New Found Gold Delivers Key Milestone at Queensway Gold Project: Enters into Phase 1 EPCM Contract

Rhea-AI Summary

New Found Gold (NYSE American: NFGC) entered a Phase 1 EPCM contract with WSP Canada to advance the 100%‑owned Queensway Gold Project, following its 2025 PEA. EPCM scope covers site development and detailed engineering for an offsite milling strategy that leverages the company's owned, fully permitted Pine Cove mill and Nugget Pond hydromet plant.

The company substantially completed environmental baseline work and plans to file an Environmental Registration in late Q1/26 to start the NL environmental assessment process. Project finance advisory engagement with Cutfield Freeman is ongoing. Target: first gold pour from Queensway Phase 1 in H2/27, subject to permits and financing. An updated technical report with a revised mineral resource is planned for mid‑2026.

Positive

• Signed Phase 1 EPCM contract with WSP Canada
• Plans to use owned Pine Cove mill to process Queensway feed
• Environmental baseline work substantially completed; ER filing planned Q1/26
• Targeting first gold pour H2/27, accelerating development timeline

Negative

• First gold pour target is contingent on permits and financing
• Project finance not yet secured; advisory process ongoing
• Environmental assessment outcome and timing remain uncertain

News Market Reaction

-3.20%

1 alert

-3.20% News Effect

-$39M Valuation Impact

$1.18B Market Cap

1K Volume

On the day this news was published, NFGC declined 3.20%, reflecting a moderate negative market reaction. This price movement removed approximately $39M from the company's valuation, bringing the market cap to $1.18B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Project ownership: 100%-owned Phase 1 EPCM: Phase 1 Environmental filing timing: Late Q1/26 +3 more

6 metrics

Project ownership 100%-owned Queensway Gold Project ownership in Newfoundland and Labrador

Phase 1 EPCM Phase 1 EPCM contract scope for initial Queensway project development

Environmental filing timing Late Q1/26 Planned Environmental Registration submission to NL regulator

Technical report timing Mid-2026 Planned filing of updated Technical Report and mineral resource estimate

First gold target H2/27 Objective for first gold pour from Queensway Phase 1

Fraser Institute ranking Top 10 Newfoundland and Labrador jurisdiction ranking in 2024 mining survey

Market Reality Check

Price: $3.35 Vol: Volume 2,824,774 is 1.47x...

normal vol

$3.35 Last Close

Volume Volume 2,824,774 is 1.47x the 20-day average of 1,924,342, indicating elevated trading activity ahead of this update. normal

Technical Price $3.33 is trading above the 200-day MA of $1.95, reflecting a longer-term uptrend into this milestone.

Peers on Argus

NFGC was down 1.15% while peers like DC (-10.34%), IDR (-13.97%), GROY (-7.27%),...

1 Up

NFGC was down 1.15% while peers like DC (-10.34%), IDR (-13.97%), GROY (-7.27%), GAU (-3.43%) and CMCL (-1.34%) also traded lower, pointing to broader gold-sector weakness.

Previous Clinical trial Reports

5 past events · Latest: Sep 02 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Sep 02	Metallurgy results	Positive	+0.5%	Phase III metallurgical tests confirming 89.2% average gold recovery at Keats West.
Dec 02	Channel sampling	Positive	-3.3%	Phase II trench channels at Keats with multiple ultra high‑grade gold intersections.
Nov 01	Metallurgy results	Positive	-0.4%	Phase II metallurgical tests at Iceberg zones showing 96.9% gold extraction via CIL.
Sep 23	Channel sampling	Positive	-2.3%	Phase I Keats trench sampling with high‑grade results over multi‑metre widths.
Apr 03	Metallurgy results	Positive	+1.9%	Phase I metallurgical tests at Queensway demonstrating 90–96% gold extraction.

Pattern Detected

Project/technical updates have often been positive fundamentally but have shown mixed immediate price responses, with several mild pullbacks after favorable results.

Recent Company History

Over the past two years, New Found Gold has repeatedly released positive technical updates for the Queensway project, including Phase I–III metallurgical test work and high‑grade trench and channel sampling (e.g., Keats and Iceberg zones). Historical “clinical trial”–tagged items, such as the 89.2% gold recovery confirmation and Phase II extraction results near 96.9%, generally validated the project’s economics. However, share-price reactions have been modest, with both gains and declines, suggesting that strong technical news has not always translated into consistent short‑term upside.

Historical Comparison

clinical trial

+1.7 %

Average Historical Move

Historical Analysis

Past “clinical trial”–style technical updates for Queensway moved the stock by an average of ±1.7%, with reactions split between modest gains and pullbacks.

Typical Pattern

Technical work has progressed from Phase I to Phase III metallurgical testing and extensive trench/channel sampling, supporting resource definition and project engineering at Queensway.

Market Pulse Summary

This announcement advances Queensway from study to execution by securing Phase 1 EPCM support, progr...

Analysis

This announcement advances Queensway from study to execution by securing Phase 1 EPCM support, progressing environmental baseline work toward an ER filing in late Q1/26, and targeting first gold in H2/27. It builds on prior technical derisking and leverages existing Pine Cove infrastructure. Investors may focus on permitting milestones, the updated Technical Report with a revised resource in mid-2026, and project financing outcomes as key markers of continued progress.

Key Terms

epcm, preliminary economic assessment, environmental registration, environmental assessment, +1 more

5 terms

epcm technical

"entering into a Phase I engineering, procurement and construction management services ("EPCM") contract."

EPCM stands for engineering, procurement and construction management, a contract model where a firm designs a project, buys major equipment and manages contractors rather than doing the actual building work itself. For investors, an EPCM arrangement matters because it usually keeps the project owner more directly responsible for contractor costs, schedules and on-site risks, which can affect budget certainty, timelines and the likelihood of delays or cost overruns. Think of it as hiring an architect and general manager who arranges and oversees the builders rather than having a single company deliver the whole job.

preliminary economic assessment technical

"for Queensway Phase 1 project development as outlined in the Company's 2025 preliminary economic assessment ("PEA")1."

A preliminary economic assessment is an initial analysis that estimates the potential profitability and feasibility of a project or resource, such as a new mineral deposit or development venture. It provides a rough idea of costs, benefits, and risks, helping investors decide whether to pursue more detailed studies. This early evaluation is important because it offers a snapshot of whether the project is worth further investment and development.

environmental registration regulatory

"plans to submit an Environmental Registration ("ER") to the Newfoundland and Labrador ("NL") Department"

Environmental registration is the official approval or listing from a government agency that lets a product, facility, chemical or activity meet local environmental rules before it can be sold, used or operated. For investors, it matters because registration signals legal permission to access a market or run a business, and it often brings costs, timelines and possible limits—like a safety check for a car that can delay sales or add ongoing obligations.

environmental assessment regulatory

"The ER serves to initiate the environmental assessment ("EA") process for the Project"

An environmental assessment is a process that evaluates how a project or activity might impact the natural surroundings, such as air, water, land, and wildlife. It helps identify potential environmental risks and ensures that any negative effects are managed or minimized. For investors, this assessment provides insight into the sustainability and long-term viability of projects, which can influence their financial decisions and risk management.

national instrument 43-101 regulatory

"a Qualified Person as defined under National Instrument 43-101."

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

AI-generated analysis. Not financial advice.

Vancouver, British Columbia--(Newsfile Corp. - January 26, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold" or the "Company") is pleased to announce key advancements at its 100%-owned Queensway Gold Project ("Queensway" or the "Project") in Newfoundland and Labrador, Canada, which includes entering into a Phase I engineering, procurement and construction management services ("EPCM") contract.

Highlights of Key Project Advancements:

• EPCM Scope: The Company has entered into an EPCM contract with WSP Canada Inc., a world-leading professional services and engineering consulting firm, for Queensway Phase 1 project development as outlined in the Company's 2025 preliminary economic assessment ("PEA")¹. The scope of work includes Queensway site development and detailed engineering for an offsite milling facility.

• Offsite Mill Selection: The Company owns the fully permitted Pine Cove Mill ("Pine Cove") and Nugget Pond Hydrometallurgical Gold Plant, both located in central Newfoundland. EPCM work will include upgrading and expanding Pine Cove for Queensway Phase 1 to benefit from the synergies of processing both Hammerdown and Queensway Phase 1 feed from a single facility.

• Environmental Assessment: The Company has substantially completed its environmental baseline work at Queensway and plans to submit an Environmental Registration ("ER") to the Newfoundland and Labrador ("NL") Department of Environment, Conservation and Climate Change in late Q1/26. The ER serves to initiate the environmental assessment ("EA") process for the Project, as per the NL Environmental Protection Act. Updates on the status of the EA process will be provided when available.

• Project Finance: As previously announced, the Company has engaged Cutfield Freeman & Co. Ltd., an independent global mining finance advisory firm, to act as its project finance advisor with the objective of selecting the optimal financing package for the initial capital expenditure required to fund Queensway Phase 1 production².

• Technical Report: the Company plans to file an updated Technical Report, which will include an updated mineral resource estimate, in mid-2026.

• Timeline: The Queensway Phase 1 project finance process is ongoing and EPCM work is underway with the objective of achieving first gold pour from Queensway Phase I in H2/27, pending receipt of all required permits.

Keith Boyle, CEO of New Found Gold stated "Commencing EPCM work is a key milestone in advancing Queensway. We believe our rapid timeline from initial mineral resource in early 2025 to a planned first gold pour in late 2027 is supported by a unique combination of factors, namely: significant drilling and technical work completed on a deposit with an at-surface, high-grade core; ownership of the recently acquired Pine Cove operation, equipped with a fully permitted milling and tailings facilities; and being located in a mining-positive region. Newfoundland and Labrador is a jurisdiction ranked in the top 10 globally in the Fraser Institute's 2024 Annual Survey of Mining Companies and offers excellent access, infrastructure and a skilled labour force. Having executed on a number of key steps in 2025 and building a strong technical and operating team over the past year has put the Company in an excellent position to accelerate the development of Queensway in a strong gold price environment."

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Keith Boyle, P.Eng., CEO, and a Qualified Person as defined under National Instrument 43-101. Mr. Boyle consents to the publication of this press release by New Found Gold. Mr. Boyle certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold Corp.

New Found Gold is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The Company holds a 100% interest in Queensway and owns the Hammerdown Operation, Pine Cove Operation and Nugget Pond Hydrometallurgical Gold Plant. The Company is currently focused on advancing Queensway to production and bringing the Hammerdown Operation into steady-state gold production.

In July 2025, the Company completed a PEA at Queensway (see New Found Gold news release dated July 21, 2025). Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential that covers a +110 km strike extent along two prospective fault zones at Queensway.

New Found Gold has a new board of directors and management team and a solid shareholder base which includes cornerstone investor Eric Sprott. The Company is focused on growth and value creation.

Keith Boyle, P.Eng.
Chief Executive Officer
New Found Gold Corp.

Contact

For further information on New Found Gold, please visit the Company's website at www.newfoundgold.ca, contact us through our investor inquiry form at https://newfoundgold.ca/contact/contact-us/ or contact:

Fiona Childe, Ph.D., P.Geo.
Vice President, Communications and Corporate Development
Phone: +1 (416) 910-4653
Email: contact@newfoundgold.ca

Follow us on social media at https://www.linkedin.com/company/newfound-gold-corp, https://x.com/newfoundgold

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement Cautions

This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including relating to WSP's engagement to provide EPCM services for Queensway Phase 1 project development; the expected start of the EPCM work in Q1/26; the planned work on Pine Cove for Queensway Phase 1; the expected submission of an ER to the NL Department of Environment, Conservation and Climate Change in late Q1/26; the future updates on the status of the EA process; the anticipated filing of an updated Queensway technical report; and the expected first gold pour from Queensway Phase I, pending receipt of all required permits. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts, they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "pending", "potential", "encouraging", "goal", "objective", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete exploration and drilling programs as expected, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results and the results of the metallurgical testing program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

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¹ for additional information see the Company's news release dated July 21, 2025.
² for additional information see the Company's news release dated November 28, 2025.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/281691

FAQ

What did New Found Gold (NFGC) announce about Queensway on January 26, 2026?

The company entered a Phase 1 EPCM contract with WSP Canada and began EPCM work to advance Queensway toward Phase 1 production.

How will New Found Gold process Queensway ore under the Phase 1 plan?

EPCM work includes upgradation and expansion of the company's owned Pine Cove mill to process Queensway and Hammerdown feed at a single facility.

When does New Found Gold plan to file environmental paperwork for Queensway Phase 1?

The company plans to submit an Environmental Registration to Newfoundland and Labrador in late Q1/26 to initiate the environmental assessment.

What is the target timing for Queensway Phase 1 first gold pour (NFGC)?

The objective is first gold pour in H2/27, subject to receiving required permits and securing project finance.

Has New Found Gold finalized project financing for Queensway Phase 1?

No; the company engaged Cutfield Freeman as project finance advisor and the finance selection process is ongoing.

When will New Found Gold update its technical information for Queensway (NFGC)?

An updated Technical Report including a revised mineral resource estimate is planned for mid‑2026.