 2025 work program, which included an approximately 74,000 m diamond drill program and a continuation of the excavation of high-grade, near-surface portions of Queensway. Approximately 75% of the drilling focused on the AFZ Core area and the remaining 25% focused on exploration targets outside the MRE area. To date, approximately 45% of the results from the 2025 program have been released and additional results will be released as they become available (see the New Found Gold press releases dated July 9, 2025, September 25, 2025, October 15, 2025, October 30, 2025, November 19, 2025, December 1, 2025 and December 11, 2025). Excavation, mapping and channel sampling were competed at the Iceberg and Lotto zones, with Iceberg channel sample results released and Lotto results pending (see the New Found Gold press release dated September 25, 2025).

Ongoing work aimed at the rapid advancement of phased development at Queensway includes environmental baseline work, trade-off studies and further engineering studies.

Collectively, the milestones achieved in 2025 advance Queensway from a standout exploration opportunity to a de-risked development project with a clear, financeable path to production.

Camp-Scale Exploration Upside

Exploration remains an important part of the growth strategy for Queensway as it advances toward development, with exploration success outside the AFZ Core demonstrating the scale and quality of the broader district. During 2025, the Company completed approximately 25% of its drilling on exploration outside the AFZ Core. This work included drill testing at the highly prospective Dropkick and Pistachio zones, as well as the newly discovered Blue Jay zone. High-grade gold was discovered at Dropkick in late 2024 within the AFZ Peripheral area and 2025 drilling has extended the mineralized footprint to approximately 815 m along strike and 285 m down dip, with multiple high-grade intercepts both west and east of the Appleton Fault Zone, further confirming the camp scale potential of New Found Gold’s substantial Queensway landholdings (see the New Found Gold press release dated October 30, 2025).

A regional exploration program was completed at Queensway South, up to 64 km south of AFZ Core. In this area, we continue to develop earlier-stage targets along the Appleton Fault Zone, the same structure that controls gold mineralization AFZ Core.

The Queensway land package now totals 230,225 hectares, an increase of 31% from 2024, as a result of the successful completion of the acquisition of a 100% interest in certain mineral claims in central Newfoundland previously held by Exploits Discovery Corp.

Looking Ahead

Moving forward, New Found Gold remains focused on executing on the following key priorities in 2026:

• Ramping up Hammerdown to steady-state gold production and leveraging its on-island processing and tailings facilities.
• Advancing Queensway through engineering, permitting, and project finance toward a Phase 1 construction decision in late 2026, targeting first production in H2/27.
• Continuing focused exploration at Queensway, including adjacent to AFZ Core, Dropkick, and newly acquired ground, to grow resources and support future expansions.

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Keith Boyle, P. Eng., CEO, and a Qualified Person as defined under National Instrument 43-101. Mr. Boyle consents to the publication of this press release by New Found Gold. Mr. Boyle certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold Corp.

New Found Gold is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The Company holds a 100% interest in Queensway, and owns Hammerdown, Pine Cove and the Nugget Pond Hydrometallurgical Gold Plant. The Company is currently focused on advancing Queensway to production and bringing Hammerdown into steady-state gold production.

In July 2025, the Company completed a PEA at Queensway (see New Found Gold press release dated July 21, 2025). Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential that covers a +110 km strike extent along two prospective fault zones at Queensway.

New Found Gold has a new board of directors and management team and a solid shareholder base which includes cornerstone investor Eric Sprott. The Company is focused on growth and value creation.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement

The PEA is preliminary in nature. It includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the PEA will be realized.

Forward-Looking Information

This press release contains certain ‘forward-looking statements’ within the meaning of Canadian securities legislation, including relating to bringing the newly acquired Hammerdown and Pine Cove Operations into steady state production; leveraging of Hammerdown’s on-island processing and tailing facilities; advancing Queensway through engineering, permitting and project finance toward a Phase 1 construction decision in late 2026, targeting first production in H2/2027; targeted ramp up of Hammerdown to commercial production through 2026; resource potential, phased development and anticipated production at Queensway; future exploration programs and the timing and focus thereof; continued development of earlier-stage targets along the Appleton Fault Zone; continuing focused exploration at Queensway, including adjacent to AFZ Core, Dropkick, and newly acquired ground, to grow resources and support future expansions. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘interpreted’, ‘intends’, ‘estimates’, ‘projects’, ‘aims’, ‘suggests’, ‘indicate’, ‘often’, ‘target’, ‘future’, ‘likely’, ‘pending’, ‘potential’, ‘encouraging’, ‘goal’, ‘objective’, ‘prospective’, ‘possibly’, ‘preliminary’, and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘can’, ‘could’ or ‘should’ occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company’s ability to complete exploration and drilling programs as expected, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results and the results of the metallurgical testing program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company’s business and prospects. The reader is urged to refer to the Company’s Annual Information Form and Management’s Discussion and Analysis, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

Non-GAAP Financial Measures

The Company has included certain non-GAAP financial measures in this press release. These financial measures are not defined under International Financial Reporting Standards (‘IFRS‘) and should not be considered in isolation. The Company believes that these financial measures, together with financial measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these financial measures is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These financial measures are not necessarily standard and therefore may not be comparable to other issuers.

All-in Sustaining Cost

All in sustaining cost is a non-GAAP financial measure calculated based on guidance published by the World Gold Council (‘WGC‘). The WGC is a market development organization for the gold industry and is an association whose membership comprises leading gold mining companies. Although the WGC is not a mining industry regulatory organization, it worked closely with its member companies to develop these metrics. Adoption of the all-in sustaining cost metric is voluntary and not necessarily standard, and therefore, this measure presented by the Company may not be comparable to similar measures presented by other issuers. The Company believes that the all-in sustaining cost measure complements existing measures and ratios reported by the Company.

All-in sustaining cost includes both operating and capital costs required to sustain gold production on an ongoing basis. Sustaining operating costs represent expenditures expected to be incurred at the Project that are considered necessary to maintain production. Sustaining capital represents expected capital expenditures comprising mine development costs, including capitalized waste, and ongoing replacement of mine equipment and other capital facilities, and does not include expected capital expenditures for major growth projects or enhancement capital for significant infrastructure improvements.

¹ For additional information see the New Found Gold press release dated March 24, 2025
² For additional information see the New Found Gold press release dated July 21, 2025

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/279683