New Found Gold Corp. (NFGC): Financial results for Q3 2026
New Found Gold Corp. (NFGC) furnished an SEC Form 6-K — earnings release. New Found Gold Reports Q3 2026 Financial and Operational Results Canada's Newest Gold Producer Achieves Commercial Production at Hammerdown TORONTO, Canada - November 11, 2026 - New Found Gold Corp. (TSX and NYSE-A: NFGC) (" New Found Gold " or the " Company ") today announced th
How this was made
The 30-second read
Why it matters
The earnings beat on loss narrowing and cash flow generation could trigger short covering and buying interest.
Market read
First earnings release with commercial production; likely catalyst for the stock and peers.
What to watch
AISC of $3,279/oz remains high; future cost reductions are not guaranteed.
Hammerdown reaches commercial production; Q3 revenue of 41,580 thousand and net loss narrows to (7,114) thousand from (12,945) thousand
Hammerdown moved into commercial production and generated Q3 revenue of 41,580 thousand with a 45% income from mine operations margin as stated by the company, and the net loss narrowed year over year. Cash costs (US$2,887 per oz) and AISC (US$3,279 per oz) were high, the filing attributes this to a higher strip ratio and lower head grade than the 2026 Hammerdown PEA, and AISC was US$904/oz above the PEA. The cash balance fell from 193,832 thousand at Q2 2026 to 167,112 thousand at Q3 2026.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, Q3 2026GAAP | 41.58M | – | – |
| Revenue, nine months 2026 (YTD)GAAP | 67.19M | – | – |
| Cost of sales, Q3 2026GAAP | 23.01M | – | – |
| Cost of sales, nine months 2026 (YTD)GAAP | 45.26M | – | – |
| Gross profit, Q3 2026GAAP | 18.57M | – | – |
| Gross profit, nine months 2026 (YTD)GAAP | 21.93M | – | – |
| Income from mine operations, Q3 2026other | $18.6M, or 45% of revenue | – | – |
| EBITDA, Q3 2026non-GAAP | 13.09M | – | – |
| EBITDA, nine months 2026 (YTD)non-GAAP | −14.48M | – | – |
| Net loss, Q3 2026GAAP | −7.11M | – | – |
| Net loss, nine months 2026 (YTD)GAAP | −37.30M | – | – |
| Loss per share, basic and diluted, Q3 2026GAAP | (0.02) per share | – | – |
| Loss per share, basic and diluted, nine months 2026 (YTD)GAAP | (0.14) per share | – | – |
| Cash used in operating activities, Q3 2026GAAP | −6.77M | – | – |
| Cash used in operating activities, nine months 2026 (YTD)GAAP | −31.29M | – | – |
| Average realized gold price, Q3 2026non-GAAP | US$4,285 per oz sold ($5,996 per oz sold) | – | – |
| Average realized gold price, nine months 2026 (YTD)non-GAAP | US$4,459 per oz sold ($6,177 per oz sold) | – | – |
| Cash costs, Q3 2026non-GAAP | US$2,887 per oz produced ($4,040 per oz produced) | – | – |
| Cash costs, nine months 2026 (YTD)non-GAAP | US$3,486 per oz produced | – | – |
| AISC, Q3 2026non-GAAP | US$3,279 per oz produced ($4,588 per oz produced) | – | – |
| AISC, nine months 2026 (YTD)non-GAAP | US$3,952 per oz produced | – | – |
| Gold produced, Q3 2026other | 4,863 oz | – | – |
| Gold produced, nine months 2026 (YTD)other | 10,670 oz | – | – |
| Gold sold, Q3 2026other | 6,935 oz | – | – |
| Gold sold, nine months 2026 (YTD)other | 10,878 oz | – | – |
| Average gold grade processed, Q3 2026other | 2.77 g/t Au | – | – |
| Average gold grade processed, nine months 2026 (YTD)other | 2.12 g/t Au | – | – |
| Average gold recovery, Q3 2026other | 84.2% | – | – |
| Average gold recovery, nine months 2026 (YTD)other | 83.1% | – | – |
| Strip ratio (waste/ore), Q3 2026other | 12.40 | – | – |
| Strip ratio (waste/ore), nine months 2026 (YTD)other | 12.63 | – | – |
| Total tonnes processed, Q3 2026other | 66 kt | – | – |
| Total tonnes processed, nine months 2026 (YTD)other | 189 kt | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- The filing does not report share repurchases or dividends for the period.
What drove it
- Company explanation for the AISC variance against the 2026 Hammerdown PEA: Q3 2026 AISC was US$904/oz (38%) above the PEA, primarily due to a 30% higher strip ratio than planned (12.4 vs 9.6) and an 11% lower head grade.
- The company attributes US$350/oz of the AISC variance to the commencement of mining in the Rumbullion pit in Q3, an activity advanced from Q1 2027 to Q3 2026 so that early-stage stripping and ramp work could be completed in more favorable seasonal conditions.
- The company attributes US$135/oz of the AISC variance to lower head grade versus the 2026 Hammerdown PEA.
- Other AISC variance items named by the company: infill drilling costs (approximately US$180/oz or 8% of AISC), fuel surcharges on external services contracts (approximately US$85/oz or 4%), higher mill labour costs (approximately US$45/oz or 2%), and Pine Cove water treatment costs (approximately US$30 or 1%).
- Cash costs and AISC were impacted, per the company, by stripping activities originally planned for Q1 2027 that moved into Q3 2026, combined with lower head grade relative to the mine plan.
- Q3 2026 gold sales of 6,935 oz include 900 oz delivered in July against customer prepayments received in June 2026, per the filing.
- Per-unit costs stated by the filing for Q3 2026: material movement $11.51 per tonne moved; milling $53.63 per tonne processed; G&A $11.52 per tonne processed.
- The company states that Hammerdown produced 4,863 oz in Q3 2026, approximately 46% of gold production through the first three quarters of 2026.
- Q3 2026 average grade of 2.77 g/t was 31% higher than the year-to-date average of 2.12 g/t, per the filing.
- Net loss narrowed to (7,114) thousand from (12,945) thousand in Q3 2025. The company attributes this to the commencement of commercial production at Hammerdown and the resulting revenue and gold production.
- EBITDA moved to 13,090 thousand from (12,758) thousand in Q3 2025, which the company says was driven by income from mine operations at Hammerdown.
- Quarterly drilling at Queensway was lower than anticipated due to contractor drill-rig maintenance and deep infill drilling using directional drilling within UG portions of the AFZ Core, per the filing.
- Queensway Phase 1 Environmental Preview Report (EPR) was submitted on November 3, 2026, and is in a 35-day review. The Minister's decision is due within 45 days of submission, with a possible fourteen-day extension.
Concerns
- Cash costs of US$2,887 per oz and AISC of US$3,279 per oz produced in Q3 2026 are well above the year-to-date figures of US$3,486 and US$3,952 only in the sense of being lower; the company itself flags the quarter's AISC as US$904/oz above the 2026 Hammerdown PEA.
- The company states it is assessing the potential impact of elevated fuel prices and water treatment costs on achieving 2026 Hammerdown PEA production metrics and closing the cost variance in future quarters.
- Cash used in operating activities was (6,767) thousand in Q3 2026 and (31,287) thousand year to date; cash fell from 193,832 thousand at June 30, 2026 to 167,112 thousand at September 30, 2026.
- Income from mine operations margin is 45% of revenue per the company, while the net loss for the quarter was (7,114) thousand.
- The company states that Queensway quarterly drilling activity was lower than anticipated.
- The 2026 PEA is preliminary; it includes Inferred Mineral Resources, there is no certainty the PEA will be realized, and no Mineral Reserves have been defined for Queensway, per the filing.
- The Hammerdown strip ratio of 12.40 in Q3 2026 and 12.63 year to date reflect the company's own statement of higher stripping than planned.
What to watch
- Substantial completion of the permanent on-site crusher and sorter at Hammerdown in Q4 2026, followed by commissioning and ramp-up in Q1 2027.
- Cash costs and AISC per ounce at Hammerdown in coming quarters, relative to the 2026 Hammerdown PEA, as the company works to close the cost variance.
- Decision on the Queensway Phase 1 EPR, due within 45 days of the November 3, 2026 submission, with a possible fourteen-day extension.
- Filing of the Updated Technical Report for the 2026 PEA and Updated MRE on SEDAR+ and EDGAR within 45 days of October 22, 2026.
- Queensway milestones named in the outlook: contractor mobilization in Q1 2027, early works from Q2 2027, mining from Q3 2027, Pine Cove expansion to 1,400 tpd targeted for Q4 2027, and first mineralized material to Pine Cove in Q4 2027.
- Permitting and the Surface and Mining Lease, with the company planning to work with the province of NL to obtain it through mid-2027.
- Completion of infill and grade control drilling at Hammerdown in support of an updated Hammerdown MRE in 2027.
- Cash balance and use of the $70M Tranche 1 drawdown and the $115M bought deal proceeds given the operating and investing outflows reported.
Balance sheet and cash flow
- Cash and cash equivalents at September 30, 2026: 167,112 thousand (Table 2); $167,111,584 in the liquidity section. At June 30, 2026 (Q2 2026): 193,832 thousand. At December 31, 2025: $58,838,699.
- Working capital at September 30, 2026: $167,272,288 (current assets $207,486,402 less current liabilities $40,214,114). At June 30, 2026: 187,184 thousand. At December 31, 2025: $58,464,597. The filing says the increase of $108,807,691 reflects proceeds from a $115M at-market bought deal financing and a $70M drawdown of Tranche 1 of a senior secured credit facility, partially offset by cash used in operating and investing activities.
- Total assets at September 30, 2026: $705,775,607 (705,776 thousand in Table 2; 705,676 thousand at June 30, 2026); at December 31, 2025: $535,497,022.
- Total shareholders' equity at September 30, 2026: $503,470,191; at December 31, 2025: $419,618,981.
- Total liabilities at Q3 2026: 202,305 thousand; at Q2 2026: 197,669 thousand (Table 2). Current liabilities at Q3 2026: 40,214 thousand; at Q2 2026: 42,925 thousand.
- Operating cash flow of $11.2M before change in working capital is stated in the highlights. The filing does not give the full operating cash flow figure, and the table reports cash used in operating activities of (6,767) thousand for Q3 2026.
Analysis
New Found Gold reports that Hammerdown reached commercial production on August 19, 2026, and its first full quarter of gold sales produced revenue of 41,580 thousand on the sale of 6,935 oz at an average realized price of US$4,285 per oz. Gross profit was 18,570 thousand on cost of sales of 23,010 thousand. The filing also states income from mine operations of $18.6M, or 45% of revenue. Net loss was (7,114) thousand, or $0.02 per share, against (12,945) thousand in Q3 2025, and EBITDA of 13,090 thousand compared with (12,758) thousand a year earlier. The company attributes the narrower loss to the start of commercial production and the resulting revenue and gold production. Year to date, revenue was 67,190 thousand and the net loss was (37,301) thousand, against (32,445) thousand in the prior year period, so the nine-month loss is wider than the same period a year earlier.
Operating performance shows a mixed picture. Q3 production of 4,863 oz was driven by 97 kt of ore mined and 66 kt processed through Pine Cove at a grade of 2.77 g/t and recovery of 84.2%. Sales of 6,935 oz exceeded production by 2,072 oz, and the filing notes that 900 oz were delivered in July against customer prepayments received in June 2026. Unit costs were high: cash costs were US$2,887 per oz produced and AISC was US$3,279 per oz produced, compared with US$3,486 and US$3,952 year to date. The filing gives the company's explanation for the AISC variance against the 2026 Hammerdown PEA: a strip ratio of 12.4 against 9.6 planned, which the company ties to Rumbullion pit mining moved forward from Q1 2027, and a head grade 11% below plan, along with infill drilling, fuel surcharges, mill labour and water treatment costs. The company says it is assessing the effect of elevated fuel prices and water treatment costs on closing the gap.
Cash resources were supported by financing during the period. The working capital surplus rose to $167,272,288 from $58,464,597 at December 31, 2025, which the company links to a $115M at-market bought deal financing and a $70M drawdown of Tranche 1 of a senior secured credit facility. Cash fell from 193,832 thousand at June 30, 2026 to 167,112 thousand at September 30, 2026, and cash used in operating activities was (6,767) thousand in Q3 2026 and (31,287) thousand year to date, against (16,028) thousand and (34,714) thousand a year earlier. Total assets rose to $705,775,607 and shareholders' equity to $503,470,191.
The post-quarter news is the revised Queensway PEA and Updated MRE released on October 22, 2026, which reports an after-tax NPV at 5% of $1.728B at US$3,600 per oz, an after-tax IRR of 126%, 1.744 M oz of gold over a 15-year life of mine, and Phase 1 initial capital of approximately $149.8M. These are preliminary figures; the filing states that the 2026 PEA includes Inferred Mineral Resources, that there is no certainty it will be realized, and that no Mineral Reserves have been defined. The Queensway Phase 1 EPR was submitted on November 3, 2026, and the company's stated timeline targets first mineralized material to Pine Cove in Q4 2027. The filing does not provide numeric guidance for revenue, margins or costs, and it does not state a prior outlook for comparison.
The figures that deserve attention are the unit costs against the PEA, the Q3 operating cash outflow alongside the cash decline, and the year-to-date net loss, which is wider than the prior year. The filing reports a full set of Q3 2026 comparatives for net loss, EBITDA and cash flow, but not a prior-year figure for revenue, cost of sales or gross profit, so those comparisons cannot be made from this document.
Management, verbatim
Cash costs and AISC were impacted by advancing stripping activities originally planned for Q1 2027 to this quarter, in combination with lower head grade relative to the mine plan. As the team continue to ramp up mining operations, efforts to optimize mining and processing, including sorter commissioning and circuit conversion, is anticipated to lower future production costs.
Keith Boyle, CEO
With Phase 1 fully funded, we remain on schedule to deliver first mineralized material to the Pine Cove Mill in Q4/27, a key milestone on our path to becoming Canada's next mid-tier gold producer.
Keith Boyle, CEO
Not in the filing
stated, not guessed- Prior-year (Q3 2025) revenue, cost of sales and gross profit; the filing prints '-' for these lines.
- Prior-year and prior-quarter comparatives for most Table 1 operating lines (grades, recoveries, tonnes, ounces, costs per ounce).
- Year-over-year and quarter-over-quarter percentage changes for all metrics; the filing does not print them for the reported lines.
- Gross margin percentage for the quarter and year to date.
- Full operating cash flow figure for the period (filing states 'Operating cash flow of $11.2M before change in working capital' without a full reconciliation).
- Income from mine operations for the prior year and prior quarter.
- Segment revenue split; the filing does not print revenue by segment.
- Numeric guidance for production, costs, revenue or capital; the filing gives only qualitative and timing outlook items.
- Prior-period outlook, so vs_prior_guidance cannot be assessed.
- Prior-quarter (Q2 2026) income statement and cash flow figures; only balance sheet items for Q2 2026 are printed in Table 2.
- Share repurchases and dividends; none are reported in the filing.
- Cash costs and AISC for the prior-year period; the filing prints '-' for Q3 2025 and the prior-year YTD column.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
New Found Gold Corp. filed a Form 6‑K reporting its Q3 2026 results, including the start of commercial production at Hammerdown.
Ticker impact
Q3 2026 earnings release showing commercial production start, narrowed loss and positive cash flow.
likely upward pressure as market prices in improved production and cash flow
First‑time commercial production and a loss of $0.02 vs $0.06 a year ago signal a material operational upgrade.
Market effects
May boost sentiment for other junior gold miners as production milestones are hit.
Positive for Canadian mining sector and TSX junior listings.
Limited to precious metals investors; no broad macro impact.
Counterpoint
If gold prices retreat, the higher cash costs could pressure margins.
Key entities
- companyNew Found Gold Corp.
Junior gold producer listed on NYSE American (NFGC).
