New Found Gold Delivers Key Milestone at Queensway Gold Project: Enters into Phase 1 EPCM Contract

Core Insights - New Found Gold Corp. has made significant advancements at its 100%-owned Queensway Gold Project, including entering into a Phase I EPCM contract [1][3] Project Advancements - The commencement of EPCM work is viewed as a key milestone for advancing the Queensway project, with a timeline from initial mineral resource in early 2025 to a planned first gold pour in late 2027 [3] - The project benefits from a high-grade core deposit, ownership of the Pine Cove operation with permitted milling and tailings facilities, and a favorable mining jurisdiction in Newfoundland and Labrador [3] - The region is ranked in the top 10 globally in the Fraser Institute's 2024 Annual Survey of Mining Companies, providing excellent access, infrastructure, and a skilled labor force [3] EPCM Contract Details - The EPCM contract has been awarded to WSP Canada Inc. for the development of the Queensway Phase 1 project, which includes site development and detailed engineering for an offsite milling facility [6] - The company plans to upgrade and expand the Pine Cove Mill to process both Hammerdown and Queensway Phase 1 feed from a single facility [6] Environmental and Financial Aspects - The environmental baseline work at Queensway is substantially completed, with plans to submit an Environmental Registration to the Newfoundland and Labrador Department of Environment, Conservation and Climate Change in late Q1 2026 [6] - The company has engaged Cutfield Freeman & Co. Ltd. as its project finance advisor to select an optimal financing package for the initial capital expenditure required for Queensway Phase 1 production [6] Technical and Timeline Updates - An updated Technical Report, including a new mineral resource estimate, is planned for mid-2026 [6] - The objective is to achieve the first gold pour from Queensway Phase 1 in the second half of 2027, pending all required permits [6][7]