Interview with Keith Boyle, CEO of New Found Gold

Recording date: 13th June, 2025

New Found Gold Corporation has undergone significant leadership changes and adopted a development-focused approach under new management. The company appointed Keith Boyle as CEO in January 2025, following a complete board changeover in December 2024. Boyle brings four decades of mining experience and a track record of developing eight previous projects, describing his team as "mine builders."

The company's flagship asset spans 110 kilometers in Newfoundland, containing 1.4 million ounces of indicated gold resources and 600,000 ounces of inferred resources. What sets this deposit apart is its exceptional grade distribution, with 75% of ounces concentrated in just 25% of the tonnage. This characteristic enables selective mining approaches that can prioritize high-grade material early in the mine life, supporting rapid cash flow generation.

New Found Gold recently secured $63 million through a bought-deal financing led by major shareholder Eric Sprott, who maintained his 19% stake and committed an additional $20 million. This financial backing provides adequate capital to advance through development studies and supports the company's 80/20 capital allocation strategy - directing 80% toward project advancement and 20% toward high-grade exploration targets.

The company benefits from strong government support, with Newfoundland targeting five new mines by 2030, and enjoys robust community backing through quarterly stakeholder meetings. Located just 15 kilometers from Gander, the project has access to skilled labor, with 80,000 people living within an hour's drive, many of whom are experienced mining professionals currently working fly-in/fly-out rotations elsewhere.

A preliminary economic assessment due by June 2025 will provide the first comprehensive economic evaluation, examining various development scenarios including toll milling arrangements and optimal mine sequencing. The deposit's surface accessibility and visible high-grade zones reduce geological uncertainty, while multiple vein clusters offer flexibility in development approaches. This combination of proven management, high-grade accessible resources, and supportive operating environment positions New Found Gold to capitalize on favorable gold sector dynamics.

Learn more: https://cruxinvestor.com/companies/new-found-gold

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