Pine Cove Mill

The Pine Cove Mill

The Pine Cove Mill, a permitted processing plant and in-pit tailings facility, is part of the Hammerdown Gold Project and located in the north-central portion of the island of Newfoundland & Labrador, on the Baie Verte Peninsula, approximately ~95 km north by road from the Town of King’s Point. It is currently processing ore from the Hammerdown Gold Mine at a rate of 700 tpd.

As envisaged in the Hammerdown 2026 PEA, the mineralized material from the Hammerdown, Orion and Stog’er Tight deposits will all be processed at the Pine Cove Mill over a 13 year mine life.

The Company has selected the Pine Cove Mill for Queensway Phase 1 offsite milling. By processing mineralized material from both the Hammerdown Gold Mine and Queensway Phase 1 at the Pine Cove Mill, New Found Gold will benefit from the synergies of a single higher-throughput facility and access to the Company’s skilled mill operators compared to using a third-party toll mill.

The Company plans to convert and expand Pine Cove from the current flotation –leach-Merrill-Crowe circuit to a 1,400 tpd gravity-carbon-in-leach (“Gravity-CIL”) circuit. The permit amendment to convert the circuit to Gravity-CIL has been received and the permit to expand to 1,400 tpd will be applied for in due course. Based on recent test work by the Company, it is expected to result in increased recoveries of Hammerdown Gold Mine feed from the design criteria of 87% to approximately 92%. The Gravity-CIL circuit is the preferred circuit for processing the high-grade coarse gold from Queensway Phase 1.

EPCM work and detailed engineering for an expansion and upgrade at the Pine Cove Mill are also currently underway. The expansion and upgrade will allow the mill to process Queensway Phase 1 mineable material alongside the Hammerdown ore, commencing in late 2027.