Name of the Project
Queensway gold project.

Location
About 15 km west of the town of Gander, in Newfoundland and Labrador, Canada.

Project Owner/s
Mineral exploration company New Found Gold Corp.

Project Description
The preliminary economic assessment (PEA) outlines a 15-year life-of-mine with a total gold production of 1.5-million ounces. The project is planned as a phased development, starting with an openpit mine and off-site toll milling, followed by a larger on-site operation that includes openpit and underground mining. This phased approach is designed to generate early cash flow and fund subsequent phases.

Phase 1 will prepare the site and install infrastructure for a small-scale openpit operation aimed at extracting high-grade ore. The mined material will be crushed and shipped to a toll milling facility, in Newfoundland, where it will be processed at 700 t/d for the first five years. Lower-grade ore will be stockpiled for future use once an on-site plant is in place. This phase will deliver an average gold output of 69 300 oz/y.

Phase 2 will entail a significant expansion with the construction of a 7 000 t/d processing plant on site. Construction is expected to start in Year 3 and be completed by Year 4, with full operations starting in Year 5.

The plant will run for nine years, followed by two years of processing low-grade stockpiles. This stage will enhance efficiency by prioritising higher-grade ore from surface and future underground sources. Tailings will be stored in-pit over the life of the project. Average gold production is forecast at 
129 000 oz/y, increasing to 172 200 oz/y during the first five years of plant operation.

Phase 3 involves the development of an underground mining operation, with construction starting in Year 5. High-grade ore will be extracted using cut-and-fill methods at a steady rate of 700 t/d from Year 6 until Year 10.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Based on a base case gold price of $2 500/oz, the project has a pre-tax net present value, at a 5% discount rate, of C$1.1-billion and a pretax internal rate of return of 79%.

Capital Expenditure
The initial capital cost for Phase 1 is estimated at C$155-million. Phase 2, which includes the construction of the on-site processing plant, will require an additional C$442-million in growth capital.

Planned Start/End Date
Initial gold production is targeted for the first quarter of 2027, subject to regulatory approvals. Phase 1 construction is also planned to start in 2027.

Latest Developments
New Found Gold is conducting an aggressive 70 000 m drilling programme to upgrade and expand the initial mineral resource estimate. Environmental baseline studies are also under way. An updated mineral resource estimate is planned for the first quarter of 2026, with an environmental assessment submission expected in the first half 2026.

Key Contracts, Suppliers and Consultants
SLR Consulting (Canada) (PEA).

Contact Details for Project Information
New Found Gold, email contact@newfoundgold.ca.