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

Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-205m-package-funds-queensway-to-production-9927

Recording date: 5th May 2026

New Found Gold has secured a total of $220 million in financing, combining a $105 million facility and a $115 million equity raise backed by prominent investors such as Eric Sprott. This funding fully covers the development of its flagship Queensway Gold project in Newfoundland, exceeding the $155 million capital expenditure outlined in its preliminary economic assessment. Importantly, the company does not need to draw the optional second tranche of financing, giving it additional financial flexibility as it advances toward production targeted for late 2027.

Queensway stands out for its high-grade ore, averaging 10 to 12 grams per ton in the शुरुआती years, which is significantly above industry norms. The project is expected to produce around 100,000 ounces of gold annually, with all-in sustaining costs estimated at $1,300 per ounce. At current gold prices, this translates into more than $2,300 in free cash flow per ounce, positioning Queensway as a high-margin operation with strong economic resilience.

In parallel, New Found Gold is progressing its Hammerdown mine toward commercial production in the second half of 2026. Ore from Hammerdown is processed at the Pine Cove mill, which is currently operating at 700 tons per day and is being expanded to 1,400 tons per day to support future Queensway output. This use of existing infrastructure reduces both development risk and capital requirements.

Key milestones include groundbreaking for the Pine Cove expansion by mid-2026 and securing an early works permit for Queensway by the third quarter of 2026. With minimal financing restrictions, strong investor backing, and a clear development roadmap, the company has established a well-defined and largely de-risked path to becoming a multi-asset gold producer.

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