New Found Gold

The company's business model is centered on creating value through systematic exploration and resource definition. New Found Gold's core operation is the 100% owned Queensway Gold Project, a district-scale property covering approximately 1,756 square kilometers along two primary fault zones near Gander, Newfoundland. This flagship project benefits from its strategic location, situated 15 km from the town of Gander, with access to the Trans-Canada Highway, power infrastructure, and a skilled local workforce. The business strategy involves aggressive drilling campaigns to identify and expand high-grade gold zones, leveraging advanced geological modeling to guide exploration. As an exploration-stage company, it currently generates no revenue and its activities are funded through equity financing.

The Queensway Project is the company's principal asset, divided into Queensway North and Queensway South. Exploration has yielded multiple high-grade gold discoveries, including the Keats, Lotto, Golden Joint, and Iceberg zones. A March 2025 initial Mineral Resource Estimate (MRE) for the project outlined 1.39 million ounces of indicated gold and 610,000 ounces of inferred gold. Following the MRE, the company released a Preliminary Economic Assessment (PEA) in July 2025, which outlines a phased development plan. Phase 1 projects a low-cost start-up by utilizing an off-site toll mill, with an initial capital cost of $155 million. Phase 2 involves the construction of an on-site processing plant to significantly scale up production. Metallurgical testing has shown favorable gold extraction rates of 90-97% from key zones. The project's vast scale, covering over 110 km of strike length, presents considerable potential for further discoveries beyond the currently defined resource areas.