New Found Gold Corp. Announces Initial Mineral Resource Estimate
Highlights:
Indicated Mineral Resource: 18.0 million tonnes (Mt) grading 2.40 g/t Au1, for 1.39 million ounces (Moz).
Inferred Mineral Resource: 10.7 Mt grading 1.77 g/t Au, for 0.61 Moz.
Quality of Asset: High grade veins starting at surface with minimal overburden cover provides for quick, easy access and potential for selective mining opportunities.
High-grade core: 73% of the ounces are contained in 24% of the tonnage in the indicated category within the Mineral Resource pit shells.
Camp Potential: The initial MRE sits within a less than 5% portion of the 110 km long strike extent of the two major structures controlling gold mineralization, where numerous additional gold targets have been identified.
Infill Potential: This initial MRE has clear potential for expansion between and within the initial MRE pit shells.
Expansion Potential: Recently announced high-grade gold intersections beyond the initial MRE footprint demonstrates that gold mineralization remains open for expansion beyond this initial MRE both along strike and at depth, with most of the drilling focussed within the first 200 m of surface.
Continued Advancement: Following the completion of additional metallurgical testwork, a preliminary economic assessment ("PEA") is planned for release in late Q2/25.
VANCOUVER, BC, March 24, 2025 /PRNewswire/ - New Found Gold Corp. ("New Found Gold" or the "Company") (TSXV: NFG) (NYSE-A: NFGC) is pleased to announce an initial Mineral Resource Estimate ("MRE") for its 100% owned Queensway Gold Project ("Queensway" or the "Project"), located in Newfoundland and Labrador, Canada.
Keith Boyle, CEO of New Found Gold commented: "This initial mineral resource estimate marks a pivotal moment for the Company, as it represents the first evaluation of gold mineralization at Queensway. The completion of this key step allows us to advance the Project, first with the completion of a PEA in late Q2/25 and potentially on to pre-feasibility and feasibility. While the economic evaluation is advancing, exploration of our highly prospective landholdings will continue, with the ultimate objective of building a major new gold mine in central Newfoundland."
Melissa Render, President of New Found Gold commented: "Today's announcement validates our track record of systematic exploration leading to multiple discoveries at Queensway and supports that we are on the path to defining a significant gold deposit in a Tier 1 jurisdiction. The initial Mineral Resource estimate is located on a fraction of our highly prospective landholdings, and with ongoing exploration success we see excellent potential to grow the Project and unlock value both for shareholders and nearby communities."
The MRE can be viewed in 3D on the Company's website or using VRIFY at: https://vrify.com/decks/18488?auth=89abf465-7ef9-42cd-ac94-1f672dab0a21
_____________________________
1 g/t Au = grams of gold per tonne
Initial MRE Overview:The initial MRE (Table 1) was prepared by SLR Consulting (Canada) Ltd. ("SLR") in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards and Canadian National Instrument 43-101 ("NI 43-101"). SLR is independent of New Found Gold.
The following is the current Mineral Resource Estimate as at March 15, 2025 (the "Effective Date").
Table 1: MRE Summary (as at the Effective Date)
Zone
Category
Tonnage
(Mt)
Grade
(g/t Au)
Contained Metal
(Moz Au)
Open Pit
Indicated
17.3
2.25
1.25
Inferred
9.0
1.24
0.36
Underground
Indicated
0.8
5.76
0.14
Inferred
1.7
4.44
0.25
Total
Indicated
18.0
2.40
1.39
Inferred
10.7
1.77
0.61
Notes:
1.
CIM (2014) definitions were followed for Mineral Resources.
2.
Mineral Resources are estimated using a long-term gold price of US$2,200 per ounce, and a US$/C$ exchange rate of US$1.00 = C$1.43.
3.
Open pit Mineral Resources are estimated at a cut-off grade of 0.3 g/t Au and constrained by a preliminary optimized pit shell with a pit slope angle of 45°, and bench height of 5 m.
4.
RPEEE (as defined below) for underground Mineral Resources was demonstrated by constraining within reporting panels generated at a cut-off grade of 1.65 g/t Au, with heights (H) of 10 m, lengths (L) of 5 m and minimum widths of 1.8 m.
5.
The optimized pit shell, underground reporting shapes, and cut-off grades were generated by assuming metallurgical recovery of 90%, standard treatment and refining charges, mining costs of C$5.0/t moved for open pit and C$120/t processed for underground, processing costs of C$20/t processed, and general and administrative costs of C$7.5/t processed.
6.
Pierre Landry, P.Geo. of SLR, an independent Qualified Person who prepared the initial MRE is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate
7.
Bulk density within the vein and halo mineralization domains is 2.7 t/m³.
8.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
9.
Numbers may not add due to rounding.
Grade-Tonnage by Cut-off Grade:Table 2a and 2b show the variation in tonnes and grades at various gold cut-off grades ("COG") within the resource pit shell. At a gold cut-off grade of 2 g/t and within the resource pit shell, the Indicated Mineral Resource blocks total 3,854 thousand tonnes (kt) at a grade of 7.16 g/t Au for 887 thousand ounces (koz) and the Inferred Mineral Resource blocks total 993 kt at a grade of 4.16 g/t Au for 133 koz. This represents 73% of the contained ounces in only 24% of the tonnage for the indicated category only.
The opportunity for high-grade starter pits will be investigated as part of the PEA.
Table 2a: Open Pit Indicated Grade-Tonnage Table (as at the Effective Date)
Indicated
COG (g/t)
Tonnage (kt)
Au Grade (g/t)
Au Metal (koz)
0.3
16,189
2.34
1,219
0.4
14,197
2.62
1,197
0.5
12,584
2.90
1,174
1.0
7,699
4.29
1,061
1.5
5,248
5.72
964
2.0
3,854
7.16
887
Table 2b: Open Pit Inferred Grade-Tonnage Table (as at the Effective Date)
Inferred
COG (g/t)
Tonnage (kt)
Au Grade (g/t)
Au Metal (koz)
0.3
8,280
1.21
323
0.4
7,103
1.36
310
0.5
6,130
1.50
296
1.0
3,068
2.29
226
1.5
1,709
3.14
173
2.0
993
4.16
133
The resource database was closed on November 1, 2024 and contains 3,214 holes drilled by New Found Gold and previous operators, for a total of 723,387 m of which 550,949 m have assay intervals.
The MRE incorporates multiple high-grade zones, including the Keats and Iceberg zones which has consistently returned significant gold intercepts in drilling.
Open pit Indicated Mineral Resources are estimated to total 17.3 million dry metric tonnes (Mt) grading 2.25 g/t Au for 1.25 million ounces (Moz) of gold, and Inferred Mineral Resources are estimated to total 9 Mt grading 1.24 g/t for 0.36 Moz of gold (Table 1). The open pit MRE was reported within a preliminary optimized pit shell generated at a cut-off grade of 0.3 g/t Au.
Underground Indicated Mineral Resources are estimated to total 0.8 Mt grading 5.76 g/t Au for 0.14 Moz of gold, and Inferred Mineral Resources are estimated to total 1.7 Mt grading 4.44 g/t for 0.25 Moz of gold. Underground Mineral Resources are constrained within reporting panels generated at a cut-off grade of 1.65 g/t and a minimum mining width of 1.8 m.
The MRE is divided into Appleton Fault Zone Core ("AFZ Core"), Appleton Fault Zone Peripheral ("AFZ Peripheral") and JBP (Table 3), with 96% (by metal) of the Indicated Resource and 87% (by metal) of the Inferred Resource located within AFZ Core, for the total combined open pit and underground Mineral Resources.
A conceptual operating scenario (for purposes of estimating cut-off grade inputs) includes:
Conventional truck and shovel open pit mining.o Underground mining using narrow-vein longhole mining methods.
Processing via crushing and grinding, gravity, sulphide flotation (when required), carbon in leach ("CIL"), elution and regeneration, and electrowinning gold recovery.
Products will include primarily doré with a possible sulphide flotation concentrate.
Exploration and Growth Potential:
The Mineral Resource is reported constrained within a pit shell and underground reporting panels and shows strong continuity of mineralization.
Recent drilling continues to intersect high-grade gold beyond the current Mineral Resource footprint, demonstrating significant expansion potential.
The Company is preparing for an aggressive exploration campaign aimed at expanding the resource and further defining high-grade targets.
Upcoming Milestones:
Technical Report: The Technical Report (as defined below) in support of this MRE will be filed on the Company's website and SEDAR+ within 45 days of this news release.
Drilling: The Company is currently finalizing plans for its 2025 drill program, which will include step-out and infill drilling, target delineation and exploratory drilling.
Metallurgical Testwork: Additional testwork is underway to support a PEA.
PEA: A PEA, which is also being prepared by SLR, is planned for release in late Q2/25.
Permitting and Environmental Baseline Studies: Work is ongoing to support economic studies and future development.
MRE Tabulations:The MRE is divided into AFZ Core (consisting of K2, Keats West, Keats, Iceberg and Lotto), AFZ Peripheral (consisting of Big Vein, Pristine, HM and Midway) and JBP (consisting of H Pond, 1744 and Pocket Pond), with 96% (by metal) of the indicated Mineral Resource and 87% (by metal) of the Inferred Mineral Resource located within AFZ Core as outlined in Table 3 and Figure 1.
Table 3: MRE Tabulation by zone and area (as at the Effective Date)
Zone
Area
CategoryTonnage
(000 t)
Grade
(g/t Au)
Contained Metal
(000 oz Au)Open Pit
K2, Monte Carlo
AFZ Core
Indicated3,588
1.51
175
Inferred
3,755
1.22
147
Keats West, Cokes, Powerline
AFZ Core
Indicated
4,392
1.85
261
Inferred
2,410
1.33
103
Keats, Keats South, Iceberg, Iceberg East, Iceberg Alley, Knob, Golden Bullet
AFZ Core
Indicated
7,004
2.94
662
Inferred
1,037
0.84
28
Lotto, Golden Joint, Jackpot, Honeypot
AFZ Core
Indicated
1,205
3.16
122
Inferred
1,078
1.31
45
Big Vein, Pristine, HM, Midway
AFZ Peripheral
Indicated
995
0.82
26
Inferred
474
1.56
24
H Pond, 1744, Pocket Pond
JBP
Indicated
83
1.54
4
Inferred
206
1.66
11
TotalIndicated
17,267
2.25
1,249
Inferred
8,960
1.24
358Underground
K2, Monte Carlo
AFZ Core
Indicated32
3.02
3
Inferred335
2.78
30
Keats West, Cokes, Powerline
AFZ Core
Indicated
-
-
-
Inferred
28
2.76
3
Keats, Keats South, Iceberg, Iceberg East, Iceberg Alley, Knob, Golden Bullet
AFZ Core
Indicated
306
5.13
50
Inferred
660
4.53
96
Lotto, Golden Joint, Jackpot, Honeypot
AFZ Core
Indicated
303
6.97
68
Inferred
394
6.34
80
Big Vein, Pristine, HM, Midway
AFZ Peripheral
Indicated
100
5.42
17
Inferred
119
5.72
22
H Pond, 1744, Pocket Pond
JBP
Indicated
30
4.09
4
Inferred
214
2.79
19
TotalIndicated
771
5.76
142
Inferred
1,749
4.44
250Open Pit + Underground
TotalIndicated18,038
2.40
1,392
Inferred
10,709
1.77
608
Queensway Geology and Structure:Queensway resides in the eastern Exploits Subzone of the Newfoundland Appalachians and is centered on a 110-km segment of the district-scale auriferous Appleton and JBP fault zones. The Appleton Fault is a major intraplate fault zone that separates rock packages of contrasting structural style and provides a first order control on gold mineralization. Second order subsidiary faults splay from the Appleton Fault with consistent geometry, orientation and kinematics that repeat throughout the deposit area. They host laminated shear and associated extensional vein arrays as well as hydraulic breccias with large well-developed vugs. Veins consist of quartz, ankerite, chalcopyrite, boulangerite/bournonite, arsenopyrite and pyrite and are associated with NH4 muscovite alteration. The Keats-Baseline Fault is a highly prospective northeast striking secondary fault with an interpreted strike length of 1.9 km. In 2019, while exploring the Keats-Baseline Fault a broad array of visible gold bearing veins was intercepted in what is now the Keats Zone. Since 2019, New Found Gold has discovered key high-grade zones such as Iceberg, Keats West, Golden Joint, Lotto, Jackpot, K2, Monte Carlo, (all within AFZ Core), as well as Golden Dome, Pistachio and Dropkick, where the majority of results were received by the Company after the initial resource database was closed.
MRE Methodology and Parameters:Reasonable prospects for economic evaluation ("RPEEE") were demonstrated for the reported MRE by constraining the open pit MRE with a preliminary optimized pit shell, while the underground MRE were constrained within reporting panels.
Open pit MRE were reported above a 0.3 g/t Au reporting cut-off grade. Underground MRE are constrained by reporting panels generated at a cut-off grade of 1.65 g/t Au and a minimum mining width of 1.8 m.
For the purposes of open pit optimization, the block model was re-blocked to 5 m by 5 m by 5 m, while open pit Mineral Resources are reported from a block model regularized to the 2.5 m by 2.5 m by 5 m parent cell size. Underground reporting panels were generated from the original estimation sub-block model, with a minimum sub-block size of 0.625 m by 0.625 m by 1.25 m, which was also used to report the underground Mineral Resources.
MRE classification was based primarily on drill hole spacings of up to approximately 30 m for Indicated Mineral Resources and up to approximately 60 m for Inferred Mineral Resources, which were applied to create continuous classification categories.
High Grade RestrictionWithin AFZ Core high grade restrictions were applied, with the restriction process involving two key components, grade restriction threshold and restricted search dimensions. During estimation, composite values exceeding the grade threshold were permitted to have full influence within the restricted ellipsoid, while beyond this range, these values were capped to the threshold to limit their impact. This approach ensured that high-grade samples maintained local influence while preventing the over-projection of higher grades into lower-grade areas.
SLR determined the impact of capping and high-grade restriction to be acceptable and necessary steps to prevent the smearing of high-grade samples throughout the estimate.
MetallurgyNew Found Gold has completed two phases of metallurgical test work on the various mineralized zones. The initial test work evaluated three mineralized zones within the AFZ Core (Keats, Golden Joint, and Lotto). The next phase of work studied mineralization from the Iceberg and Iceberg East zones. See New Found Gold news releases dated April 3, 2024 and November 1, 2024 for additional information.
In 2024, the Company began a third phase of testing using mineralized material also from the AFZ Core (Keats West), which was known to contain free gold and submicroscopic gold associated with pyrite and arsenopyrite. This material was also known to contain varying amounts of organic carbon. Reports are still pending and preliminary results have been provided to the Company for the purposes of the initial MRE.
While test work to date has focussed on a gravity – CIL flowsheet, future test work will continue to investigate flotation for the recovery of refractory gold associated with pyrite and arsenopyrite into a sulphide concentrate that could potentially be processed on site or sold to a third party.
Based on results received to date, a metallurgical recovery of 90% was applied across all deposits and grade ranges based on preliminary gravity, flotation, and CIL test work on samples from Keats, Golden Joint, Lotto, Iceberg, and Iceberg East, that demonstrated acceptable recoveries from samples using gravity-CIL test work, and improved recoveries of gold associated with sulphides by flotation where CIL of the gravity tails was inadequate (particularly from Keats West).
Data VerificationThe data used in this Mineral Resource Estimate is supported by Quality Assurance and Quality Control ("QA/QC") procedures, such as the insertion of certified standards and blanks into the sample stream and the utilization of certified independent analytical laboratories for all assays. The QA/QC data and methodology on the project were reviewed and will be summarized in the NI 43-101 technical report.
Pierre Landry, P.Geo. of SLR, an independent Qualified Person in accordance with the requirements of NI 43-101, has reviewed the adequacy of sample preparation, security, and analytical procedures conducted by New Found Gold from the start of the Queensway exploration programs in 2019 through to the Effective Date. This review found no material issues or inconsistencies that could adversely affect the quality or reliability of the data. The QP is of the opinion that:
NFG's sample preparation procedures are appropriate for the deposit type and mineralization style.
Analytical methods used, including fire assay, photon assay, and screen fire assay, are suitable for determining gold grades in the Project.
The QA/QC program, which includes CRMs, blanks, and duplicates, is well-structured, meets industry standards, and provides confidence in the assay data.
Sample security measures and chain of custody protocols are sufficient to ensure the integrity of the data.
Overall, Pierre Landry, P.Geo. of SLR, an independent Qualified Person in accordance with the requirements of NI 43-101, is of the opinion that NFG's sampling, analytical methods, and QA/QC program meet industry standards and are suitable for use in the Mineral Resource estimate.
Data verification for the drill hole database included comparing gold assay values used to support the Mineral Resource estimate against the original analytical certificates from ALS and MSALABS, the primary laboratories used by NFG between 2019 and 2024. The review covered a variety of assay methods including: fire assay with AAS or gravimetric finish, photon assay, and screen fire assay.
SLR found no material discrepancies identified that would impact the validity of the Mineral Resource estimate. SLR's QP is of the opinion that the verification process confirms the reliability of the assay database, ensuring its suitability for use for Mineral Resource estimation.
In accordance with NI 43-101, Pierre Landry, P.Geo., of SLR, conducted a site visit to the Project and related facilities on October 24 and 25, 2024. During this visit, he inspected the Keats and Iceberg trenches, the core shack, and reviewed the logging environment and procedures for data collection and sampling. He also examined core samples from the AFZ Core, AFZ Peripheral, and JBP deposits. In addition, he interviewed NFG's personnel and gathered information necessary for completing the Mineral Resource estimate and accompanying Technical Report.
Mr. Landry also inspected drill collars and drill hole cores relevant to the Mineral Resource estimation, verifying collar locations using a handheld GPS and visually comparing mineralization with interpreted drilling sections. NFG provided full access to all facilities and personnel during the visit. Mr. Landry was accompanied by Melissa Render, President of NFG.
Technical ReportA technical report will be prepared (the "Technical Report") by Qualified Persons in accordance with the requirements of NI 43-101 and will be filed on SEDAR+ within 45 days of this press release.
Readers are cautioned that the conclusions, projections and estimates set out in this press release are subject to important qualifications, assumptions and exclusions, all of which will be detailed in the Technical Report. To fully understand the summary information set out in this press release, the Technical Report, which will be filed on SEDAR+ at www.sedarplus.ca, should be read in its entirety.
Qualified PersonThe initial MRE for Queensway was prepared by Pierre Landry, P.Geo. of SLR, an independent Qualified Person in accordance with the requirements of NI 43-101, who has reviewed and approved the contents of this news release.
The scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, P.Geo., President, and a Qualified Person as defined under NI 43-101. Ms. Render consents to the publication of this press release dated March 24, 2025, by New Found Gold. Ms. Render certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.
New Found Gold holds a 100% interest in Queensway in Newfoundland and Labrador, a Tier 1 jurisdiction with excellent infrastructure and a skilled local workforce.
With over 600,000 metres of drilling completed since 2020, the Company has outlined multiple near-surface, high-grade gold discoveries over a 22 km strike extent. Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential of the 175,600 hectare Project that covers a 110 km strike extent along two prospective fault zones.
The Company has completed an initial mineral resource estimate and commissioned a preliminary economic assessment, which is scheduled for completion in late Q2/25.
New Found Gold has a new management team in place, a solid shareholder base, which includes an 19% holding by Eric Sprott, and is focused on growth and value creation at Queensway.
Please see the Company's website at www.newfoundgold.ca and the Company's SEDAR+ profile at www.sedarplus.ca.
Keith BoyleChief Executive OfficerNew Found Gold Corp.
Follow us on social media athttps://www.linkedin.com/company/newfound-gold-corphttps://x.com/newfoundgold
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.
Forward-Looking Statement Cautions
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to the MRE; exploration, drilling and mineralization on the Queensway Project ; plans for future exploration and drilling including expansion beyond this MRE, additional metallurgical testwork, exploration of our prospective landholdings and exploration campaign; the preparation, completion and timing of a PEA; the potential preparation, completion and timing of a pre-feasibility study and feasibility study; growth of the Queensway Project and value creation for shareholders and the communities; expansion potential of the Queensway Project; the 2025 drill program; filing the Technical Report and timing thereof; the jurisdiction of the Queensway Project ; and the merits of the Queensway Project. 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", "encouraging", "pending", "potential", "goal", "objective", "opportunity", "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 the preliminary economic assessment, the results and timing of the preliminary economic assessment, 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, drilling and assay results, 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.
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Register here: The number of shares of IonQ common stock to be issued will not be less than 21,143,538 shares or more than 35,241,561 shares, which is expected to equate to between 7.02% and 11.46% of the outstanding IonQ shares after the issuance, after giving effect to the expected issuance of shares to Capella shareholders upon closing that transaction. The final number of shares to be issued as consideration will be calculated using the volume-weighted average price for IonQ shares for the 20 trading days immediately preceding the third business day prior to the closing, but will not be more than $50.37 per share or less than $30.22 per share. The transaction is subject to customary closing conditions, including receipt of required regulatory approvals. The transaction is expected to close in 2025. Advisors Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to IonQ. Hogan Lovells is serving as legal counsel to Oxford Ionics. Morgan Stanley & Co. LLC served as exclusive financial advisor to Oxford Ionics. About IonQ IonQ is a leader in the quantum computing and networking industries, delivering high-performance systems aimed at solving the world's largest and most complex commercial and research use cases. IonQ's current generation quantum computers, IonQ Forte and IonQ Forte Enterprise, are the latest in a line of cutting-edge systems, boasting 36 algorithmic qubits. The company's innovative technology and rapid growth were recognized in Newsweek's 2025 Excellence Index 1000, Forbes' 2025 Most Successful Mid-Cap Companies list, and Built In's 2025 100 Best Midsize Places to Work in Washington DC and Seattle, respectively. Available through all major cloud providers, IonQ is making quantum computing more accessible and impactful than ever before. Learn more at About Oxford Ionics Oxford Ionics was co-founded in 2019 by Dr. Chris Ballance and Dr. Tom Harty who both hold world records in quantum breakthroughs. The team includes 80 global experts across physics, quantum architecture, engineering and software. Oxford Ionics' investors include Braavos, OSE, Lansdowne Partners, Prosus Ventures, 2xN, and Hermann Hauser (founder of chip giant ARM). In 2024, Oxford Ionics rapidly commercialized its technology, selling full-stack quantum computers to the UK's National Quantum Computing Centre (NQCC) and Germany's Cyberagentur. The company also holds the world records in the three most important metrics for quantum performance: single- and two-qubit gate fidelity and quantum state preparation and measurement (SPAM). For more information, visit our website IonQ Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words "will," "believe," "pending," "look forward," "accelerate," "anticipate," "intention," "expect," "suggests," "plan," "believe," "intend," "estimate," "target," "project," "should," "could," "would," "may," "forecast," "offers," "advancing," "ambition," "deepen," "potential," "enable," "encourage," "expand," "opportunity," "well positioned," and other similar expressions are intended to identify forward-looking statements. These statements include those related to IonQ's future acquisition of Oxford Ionics and its acquisition of, and partnerships with, other quantum computing companies and the expected benefits of such acquisitions and partnerships, as well as IonQ's quantum computing capabilities and networking sector; the efficacy of new applications of quantum computing; the relevance and utility of quantum algorithms and applications run on IonQ's quantum computers; the success of partnerships and collaborations between IonQ and other parties, including development and commercialization of products and services with such parties; IonQ closing anticipated acquisitions; IonQ's retention of Oxford Ionic's employees and its expansion in the U.K.; IonQ's ability to utilize the technology of acquired companies to accelerate the development and scale of IonQ's systems and offerings; advancement of quantum networking technology; the Company's technology driving commercial applications in the future; the Company's future financial and operating performance, including our preliminary outlook and guidance; the appearance of new applications of IonQ's products and services; the ability for third parties to implement IonQ's offerings to solve their problems and increase their quantum computing capabilities; expansion of IonQ's sales pipeline; IonQ's quantum computing capabilities and plans; future deliveries of and access to IonQ's quantum computers and services; future purchases of IonQ's offerings by customers using congressionally-appropriated funds from the U.S. government; IonQ's performance of existing contracts in the future, including anticipated timing of completion of research, development and manufacturing by IonQ; IonQ receiving additional revenues under planned subsequent phases of customer contracts; and the scalability and reliability of IonQ's quantum computing offerings. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to uncertainties as to the timing to consummate the potential acquisition of Oxford Ionics; the risk that a condition to closing the acquisition may not be satisfied; the risk that regulatory approvals are not obtained or are obtained subject to conditions that are not anticipated by the parties; IonQ's ability to achieve the benefits from the proposed transaction and effectively integrate Oxford Ionics in its operations. IonQ's ability to implement its technical roadmap; changes in the competitive industries in which IonQ operates, including development of competing technologies; IonQ's ability to sell effectively to government entities and large enterprises; changes in laws and regulations affecting IonQ's and its suppliers' businesses; IonQ's ability to implement its business plans, forecasts and other expectations, to identify and realize partnerships and opportunities, and to engage new and existing customers; IonQ's ability to effectively integrate its acquisitions, IonQ's ability to effectively enter new markets; IonQ's ability to deliver services and products within currently anticipated timelines; IonQ's inability to attract and retain key personnel, including personnel of acquired companies; the conditions for closing IonQ's anticipated acquisitions not being met; IonQ's customers deciding or declining to extend contracts into new phases; the inability of IonQ's suppliers to deliver components that meet expectations timely; changes in U.S. government spending or policy that may affect IonQ's customers; changes to U.S. government goals and metrics of success with regard to implementation of quantum computing and quantum networking; and risks associated with U.S. government sales, including availability of funding and provisions that allow the government to unilaterally terminate or modify contracts for convenience. You should carefully consider the foregoing factors and the other risks and uncertainties disclosed in the Company's filings, including but not limited to those described in the "Risk Factors" section of IonQ's most recent periodic financial report (Forms 10-Q or 10-K) and other documents filed by IonQ from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and IonQ assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. IonQ does not give any assurance that it will achieve its expectations. View source version on Contacts IonQ Media Contact:Jane Mazurpress@ IonQ Investor Contact:investors@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
23 minutes ago
- Business Wire
IonQ Announces Agreement to Acquire Oxford Ionics, Accelerating Path to Pioneering Breakthroughs in Quantum Computing
COLLEGE PARK, Md. & OXFORD, England--(BUSINESS WIRE)--IonQ (NYSE: IONQ) and Oxford Ionics today announced they have entered into a definitive agreement for IonQ to acquire Oxford Ionics in a transaction valued at $1.075 Billion, which will consist of $1.065 Billion in shares of IonQ common stock and approximately $10 Million in cash (subject to customary closing adjustments and expenses). IonQ is a leader in quantum computing and networking, developing high performance systems based on trapped ion technology, to help solve the world's most complex commercial and research challenges. Oxford Ionics holds the current world records for fidelity, which measures the accuracy of quantum operations. The transaction will bring together IonQ's quantum compute, application and networking stack with Oxford Ionics' groundbreaking ion-trap technology manufactured on standard semiconductor chips. The combined technologies are expected to deliver innovative, reliable quantum computers that increase in power, scale, and problem-solving capabilities. Both companies expect to benefit from the other's complementary technologies, deep expertise, and IonQ's global resources and established customer base. The combined company expects to build systems with 256 physical qubits at accuracies of 99.99% by 2026 and advance to over 10,000 physical qubits with logical accuracies of 99.99999% by 2027. The combined company anticipates extending its innovation by reaching 2 million physical qubits in its quantum computers by 2030, enabling logical qubit accuracies exceeding 99.9999999999%. The quantum computing market is projected to create up to $850 billion of global economic value by 2040 according to Boston Consulting Group. The management teams believe the transaction will enable the combined company to pioneer breakthroughs in quantum computing. IonQ expects that combining with Oxford Ionics will help drive the creation of disruptive applications that enable substantial revenue growth opportunities. Oxford Ionics' team is expected to play a vital role in the combined company's future. Both Oxford Ionics founders, Dr. Chris Ballance and Dr. Tom Harty, are expected to remain with IonQ after the acquisition is completed, continuing their pioneering work on quantum technology development in the UK. The combined entity also plans to expand its workforce in Oxford to further develop the UK's position as a leader in quantum computing. The combined company expects to maintain all existing customer relationships, including government partnerships in both the UK and US. The company also plans to continue working with the UK National Quantum Computing Centre and the government's Quantum Missions program, driven by the Department for Science, Innovation and Technology and Innovate UK, helping to develop practical quantum computing applications in manufacturing, pharmaceuticals, and defense. 'IonQ's vision has always been to drive real-world impact in every era and year of quantum computing's growth. Today's announcement of our intention to acquire Oxford Ionics accelerates our mission to full fault-tolerant quantum computers with 2 million physical qubits and 80,000 logical qubits by 2030,' said Niccolo de Masi, CEO of IonQ. 'We believe the advantages of our combined technologies will set a new standard within quantum computing and deliver superior value for our customers through market-leading enterprise applications. De Masi continued, 'We are pleased to welcome Oxford Ionics founders Dr. Chris Ballance and Dr. Tom Harty, and the rest of the Oxford Ionics team to IonQ. Their groundbreaking ion-trap-on-a-chip technology will accelerate IonQ's commercial quantum computer miniaturization and global delivery. Our combined path to millions of qubits by 2030 will help ensure unit economics, scale, and power as quantum computing rapidly evolves.' 'We're tremendously excited to work alongside the world-class quantum computing and networking teams at IonQ. Together, we intend to move faster than any other player in the industry to deliver the leading fault-tolerant quantum computers with transformative value for customers,' said CEO of Oxford Ionics, Dr. Chris Ballance. 'At Oxford Ionics, we have not only pioneered the most accurate quantum platform on the market – we have also engineered a quantum chip capable of being manufactured in standard semiconductor fabs. We look forward to integrating this innovative technology to help accelerate IonQ's quantum computing roadmap for customers in Europe and worldwide.' The acquisition of Oxford Ionics follows IonQ's recent quantum computing and networking momentum, including the recent acquisition of Lightsynq and pending acquisition of Capella. To learn more, please join 'IonQ's Path to Large-Scale, Fault-Tolerant Quantum Computing' webinar today, June 9th at 6:00 pm BST, 1:00 pm EST, 10 am PT. Register here: The number of shares of IonQ common stock to be issued will not be less than 21,143,538 shares or more than 35,241,561 shares, which is expected to equate to between 7.02% and 11.46% of the outstanding IonQ shares after the issuance, after giving effect to the expected issuance of shares to Capella shareholders upon closing that transaction. The final number of shares to be issued as consideration will be calculated using the volume-weighted average price for IonQ shares for the 20 trading days immediately preceding the third business day prior to the closing, but will not be more than $50.37 per share or less than $30.22 per share. The transaction is subject to customary closing conditions, including receipt of required regulatory approvals. The transaction is expected to close in 2025. Advisors Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to IonQ. Hogan Lovells is serving as legal counsel to Oxford Ionics. Morgan Stanley & Co. LLC served as exclusive financial advisor to Oxford Ionics. About IonQ IonQ is a leader in the quantum computing and networking industries, delivering high-performance systems aimed at solving the world's largest and most complex commercial and research use cases. IonQ's current generation quantum computers, IonQ Forte and IonQ Forte Enterprise, are the latest in a line of cutting-edge systems, boasting 36 algorithmic qubits. The company's innovative technology and rapid growth were recognized in Newsweek's 2025 Excellence Index 1000, Forbes' 2025 Most Successful Mid-Cap Companies list, and Built In's 2025 100 Best Midsize Places to Work in Washington DC and Seattle, respectively. Available through all major cloud providers, IonQ is making quantum computing more accessible and impactful than ever before. Learn more at IonQ. com. About Oxford Ionics Oxford Ionics was co-founded in 2019 by Dr. Chris Ballance and Dr. Tom Harty who both hold world records in quantum breakthroughs. The team includes 80 global experts across physics, quantum architecture, engineering and software. Oxford Ionics' investors include Braavos, OSE, Lansdowne Partners, Prosus Ventures, 2xN, and Hermann Hauser (founder of chip giant ARM). In 2024, Oxford Ionics rapidly commercialized its technology, selling full-stack quantum computers to the UK's National Quantum Computing Centre (NQCC) and Germany's Cyberagentur. The company also holds the world records in the three most important metrics for quantum performance: single- and two-qubit gate fidelity and quantum state preparation and measurement (SPAM). For more information, visit our website IonQ Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words 'will,' 'believe,' 'pending,' 'look forward,' 'accelerate,' 'anticipate,' 'intention,' 'expect,' 'suggests,' 'plan,' 'believe,' 'intend,' 'estimate,' 'target,' 'project,' 'should,' 'could,' 'would,' 'may,' 'forecast,' 'offers,' 'advancing,' 'ambition,' 'deepen,' 'potential,' 'enable,' 'encourage,' 'expand,' 'opportunity,' 'well positioned,' and other similar expressions are intended to identify forward-looking statements. These statements include those related to IonQ's future acquisition of Oxford Ionics and its acquisition of, and partnerships with, other quantum computing companies and the expected benefits of such acquisitions and partnerships, as well as IonQ's quantum computing capabilities and networking sector; the efficacy of new applications of quantum computing; the relevance and utility of quantum algorithms and applications run on IonQ's quantum computers; the success of partnerships and collaborations between IonQ and other parties, including development and commercialization of products and services with such parties; IonQ closing anticipated acquisitions; IonQ's retention of Oxford Ionic's employees and its expansion in the U.K.; IonQ's ability to utilize the technology of acquired companies to accelerate the development and scale of IonQ's systems and offerings; advancement of quantum networking technology; the Company's technology driving commercial applications in the future; the Company's future financial and operating performance, including our preliminary outlook and guidance; the appearance of new applications of IonQ's products and services; the ability for third parties to implement IonQ's offerings to solve their problems and increase their quantum computing capabilities; expansion of IonQ's sales pipeline; IonQ's quantum computing capabilities and plans; future deliveries of and access to IonQ's quantum computers and services; future purchases of IonQ's offerings by customers using congressionally-appropriated funds from the U.S. government; IonQ's performance of existing contracts in the future, including anticipated timing of completion of research, development and manufacturing by IonQ; IonQ receiving additional revenues under planned subsequent phases of customer contracts; and the scalability and reliability of IonQ's quantum computing offerings. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to uncertainties as to the timing to consummate the potential acquisition of Oxford Ionics; the risk that a condition to closing the acquisition may not be satisfied; the risk that regulatory approvals are not obtained or are obtained subject to conditions that are not anticipated by the parties; IonQ's ability to achieve the benefits from the proposed transaction and effectively integrate Oxford Ionics in its operations. IonQ's ability to implement its technical roadmap; changes in the competitive industries in which IonQ operates, including development of competing technologies; IonQ's ability to sell effectively to government entities and large enterprises; changes in laws and regulations affecting IonQ's and its suppliers' businesses; IonQ's ability to implement its business plans, forecasts and other expectations, to identify and realize partnerships and opportunities, and to engage new and existing customers; IonQ's ability to effectively integrate its acquisitions, IonQ's ability to effectively enter new markets; IonQ's ability to deliver services and products within currently anticipated timelines; IonQ's inability to attract and retain key personnel, including personnel of acquired companies; the conditions for closing IonQ's anticipated acquisitions not being met; IonQ's customers deciding or declining to extend contracts into new phases; the inability of IonQ's suppliers to deliver components that meet expectations timely; changes in U.S. government spending or policy that may affect IonQ's customers; changes to U.S. government goals and metrics of success with regard to implementation of quantum computing and quantum networking; and risks associated with U.S. government sales, including availability of funding and provisions that allow the government to unilaterally terminate or modify contracts for convenience. You should carefully consider the foregoing factors and the other risks and uncertainties disclosed in the Company's filings, including but not limited to those described in the 'Risk Factors' section of IonQ's most recent periodic financial report (Forms 10-Q or 10-K) and other documents filed by IonQ from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and IonQ assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. IonQ does not give any assurance that it will achieve its expectations.
Yahoo
35 minutes ago
- Yahoo
Latest Economy Observer report from Dun & Bradstreet reveals India's steady rise as inflation eases and financial markets strengthen
MUMBAI, India, June 9, 2025 /PRNewswire/ -- Dun & Bradstreet, a global leader in business decisioning data and analytics, has released its Economy Observer report for June 2025. Economy Observer is a monthly report sharing in-depth analysis of key macroeconomic developments in India and provides forecasts for key economic indicators, and insight into the expected direction of the Indian economy. Key economic forecast: Real Economy: India's GDP in the final quarter of FY25 expanded by an impressive 7.4% from the provisional estimate of 6.5%. Looking ahead, D&B forecasts a moderation in India's Industrial Production Index (IIP) to 1.8% in May from 2.7% in April— reflecting a combination of cyclical and sector-specific weaknesses. Domestic demand is robust, and international ties are improving. Industrial growth faces short-term headwinds. These include base effects, inventory corrections (destocking), and supply disruptions caused by the early monsoon season. Urban demand is expected to pick up due to tax exemptions taking effect from April, while an early monsoon should boost the kharif season, supporting rural consumption—especially durables and e-commerce. Price Scenario: India's inflation trajectory continues to improve, reinforcing price stability. Dun & Bradstreet forecasts CPI inflation to follow its current downward trajectory to 3.0% in May from 3.2% in April, driven primarily by sustained disinflation in food prices. Food and beverages inflation has cooled down to its lowest in over a year, led by sharp corrections in vegetables and pulses. While unseasonal weather caused intermittent volatility, proactive release of buffer stocks by the Food Corporation of India helped contain cereal inflation and dampen broader food price pressures. Dun & Bradstreet forecasts WPI inflation to fall to 0.7% in May, from 0.9% in April, reflecting weak input cost pressures, subdued global commodity prices, and a supportive base effect. Notably, the recent surge in global copper prices has yet to significantly impact wholesale price indices but may influence industrial cost structures in the coming months. Money & Finance: India's financial markets in May 2025 exhibit growing stability, supported by easing inflation, improved liquidity, and a stronger fiscal position. Dun & Bradstreet projects the 10-year G-Sec yield to ease to 6.4% and the 91-day T-Bill to 5.9%, reflecting better borrowing conditions. The RBI's ₹40,000 crore OMO purchase and a record ₹2.7 lakh crore dividend transfer to the government have bolstered liquidity and reduced bond supply pressures. Bank credit growth has moderated to 10.0%, indicating recalibrated demand and cautious lending amid tighter digital lending oversight. The RBI's decision to raise the Contingent Risk Buffer to 7.5% signals growing confidence in financial system resilience. Structural reforms, including the launch of '. and ' domains, enhance cybersecurity in digital finance, while formalization trends are curbing currency circulation. External Sector: In May 2025, the Indian rupee appreciated to ₹85.3/USD, Dun & Bradstreet forecasts Rupee to stabilize around ₹85.4 in June. The currency's strength was supported by reduced capital outflows, RBI's calibrated liquidity support and rate adjustments, which reinforced monetary stability, as well as a weakening of the dollar. A narrower trade deficit due to lower non-essential imports and sustained FII inflows improved the balance of payments. A steepening yield curve and notable declines in 5- and 10-year yields underscored strong demand for Indian debt. Going forward, the rupee is well positioned to defend its gains, backed by robust fundamentals and investor confidence. Arun Singh, Global Chief Economist, Dun & Bradstreet, said, "India's short-term economic outlook remains strong as GDP in the final quarter of FY25 expanded by an impressive 7.4% —a symbolic milestone that reinforces investor confidence. A pick-up in urban consumption—spurred by pre-festive spending, tax reliefs, and a favorable base—is cushioning overall growth. Meanwhile, an early and widespread monsoon is expected to lift rural demand, particularly in agri-linked sectors. Headline inflation remains manageable, aided by easing food prices and supply-side interventions. Financial markets continue to show momentum, with strong equity performance, stable bond yields, and robust foreign portfolio inflows. The rupee has appreciated mildly, reflecting improved current account dynamics and positive sentiment. In the short run, policy support and macro stability are expected to anchor growth amid global volatility." D&B's Economy Observer Forecast Variables Forecast** Latest Period Previous period IIP Growth 1.8% May-25 2.7%April-25 3.0%Mar-25 Inflation WPI 0.7% May-25 0.9% April 25 2.0% Mar-25 CPI (Combined) 3.0% May-25 3.2% April-25 3.3% Mar-25 Exchange Rate (INR/USD) * 85.4 June-25 85.3 May-25 85.7 Apr 25 91-day T-Bills* 5.9% May-25 6.0% April-25 6.5% Mar-25 10-year G-Sec Yield* 6.4% May-25 6.5% April-25 6.7% Mar-25 Bank Credit 10.0% May-25 10.9%April-25 11% Mar-25 *Weekly Average ** Dun and Bradstreet Forecasts About Dun & Bradstreet: Dun & Bradstreet, a leading global provider of business decisioning data and analytics, enables companies around the world to improve their business performance. Dun & Bradstreet's Data Cloud fuels solutions and delivers insights that empower customers to accelerate revenue, lower cost, mitigate risk and transform their businesses. Since 1841, companies of every size have relied on Dun & Bradstreet to help them manage risk and reveal opportunity. For more information on Dun & Bradstreet, please visit Dun & Bradstreet Information Services India Private Limited is headquartered in Mumbai and provides clients with data-driven products and technology-driven platforms to help them take faster and more accurate decisions across finance, risk, compliance, information technology and marketing. Working towards Government of India's vision of creating an Atmanirbhar Bharat (Self-Reliant India) by supporting the Make in India initiative, Dun & Bradstreet India has a special focus on helping entrepreneurs enhance their visibility, increase their credibility, expand access to global markets, and identify potential customers & suppliers, while managing risk and opportunity. India is also the home to Dun & Bradstreet Technology & Corporate Services LLP, which is the Global Capabilities Center (GCC) of Dun & Bradstreet supporting global technology delivery using cutting-edge technology. Located at Hyderabad, the GCC has a highly skilled workforce of over 500 employees, and focuses on enhanced productivity, economies of scale, consistent delivery processes and lower operating expenses. Visit for more information. Click here for all Dun & Bradstreet India press releases. Logo: View original content:
