New Found Gold Corp. (TSX: NFGC) (NYSE American: NFGC) has reported its third-quarter 2026 financial and operational results, confirming commercial production was achieved at its Hammerdown Gold Mine on August 19, 2026. The company generated $41.6 million in revenue during Q3 2026 and recorded EBITDA of $13.1 million, a marked turnaround from a loss of $12.8 million in Q3 2025. The results position New Found Gold as Canada's newest gold producer, a milestone investors have been closely monitoring since the company began ramping up Hammerdown operations.

Key Points

  • New Found Gold Corp. (TSX: NFGC) (NYSE American: NFGC)
  • Commercial production declared at Hammerdown Gold Mine on August 19, 2026, with Q3 2026 gold production of 4,863 ounces at an average grade of 2.77 g/t Au
  • Q3 2026 revenue of $41.6M from 6,935 ounces sold at an average realised price of US$4,285 per ounce; cash and cash equivalents of $167.1M as at September 30, 2026
  • Investors may be watching the Queensway Phase 1 Environmental Preview Report review period and the crusher and sorter commissioning targeted for Q4 2026

Hammerdown Q3 2026 Production and Cost Performance

Hammerdown produced 4,863 ounces of gold in Q3 2026, with the Pine Cove Mill processing 66,000 tonnes at an average grade of 2.77 g/t Au and a gold recovery rate of 84.2%. Cash costs came in at US$2,887 per ounce produced and all-in sustaining costs (AISC) at US$3,279 per ounce — a variance of US$904 per ounce versus the 2026 Hammerdown PEA. The company attributes the elevated costs primarily to a 30% higher strip ratio than planned and an 11% lower head grade, compounded by advanced stripping activity, infill drilling costs, fuel surcharges, and water treatment expenses at Pine Cove.

New Found Gold's Financial Position and Q3 Revenue Breakdown

New Found Gold reported Q3 2026 revenue of $41.6 million, income from mine operations of $18.6 million (45% of revenue), and a net loss of $7.1 million, or $0.02 per share, compared with a net loss of $12.9 million, or $0.06 per share, in Q3 2025. Operating cash flow before changes in working capital was $11.2 million. As at September 30, 2026, the company held cash and cash equivalents of $167.1 million and working capital of $167.3 million, bolstered by a $115 million bought-deal financing and a $70 million drawdown under a senior secured credit facility completed earlier in 2026.

Queensway Revised PEA and Environmental Review Milestone

Subsequent to quarter-end, on October 22, 2026, New Found Gold released a revised preliminary economic assessment for its Queensway Gold Project, reporting an after-tax NPV₅% of $1.728 billion at a base-case gold price of US$3,600 per ounce and an after-tax IRR of 126%, with a projected 15-year mine life producing 1.744 million ounces. Measured and Indicated Mineral Resources grew 38% to 1.92 million contained ounces. The Queensway Phase 1 Environmental Preview Report was submitted November 3, 2026, entering a 35-day public review period, with a ministerial decision required within 45 days of submission under provincial legislation.