Key Highlights
- New Found Gold reached commercial production at its Hammerdown Gold Mine on Aug. 19, 2026.
- Third-quarter gold production totalled 4,863 ounces, with revenue of C$41.6 million.
- The company reported a Q3 net loss of C$7.1 million and EBITDA of C$13.1 million.
- Queensway Phase 1 environmental preview report entered a 35-day public review after Nov. 3 submission.
New Found Gold Corp. (TSX: NFGC) (NYSE American: NFGC) reported third-quarter results that included the start of commercial production at its 100%-owned Hammerdown Gold Mine, which the company declared effective August 19, 2026.
In its financial statements for the three and nine months ended September 30, 2026, New Found Gold reported Q3 revenue of C$41.6 million from the sale of 6,935 ounces of gold at an average realized gold price of US$4,285 per ounce. The company also reported income from mine operations of C$18.6 million, which it described as 45% of revenue.
This article is a journalistic opinion piece which has been written based on independent research. It is intended to inform investors and should not be taken as a recommendation or financial advice.
Hammerdown production and costs in Q3
New Found Gold reported Q3 gold production of 4,863 ounces at an average grade of 2.77 grams of gold per tonne, with gold recovery of 84.2%. The company said it mined 97,000 tonnes of mineralized material at Hammerdown during the quarter and processed 66,000 tonnes through the Pine Cove Mill.
For the nine months ended September 30, 2026, the company reported total Hammerdown production of 10,670 ounces, with 235,000 tonnes mined and 189,000 tonnes processed at an average grade of 2.12 grams of gold per tonne and average recovery of 83.1%. Gold sold over the nine-month period totalled 10,878 ounces.
Cash costs for Q3 were US$2,887 per ounce of gold produced and all-in sustaining costs were US$3,279 per ounce, both described as non-International Financial Reporting Standards measures. The company attributed cost impacts to factors including a mine schedule reorganization to complete stripping and ramp establishment in more favourable seasonal conditions, along with grade, infill drilling costs, fuel surcharges and water treatment costs.
New Found Gold reported a Q3 net loss of C$7.1 million (C$0.02 per share), compared with a net loss of C$12.9 million (C$0.06 per share) in Q3 2025. EBITDA was C$13.1 million in Q3 2026, compared with (C$12.8 million) a year earlier.
Liquidity and Queensway updates
As at September 30, 2026, New Found Gold reported cash and cash equivalents of C$167.1 million and working capital of C$167.3 million. The company said the working capital surplus increased by C$108.8 million from December 31, 2025, reflecting proceeds from a C$115 million at-market bought deal financing and a C$70 million drawdown of Tranche 1 of a senior secured credit facility, partially offset by cash used in operating and investing activities.
After quarter-end, the company pointed to its October 22, 2026 announcement of a revised preliminary economic assessment and an updated mineral resource estimate for its Queensway Gold Project. Separately, it said the Queensway Phase 1 Environmental Preview Report was submitted to and registered by the provincial government on November 3, 2026, starting a 35-day public review period; under provincial legislation, the Ministers decision is to be provided within 45 days of submission, with the potential for a 14-day extension.
New Found Gold said management plans to discuss the quarter on a webcast scheduled for November 12, 2026 at 9:00 am ET.
The original press release is available on stockhouse.com
s-13v4_h-14v4_i-15v4