05:30 PM EDT, 09/02/2025 (MT Newswires) -- New Found Gold ( NFGC ) was up 3% in New York after-hours trading as it released results of a Phase III Metallurgical Testing Program on the company's Queensway Gold Project, located in Newfoundland.

A statement noted the program included test work on newly collected samples from the Keats West zone, and previously tested samples from Keats, Golden Joint, Lotto and Iceberg zones, with a primary focus on Keats West.

Among highlights, New Found said Keats West master composite sulfide samples produced a gold concentrate with an average 89.2% overall recovery, confirming the recovery used in the preliminary economic assessment (PEA), and added the program has confirmed production of a saleable gold concentrate and flowsheet presented in the PEA.

Also, New Found said average recoveries of 87% were achieved from rougher stage flotation on select low grade samples from the Keats, Golden Joint, Lotto and Iceberg zones initially tested in Phases I and II of the Queensway metallurgical testing program2, with further work planned. Additional Feasibility Study level metallurgical test work is planned, including sensor-based sorting, comminution, mineralogy, gravity, cyanidation leaching, flotation, equipment sizing tests, with results expected in second half 2026.

"We are pleased with the results of the most recent phase of metallurgical test work at Queensway, which confirms high gold recovery to a saleable gold concentrate from Keats West and the flowsheet outlined in the recently released Queensway PEA. The next round of metallurgical test work, which is planned to commence Q4 2025 will support the Queensway Feasibility Study," chief executive Keith Boyle said.

The company's shares were last seen up US$0.06 to $2.06 after hours. They closed up $0.18 to $2.78 on the TSX Venture Exchange.