(Kitco News) New Found Gold (TSXV: NFG; NYSE-A: NFGC) is advancing its Queensway project in Newfoundland as gold rallies above $3,900 an ounce, with CEO Keith Boyle saying the asset shows exceptional leverage to price. “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,” Boyle told Kitco Mining’s Investment Trends. He added that net present value rises by about $80 million for every $100 move in the gold price.
Queensway’s staged plan requires $155 million to build a starter mine that focuses on its high-grade core, where 75% of the ounces are concentrated in 25% of the tons. “If you start small, your overage is much smaller and much more manageable,” Boyle said. Permitting is targeted for 2026, with construction set for 2027 and first gold in the latter half of that year.
The pending acquisition of Maritime Resources could accelerate that timeline, with Boyle commenting that, “once the transaction closes, which is expected to be somewhere in mid-November, we will be able to say that we are producing gold by the end of this year and ramping up next year.” He noted the deal also secures access to permitted milling facilities, de-risking Queensway’s first phase.
New Found Gold raised $63 million in June 2025, lifting institutional ownership to 14% alongside long-time supporter Eric Sprott. Boyle also pointed to Newfoundland’s support for development. “They want five mines by 2030,” he said. “We will be one of them.”
Exploration upside remains central, with a 110-kilometer land package and surface samples grading up to 64.8 grams per tonne gold. Boyle said the vision is to create a district-scale camp, adding that while majors are looking for acquisitions, they would “have to pay an appropriate price.”
Watch on the Kitco Mining YouTube channel here: Catch the full, unedited conversation where Keith Boyle explains Queensway’s leverage to gold price, the impact of the Maritime acquisition, and how New Found Gold plans to build a new gold district in Newfoundland.
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