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Keith Boyle, CEO of New Found Gold | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media May 13, 2026

Summary

Queensway's high-grade core (75% of ounces in 25% of tonnes) lets New Found Gold start small and fund a bigger mine from early cash flow.

Acquiring the Pine Cove Mill and Hammerdown mine means no new mill is needed for Queensway phase one — a cheaper, faster path to production.

Management estimates NPV (net present value — today's worth of future cash flow) at C$2.8–3 billion against under C$200 million of planned capital.

Five-by-five-metre infill drilling where mining starts returned grades above the block model, de-risking the narrow-vein plan before a formal investment decision.

Exploration upside remains large: over 90% of drilling sits above 250 metres along a 110 km fault, with the Dropkick zone 11 km north.

Key points on Agnico Eagle Mines

  • Keith Boyle compares New Found Gold's 110 km property package to the Val-d'Or-Rouyn stretch of the Abitibi where, he estimates, about 40% of Agnico Eagle's production is located, to argue the district is under-appreciated.

Key points on G Mining Ventures

  • Boyle notes his most recent development project, Reunion Gold, was acquired by G Mining, and calls that a quite successful adventure that shaped the experience he brings to New Found Gold.

Key points on New Found Gold

  • The CEO targets about 100,000 oz/year over Queensway's first three years from a high-grade core running 10-12.5 g/t at roughly $1,300/oz AISC, which he says means over $300 million a year in cash flow at gold prices as of May 2026 - almost a dollar per share on the current share count.
  • Boyle puts the combined net present value at about C$2.8-3 billion at current prices against planned capital of under $200 million (the PEA outlined $155 million and is being updated), a ratio he says clears the 3:1 NPV-to-capital level cited as investable.
  • The Maritime Resources acquisition added the Hammerdown mine and the Pine Cove Mill, so Phase 1 at Queensway needs no mill of its own; the mill is being doubled from 700 to 1,400 tonnes per day, converted to a gravity-leach circuit, and targeted to take Queensway ore by the end of 2027.
  • Five-by-five-metre infill drilling over the planned starter mine came in generally better than the PEA block model, which Boyle says de-risks the first years of production; over the next six months the focus is completing the environmental assessment, updating the technical report and taking a formal investment decision.
  • The CEO calls the 110 km fault corridor under-appreciated exploration ground: the Dropkick zone sits 11 km north of the current resource and mine plan, over 90% of drilling has been above 250 metres, and the zone has been hit to a depth of one kilometre.

Rick Rule's takeaways

  • Top takeaway Discloses he is a New Found Gold shareholder and says the five-metre drill spacing at Queensway was what let a tired old credit analyst like himself finally tie the dots together and buy the stock.
  • Says he cannot disagree with the characterization of Queensway as a generational-type deposit, and judges the plan stays investable even with a small capital overrun under Jonathan Goodman's 3:1 standard.

Eric Sprott's takeaways

  • Top takeaway Is New Found Gold's largest shareholder and has backed it from the start after early drilling showed rocks similar to Fosterville; Boyle calls it Sprott's largest single investment in Newfoundland.
  • Took his pro rata share - near 20% - of the $115 million equity portion of the recent $220 million debt-and-equity raise, and remains very supportive, per the CEO.

Jonathan Goodman's takeaways

  • Top takeaway Cited as the source of the rule that a 3:1 ratio of net present value to upfront capital is what makes a mining project investable; both the host and the CEO argue New Found Gold clears it with room to spare.