Mr. Greg Matheson reports

NEW FOUND HITS 119 G/T AU OVER 4.10M & 147 G/T AU OVER 2.70M AT JACKPOT

New Found Gold Corp. has released the results from 30 diamond drill holes that were completed as part of a follow-up drill program designed to test the new Jackpot discovery located 2.5 kilometres north of Keats along the highly prospective Appleton fault zone (AFZ), in addition to results from systematic grid drilling in the Everest region. New Found's district-scale Queensway project comprises a 1,662-square-kilometre area, accessible via the Trans-Canada Highway, 15 km west of Gander, Nfld.

Jackpot highlights:

• Jackpot is a new discovery that was announced on June 22, 2023, with the discovery hole interval of 95.7 grams per tonne gold over 3.25 metres in NFGC-23-1292, intercepted at a vertical depth of just 20 m and situated 280 m east of the AFZ.
• Follow-up drilling, which includes today's holes, was designed to efficiently determine the orientation of the vein for continued expansion drilling. Intervals of 119 g/t Au over 4.10 m in NFGC-23-1425 and 147 g/t Au over 2.70 m in NFGC-23-1423 are located 20 m down dip and 15 m along strike, respectively, of previously reported NFGC-23-1292. All three intervals occur at a vertical depth ranging from just 20 m to 40 m.
• Initial drilling indicates that Jackpot is an approximately east-west-striking, steeply north-dipping, high-grade, gold-bearing fault that is laced with coarse-grained visible gold.
• An aggressive follow-up program continues to expand on this new discovery, which remains open in all directions.

Greg Matheson, chief operating officer of New Found, stated: "Jackpot is another exciting discovery for our team, delivering exceptional high-grade and near-surface gold mineralization a full 2.5 km north of our flagship Keats zone. The calibre of today's intercepts speaks to the growing mineralized canvas at Appleton North and demonstrates that these newly identified structures are host to high-grade mineralization akin to many of our better-defined zones to the south. Similar to Lotto, Jackpot is characterized by the presence of an abundance of coarse gold that is associated with a substantial brittle fault and quartz veining. One drill is incrementally stepping out on this new discovery to follow it along strike and to depth, with additional results expected in the near term."

Queensway 500,000 m drill program update

The company is currently undertaking a 500,000 m drill program at Queensway, and approximately 36,400 m of core are currently pending assay results.

Sampling, subsampling and laboratory

Assays are uncut, and composite intervals are calculated using a minimum weighted average of one g/t Au diluted over a minimum core length of two m with a maximum of four m consecutive dilution. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au.

All drilling recovers HQ core. Drill core is split in half, using a diamond saw or a hydraulic splitter for rare intersections with incompetent core.

A geologist examines the drill core and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly one metre and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (less than one m) veins or other structures that may yield higher grades.

Technicians saw the core along the defined cutting line. One-half of the core is kept as a witness sample, and the other half is submitted for analysis. Individual sample bags are sealed, placed into totes and marked with the contents.

New Found has been submitting samples for gold determination by fire assay to ALS Canada Ltd. and by photon assay to MSALabs since June, 2022. ALS and MSA operate under a commercial contract with New Found.

Drill core samples are shipped to ALS for sample preparation in Sudbury, Ont., Thunder Bay, Ont., or Moncton, N.B. ALS is an ISO-17025-accredited laboratory for the fire assay method.

Drill core samples are also submitted to MSA in Val d'Or, Que. MSA operates numerous laboratories worldwide and maintains ISO-17025 accreditation for many metal determination methods. Accreditation of the photon assay method at the MSA Val d'Or laboratory is in progress.

At ALS, the entire sample is crushed to approximately 70 per cent passing two millimetres. A 3,000 g split is pulverized. Routine samples do not have visible gold identified and are not within a mineralized zone. Routine samples are assayed for gold by 30 g fire assay with an inductively coupled plasma spectrometry (ICP) finish. If the initial 30 g fire assay gold result is over one g/t, the remainder of the 3,000 g split is screened at 106 micrometres for screened metallic assay. For the screened metallic assay, the entire coarse fraction (sized greater than 106 micrometres) is fire assayed, and two splits of the fine fraction (sized fewer than 106 micrometres) are fire assayed. The three assays are combined on a weight-averaged basis. Samples that have visible gold identified or fall within a mineralized interval are automatically submitted for screened metallic assay for gold.

At MSA, the entire sample is crushed to approximately 70 per cent passing two millimetres. For routine samples that do not have VG identified and are not within a mineralized zone, the samples are riffle split to fill two 450 g jars for photon assay. The assays reported from both jars are combined on a weight-averaged basis. If one of the jars assays greater than one g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay.

For samples that have VG identified or are within a mineralized zone, the entire crushed sample is weighed into multiple jars and submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.

All samples prepared at ALS or MSA are also analyzed for a multielement ICP package (ALS method code ME-ICP61) at ALS Vancouver. Samples that reached the upper limit of antimony for this method were analyzed using atomic absorption spectrometry (ALS method code Sb-AA08).

Drill program design, quality assurance/quality control and interpretation of results are performed by qualified persons employing a rigorous quality assurance/quality control program consistent with industry best practices. Standards and blanks account for a minimum of 10 per cent of the samples, in addition to each laboratory's internal quality assurance/quality control programs.

Quality control data are evaluated on receipt from the laboratories for failures. Appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. All results stated have passed New Found's quality control protocols.

New Found's quality control program also includes the submission of the second half of the core for approximately 5 per cent of the drilled intervals. In addition, approximately 1 per cent of sample pulps for mineralized samples are submitted for reanalysis to a second ISO-accredited laboratory for check assays.

The company does not recognize any factors of drilling, sampling or recovery that could materially affect the accuracy or reliability of the assay data disclosed.

The assay data disclosed in this news release have been verified by the company's qualified person against the original assay certificates.

The company notes that it has not completed any economic evaluations of its Queensway project and that the Queensway project does not have any resources or reserves.

Qualified person

The scientific and technical information disclosed in this press release was reviewed and approved by Greg Matheson, PGeo, chief operating officer, a qualified person as defined under National Instrument 43-101. Mr. Matheson consents to the publication of this press release dated Sept. 5, 2023, by New Found. Mr. Matheson certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold Corp.

New Found holds a 100-per-cent interest in the Queensway project, located 15 kilometres west of Gander, Nfld., and just 18 km from Gander International Airport. The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high-voltage electric power lines running through the project area, and easy access to a highly skilled work force. The company is currently undertaking a 500,000-metre drill program at Queensway and is well financed for this program, with cash and marketable securities of approximately $39.5-million as of September, 2023.

We seek Safe Harbor.