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Eric Sprott makes his biggest bet yet on what could be 'the greatest gold discovery in Canada'
The billionaire, who was an early backer of what became one of the world's largest gold miners, says this one is even bigger.
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By Gabriel Friedman
National Post / Financial Post, Toronto
Monday, April 18, 2022
Bay Street legend Eric Sprott, who became a billionaire betting on gold and silver, just made his biggest investment yet in a precious metals exploration company.
Last week Sprott, the founder of asset manager Sprott Inc., announced that he had purchased $125.9 million of shares in New Found Gold Corp., an early-stage exploration company that holds exclusive rights to a project in Newfoundland and Labrador that has yielded promising initial drill results but has no official mineral resource.
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"I do believe it is special," Sprott said in an interview. "It's going to prove to be maybe the greatest gold discovery in the history of Canada, if not in the world. ... So that's what makes it so easy for me to put that additional money in it."
Sprott retired from the firm he created in 2017 and now invests his own money. But the 77-year-old still has a great deal of influence, as he remains one of the most deep-pocketed and bullish investors in Canada's precious-metal mining industry.
Sprott has spent hundreds of millions of dollars to obtain stakes in dozens of tiny, often penny-stock companies. In recent years his reputation was bolstered by his role as an early backer of Kirkland Lake Gold Ltd., which grew from obscurity into one of the largest gold miners in the world, valued at $13.5 billion last year when it merged into Agnico Eagle Mines Ltd. ...
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