New Found Gold Reports Q3 2026 Preliminary Production Results: Becoming Canada's Newest Gold Producer

Pine Cove’s planned capacity expansion still requires a permit, while the circuit conversion is progressing on schedule and on budget.

Rhea-AI Summary

New Found Gold (NFGC) reported preliminary third-quarter 2026 gold production of 4,863 ounces from its wholly owned Hammerdown mine. Commercial production began August 19, 2026. Gold sales totaled 6,035 ounces at an average realized price of US$4,310 per ounce, with gold recovery of 85%. Year-to-date production reached 10,670 ounces.

Cash and cash equivalents were approximately C$167 million at September 30, down from C$194 million at June 30; debt remained C$70 million. A further C$35 million debt facility is available subject to conditions. The company anticipates lifetime annual production of 20,000–25,000 ounces at an all-in sustaining cost, a broader measure of production costs, of approximately US$2,500 per ounce. It expects substantial completion of the permanent crusher and sorter in Q4 2026 and completion of the Pine Cove circuit conversion in Q4 2027.

14 points · 0 major

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0 major · 3 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointHammerdown achieved commercial production on August 19, 2026, with mining reaching steady-state production.
• Moderate pointPreliminary Q3 gold production totaled 4,863 ounces; year-to-date production reached 10,670 ounces.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Hammerdown’s anticipated lifetime annual production is 20,000–25,000 ounces at approximately US$2,500 per ounce all-in sustaining cost.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Pine Cove’s planned expansion would increase processing capacity from 700 to 1,400 tonnes per day.
• Moderate pointAn additional C$35 million debt facility is available until May 15, 2027.

9 minor points

• Minor pointGold sales totaled 6,035 ounces in Q3 and 10,879 ounces year to date.
• Minor pointAverage realized gold prices were US$4,310 per ounce in Q3 and US$4,445 year to date.
• Minor pointQ3 processing totaled 66,000 tonnes, with 85% recovery and an average gold grade of 2.76 grams per tonne.
• Minor pointYear-to-date processing totaled 189,000 tonnes, with 84% recovery and an average gold grade of 2.15 grams per tonne.
• Minor point. Forward-looking: it has not happened yet and may not happen.Permanent crusher and sorter construction targets Q4 2026 substantial completion, followed by Q1 2027 commissioning and ramp-up.
• Minor point. Forward-looking: it has not happened yet and may not happen.The company expects the crusher and sorter to reduce crushing costs and deliver higher-grade material.
• Minor point. Forward-looking: it has not happened yet and may not happen.Pine Cove’s circuit-conversion permit amendment is received; conversion targets Q4 2027 completion, on schedule and on budget.
• Minor point. Forward-looking: it has not happened yet and may not happen.Hammerdown drilling is preparing for an updated mineral resource estimate in 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.The company plans to advance its fully funded Queensway Gold Project toward production.

Negative

• Moderate pointCash and cash equivalents fell to approximately C$167 million from C$194 million at June 30, 2026.
• Minor pointAccess to the additional C$35 million debt facility requires satisfaction of conditions precedent.
• Minor pointPine Cove’s expansion to 1,400 tonnes per day requires a permit that has yet to be applied for.

News Explained

At Pine Cove, the plan includes increasing mill capacity from 700 to 1,400 tonnes per day, alongside converting the circuit. The conversion permit has been received, but the company says it still plans to apply for the expansion permit, so the higher capacity is not yet permitted.

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+4.96% vs previous close $1.48 last price 2.3x rel. volume Open Argus

Details

Market move: NFGC +4.96% vs previous close. Q3 2026 production results

$1.42 – $1.49 Day Range

$568.85M Market Cap

On Oct 15, the day this news came out, the latest delayed price for NFGC is 4.96% above the previous close. Our momentum scanner has recorded 9 alerts for this stock so far that day. The latest delayed price is $1.48. Relative volume is elevated at 2.3x the average.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Key Figures

Q3 gold production: 4,863 ounces Q3 gold sold: 6,035 ounces Average realized gold price: US$4,310 (C$6,033) per ounce sold +4 more

Q3 gold production

4,863 ounces

Three months ended September 30, 2026

Q3 gold sold

6,035 ounces

Three months ended September 30, 2026

Average realized gold price

US$4,310 (C$6,033) per ounce sold

Q3 2026

Average gold recovery

85%

Q3 2026

Debt

$70 million

As at September 30, 2026; Canadian dollars unless otherwise stated

Available debt facility

$35 million

Available until May 15, 2027, subject to conditions precedent

Life-of-mine production run rate

20,000 to 25,000 oz Au per year

Company-stated anticipated run rate for Hammerdown

Historical Context

1 past event · Latest: Sep 16

1 event

1. Sep 16

   Commercial production

   24h Move

   +5.5%

   Declared Hammerdown commercial production after 60 days meeting mill throughput, recovery and grade thresholds.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

aisc, non-ifrs performance measure, inferred mineral resource, national instrument 43-101

4 terms

aisc financial

"at an AISC2 of approximately US$2,500/oz Au."

All-in Sustaining Cost (AISC) is a comprehensive measure of how much it costs a mining company to produce one unit of metal when ongoing operating expenses, long-term maintenance and sustaining capital, and share of corporate overhead are included. Investors use AISC to compare profitability and cash generation across producers—think of it as the full household cost to keep a business running divided by how many items it makes, which helps assess margins and resilience to price swings.

non-ifrs performance measure financial

"average realized gold price per ounce of gold sold, which is a non-IFRS performance measure"

A non‑IFRS performance measure is a financial metric a company presents that is not defined or required by International Financial Reporting Standards (IFRS) — for example, adjusted earnings, EBITDA, or organic revenue. Companies use these measures to highlight, exclude, or reclassify items from IFRS-based results (such as restructuring costs, one‑time items, or acquisition effects); because they are calculated outside the IFRS rulebook they can differ in scope and method between companies and should normally be shown alongside a reconciliation to the closest IFRS line item.

inferred mineral resource technical

"Diamond drilling of the inferred mineral resource below the current stage one pit"

An inferred mineral resource is an early-stage estimate of the amount and grade of minerals in the ground based on limited sampling and geological evidence; think of it as a rough sketch of where valuable material might be, rather than a detailed blueprint. It matters to investors because it signals potential upside but carries high uncertainty—further drilling and study are needed before it can support mine planning or reliable economic forecasts.

national instrument 43-101 regulatory

"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. How Rhea-AI works. Not financial advice.

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Unless otherwise stated, all dollar amounts in this news release are expressed in Canadian dollars.

Vancouver, British Columbia--(Newsfile Corp. - October 15, 2026) -  New Found Gold Corp. (TSX: NFGC) (NYSE American: NFGC) ("New Found Gold" or the "Company") is pleased to report its operational results for the three and nine months ended September 30, 2026 following the achievement of commercial production at the Company's 100% owned Hammerdown Gold Mine ("Hammerdown" or the "Mine") on August 19, 2026¹.

Preliminary Third Quarter 2026 Production Highlights:

• Gold production: 4,863 ounces
• Gold sold: 6,035 ounces
• Average Realized Gold Price: US$4,310 ($6,033)
• Average Gold Recovery: 85%

"Today we have reached another milestone for New Found Gold, announcing the first quarterly operational results from Canada's newest gold producer. In the third quarter of 2026, Hammerdown recorded gold production of 4,863 ounces, reflecting strong operational performance through the final stages of our ramp up into the first full month of commercial production. Building on the performance delivered to date, we anticipate a strong finish to the year at Hammerdown and to carry that momentum into 2027," stated Keith Boyle, CEO of New Found Gold. "Hammerdown and the Pine Cove Mill are performing well, exceeding several key production targets and resulting in steady-state production.

"More importantly for investors, in under a year, New Found Gold has built a successful operations team in central Newfoundland. We will now use the knowledge and experience gained from bringing Hammerdown into production and focus on advancing our fully funded flagship Queensway Gold Project to production."

Table 1. Preliminary Third Quarter 2026 Operational Results.

	Q3 2026	Q3 2025	YTD 2026	YTD 2025
Mining Activities
Ore Tonnes Mined (kt)	97	-	235	-
Waste Tonnes Mined (kt)	1,054	-	2,614	-
Total Tonnes Mined (kt)	1,293	-	3,209	-
Strip Ratio (Waste/Ore)	12.40	-	12.63	-
Processing Activities
Total Tonnes Processed (kt)	66	-	189	-
Avg. Gold Recovery (%)	85	-	84	-
Avg. Gold Grade Processed (g/t Au)	2.76	-	2.15	-
Gold Produced (oz)	4,863	-	10,670	-
Gold Sold (oz)	6,035	-	10,879	-
Avg. Realized Gold Price ($/oz sold)	6,033	-	6,157	-
Avg. Realized Gold Price (US$/oz sold)	4,310	-	4,445	-

 

Operational Review

As previously announced, the Company's 100% owned Hammerdown Gold Mine ("Hammerdown") achieved commercial production on August 19, 2026.

The third quarter of 2026 delivered strong operational performance, with Hammerdown and the Pine Cove Mill ("Pine Cove" or the "Mill") meeting or exceeding key production targets as mining reached steady-state production.

Based on work completed year-to-date, the operations are positioned for a strong Q4/26.

Financial Position

The Company has a strong financial position as at September 30, 2026, with:

• Cash and cash equivalents of approximately $167 million ($194 million as at June 30, 2026), and
• Debt of $70 million ($70 million as at June 30, 2026); with a further $35 million debt facility available until May 15, 2027, subject to the satisfaction of certain conditions precedent (see New Found Gold press releases dated April 20, 2026 and May 19, 2026).

Next Steps

The construction of a permanent on-site crusher and sorter is progressing with anticipated substantial completion in Q4/26 followed by commissioning and ramp up in Q1/27. Once operational, this equipment is expected to reduce crushing costs and allow for delivery of higher-grade material to the Mill.

Diamond drilling of the inferred mineral resource below the current stage one pit at Hammerdown is being completed in preparation for an updated mineral resource estimate in 2027. Grade control drilling is ongoing in the Hammerdown open pit and is currently being modelled for use in refining grade control practices.

As previously announced, the Company plans to convert and expand Pine Cove from the current 700 tpd flotation-leach-Merrill-Crowe circuit to a 1,400 tpd gravity-carbon-in-leach ("Gravity-CIL") circuit, with the permit amendment to convert the circuit to Gravity-CIL received and the permit to expand to 1,400 tpd to be applied for in due course (see New Found Gold press release dated July 6, 2026). The circuit conversion is progressing on schedule and on budget with an anticipated completion in Q4/27.

With commercial production declared at Hammerdown, the Company anticipates a life of mine run rate of 20,000 to 25,000 oz Au produced per year at an AISC² of approximately US$2,500/oz Au. The Company plans to provide annual guidance for Hammerdown in due course.

Third Quarter 2026 Results Conference Call and Webcast

The Company expects to release its third quarter 2026 financial and operating results after market close on Wednesday, November 11, 2026. Senior management will host a conference call and webcast on Thursday, November 12, 2026, at 9:00 am (ET) to discuss results. Participants may join using the following details:

• Conference ID: 6267443
• Toll-Free (North America): (800) 715-9871
• International and Toronto: (647) 932-3411
• Webcast Link: https://www.gowebcasting.com/15191

Following the conference call the audio recording will be accessible through the New Found Gold website.

Non-IFRS Financial Measures

The document contains a reference to average realized gold price per ounce of gold sold, which is a non-IFRS performance measure, does not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other companies. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use non-IFRS performance measures to evaluate the Company's performance. Accordingly, these measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

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

New Found Gold is a new Canadian gold producer with assets in Newfoundland and Labrador, Canada. The Company holds a 100% interest in its flagship asset, the Queensway Gold Project ("Queensway"), as well as Hammerdown. With commercial production declared at Hammerdown, the Company remains focused on advancing the fully funded Phase 1 of its flagship Queensway to production.

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 August 26, 2026, the Company's shares began trading on the Toronto Stock Exchange under the symbol "NFGC", to align with its stock symbol on the NYSE American LLC.

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 news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including statements regarding the anticipated strong finish to the year at Hammerdown and the continued momentum into 2027; the taking of Queensway Gold Project to production; the availability of additional debt funds until May 15, 2027, subject to the satisfaction of certain conditions precedent; the strong positioning of operations at Hammerdown and Pine Cove for Q4/26; the expected substantial completion of the construction of the crusher and sorter in Q4/26, followed by commissioning and ramp up in Q1/27, and the anticipated reduction in crushing costs and delivery of higher-grade material once those facilities become operational; the preparation for an updated mineral resource estimate at Hammerdown in 2027; the planned conversion and expansion of Pine Cove with an anticipated completion in Q4/27 and plans for application for the permit to expand to 1,400 tpd; the anticipated life of mine run rate of 20,000 to 25,000 oz Au produced per year at an AISC of approximately US$2,500/oz Au; the planned annual guidance for Hammerdown; the expected release of the Company's third quarter 2026 financial and operating results, and the hosting of a conference call and webcast to discuss the results; and the Company's focus on advancing the Phase 1 of Queensway. 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", "encouraging", "pending", "potential", "goal", "objective", "opportunity", "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 TSX, 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 possible accidents and other risks associated with mineral exploration operations, 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, 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.

---

¹ See the New Found Gold press release dated September 16, 2026.
² AISC = all in sustaining costs; AISC is a Non-IFRS measure; AISC is calculated as the sum of doré transportation, treatment and refining charges, royalties, onsite operating costs, and sustaining capital costs, divided by the quantity of ounces sold. See under Non-IFRS Financial Measures for additional information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/319039

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much gold did New Found Gold produce and sell in Q3 2026?

New Found Gold reported preliminary Q3 2026 production of 4,863 ounces and sales of 6,035 ounces. The average realized selling price was US$4,310, or C$6,033, per ounce. Hammerdown achieved commercial production on August 19, 2026.

What annual production and costs does New Found Gold expect at Hammerdown?

The company anticipates a life-of-mine production rate of 20,000 to 25,000 ounces annually at an all-in sustaining cost of approximately US$2,500 per ounce. It plans to provide annual guidance for Hammerdown in due course.

What permits and processing changes are planned for New Found Gold’s Pine Cove Mill?

Pine Cove has received the permit amendment for its circuit conversion, while the permit to expand capacity to 1,400 tonnes per day will be applied for in due course. The planned conversion replaces the current 700-tonne-per-day flotation-leach-Merrill-Crowe circuit with a gravity and carbon-in-leach circuit, which uses gravity separation and leaching to recover gold.