New Found Gold moves Queensway toward production with engineering contract

New Found Gold (TSX‑V: NFG; NYSE‑A: NFGC) said it has entered a phase I engineering, procurement and construction management (EPCM) contract for its Queensway gold project in Newfoundland and Labrador.

The company signed the EPCM agreement with WSP Canada to support Queensway phase 1 development as outlined in New Found Gold’s 2025 preliminary economic assessment. The scope of work covers Queensway site development and detailed engineering for an offsite milling facility.

New Found Gold said it will upgrade and expand its fully permitted Pine Cove Mill and leverage the Nugget Pond hydrometallurgical gold plant to process Hammerdown and Queensway phase 1 feed at a single facility. The company said it has substantially completed environmental baseline work at Queensway and plans to submit an environmental registration to the Newfoundland and Labrador department of environment, conservation and climate change in late first quarter of 2026 to initiate the provincial environmental assessment process.

The company said it engaged Cutfield Freeman and Co. Ltd. as project finance advisor to identify financing options for phase 1 capital expenditures. New Found Gold said it plans to file an updated technical report, including a revised mineral resource estimate, in mid‑2026.

The company said EPCM work is underway and that the project finance process continues, with the objective of achieving first gold pour from Queensway phase 1 in the second half of 2027, pending receipt of required permits.

“Commencing EPCM work is a key milestone in advancing Queensway. We believe our rapid timeline from initial mineral resource in early 2025 to a planned first gold pour in late 2027 is supported by a unique combination of factors, namely: significant drilling and technical work completed on a deposit with an at‑surface, high‑grade core; ownership of the recently acquired Pine Cove operation, equipped with a fully permitted milling and tailings facilities; and being located in a mining‑positive region," Keith Boyle, CEO of New Found Gold stated.

"Newfoundland and Labrador is a jurisdiction ranked in the top 10 globally in the Fraser Institute’s 2024 Annual Survey of Mining Companies and offers excellent access, infrastructure and a skilled labour force. Having executed on a number of key steps in 2025 and building a strong technical and operating team over the past year has put the Company in an excellent position to accelerate the development of Queensway in a strong gold price environment,” Keith Boyle, CEO of New Found Gold, said.

The company completed a PEA for Queensway in July 2025 and said recent drilling continues to extend known gold zones along a district‑scale strike of more than 110 km. The company said it has a new board and management team and counts Eric Sprott among its cornerstone investors.

For further information on New Found Gold, please visit the Company’s website at www.NewFoundGold.ca