At $3,300 Gold, New Found Gold’s Newfoundland Project Generates 197% IRR Potential

New Found Gold (TSXV: NFG; NYSE-A: NFGC) is proving that grade still matters in a record-setting gold market. With gold trading near $3,900 an ounce, CEO Keith Boyle tells Kitco Mining’s Investment Trends that the company’s Queensway project in Newfoundland delivers extraordinary leverage to price — turning today’s gold rally into a generational opportunity.

“At $2,500 gold, our internal rate of return is 56% with an NPV over $700 million,” Boyle said. “But at $3,300 gold, the model jumps to a staggering 197% IRR and $1.4 billion NPV.”

The staged mine plan requires just $155 million upfront, strengthened by the Maritime Resources acquisition, which adds near-term cash flow and reduces financing risk. “If you start small, your overage is much smaller and more manageable,” Boyle noted, underscoring a disciplined path to profitability.

With $63 million in new capital raised in June, institutional ownership has climbed to 14%, bolstered by legendary investor Eric Sprott. Permitting is on track for 2026, backed by a supportive Newfoundland government eager to see five new mines by 2030.

Armed with a 110-kilometer land package, surface samples grading 64.8 g/t gold, and powerful M&A potential, New Found Gold’s Queensway project could anchor a new Canadian gold district—combining world-class geology with strong economics and investor backing.

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