New Found Gold (TSX:NFGC) - Q3 Hammerdown Production Results

Interview with Keith Boyle, Director & CEO of New Found Gold

Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxnfgc-producing-now-pine-cove-the-critical-path-12056

Recording date: 13th October 2026

New Found Gold Corp. (TSX: NFGC | NYSE-A: NFGC) has reported preliminary third quarter 2026 results from its Hammerdown Gold Mine in Newfoundland and Labrador, the first quarterly figures since the mine declared commercial production on August 19, 2026. Hammerdown produced 4,863 ounces of gold and sold 6,035 ounces at an average realized price of US$4,310 per ounce. Mill feed grade averaged 2.76 g/t and recovery 85%.

The results sit just below the quarterly equivalent of the company’s life-of-mine run rate of 20,000 to 25,000 ounces per year at an AISC of approximately US$2,500 per ounce, during the final stages of ramp-up. Mined material is reconciling to within 5% of the resource model, and recoveries have improved from the high 50s at start-up to the mid-80s set out in the economic study. A permanent crusher and sorter is scheduled for substantial completion by the end of 2026, with commissioning in the first quarter of 2027, and is expected to reduce crushing costs and deliver higher-grade feed to the mill.

The Pine Cove Mill is being converted to a Gravity-CIL circuit in parallel with production, with completion targeted for the fourth quarter of 2027. Management expects the new circuit to improve Hammerdown recoveries by around five percent, and plans to apply to expand capacity from 700 to 1,400 tonnes per day following the Queensway environmental assessment release. The mill work forms the critical path for first Queensway feed, scheduled for the fourth quarter of 2027.

New Found Gold held approximately C$167 million in cash at September 30, 2026, against C$70 million in debt, and management describes Queensway Phase 1 as fully funded. Queensway is planned to produce 70,000 to 100,000 ounces per year initially, rising to 175,000 to 200,000 ounces per year after expansion. An updated Queensway technical report is expected shortly.

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View New Found Gold's company profile: https://www.cruxinvestor.com/companies/new-found-gold

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