The billionaire, who was an early backer of what became one of the world’s largest gold miners, says this one is even bigger
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.
“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.