Other Events ·
New Found Gold updates Queensway PEA with $1.7B NPV and raises M&I resource by 38%
NFGCNew Found Gold Corp.
New Found Gold Corp. announced a revised Preliminary Economic Assessment (PEA) and updated Mineral Resource Estimate (MRE) for its flagship Queensway Gold Project in Newfoundland and Labrador. The revised PEA shows an after-tax Net Present Value at a 5% discount rate of $1.728 billion and an Internal Rate of Return of 126%, based on a base-case gold price of US$3,600 per ounce. Initial capital costs for Phase 1 remain at approximately $149.8 million, with first production anticipated in Q4 2027 using the off-site Pine Cove mill. The updated MRE increased Measured and Indicated Mineral Resources by 38% to 1.92 million ounces of gold, driven by the addition of the Dropkick Zone. The company states the project is fully funded for Phase 1 development.