New Found Gold Assembles Mine-Building Team as Hammerdown Targets Mid-2026 Production

• New Found Gold underwent complete board and management overhaul in late 2024/early 2025, bringing in production-focused executives including CEO Keith Boyle, CFO Hashim Ahmed, and former Newfoundland Premier Andrew Furey
• Acquired Maritime Resources' Hammerdown mine (entering production 2026) and milling facilities, providing near-term cash flow and critical infrastructure for flagship Queensway project development
• Raised $87 million in flow-through and hard equity following release of mineral resource estimate and preliminary economic assessment (PEA) demonstrating robust project economics
• Hammerdown ramp-up targeting steady-state production by mid-2026, while Queensway advances toward Final Investment Decision (FID) in H2 2026 with environmental assessment submission planned Q1 2026
• Maintaining exploration in 2026 across camp-scale land package, with 60% of 2025's 70,000-meter program results still pending, including high-grade discoveries at Dropkick

New Found Gold Corporation is executing a fundamental transformation from pure exploration play to emerging gold producer, driven by a complete leadership overhaul and strategic acquisitions designed to accelerate the path to cash flow. In a comprehensive interview, CEO Keith Boyle outlined the company's evolution through 2025 and the catalyst-rich roadmap ahead for 2026.

Complete Management & Board Renewal

The most significant development for New Found Gold began with a board-level change in December 2024, followed by Boyle's appointment as CEO in January 2025. 

"They brought me in January of 2025, with the mandate being let's get the gold - let's get to production. We were an exploration company and had been doing that for five years since discovering the Queensway deposit and so it was time to make that shift."

The transformation extended beyond the C-suite. The company retained Melissa Render, now President, who previously served as VP of Exploration, recognising that exploration remains fundamental to value creation. However, the broader team was rebuilt with production expertise. The company brought in experienced operators capable of developing and operating mines, marking a decisive shift in corporate strategy.

Assembled Production-Focused Leadership Team

New Found Gold's new leadership team brings substantial operational credentials. Chief Operating Officer Robert Assabgui arrives with extensive development experience, most recently serving as VP of Hudbay's Manitoba division where he brought the significant Lalor mine into production in northern Manitoba. "He's got the right skill set from development all the way through to good operations," emphasising the relevance for both ramping up Hammerdown and advancing Queensway through engineering and development.

On the financial side, CFO Hashim Ahmed brings project financing expertise from previous roles at Mandalay Resources and Jaguar Mining, where he was instrumental in a successful turnaround. The company also hired Cutfield Freeman to specifically focus on raising project financing for Queensway development.

The reconstituted board provides additional strategic depth. Beyond former Newfoundland Premier Andrew Furey, who "helped in identifying the political game," the board now includes mining executives Tamara Brown and Chad Williams, plus Allan Palmir, a seasoned mining executive who joined as chair following the Maritime acquisition. "I feel really supported by that team," Boyle emphasised.

Strategic Acquisitions: Hammerdown & Milling Infrastructure

The acquisition of Maritime Resources represented a pivotal strategic move. 

"We were acquiring a developing mine that was going to be starting production in 2025. But also we are now putting our hands on milling facilities that were key in advancing and staying on track with the advancement of the Queensway project."

Hammerdown had a feasibility study completed in 2022, though Boyle noted it has become "a bit outdated" due to additional drilling and the change in processing facilities. The company is targeting release of an updated technical report toward the end of Q1 2026. The ramp-up will occur over the first six months of 2026, with steady-state production expected by mid-year. The timing proves strategic.

"At these gold prices, it really is going to help us in being able to manage the amount of money that we have to raise externally in order to advance Queensway." 

Interview with Chief Executive Officer, Keith Boyle

Queensway Development Path

New Found Gold released both a mineral resource estimate and PEA for Queensway in July 2025, demonstrating:

"A robust project in a phased approach, mindful of capital allocation and potential dilution to the shareholders." 

This technical work proved instrumental in securing the subsequent $87 million financing.

The company has since engaged a larger engineering firm with an expanded owner's team to advance Queensway. The development timeline targets an updated mineral resource estimate followed by an updated technical report to provide the foundation for phase one construction, with Final Investment Decision expected in H2 2026.

Permitting Progress in Newfoundland

Permitting efforts are advancing in parallel under VP of Sustainability Jared Saunders, a Newfoundlander with strong local connections.

"The government's been great and that effort's being led by Jared Saunders. He is a Newfoundlander, lives in St. John's, was born in Springdale, which is right where the Hammerdown mine is, and so he really has good connections with the government."

The company plans to submit its environmental assessment application for Queensway in Q1 2026. Working with the same engineers used by FireFly, which received its environmental assessment in just 45 days, New Found Gold expects favorable timing. 

"We would expect the permits to come quickly thereafter, [with potential for] shovel in the ground later this year as part of the early works."

Continued Exploration Focus

Despite the production pivot, New Found Gold maintains significant exploration commitments. The company conducted a 70,000-meter drill campaign in 2025 using six to seven rigs, with 80% focused on project-related drilling and 20% on exploration. Results from approximately 40% of that program have been released, with the remainder forthcoming as labs catch up. Grade control drilling results proved particularly encouraging. 

"It really demonstrates that continuity of high grade Exploration drilling at Dropkick also delivered strong results, which really does bode well for potential expansion of our resource."

For 2026, the company plans to continue exploration drilling, funded substantially by flow-through dollars raised in 2025:

"We still want to keep the drill bit turning to find that game-changing, next big one, because it will create that additional value for us." 

Financial Discipline & Capital Allocation

Boyle's approach to capital management reflects experience developed during challenging markets. 

"My first mine brought into production was during the 2008 crash when there was no more money left. So my reflex is to be prudent with all the spending that's going on."

This discipline extends to project cost management, with systems being implemented to track expenditures carefully. The company expects Hammerdown cash flow to materially reduce external financing requirements for Queensway, though project financing remains necessary and is actively being pursued.

Catalyst-Rich 2026

Looking ahead, Boyle outlined multiple near-term catalysts. Outstanding drill results from the 60% of the 2025 program not yet released will continue flowing as laboratory backlogs clear. The Hammerdown technical report arrives in Q1, followed by the Queensway environmental assessment submission.

Mid-year should bring steady-state production at Hammerdown, while H2 2026 targets Final Investment Decision for Queensway and potential commencement of early works. Throughout the year, project financing efforts will advance to support Queensway development.

"We'll be catalyst-rich for sure," Boyle concluded, outlining a transformation year that should see New Found Gold transition from explorer to producer while advancing its flagship project toward construction.

The Investment Thesis for New Found Gold

• Proven Management Team: Complete board and C-suite renewal brings demonstrated mine-building and operating expertise, including executives with successful track records at Hudbay, Mandalay, and Jaguar Mining, reducing execution risk
• Near-Term Cash Flow: Hammerdown reaching steady-state production mid-2026 provides self-funding capacity to reduce external financing requirements and dilution for Queensway development at attractive gold prices
• De-Risked Flagship Asset: Queensway PEA demonstrated robust economics with phased development approach; continued grade control drilling confirms high-grade continuity; FID targeted H2 2026 with construction potentially starting late 2026
• Favorable Jurisdiction: Newfoundland offers mining-friendly regulatory environment with rapid permitting timelines (FireFly precedent: 45-day EA approval); strong government relationships and local team provide execution confidence
• Exploration Upside: 2026 drill program across camp-scale land package offers significant blue-sky potential; 60% of 2025 results still pending, including high-grade Dropkick discoveries that could expand resources
• Strategic Infrastructure: Maritime acquisition provides owned milling facilities critical for Queensway development timeline and economics, eliminating third-party processing dependency and associated risks
• Capital Efficiency: $87 million treasury provides runway through key milestones; phased Queensway approach minimises upfront capital while preserving optionality; Hammerdown cash flow reduces financing needs
• Multiple Value Inflection Points: Dense catalyst calendar through 2026 including pending drill results, Hammerdown technical report (Q1), Queensway EA submission (Q1), Hammerdown steady-state (mid-year), Queensway FID (H2), and potential construction start

Macro Thematic Analysis: 

New Found Gold's transformation from explorer to producer arrives at an opportune moment in the gold cycle. With gold prices sustaining elevated levels, junior producers with near-term production profiles and development-stage assets are attracting renewed institutional interest. The company's dual-track strategy achieving cash flow through Hammerdown while advancing the larger Queensway project addresses a key investor concern: capital efficiency and reduced dilution in project financing. 

As Boyle noted, "at these gold prices, it really is going to help us in being able to manage the amount of money that we have to raise externally." Mining-friendly jurisdictions like Newfoundland, offering rapid permitting and infrastructure access, provide additional advantages in a market increasingly focused on execution risk and timeline certainty.

TL;DR

New Found Gold has executed a complete leadership transformation, assembling a production-focused management team and board to transition from exploration to emerging producer. The strategic acquisition of Hammerdown mine delivers near-term cash flow (steady-state mid-2026) while providing critical milling infrastructure for flagship Queensway development. With $87 million in treasury, robust Queensway PEA economics, FID targeted H2 2026, and exploration drilling planned across a camp-scale land package, the company offers multiple value inflection points throughout 2026.

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