New Found Gold Corp. (TSXV: NFG, NYSE American: NFGC) announced that it has signed a Phase I engineering, procurement and construction management (EPCM) agreement with WSP Canada Inc. for the Queensway Gold Project in Newfoundland and Labrador. The contract covers site development and detailed engineering for an off‑site milling facility and the upgrade of the company’s fully permitted Pine Cove mill so that it can process ore from both the Hammerdown and Queensway operations.
The deal moves the Queensway project from the planning stage into active development and positions New Found Gold to generate cash flow from its newly acquired production assets. By using the existing Pine Cove mill, the company can avoid the cost and time of building a new plant, creating operational synergies that should accelerate the project’s ramp‑up.
Newfoundland and Labrador is a top‑tier mining jurisdiction, ranked in the top 10 globally by the Fraser Institute in 2024, and the Queensway project sits on a district‑scale resource with more than 110 km of strike length along two prospective fault zones. WSP Canada’s global expertise in mining engineering adds confidence that the technical design will meet the project’s aggressive schedule.
The EPCM work is intended to bring the project to a first‑gold pour in the second half of 2027, subject to the completion of all required permits and the securing of project financing. Project finance advisory is ongoing with Cutfield Freeman & Co. Ltd., but the company has not yet disclosed the size or structure of the financing package.
With the Hammerdown operation already producing gold and the Pine Cove mill fully permitted, the Queensway milestone marks a key step toward New Found Gold’s transition from an exploration company to a producer. The company’s cash position of C$87 million as of September 30 2025 provides a buffer for the capital expenditures required to bring Queensway online, while the expected first gold pour should begin to generate positive cash flow and support future growth.
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