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New Found Gold (TSXV: NFG; NYSE American: NFGC) CEO Keith Boyle says the company’s Queensway project in Newfoundland is designed for strong returns and rapid development. Speaking with Kitco Mining, Boyle said, “At $2,500 our internal rate of return would be 56% and our NPV over $700 million. But at $3,300 we ran the numbers and got to 197% IRR and $1.4 billion in NPV.” He added that the company’s staged approach lowers risk and dilution. “If you start small, your overage is much smaller and much more manageable. You’re not having to dilute shareholders as much when you’re financing the project.” Boyle said the C$155 million starter mine will unlock a high-grade core where “75% of the ounces are in 25% of the tons,” supporting expansion funded by early cash flow. The pending acquisition of Maritime Resources will add near-term production and milling access. “Once the transaction closes, we’ll be able to say that we are producing gold by the end of this year and ramping up next year,” he said. “It really de-risks the project a lot.”