New Found Gold (TSXV:NFG) - Meet the Team - Robert Assabgui

Rob’s Role & New Found Gold’s Development Strategy

Key Concepts: Mining Life Cycle, EPCM, Phased Development, Schedule Risk, Cost Risk, Gravity CIL Processing, Owners Team, De-risking, Technical Report, Permitting, Queensway Project, Hammerdown Project, Pine Cove Mill.

I. Rob’s Background & Experience

Rob is entering his 36th year in the mining industry, having begun his career with Inkco (later Vale) in Sudbury. He progressed to become the Director of Mining Operations, overseeing six underground mines, a concentrator, and the entire technical group. Following this, he held VP roles at HudBay, including VP of Technical Services and VP of Manitoba Operations. His experience at HudBay involved refurbishing a gold mill in Snow Lake and preparing a coal mine for production – projects directly relevant to New Found Gold’s current initiatives. He emphasizes having worked across all stages of the mining life cycle, from feasibility studies and planning to mine construction, operation, and closure. This broad experience shapes his approach to project management and risk assessment.

II. Alignment with New Found Gold’s Vision & Operational Focus

Rob intentionally sought a role focused on operations and projects, a departure from solely managing studies. He expressed enthusiasm for “chasing muck” – actively engaging in the physical aspects of mining. This aligns with the expectations of the New Found Gold team, including Paul and Keith, who sought someone with hands-on operational expertise. He sees a strong synergy between his past experiences and the current work at New Found Gold, particularly at the BIF lab. He states, “This fits well with what I really truly enjoy doing.”

III. Risk Management & Phased Development Approach

Rob highlights schedule and cost risk as the primary concerns in capital projects. New Found Gold is adopting a phased development approach to mitigate these risks, prioritizing rapid production to capitalize on the current favorable gold market. He believes this strategy balances risk and reward, enabling the company to reach the market effectively. He explains, “We’ve also taken an approach of phasing the development and taking and building things in a phased way to be able to get into production quickly to take advantage of the very healthy gold environment that we’re living in today.”

IV. Queensway & Hammerdown Projects: A Strategic Parallel

The Queensway project is described as a “straightforward” quarrying operation. Crucially, Rob views the recently acquired Hammerdown project as a direct analogue for Queensway. The intention is to leverage the experience and team building occurring at Hammerdown to directly inform and streamline the development of Queensway. He states, “The operation that we just acquired Hammerdown is a mirror image of what we want to do at Queensway. So, we’re gaining the experience. We’re building the team and everything that we’re doing at Hammerdale, we’re going to bring to the Queensway site.”

V. Managing Outsourcing & the EPCM Contract (WSP)

New Found Gold, being a small firm, recognizes the necessity of outsourcing. They selected WSP as their EPCM (Engineering, Procurement, and Construction Management) partner through a competitive bid process. WSP’s strong team and proposed approach were key factors in their selection. Rob emphasizes a collaborative approach, with regular meetings and input from the Pine Cove operations team integrated into the design process. While acknowledging WSP’s expertise, he underscores that New Found Gold remains the client, driving the project’s direction. He notes WSP “presented the best team to us…that was what gave us the comfort.”

VI. Prioritizing Speed to Production & the Design-Build Approach

Speed to production is identified as the most critical objective for New Found Gold. This drives a design-build approach, deviating from a traditional stage-gate methodology. Instead of exhaustive upfront analysis, they are proceeding in parallel, establishing milestones to achieve first gold production by 2027. Rob explains, “We are doing a design build and…we have milestones that we plan on achieving so that we can achieve our targets for first gold in 2027.”

VII. Rob’s Personal Standards & Approach to Project Execution

Rob emphasizes high standards for safety, efficiency, and productivity in all aspects of the project. He stresses the importance of incorporating operational expertise into the design phase, ensuring alignment between design and future operational realities. Regular, structured meetings are a key component of this collaborative approach. He states, “I have very high standards for the work that I do and and everybody around me. So that's the first thing is that we are going to design and build something that's safe and and uh efficient and productive.”

VIII. 2026 Milestones & Future Outlook

Key objectives for 2026 include optimizing operations at Hammerdown and Pine Cove, issuing a technical report outlining the long-term potential (7-10 years) of multiple deposits, securing permits for Queensway in the summer, and initiating early construction work in the fall. The overarching goal remains achieving first gold production at Pine Cove by mid-2027, as outlined in the Preliminary Economic Assessment (PEA).

IX. Technical Terms Explained:

• EPCM (Engineering, Procurement, and Construction Management): A form of contracting where the contractor is responsible for the detailed engineering, procurement of equipment and materials, and construction of a project.
• Gravity CIL (Carbon-in-Leach): A gold extraction process utilizing gravity concentration followed by carbon-in-leach, a method for recovering gold from ore.
• PEA (Preliminary Economic Assessment): An initial, high-level economic study of a mining project to determine its viability.
• Owners Team: A group of experts directly employed by the mining company to oversee and manage the project, ensuring alignment with company goals.
• BIF Lab: Likely refers to a laboratory or research facility focused on Banded Iron Formations, a geological feature relevant to New Found Gold’s exploration.

Conclusion:

Rob’s extensive experience across the entire mining life cycle, coupled with his focus on operational efficiency and a phased development approach, positions him as a key asset for New Found Gold. The strategic parallel between the Hammerdown and Queensway projects, combined with a collaborative outsourcing strategy utilizing WSP, aims to accelerate production and de-risk the overall development process. The company’s commitment to speed to production, underpinned by rigorous standards and a collaborative team, is central to its strategy for achieving success in the current gold market.