New Found Gold Declares Hammerdown Commercial Production - Crux Investor

AI desk brief

New Found Gold declared commercial production at its 100%-owned Hammerdown mine in Newfoundland after 60 consecutive days meeting throughput, recovery and grade thresholds. August output was 1,989 oz, taking YTD production to 9,140 oz, with average 60-day operating metrics of 748 tpd throughput, 87.7% recovery and 2.92 g/t feed grade; management said August ran at the top end of the mine’s 20,000-25,000 oz/yr run rate.

The company is targeting lower costs via a new crushing/sorting circuit, expected to be ready for commissioning in Q4 2026, and a conversion of Pine Cove to a Gravity-CIL circuit targeted for Q4 2027. Management also said grade control drilling switched from RC to core in April to better delineate the narrow veins, and production is reconciling well against the resource model.