Update: New Found Gold Shares Rise After Reaching Commercial Production at Hammerdown Mine
(Updates with the company's latest stock move in the headline and the first paragraph.)New Found Gold (NFGC) shares were up 4% in Wednesday trading after declaring commercial production at its fully owned Hammerdown Gold Mine in Newfoundland, Canada after meeting its production criteria over 60 consecutive days.During the 60 days, Hammerdown averaged about 748 tonnes per day of throughput, 87.7% gold recovery and a feed grade of 2.92 grams of gold per tonne, it said, and the commercial-production milestone was reached on Aug. 19.According to the company, the mine has produced 9,140 ounces of gold through August 2026, with 1,989 ounces produced last month.New Found Gold expects the mine to reach an annual production run rate of 20,000 to 25,000 gold ounces at an all-in sustaining cost of about $2,500 per ounce, the report said.The company said construction of a crusher and sorter at the mine is scheduled for completion in Q4, while a conversion and expansion of the Pine Cove Mill to 1,400 tonnes per day from 700 tonnes per day is targeted for completion in Q4 2027.Price: $1.71, Change: $+0.07, Percent Change: +3.96%
