New Found Gold achieves commercial production at Hammerdown mine

New Found Gold has achieved commercial production at its Hammerdown mine in central Newfoundland. The milestone was reached on August 19 after the company maintained specific performance benchmarks for 60 consecutive days, including a throughput of approximately 748 tonnes per day, a gold recovery rate of 87.7%, and an average feed grade of 2.92 grams of gold per tonne.

CEO Keith Boyle stated that reaching production on schedule is a major milestone in the company’s goal to become a mid-tier gold producer in Canada. The company remains focused on delivering gold production while advancing its flagship Queensway gold project near Gander.

Following the announcement, shares of New Found Gold rose by more than 5% in Toronto trading. Analysts from National Bank of Canada Capital Markets noted that the achievement demonstrates renewed operating focus and provides a positive outlook for future expansion and optimization projects.