Mr. Collin Kettell reports

NEW FOUND CLARIFIES TECHNICAL DISCLOSURE

In connection with a technical disclosure review by the British Columbia Securities Commission (the BCSC), New Found Gold Corp. is clarifying certain disclosure related to the company's Queensway project located in Newfoundland and Labrador and certain articles originally published by The Northern Miner and Mining.com on Nov. 7, 2023 (the articles).

The articles have been updated and republished to correct certain disclosure regarding the Queensway project at the request of the company. The company retracts the disclosure that was included in the original version of the articles, including all disclosure regarding an internal scoping study. The company has not completed an internal scoping study or preliminary economic assessment on the Queensway project and has not done adequate work to develop a resource estimate at the Queensway project.

The company wishes to clarify that the Queensway project is in the exploration stage and that the company's existing technical report titled "NI 43-101 Technical Report, January 2023 Exploration Update at New Found Gold Corp.'s Queensway Gold Project in Newfoundland and Labrador, Canada," with an effective date of Jan. 24, 2023, prepared by D. Roy Eccles, MSc, PGeol, PGeo, of APEX Geoscience Ltd., remains current and compliant with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. The technical report reflects that neither a mineral resource or preliminary economic assessment have been developed for the Queensway project.

Further, the company has amended or removed the following disclosure from its website, corporate presentations, social media and other investor relations materials:

• The "Forging the Future -- From Exploration to Development" video previously posted on the company's website has been removed.
• The company's September, 2023, corporate presentation has been amended by the company.
• The company's Beaver Creek Sept. 13, 2023, presentation has been removed from the website of the event organizers.

Qualified person

The scientific and technical information disclosed in this press release was reviewed and approved by Greg Matheson, PGeo, chief operating officer, and a qualified person as defined under NI 43-101. Mr. Matheson consents to the publication of this press release dated Nov. 21, 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, Newfoundland and Labrador, 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.

We seek Safe Harbor.