New Found Gold Provides Queensway and Pine Cove Update
New Found Gold (NYSE American:NFGC) reported progress on its Queensway Phase 1 project and Pine Cove mill in Newfoundland.
Rhea-AI Summary
New Found Gold (NYSE American:NFGC) reported progress on its Queensway Phase 1 project and Pine Cove mill in Newfoundland. The provincial minister has required an Environmental Preview Report, with guidelines due within 60 days and subsequent public review and decision timelines.
The company received a permit amendment to convert the 700 tpd Pine Cove flotation-leach circuit to a Gravity-CIL circuit, with plans to expand capacity to 1,400 tpd. Test work indicates Hammerdown recovery could increase from 87% to about 92%. EPCM work is underway, targeting mill conversion completion and first Queensway ore to the mill in Q4 2027 and Phase 1 commercial production in H2 2028.
Positive
- Permit amendment received to convert Pine Cove mill to Gravity-CIL circuit
- Planned Pine Cove throughput increase from 700 tpd to 1,400 tpd
- Hammerdown recovery expected to rise from 87% to approximately 92%
- EPCM work and pre-construction activities for Queensway Phase 1 are underway
- Target to send first Queensway Phase 1 material to mill in Q4 2027
- Goal of achieving Queensway Phase 1 commercial production in H2 2028
Negative
- Environmental Preview Report required before Queensway Phase 1 can advance
- Permit to expand Pine Cove to 1,400 tpd still to be applied for
- Queensway and Hammerdown PEAs are preliminary with no defined mineral reserves
- No certainty that Queensway or Hammerdown PEA economic outcomes will be realized
Key Figures
- EPR guidelines deadline
- 60 days
- Guidelines to be received within 60 days of the Minister’s letter
- Public review period
- 35 days
- Public review period for the Environmental Preview Report
- Minister decision window
- 45 days
- Decision on EPR within 45 days of submission
- Current mill capacity
- 700 tpd
- Existing Pine Cove flotation-leach-Merrill-Crowe circuit
- Planned mill capacity
- 1,400 tpd
- Target capacity after Pine Cove conversion and expansion
- Current recovery rate
- 87%
- Design recovery for Hammerdown deposit feed
- Expected recovery rate
- 92%
- Expected Hammerdown recovery after Gravity-CIL conversion
- Queensway Phase 1 milestones
- Q4 2027 / H2 2028
- First Phase 1 material to mill and target for commercial production
Historical Context
-
Conditional approval to graduate listing to the Toronto Stock Exchange.
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Shareholders approved director slate, auditor, and equity incentive plans.
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Reported ramp-up toward Hammerdown commercial production with improving recoveries.
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Expanded fully funded Queensway work program and drilling toward late-2027 processing.
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Initial $70M credit facility draw with warrants alongside prior going concern disclosure.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
environmental preview report regulatory
environmental assessment regulatory
gravity-carbon-in-leach technical
merrill-crowe technical
preliminary economic assessment technical
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Vancouver, British Columbia--(Newsfile Corp. - July 6, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold" or the "Company") today provided an update on the development of the Company's
Queensway Phase 1: Referral for Environmental Preview Report
The Honourable Chris Tibbs, Minister of Environment, Conservation and Climate Change for NL (the "Minister") notified the Company that an Environmental Preview Report ("EPR") is required for the proposed Queensway Phase 1. The Minister's decision letter dated July 3, 2026, available on the NL Department of Environment and Climate Change website, (the "Letter") follows regulatory and public review and input of the "Queensway Gold Project Environmental Registration, April 2026."
The Queensway Phase 1 environmental registration was submitted by the Company to the Environmental Assessment Division of the Department of Environment and Climate Change of NL on April 30, 2026, registering for the commencement of the environmental assessment ("EA") process on May 7, 2026.
As per the NL legislative requirements, the Company will receive guidelines for the completion of the EPR within 60 days of the Letter. Once the EPR is submitted, it will be subject to a 35-day public review, and the Minister will provide a decision on the EPR within 45 days of submission.
"We remain focused on advancing Queensway, our flagship asset, and unlocking the Project's full potential for all stakeholders. We thank the Minister and his team at the Environmental Assessment Division for their careful review of the Queensway Phase 1 environmental registration and look forward to submitting the EPR and responding to comments received during the public review, with the objective of release from the environmental assessment process," stated Keith Boyle, CEO of New Found Gold Corp. "With the mill conversion permit amendment for Pine Cove received and EPCM work progressing, we expect to send first Queensway Phase 1 material to the mill as planned in Q4 2027."
Pine Cove: Mill Conversion Permit Amendment Received
The Company has selected its
The Company plans to convert and expand Pine Cove from the current 700 tonne per day ("tpd") flotation -leach-Merrill-Crowe circuit to a 1,400 tpd gravity-carbon-in-leach ("Gravity-CIL") circuit. The permit amendment to convert the circuit to Gravity-CIL has been received and the permit to expand to 1,400 tpd will be applied for in due course. Based on recent test work by the Company, it is expected to result in increased recoveries of Hammerdown deposit feed from the design criteria of
EPCM Activities
Queensway Phase I engineering, procurement and construction management ("EPCM") work that commenced in Q1/26 is well underway (see the New Found Gold press release dated January 26, 2026). Detailed engineering, early works and geotechnical drilling at Pine Cove commenced in Q1/26 and pre-construction activities, procurement of long-lead time items and securing of major contracts are underway with the objective of completing the Mill conversion and expansion by Q4/27.
Phase 1 mining activities will use contractor mining, with technical oversight from the Company's operations team. The operations team is currently ramping up mining at the Hammerdown deposit on the Hammerdown Gold Project ("Hammerdown"), with the goal of reaching commercial production in the second half of this year. Once this objective is achieved, the development team will incorporate the learnings and experience gained from the Hammerdown deposit construction and operations ramp-up, enabling an efficient ramp up at Queensway.
Ongoing work related to Phase 1 at Queensway, including detailed engineering, procurement, infrastructure and water management planning, metallurgical test work and an updated mineral resource estimate ("MRE") is advancing on schedule. In addition, initial planning for the rerouting of the hydro-electric transmission lines that cross the Project is progressing on schedule with transmission line owners.
Timeline and Next Steps
Next steps include:
- Review the Queensway Phase 1 EPR guidelines and submit the EPR;
- Subject to release from the EA process, apply for early works and Project construction permits;
- Complete final engineering and detailed Project design, and develop detailed environmental protection and management plans, including environmental and waste management plans;
- Continue consultation and engagement with stakeholders and advance Good Neighbour Agreements with key stakeholders; and
- File an updated Technical Report in H2/26, which will include an updated mineral resource estimate, Phase 1, 2 and 3 designs, capital and operating cost estimates and financial analysis.
The Company will continue to assess the potential for any modifications to the current timelines for initial gold production from Queensway Phase 1 with the objective of sending first material to the Mill in Q4/27 and achieving Phase 1 commercial production in H2/28.
The Queensway and Hammerdown PEAs are preliminary in nature, include Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the Queensway or Hammerdown PEA will be realized. Mineral resources are not mineral reserves and do not demonstrate economic viability. No Mineral Reserves are defined for Queensway or Hammerdown.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Queensway Phase 1
Queensway Phase 1 involves the development of four open pits, a waste rock storage facility, overburden storage facility, stockpiles, a modular crushing and sorting plant, and associated operational infrastructure including access and haul roads, water management facilities, and administrative and maintenance shops. Phase 1 will produce approximately 700 tpd of pre-concentrated product feed, which will be transported to Pine Cove, located on the Baie Verte Peninsula, for final processing.
As outlined in the Queensway PEA, Phase 1 has an initial capital cost of
Phase 1 will generate substantial employment and economic benefits in the region, including more than 200 full-time equivalent positions during construction and an estimated peak of more than 230 fulltime equivalent positions during operation. New Found Gold is committed to local training, employment, and servicing opportunities and will also update its Gender, Equity, and Diversity Plan to promote an inclusive workforce. New Found Gold is committed to the local community and provides financial and volunteer support for events in Appleton, Glenwood, Gander, and surrounding areas.
As of December 2025, there were 97 direct employees and 105 contractors associated with on-going exploration activities at the Queensway property, with
About New Found Gold
New Found Gold is an emerging Canadian gold producer with assets in NL, Canada. The Company holds a
The Company's portfolio is further strengthened by its district-scale land package at Queensway, covering more than 110 km of strike length across two highly prospective faults zones, and a strong shareholder base, including renowned mining investor and cornerstone shareholder, Eric Sprott.
On June 29, 2026, the Company announced it had received conditional approval to graduate to the Toronto Stock Exchange. The stock symbol "NFGC" has been reserved for use by the Company upon listing on the TSX, to align with its stock symbol on the NYSE American LLC.
Keith Boyle, P.Eng.
Chief Executive Officer
New Found Gold Corp.
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 NI 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.
Contact
For further information on New Found Gold contact us through our investor inquiry form on our website or contact:
Fiona Childe, Ph.D., P.Geo.
Vice President, Communications and Corporate Development
Phone: +1 (416) 775-2700
Email: contact@newfoundgold.ca
Forward-Looking Information
This press release contains certain "forward-looking statements" within the meaning of Canadian and United States securities legislation, including statements regarding the receipt of guidelines for completion of the EPR within 60 days of the Letter; review of the Queensway Phase 1 EPR guidelines and submission of EPR; 35-day public review of the submitted EPR; final decision on the EPR within 45 days of its submission; sending of first Queensway Phase 1 material to the Mill in Q4 2027; planned conversion and expansion of Pine Cove from the current 700 tbd flotation-leach-Merrill-Crowe circuit to a 1,400 tpd Gravity-CIL circuit; application for a permit to expand to 1,400 tpd; expectation that it will result in increased recoveries of Hammerdown deposit feed from the design criteria of
1 See New Found Gold's Technical Report titled "NI 43-101 Technical Report, Queensway Gold Project, Newfoundland and Labrador, Canada", with an effective date of June 30, 2025, prepared by SLR Consulting (Canada) Ltd. (the "Queensway PEA") and New Found Gold's Technical Report titled Technical Report titled "New Found Gold Corp. Hammerdown Gold Project Preliminary Economic Assessment, Newfoundland and Labrador, Canada", with an effective date of February 18, 2026, prepared by WSP Canada Inc.
2 AISC is calculated as the sum of treatment and refining charges, royalties, onsite operating costs, sustaining capital costs, and closure costs, divided by the quantity of ounces sold.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/304009