New Found Gold Announces Queensway Gold Project Revised PEA and Updated MRE: After-Tax NPV Increases to $1.7 B with 126% IRR; Measured and Indicated Mineral Resource Increases by 38%
New Found Gold released a revised PEA and updated mineral resource estimate for its 100%-owned Queensway Gold Project, with after-tax NPV(5%) more than doubling to $1.7 billion and IRR rising to 126% at a US$3,600/oz gold price. The Measured and Indicated resource grew 38% to 1.92 Moz Au, aided by the new Dropkick Zone, and the mine plan increased underground ounces by 86% over a 15-year, 1.744 Moz production profile. The company says Queensway is fully funded — $167M cash plus a $35M debt facility and a completed $220M finance package — with first mineralized material expected at the expanded Pine Cove mill in Q4/27.
Key figures
- Guidance
- First mineralized material delivered to Pine Cove mill in Q4/27; Phase 1 at 700 tpd, Phase 2 Queensway Mill 4,900 tpd in 2031, Phase 3 expansion to 7,000 tpd total
- Irr pct
- 126
- Payback
- <1 year
- Aisc usd oz
- 1375
- Irr upside pct
- 164
- Mine life years
- 15
- Cash cost usd oz
- 985
- Lom recovery pct
- 91.5%
- Growth capital cad
- 832100000
- M and i growth pct
- 38%
- Npv5 upside us4100
- 2225000000
- Initial capital cad
- 149800000
- Lom production moz au
- 1.744
- Sustaining capital cad
- 970800000
- M and i resource moz au
- 1.92
- Avg annual production oz
- 116000
- Cash and equivalents cad
- 167000000
- Inferred resource koz au
- 606
- Avg head grade phase1 gpt
- 13.41
- Peak annual production oz
- 190000
- Lom after tax cashflow cad
- 2551000000
AI analysis
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