New Found Gold Announces Preliminary Economic Assessment and Updated Mineral Resource Estimate for the Hammerdown Gold Project

The most recent news (February 26, 2026) announces a positive Preliminary Economic Assessment (PEA) for the Hammerdown Gold Project. Key metrics include an after-tax NPV5% of $199.2M (base case) and $415.1M (upside), with a 13-year life-of-mine (LOM) producing 251,287 oz Au. This follows the January 2026 announcement of a Phase 1 EPCM contract with WSP Canada for the flagship Queensway project, targeting first gold in H2/2027. The company is utilizing the recently acquired Pine Cove Mill and Nugget Pond circuit to create synergies between Hammerdown and Queensway.

The news is Material - Positive because it provides the economic blueprint for the company's second major asset (Hammerdown), which was acquired via the Maritime Resources merger. - Cash Flow Generation: Hammerdown is positioned as a "cash flow engine" to offset overhead and exploration costs for the larger Queensway project. - De-risking: Moving from "exploration" to "EPCM" (Engineering, Procurement, and Construction Management) at Queensway signifies a formal transition into the development phase. - Synergy Realization: The strategic use of the Pine Cove Mill for both projects validates the M&A strategy executed in late 2025. - Resource Conversion: Recent drill results (Keats and K2 zones) show high-grade continuity at surface, which is critical for the low-CapEx Phase 1 "starter pit" strategy outlined in the Queensway PEA.

New Found Gold Corp. is an advanced-stage gold developer focused on the Queensway Gold Project in Newfoundland, Canada. The project covers 110km of strike along the Appleton and JBP fault zones. The flagship strategy involves a phased approach: Phase 1 targets high-grade at-surface ore for toll milling (700 tpd) to minimize initial CapEx ($155M), while Phase 2 scales to a 7,000 tpd on-site operation.