New Found Gold Provides Queensway and Pine Cove Update

New Found Gold Corp. (NFG) received notification from the Newfoundland and Labrador Minister of Environment that an Environmental Preview Report (EPR) is required for the Queensway Phase 1 project, initiating the formal environmental assessment process. The company also received a mill conversion permit amendment for its 100% owned Pine Cove facility, allowing expansion from 700 tpd to 1,400 tpd using a Gravity-CIL circuit. This is expected to increase gold recovery rates for Hammerdown deposit feed from 87% to approximately 92%.

Queensway Phase 1 development remains on schedule for first material to the mill in Q4 2027 and commercial production in H2 2028. An updated Technical Report, including updated Mineral Resource Estimate (MRE) and cost estimates, is planned for filing in H2 2026. Meanwhile, Hammerdown operations are ramping up with a goal to reach commercial production in the second half of 2026.

The company announced conditional approval to graduate to the Toronto Stock Exchange (TSX), with symbol "NFGC" reserved, contingent on fulfilling documentation requirements by September 14, 2026.

New Found Gold Corp. (NFG) has received the Environmental Protection Requirement (EPR) from Newfoundland and Labrador, a standard regulatory step for major mining projects in the region. This development signals progression into the formal review phase rather than indicating a delay or rejection.

The company also secured the Pine Cove mill conversion permit, an operational milestone that aligns with previously announced plans to upgrade the processing circuit. While this approval de-risks the metallurgical approach for Queensway Phase 1 feed, the event was already factored into the development timeline.

Hammerdown ramp-up and Queensway Phase 1 timelines remain unchanged from prior guidance, with first material expected in Q4 2027 and production commencing in H2 2028. Additionally, the conditional TSX graduation approval serves as a routine corporate milestone intended to improve liquidity and visibility without altering the underlying project economics.

New Found Gold Corp. (NFG) is an emerging Canadian gold producer focused on two Tier-1 assets in Newfoundland and Labrador: the Queensway and Hammerdown projects.

The Queensway Gold Project hosts the Appleton Fault Zone (AFZ), which spans over 110 km of strike. A preliminary economic assessment (PEA) outlines a phased development approach for the asset. Phase 1 involves a 700 tonnes per day (tpd) open pit with toll milling at Pine Cove, targeting 69,300 ounces of gold per year at an all-in sustaining cost (AISC) of US$1,282 per ounce. Phases 2 and 3 expand operations to include an on-site 7,000 tpd plant and underground operations.

The Hammerdown Gold Project includes the Hammerdown, Orion, and Stog’er Tight deposits. A PEA outlines a 13-year life-of-mine plan targeting approximately 19,300 ounces of gold per year at an AISC of US$2,429 per ounce. The project is currently in the ramp-up phase toward commercial production in the second half of 2026.

Supporting these operations is the Pine Cove Mill, a fully permitted 700 tpd facility being upgraded to 1,400 tpd. The upgrade includes a Gravity-CIL circuit designed to process feed from both Hammerdown and Queensway Phase 1.