Interview with Keith Boyle, Director & CEO of New Found Gold
Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxnfgc-q3-hammerdown-production-results-12342
Recording date: 23rd October 2026
New Found Gold Corp. (TSX / NYSE-A: NFGC) has released a revised Preliminary Economic Assessment and updated Mineral Resource Estimate for its 100%-owned Queensway Gold Project in central Newfoundland. At a base case gold price of US$3,600/oz, the study gives an after-tax NPV5% of C$1.728 billion, an after-tax IRR of 126% and payback in under one year. The mine plan outlines 1.744 million ounces of gold over a 15-year phased open pit and underground operation, with average annual production of 116,000 ounces and a peak of 190,000 ounces in 2032. Life-of-mine AISC is estimated at US$1,375/oz.
The updated resource raises Measured and Indicated ounces by 38% to 1.920 million ounces, while Inferred ounces are unchanged at 606,000 ounces. Phase 1 has an average head grade of 13.41 g/t gold, and 97% of its ounces are in the Measured and Indicated categories. Grade control drilling at Keats and Iceberg reconciled closely with the earlier resource model, which supports confidence in the high-grade core.
The plan relies on the company’s own Pine Cove mill, acquired with Hammerdown, which is being converted to a gravity-CIL circuit and expanded to 1,400 tonnes per day. Phase 1 initial capital of C$149.8 million is in line with the previous estimate, and the company reports it is fully funded. It holds about C$167 million in cash, a C$35 million debt facility and expected warrant proceeds, alongside cash flow from Hammerdown.
Later phases add a new on-site mill with dual processing circuits and 86% more underground ounces. The changes improve payability but bring C$832.1 million in growth capital and C$970.8 million in sustaining capital. These costs are intended to be funded from operating cash flow.
The Environmental Preview Report is targeted for submission in Q4 2026. Subject to permits, first Queensway material is expected at Pine Cove in Q4 2027.
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