Interview with Keith Boyle, Director & CEO of New Found Gold

Our previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-2025s-strategic-transformation-to-2026-production-8915

Recording date: 23rd January 2026

New Found Gold Corporation has commenced the execution phase of its flagship Queensway gold project in Newfoundland by awarding the engineering, procurement and construction management contract to WSP Canada. The appointment culminates a competitive selection process involving seven firms and positions the company to achieve first production in late 2027 through an integrated development strategy coordinating engineering, environmental permitting, and project financing.

The development plan centres on expanding the acquired Pine Cove mill to 1,400 tonnes per day capacity by converting the facility from flotation to a gravity-CIL circuit and adding a parallel processing train using equipment relocated from the Nugget Pond facility. This approach leverages existing permitted infrastructure obtained through the Maritime Resources acquisition rather than constructing greenfield facilities, reducing both capital requirements and development timeline risk. Pine Cove currently processes 700 tonnes per day from the Hammerdown mine, which is ramping to steady-state production in the first half of 2026 and will generate cash flow during Queensway development.

CEO Keith Boyle's selection of an EPCM (Engineering, Procurement, Construction Management) contract structure over traditional EPC reflects management's experience in project delivery and prioritisation of execution certainty over aggressive cost minimisation. The EPCM approach allows collaborative execution with WSP while maintaining owner involvement and flexibility for design optimisation as engineering advances. WSP was selected from five proposals based on relevant mill expansion experience and commenced preliminary work before year-end, establishing early integration with New Found Gold's permitting and financing timelines.

The company has structured its path to production around three parallel workstreams coordinated by COO Robert Assabgui. Vice President of Sustainability Jared Saunders is advancing the environmental assessment application through Stantech, targeting submission in Q1 2026. Stantech secured Firefly Metals' environmental approval in 45 days during 2025, providing a relevant precedent for timeline expectations. The environmental assessment process operates independently of WSP's engineering advancement, allowing simultaneous progress without creating schedule dependencies.

Meanwhile, Cutfield Freeman is structuring project financing for Queensway development, with management reporting strong interest from potential financing partners. The financing workstream must align with engineering schedules to ensure capital availability for long-lead equipment purchases and construction mobilisation following permit approvals. These represent the next critical milestones following environmental assessment approval.

The investment case combines multiple elements: de-risked development through acquired infrastructure, experienced management executing proven development models, near-term catalysts providing sequential de-risking opportunities, Newfoundland's permitting certainty, and management's reported financing confidence. The Hammerdown production ramp provides near-term cash flow while Queensway advances through development, creating a portfolio structure with both production and development components.

Investors should monitor environmental assessment approval, financing commitment announcement, and long-lead equipment procurement as key milestones over the next 12-18 months. Each milestone achievement should reduce perceived execution risk and potentially re-rate valuation toward production-stage multiples. The late 2027 production target provides a defined investment horizon for evaluating execution progress, while the current gold price environment above $4,500 per ounce provides economic headroom supporting proper engineering investment without compromising project returns.

New Found Gold's disciplined approach to service provider selection and integrated execution framework positions the company to differentiate itself among junior developers through demonstrated execution capability rather than aggressive timelines with minimal professional support.

View New Found Gold's company profile: https://www.cruxinvestor.com/companies/new-found-gold

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