New Found Gold (TSXV:NFG) - Pitch Perfect - February 2026

Key Concepts

• Queensway Gold Project: New Found Gold’s flagship, high-grade gold project in Newfoundland, Canada, planned as an open pit and underground mine.
• Hammerdown Gold Mine & Pine Cove Mill/Nugget Pond: Acquired assets enabling immediate gold production and providing processing infrastructure for Queensway.
• All-in Sustaining Cost (AISC): A comprehensive cost metric used in the mining industry to reflect the total cost of gold production.
• Preliminary Economic Assessment (PEA): A study outlining the economic viability of a mining project.
• Market Capitalization: The total value of a company’s outstanding shares.
• Fully Diluted: Including all potential shares that could be issued (e.g., options, warrants).
• ME (Mineral Estimate): An assessment of the quantity and grade of mineral resources.

New Found Gold: Becoming an Emerging Gold Producer in Canada

Introduction & Company Overview

Keith Bole, CEO of New Found Gold Corporation, details the company’s strategy to become a gold producer in Newfoundland, Canada. He emphasizes the company’s strong financial position, experienced team, and key asset portfolio. New Found Gold is focused on advancing the Queensway Gold Project while simultaneously generating near-term revenue through the recently acquired Hammerdown Gold Mine.

Jurisdictional Advantages & Team Building (2024-Present)

Newfoundland and Labrador is highlighted as a top-10 mining jurisdiction globally, according to the Fraser Institute. A significant focus has been placed on assembling a highly experienced team, beginning with board-level changes in December 2024. Paul Hwitt was appointed Chair of the Board, with a completely new board composition. Key executive appointments include Dr. Andrew Furey (former Premier of Newfoundland and Labrador), Alan Palmier (ex-CEO of Hudbay), Tamara Brown (ex-CEO of Superior Gold), and Chad Williams (finance veteran). The management team, assembled starting in January of last year, boasts extensive development experience. Bole himself has 40 years of mining engineering experience and eight development projects completed. Robabi (COO) has experience with Hud Bay’s Lawler project, Hashimmed with Manderlay and Jaguar Mining, and Dr. Jared Saunders with Vale’s permitting processes for the Voisey’s Bay and Long Harbour plants.

Financial Position & Share Structure

The company is well-funded, having raised over $83 million in the past year, with $87 million in the treasury as of the end of September. New Found Gold’s market capitalization is approximately $1.5 - $1.66 billion, with 367 million shares fully diluted. Eric Sprott holds a significant stake, representing his second-largest investment at nearly 20%. The company benefits from strong institutional investment and analyst coverage from both Canadian and US firms (Mike Hauser).

Queensway Gold Project – Flagship Asset

The Queensway Gold Project is the company’s primary asset, envisioned as a combination open pit and underground mine with a projected 15-year life of mine. The project is planned in three phases:

• Phase 1 (Initial): A small-scale operation with a capital expenditure (CAPEX) of $155 million, processing 700 tons per day of 9.6 g/t material at an offsite mill.
• Phase 2 (Expansion): Utilizing cash flow from Phase 1 to expand processing capacity to 7,000 tons per day, targeting 172,000 ounces of gold production per year at an all-in sustaining cost (AISC) of less than $1,100 per ounce.
• Phase 3 (Underground): Integrating underground mining operations after the plant is established, further enhancing production to the 172,000-ounce target.

The project’s initial PEA estimates all-in sustaining costs of $1,256 US per ounce.

Hammerdown Acquisition & Processing Infrastructure

The recent acquisition of the Hammerdown Gold Mine, Pine Cove Mill, and Nugget Pond hydro metallurgical gold plant is crucial for two key reasons: immediate gold production and accelerated development of the Queensway project. Hammerdown is being ramped up to steady-state production in the first half of the current year. A previous feasibility study indicated annual production of 50,000 ounces over a 5-year mine life, but the company is re-evaluating this study to account for dilution in the vein deposit. Production from Hammerdown will be processed at the fully permitted Pine Cove Mill, currently operating at 700 tons per day. The Nugget Pond facility (also 700 tons/day) will be relocated to Pine Cove, creating a single, fully operational mill matching the initial Queensway PEA requirements.

2023 – A Pivotal Year & Future Outlook

2023 was a transformative year for New Found Gold, marked by a transition from exploration to emerging producer status. Key achievements included:

• Building a capable development team.
• Strengthening the balance sheet with $83 million in funding.
• Completing a Mineral Estimate (ME) and a PEA demonstrating a high return at a $2,500/ounce gold price.
• Acquiring the Hammerdown, Pine Cove, and Nugget Pond assets.
• Completing 74,000 meters of drilling (80% focused on the project area, including resource expansion and geotechnical work), and discovering/expanding the Dropkick zone.
• Appointing a financial advisor to secure project financing for the $155 million Queensway development.

Production Targets & Investment Rationale

The company is targeting 100,000 ounces of gold production in the first four years, combining output from Queensway and Hammerdown, with potential to exceed 200,000 ounces thereafter. Bole argues that New Found Gold presents a compelling investment opportunity due to its ability to generate high-margin cash flow in the current gold price environment, its fast-tracked Queensway development in a favorable jurisdiction, its experienced team, and its prolific land package with significant exploration upside. The company has engaged WSP as its engineering firm to support project development.

Notable Quote:

“This is just a same movie but a different theater,” – Keith Bole, referencing his experience in developing multiple mining projects.

Conclusion

New Found Gold Corporation is strategically positioned to capitalize on the rising gold price through the development of its flagship Queensway project and the immediate production from its acquired assets. The company’s strong financial backing, experienced team, and favorable jurisdictional location provide a solid foundation for growth and value creation. The $155 million investment to unlock 172,000 ounces of production at Queensway, combined with Hammerdown’s output, represents a significant near-term catalyst for the company.