Episode Details

Interview with Keith Boyle, Director & CEO of New Found Gold

Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-hammerdown-the-path-to-production-10604

Recording date: 23rd June 2026

New Found Gold (TSXV:NFG) is advancing through a critical transition period, moving from an exploration-focused company toward one with near-term production cash flow and a fully funded development plan for its flagship Queensway project. Director and CEO Keith Boyle outlined a clear set of operational milestones, regulatory updates, and a funding position that together describe a company actively de-risking its path from discovery to production.

The company's Hammerdown project represents the nearest-term catalyst. Boyle confirmed the company expects to declare commercial production in the second half of 2026, targeting steady-state annual output of 20,000 to 25,000 ounces at an all-in sustaining cost of approximately $2,500 per ounce, figures consistent with the project's published Preliminary Economic Assessment. This represents New Found Gold's first source of internally generated cash flow, a meaningful shift for a company that has historically relied on equity markets to fund its activities.

Queensway, the company's flagship high-grade project, remains subject to an Environmental Assessment decision that Boyle expects by early July 2026, following a routine two-week extension to the standard 45-day review period. Boyle characterised the extension as a function of higher application volumes at the regulatory body rather than any project-specific concern. Once the EA is approved, the company anticipates progressing to an early works permit, clearing the way for construction activity to accelerate.

A central element of the investment case is the operational continuity between Hammerdown and Queensway. By acquiring the Hammerdown mine and the Pine Cove mill through its earlier Corvus acquisition, New Found Gold gained an already-operating production team and processing facility. Boyle explained that this team's experience bringing a 700-ton-per-day mine into production at Hammerdown is now being applied directly to Queensway, which is being developed at a similar scale. Rather than constructing new milling infrastructure, the company is expanding an existing, operating facility, a structural advantage relative to many development-stage peers building from a standing start.

Boyle also detailed the company's funding position, confirming a $220 million capital raise dedicated specifically to the Queensway development plan. This leaves the company fully funded for early works currently underway at Pine Cove, including the ordering of long-lead-time equipment, while it awaits regulatory clearance. Boyle noted that acquiring existing infrastructure brought Queensway's production timeline forward by approximately three years compared with developing the project independently, while also reducing reliance on further equity issuance and associated shareholder dilution.

Exploration remains an active component of the story alongside development. The company has expanded its 2026 drilling program to 90,000 metres, with 45% allocated to new discoveries and resource growth rather than confirmation drilling. Boyle outlined a longer-term production growth profile targeting more than 100,000 ounces per year in the near-to-medium term, scaling toward approximately 200,000 ounces per year by around 2031 following the planned Queensway expansion.

Taken together, New Found Gold presents a defined near-term catalysts, a funded development plan, and continued exploration upside to weigh against standard regulatory and execution risks inherent to development-stage mining equities.

View New Found Gold's company profile: https://www.cruxinvestor.com/companies/new-found-gold

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