{
  "id": 7830891,
  "title": "New Found Gold hits commercial output at Hammerdown",
  "url": "https://urgent.news/2026/09/16/new-found-gold-hits-commercial-output-at-hammerdown",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-16T15:47:05.000Z",
  "source": {
    "name": "Mining.com",
    "slug": "mining-com",
    "url": "https://www.mining.com/new-found-gold-hits-commercial-output-at-hammerdown/"
  },
  "original_language": "en",
  "account": "New Found Gold has reached commercial production at its Hammerdown mine in central Newfoundland after meeting three key benchmarks over two months. Shares of the company rose on the news. The mine, situated 95 km northeast of Hammerdown, achieved a daily throughput of 748 tonnes, an 87.7% gold recovery rate, and an average feed grade of 2.92 grams per tonne at its Pine Cove mill. Analyst Rabi Nizami from National Bank of Canada Capital Markets attributed the positive outcome to the renewed focus under the management team led by Keith Boyle and anticipated future construction, production, optimization, and expansion of the Queensway project. Nizami also expects updated mineral resource estimates and a Preliminary Economic Assessment (PEA) on Queensway in the coming weeks, with tighter infill drilling to support a higher confidence in the short-term mine plan. CEO Boyle stated that reaching production on schedule is a major milestone for the company, taking it closer to becoming Canada’s next mid-tier gold producer. The accomplishment adds momentum to Newfoundland's emergence as a gold-producing jurisdiction, following Equinox Gold's Valentine mine reaching the same milestone less than a year ago. New Found's Queensway project, located near Gander, is expected to produce 9,140 oz. of gold in the first eight months of the year, with potential to reach 251,287 oz. over a 13-year life at costs of $2,429 per ounce. Plans are in place to build a crusher and sorter at Hammerdown by the fourth quarter, reducing crushing costs and raising the grade of ore sent to Pine Cove. The company also intends to convert and expand Pine Cove from a 700 tpd flotation-leach-Merrill-Crowe circuit to a 1,400 tpd gravity-carbon-in-leach circuit by the fourth quarter of 2027.",
  "summary": "New Found Gold has begun commercial production at the central Newfoundland asset, supporting a 13-year mine plan with set costs and targets.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}