New Found Gold (TSXV: NFG; NYSE-A: NFGC) is advancing its high-grade Queensway project in Newfoundland at a time when gold is trading near $3,900 an ounce. Speaking with Kitco Mining’s Investment Trends, CEO Keith Boyle highlighted the project’s strong 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,” he said.

Boyle emphasized a staged mine plan requiring just $155 million upfront, with the recent Maritime Resources acquisition expected to provide cash flow and reduce financing risk. “If you start small, your overage is much smaller and much more manageable,” he noted.

Institutional support has expanded, with a $63 million raise in June lifting ownership to 14% alongside backing from Eric Sprott. Permitting is targeted for 2026, with Boyle noting Newfoundland’s cooperative stance: “They want five mines by 2030, we will be one of them.”

With a 110-kilometer land package, recent surface samples grading 64.8 g/t gold, and M&A optionality, Boyle says Queensway could form the core of a new mining district.

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