New Found Gold reports 6,035 oz of third-quarter gold sales
Hammerdown produced 4,863 ounces during the quarter, while the permanent crusher and sorter are due for commissioning in early 2027.
Ines Halvorsen
For the quarter ended Sept. 30, 2026, sales reached 6,035 gold ounces at New Found Gold Corp. TSENFGC NYSEAMERICANNFGC, according to its preliminary update released on Thursday. Its average realized selling price was US$4,310 an ounce, or C$6,033, for the period.
Hammerdown, its wholly owned Newfoundland and Labrador mine, produced 4,863 ounces during the quarter, leaving sales 1,172 ounces above output. Commercial production began Aug. 19, so the reporting period includes ramp-up activity.
Shares closed at C$2.03 on the Toronto Stock Exchange, down 5.14 per cent, at 4 p.m. EDT on Oct. 14, according to the TSENFGC quote page. That close preceded Thursday's operating update.
At Sept. 30, cash and cash equivalents were about C$167 million, against C$70 million in debt. The next operating step is the permanent crusher and sorter, due for commissioning and ramp-up in the first quarter of 2027.
A further C$35 million debt facility remains available until May 15, 2027, subject to conditions precedent. Cash was down from C$194 million at June 30, while reported debt was unchanged.
Pine Cove processed 66,000 tonnes during the third quarter of 2026 at an average grade of 2.76 grams of gold per tonne. Gold recovery averaged 85 per cent.
For the nine months ended Sept. 30, production totalled 10,670 ounces and sales reached 10,879 ounces.
New Found Gold's Oct. 15 forecast puts Hammerdown's life-of-mine annual run rate at 20,000 to 25,000 ounces, with all-in sustaining costs of about US$2,500 an ounce. Those are anticipated operating levels; the preliminary release does not report actual third-quarter AISC or provide annual production guidance.
The company defines AISC, a non-IFRS measure, as doré transport, treatment and refining charges, royalties, site operating costs and sustaining capital, divided by ounces sold.
"Hammerdown and the Pine Cove Mill are performing well, exceeding several key production targets and resulting in steady-state production," chief executive Keith Boyle said in the release.
Crusher Commissioning Is Targeted For Early 2027
The Oct. 15 schedule calls for substantial completion of the crusher and sorter in the fourth quarter of 2026. Management expects the equipment to reduce crushing costs and deliver higher-grade feed to Pine Cove once it is operating.
The same update describes Pine Cove's existing capacity as 700 tonnes a day, with conversion to gravity-carbon-in-leach processing targeted for the fourth quarter of 2027. A planned expansion would double capacity to 1,400 tonnes a day.
New Found Gold's July 6 update said it had received the circuit-conversion permit amendment. Thursday's release reiterates that the company plans to apply for the expansion permit in due course.
Sales also exceeded quarterly output at Thor Explorations Ltd. CVETHX LONTHX, whose Oct. 14 update reported 19,000 ounces sold against 15,515 ounces poured at Segilola in Nigeria.
Read more: Thor Explorations cuts annual gold guidance to 70K to 72K oz
New Found Gold expects to release third-quarter financial and operating results after market close on Nov. 11, followed by management's webcast at 9 a.m. EST on Nov. 12.
