Recent Updates — NFGC
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.
New Found Gold Corp. reported preliminary third-quarter 2026 operational results for its Hammerdown Gold Mine, which achieved commercial production on August 19, 2026. The company produced 4,863 ounces of gold and sold 6,035 ounces at an average realized price of US$4,310 per ounce. Year-to-date production reached 10,670 ounces with an average recovery rate of 85%. The firm holds approximately $167 million in cash against $70 million in debt and anticipates a life-of-mine run rate of 20,000 to 25,000 ounces annually at an all-in sustaining cost of roughly US$2,500 per ounce. New Found Gold is a Canadian gold producer operating the Hammerdown mine and advancing its Queensway Gold Project in Newfoundland.
New Found Gold Corp. declared commercial production at its 100% owned Hammerdown Gold Mine in Central Newfoundland on August 19, 2026, following a sustained 60-day period meeting throughput, recovery, and grade criteria. The company produced 9,140 ounces of gold in the first eight months of 2026 at an average realized price of $6,271 per ounce. Hammerdown anticipates a production run rate of 20,000 to 25,000 ounces annually with all-in sustaining costs of approximately US$2,429 per ounce. The company operates in the gold mining industry.
New Found Gold Corp. announced that its common shares will commence trading on the Toronto Stock Exchange (TSX) under the symbol "NFGC" starting August 26, 2026. The company voluntarily delisted from the TSX Venture Exchange upon this transition to align with its NYSE American listing. CEO Keith Boyle described the move as a milestone reflecting the company's evolution from an early-stage explorer to an emerging gold producer. This listing aims to increase visibility and access a broader investor base while supporting the strategy to become Canada's next mid-tier gold producer. The company operates in the mining industry, specifically focusing on gold exploration and production.