New Found Gold released a revised preliminary economic assessment (PEA) and updated mineral resource estimate for its 100%-owned Queensway Gold Project in Newfoundland and Labrador, Canada. The after-tax NPV5% is C$1.728 billion at a base case gold price of US$3,600 per ounce, rising to C$2.225 billion at US$4,100 per ounce, with IRRs of 126% and 164% respectively. Phase 1 initial capital is C$149.8 million, and the 15-year plan produces 1.744 million ounces of gold, with payback under one year at US$3,600 per ounce. Measured and Indicated mineral resources rose 38% to 1.920 Moz Au, and the company says it is fully funded, citing about C$167 million in cash at September 30, 2026 and a further C$35 million debt facility. First mineralized material from Queensway is expected at the Pine Cove mill in Q4/27.
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XAU/USD
• NeutralRelevance: low
| Market | Gold |
|---|---|
| Close on 10/22/2026 | 4,024.59 |
| Change that session | -2.82% |
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