- New Found Gold (TSX/NYSEAM: NFGC) reached commercial production at its Hammerdown open-pit gold mine in Newfoundland on August 19, 2026.
- The Canadian mining company is advancing low-cost production on a pair of robustly mineralized projects.
- New Found Gold stock is up by 7.11 per cent on the news trading at C$2.41 as of 10:07 am ET.
New Found Gold (TSX/NYSEAM: NFGC) reached commercial production at its Hammerdown open-pit gold mine in Newfoundland on August 19, 2026.
The company defines this threshold as throughput of at least 600 tons per day (tpd), representing 85% of its Pine Cove mill’s nameplate capacity, paired with a gold recovery rate of at least 80% and feed grade of at least 80% of the mine plan head grade, all over a continuous 60-day period.
Against these figures, operations managed to process about 748 tpd at an 87.7% recovery rate with an average feed grade of 2.92 grams per ton of gold.
According to Wednesday’s news release, Hammerdown produced 9,140 ounces of gold through August 2026, including 1,989 ounces in August, securing an average realized sale price of US$4,532 per ounce. The company estimates a run rate of between 20,000 and 25,000 ounces of gold per year.
Looking ahead, the project’s preliminary economic assessment details production of 251,300 ounces of gold over a 13-year mine life at all-in sustaining costs of only US$2,429 per ounce. To this end, the company is keen to step into full-scale production as efficiently as possible, leveraging:
- A new crusher and sorter on track for completion in Q4 that are expected to reduce costs and increase the grade of material delivered to the mill.
- Ongoing drilling of Hammerdown’s inferred resource with eyes on publishing an updated resource estimate in 2027.
- Pine Cove’s ongoing expansion from 700 to 1,400 tpd, which is on budget and on track to be finalized by Q4 2027, subject to permitting approvals.
There are 445 employees currently working across the Hammerdown mine and Pine Cove mill, with more than 90 per cent hailing from Newfoundland.
Leadership commentary
“Achieving commercial production at Hammerdown on schedule is a major milestone for New Found Gold and the next step toward becoming Canada’s next mid-tier gold producer,” Keith Boyle, Chief Executive Officer of New Found Gold, said in a statement. “This achievement could only have been reached through the hard work and dedication of our operations team; to each and every one of you I send my sincere gratitude. With commercial production underway at Hammerdown, we will continue to focus on delivering solid gold production, while advancing our flagship Queensway gold project to production.”
About New Found Gold
New Found Gold is a Canadian mining company advancing low-cost production on a pair of robustly mineralized projects in Newfoundland and Labrador.
New Found Gold stock (TSX/NYSEAM: NFGC) is up by 7.11 per cent on the news trading at C$2.41 as of 10:07 am ET.
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