New Found Gold doubles Queensway valuation to $1.2B

AI desk brief

New Found Gold more than doubled the projected value of its Queensway gold project to C$1.73bn (C$1.23bn) in a revised PEA that assumes $3,600/oz gold, versus $2,500/oz in the prior study. Measured and indicated resources rose 38% to 1.92Moz, while the mine plan now targets 1.74Moz of output over 15 years at average production of 116,000oz/yr and AISC of $1,375/oz.

The revised study lifts initial capex to C$149.8m, with C$832.1m of growth capital and C$970.8m of sustaining capital, and pushes first processing to late 2027. Queensway still needs environmental clearance and permits, but the company says the initial stage is fully funded and later phases could be financed from operating cash flow at the study gold price.