The substantial increase in NPV and IRR, combined with a 38% resource upgrade and fully funded status, significantly de-risks the Queensway project. Monitor the upcoming Technical Report (due within 45 days) and the Environmental Preview Report submission (target Q4/26) for permitting milestones.
Price Chart
Executive Summary
New Found Gold Corp. announced a revised Preliminary Economic Assessment (PEA) and updated Mineral Resource Estimate (MRE) for its 100%-owned Queensway Gold Project. The PEA shows an after-tax NPV5% of $1.728 billion and a 126% IRR at a base case gold price of US$3,600/oz, with a 38% increase in Measured and Indicated Mineral Resources to 1.920 Moz Au. The company is fully funded with ~$167M in cash and a $35M debt facility, targeting first production in Q4/27.
Key Facts
- After-tax NPV5% increased to $1.728 billion (C$) from prior PEA, with 126% IRR at US$3,600/oz gold.
- Measured & Indicated Mineral Resources increased 38% to 1.920 Moz Au (27.3 Mt at 2.19 g/t Au).
- Total gold production of 1.744 Moz Au over a 15-year mine life; Phase 1 initial capital of $149.8 million.
- First mineralized material delivery to Pine Cove mill expected in Q4/27; payback period of <1 year.
- Company fully funded with ~$167M cash (Sept 30, 2026) and a $35M debt facility available until May 15, 2027.
- Cash cost of US$985/oz and AISC of US$1,375/oz over life of mine.
- Cumulative after-tax cash flow of $2.551 billion over 15-year LOM.
- PEA is preliminary and includes Inferred Mineral Resources; no Mineral Reserves defined.
Financial Impact
After-tax NPV5% of $1.728 billion (C$), 126% IRR, cumulative after-tax cash flow of $2.551 billion over 15-year life of mine.
Risk Factors
- PEA is preliminary; Inferred Mineral Resources are speculative and may not convert to reserves.
- Execution risk: Phase 1 production target of Q4/27 depends on permitting, construction, and contractor mobilization.
- Gold price sensitivity: NPV and IRR are highly sensitive to gold price assumptions (base case US$3,600/oz).
- Environmental assessment and permitting process may face delays or additional requirements.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001062993-26-005501 |
| Document: form6k.htm | 0001062993-26-005501 |
| Document: 0001062993-26-005501-index-headers.html | 0001062993-26-005501 |
| Document: 0001062993-26-005501-index.html | 0001062993-26-005501 |
| Document: 0001062993-26-005501.txt | 0001062993-26-005501 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 6-K | $1.58 | awaiting T+5 | — | $1.75 (+10.76%) |
Oct 15, 2026 12d ago | 6-K | $1.58 $1.57 | ▼ −0.63% | ▲ +0.38% | $1.75 (+10.76%) |
Sep 16, 2026 5w ago | 6-K | $1.73 $1.76 | ▲ +1.73% | ▼ −1.10% | $1.75 (+1.16%) |
Aug 25, 2026 9w ago | 6-K | $2.04 $1.74 | ▼ −14.71% | ▼ −14.17% | $1.75 (−14.22%) |
Aug 14, 2026 10w ago | 6-K | $1.66 $1.90 | ▲ +14.46% | ▲ +15.65% | $1.75 (+5.42%) |
Aug 12, 2026 10w ago | 6-K | $1.65 $1.75 | ▲ +6.06% | ▲ +8.02% | $1.75 (+6.06%) |
Aug 12, 2026 10w ago | 6-K | $1.65 $1.75 | ▲ +6.06% | ▲ +8.02% | $1.75 (+6.06%) |
Jul 21, 2026 14w ago | 6-K | $1.47 $1.37 | ▼ −6.80% | ▼ −4.40% | $1.75 (+19.05%) |
Jul 6, 2026 16w ago | 6-K | $1.66 $1.50 | ▼ −9.64% | ▼ −10.13% | $1.75 (+5.42%) |
Jun 29, 2026 17w ago | 6-K | $1.52 $1.66 | ▲ +9.21% | ▲ +7.82% | $1.75 (+15.13%) |
US Market Status
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