New Found Gold Achieves Hammerdown Commercial Production, Targeting 20,000-25,000 oz Per Year - Crux Investor

AI desk brief

New Found Gold declared commercial production at its Hammerdown gold mine on Aug. 19 after meeting 60-day throughput, recovery and grade thresholds, averaging 748 tpd, 87.7% recovery and 2.92 g/t feed grade. Hammerdown produced 9,140 oz in the first eight months of 2026, including 1,989 oz in August, at an average realized sale price of $6,271/oz, and management is now targeting a 20,000-25,000 oz/year run rate at roughly US$2,500/oz AISC.

The company also flagged operational progress on a crusher/sorter due in Q4 2026 and a Pine Cove mill conversion to a gravity-carbon-in-leach circuit, with the conversion permit in hand and the expansion permit still pending. The ramp-up was completed with zero lost-time incidents across 262,049 person-hours, and the combined workforce stood at 445 people as of mid-July.