New Found Gold’s Hammerdown mine enters commercial production phase - Mugglehead Investment Magazine

AI desk brief

New Found Gold has started commercial production at Hammerdown in central Newfoundland, marking its first cash-generating mine. In the 60 days ahead of the milestone, the mill ran at about 748 tonnes/day, recovered 87.7% of the gold and fed 2.92 g/t material, with the company saying those metrics beat plan.

Hammerdown produced 9,140 oz in the first eight months of 2026, including nearly 2,000 oz in August, and management is targeting 20,000-25,000 oz/year. Queensway remains the larger growth project with about 2 Moz in resources and first ore to the mill expected in late 2027.