New Found Gold starts commercial output at Hammerdown mine - The Northern Miner

AI desk brief

New Found Gold has achieved commercial production at Hammerdown in Newfoundland after 60 straight days of meeting throughput, recovery and grade benchmarks, with the Pine Cove mill running at about 748 tpd, 87.7% recovery and 2.92 g/t feed grade. The company produced 9,140 oz in the first eight months of 2026, including 1,989 oz in August, and shares jumped more than 5% on the milestone.

Management said Hammerdown’s move into commercial output is a key step toward building New Found into a mid-tier Canadian gold producer, while National Bank flagged the next catalysts as an updated resource estimate and PEA for Queensway. The project still screens on a long-term gold price assumption of US$3,475/oz, with the PEA showing 251,287 oz over 13 years at US$2,429/oz AISC and a post-tax NPV5% of $199.2 million.