New Found stated that the timing and extend of the ATM will be used at its discretion and total gross proceeds could be "significantly less" than the $100 million.

"The actual allocation of the proceeds may vary depending on the amount raised, the time periods during which the proceeds are raised and future developments in relation to the company's projects and unforeseen events," it said.

New Found said, from time to time, it'll offer and sell shares in Canada and the United States through facilities on the TSX Venture Exchange and NYSE American.

The company is undertaking an ongoing 400,000 metre drill programme on the Queensway project, for which it believes it is well funded for with roughly C$77 million (US$59.2 million) in cash and marketable securities as of August, Canaccord Genuity Capital Markets analyst Michael Fairbairn said.

"The company currently has fourteen rigs turning at Queensway and has completed ~56% of its 400,000 metre drill programme as of August 2022," he said.

He noted that the company is tightly held, with about 63% of its shares owned by a small ground, including founder, chairman, and CEO Collin Kettell (31%), mining investment magnate Eric Sprott (31%), and other managers and insiders (1%).

New Found's share price was C$4.90 on 30 August. The had a market capitalisation of C$824.61 million.