New Found Gold Corp (NFGC) (Q3 2026) Earnings Call Highlights: Record Revenue of $41. ... GuruFocus News Thu, November 12, 2026 at 8:04 PM EST 7 min read GC=F +0.82% NFGC -7.41% NFGC -7.41% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Revenue: $41.6 million in Q3 2026 (rounded to $42 million), up from $16 million in Q2 2026 and $10 million in Q1 2026; year-to-date revenue of $68 million.
Gold Sales: 6,935 ounces sold in Q3 at an average realized price of $4,285/oz (CAD5,996/oz); year-to-date average realized price of $4,459/oz.
Gold Production: 4,863 ounces produced in Q3; 10,670 ounces year-to-date; Q3 accounted for 46% of first-nine-month production.
Head Grade & Recovery: Average head grade of 2.77 g/t (31% above YTD average of 2.12 g/t); recovery of 84.2% (YTD average 83.1%).
Income from Mine Operations: $18.6 million (rounded to $19 million), or 45% of revenue, versus $2 million in Q2 2026.
EBITDA: Positive $13.1 million, compared with negative $13 million in Q3 2025.
Cash Costs: $2,887/oz (total cash costs of $20 million; USD4,040/CAD4,588 per ounce).
All-In Sustaining Costs: $3,279/oz (total AISC of $22 million; USD904/oz above the 2026 Hammerdown PEA).
Cost of Sales: $23 million, including $9 million of depreciation and depletion.
Exploration & Evaluation Spending: $15 million, flat quarter over quarter and up 9% year over year; Queensway accounted for 92% of spend.
Corporate G&A: $3 million, essentially unchanged from Q3 2025.
Share-Based Compensation: $2 million (non-cash).
Tax Expense: Current income and mining tax expense of $2 million.
Net Loss: $7 million, or $0.02 per share, versus $13 million ($0.06 per share) a year ago and an $11 million loss in Q2 2026; pre-tax income of $2 million.
Operating Cash Flow: $11 million before working capital changes; cash used in operating activities of $7 million after $18 million working capital use.
Capital Expenditures: $19 million invested in property, plant and equipment, mainly at Hammerdown, Pine Cove, and Queensway.
Cash Position: $167.1 million in cash, down from $194 million at June 30; working capital of $167.3 million; total assets of $706 million.
Debt: $70 million first tranche drawn on the $105 million EdgePoint facility at a fixed 8.75% rate; $35 million second tranche available until May 15, 2027; in compliance with all covenants.
Queensway PEA (2026): After-tax NPV (5%) of $1.73 billion and after-tax IRR of 126% at USD3,600/oz base case; $2.225 billion NPV and 164% IRR at USD4,100/oz; after-tax payback under one year; 15-year mine life producing 1.744 million ounces (avg ~116,000 oz/yr, peaking ~190,000 oz/yr in 2032); life-of-mine cash costs of USD985/oz and AISC of USD1,375/oz; Phase I initial capital of ~$150 million; gross capital of $832 million and sustaining capital of $971 million.
Mineral Resources: Measured and indicated resources grew 38% to 1.92 million ounces (27.3 million tonnes at 2.19 g/t); inferred resources of 606,000 ounces (12.5 million tonnes at 1.51 g/t).
Drilling: 61,557 meters completed in 439 holes at Queensway in 2026; 30,896 meters in 340 holes of infill and location verification drilling at Hammerdown.
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For the complete transcript of the earnings call, please refer to the full earnings call transcript.
New Found Gold Corp (NFGC) achieved commercial production at the Hammerdown Gold Mine in September 2026, becoming Canada's newest gold producer.
The company reported strong safety performance with zero lost time incidents across Hammerdown and Pine Cove teams through Q3 2026.
New Found Gold Corp (NFGC) generated Q3 revenue of $41.6 million and positive EBITDA of $13.1 million, a significant improvement from negative EBITDA in the prior year.
The revised 2026 PEA for the Queensway Gold Project shows an after-tax NPV of $1.73 billion and IRR of 126% at a base case gold price of $3,600/oz, with measured and indicated resources growing 38%.
New Found Gold Corp (NFGC) ended the quarter with a strong balance sheet of $167.1 million in cash and $167.3 million in working capital, fully funding Queensway Phase I.
Q3 all-in sustaining costs (AISC) were $3,279 per ounce, significantly above the 2026 Hammerdown PEA, primarily due to a higher strip ratio and lower head grade.
The strip ratio was 12.4:1, about 30% above the PEA's 9.6:1, adding approximately $350 per ounce to AISC as Rumbullion pit stripping was brought forward from 2027.
Head grade was 11% below the PEA, adding about $135 per ounce to AISC, partly due to an unexpectedly larger historical trench.
Drilling at Queensway was slower than planned in Q3 due to contractor rig maintenance and deep directional drilling challenges.
New Found Gold Corp (NFGC) recorded a net loss of $7 million ($0.02 per share) in Q3 2026, although this was an improvement from the prior year.
Q: With Hammerdown now in commercial production and Queensway advancing, what can you share on exploration drilling guidance for the next year? A: CEO Keith Boyle said the company is in the middle of its budget process, so formal guidance will come later. He noted New Found Gold is transitioning to a producing company but has several strong targets it intends to follow up on.
Q: Given the targets across both projects and Dropkick's expansion potential, might we see an updated mineral resource estimate (MRE) at Queensway later in 2027? A: CEO Keith Boyle said yes. The current drilling and infill work, along with some exploration, is geared toward moving to a feasibility study next year.
Q: Could an updated MRE also be expected at Hammerdown, given the additional resources being dedicated there? A: CEO Keith Boyle confirmed an updated Hammerdown MRE is planned, especially given the infill drilling completed below the Stage 1 pit. That drilling was done to de-risk the Stage 2 pit, which had previously been mined underground, by confirming resource blocks adjacent to old workings were still present.
Q: Will you continue step-out drilling at other targets to the south or in the periphery in the new year? A: CEO Keith Boyle said that will be part of the plan for the new year.
Q: What was the mined grade for the quarter? A: CEO Keith Boyle initially did not have the figure at hand, then later confirmed the mined grade was 2.02 grams per ton, noting the company stockpiled some lower-grade material.
Q: Was any ore extracted at Rumbullion during the quarter? A: CEO Keith Boyle said a minor amount of ore was extracted during initial overburden stripping and the first blasts, but very little.
Q: Can you speak to the split of waste tons mined between the two areas at Rumbullion? A: CEO Keith Boyle said he did not have that breakdown available and would follow up, as he only had the total number.
Q: Can you speak to the reconciliation to the block model now that the infill program and results are complete? A: CEO Keith Boyle said the infill results have not yet been incorporated into the resource model, as assays are still pending. However, reconciliation to the block model to date is minus 3%.
Q: Are there any mine schedule changes based on the new infill information expected to lift the grade profile ahead of the sorter being commissioned? A: CEO Keith Boyle said no. The mine plan continues as is, and the pit is still too early-stage to allow much flexibility. Bringing Rumbullion forward will allow the company to pick the highest-grade material to mine at any one time, but the pit is small and does not offer much room to change the plan.
Q: Is a 10% increase in all-in sustaining costs (AISC) safe to assume for next year, implied by removing the additional stripping and infilling that is now complete? A: VP Communications and Corporate Development Fiona Childe said it is too early to respond and that formal guidance will be released in due course.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
