New Found Gold CEO: “At $3,300, We Ran the Numbers and Got to 197% IRR”

New Found Gold (TSXV: NFG; NYSE-A: NFGC) is advancing its high-grade Queensway project in Newfoundland at a time when gold is trading near $3,900 an ounce. Speaking with Kitco Mining’s Investment Trends, CEO Keith Boyle highlighted the project’s strong leverage to price. “At $2,500, our internal rate of return would be 56% and our NPV over $700 million. But at $3,300, we ran the numbers and got to 197% IRR and $1.4 billion in NPV,” he said.Boyle emphasized a staged mine plan requiring just $155 million upfront, with the recent Maritime Resources acquisition expected to provide cash flow and reduce financing risk. “If you start small, your overage is much smaller and much more manageable,” he noted.Institutional support has expanded, with a $63 million raise in June lifting ownership to 14% alongside backing from Eric Sprott. Permitting is targeted for 2026, with Boyle noting Newfoundland’s cooperative stance: “They want five mines by 2030, we will be one of them.”With a 110-kilometer land package, recent surface samples grading 64.8 g/t gold, and M&A optionality, Boyle says Queensway could form the core of a new mining district.Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.