New Found Gold paves the Queensway to production - Mining.com.au

AI desk brief

New Found Gold’s revised Queensway PEA outlines first mineralised material to Pine Cove in Q4 2027 and a 15-year mine life producing 1.744Moz of gold, averaging 116koz/yr and peaking at 190koz in 2032. At US$3,600/oz gold, the project carries an after-tax NPV5% of C$1.78bn and a 126% IRR, rising to C$2.225bn and 164% IRR at US$4,100/oz, with AISC guided at US$1,375/oz and payback under one year.

Initial capital is unchanged at C$149.8m, while growth capital rises to C$832.1m due to the Pine Cove carbon-in-leach circuit; sustaining capital is C$970.8m. The updated MRE lifts measured and indicated resources 38% to 1.92Moz, partly on the Dropkick Zone discovery, with the company saying it has only begun assessing the 110km strike extent.