New Found Gold Corp.: New Found Gold Announces Queensway Gold Project Revised PEA and Updated MRE: After-Tax NPV Increases to $1.7 B with 126% IRR; Measured and Indicated Mineral Resource Increases by 38%

New Found Gold Corp. (NFGC) announced a 38% increase in its higher-confidence gold estimate at Queensway, with an after-tax NPV5% of $1.728B at $3,600/oz gold, rising to $2.225B at $4,100/oz. The updated PEA projects 1.744M oz Au over 15 years, with Phase 1 production starting in Q4/27. The company is well-capitalized with $167M in cash and a $35M debt facility.

New Found Gold (NFGC) achieved commercial production at its Hammerdown mine, meeting throughput, recovery, and grade benchmarks. Analyst Rabi Nizami notes this as a positive milestone, anticipating future updates on the Queensway project. Shares rose over 5% to $1.73. Hammerdown produced 9,140 oz. of gold this year, with a PEA projecting 251,287 oz. over 13 years.

New Found Gold Corp. (TSX: NFGC, NYSE: NFGC) announced commercial production at its Hammerdown Gold Mine, meeting throughput, recovery, and grade criteria. The stock rose 8% to $2.43 on the TSX. The company produced 9,140 ounces of gold in the first eight months of 2026, with an average sale price of $6,271 per ounce.

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Rio Tinto plans to invest $1.9 billion in the Kangwinan bauxite project in Queensland, Australia, to support its Weipa operations. The project aims to start production in 2029, replacing the Andoom mine and increasing annual capacity to 44 million metric tons. It will also offset the closure of the Gove mine in 2029, according to the company.