Ms. Melissa Render reports

NEW FOUND INTERCEPTS SIGNIFICANT HIGH-GRADE INTERVALS AT K2, EXPANDS MINERALIZED FOOTPRINT OF ZONE TO 490M X 395M

New Found Gold Corp. has released the results from 43 diamond drill holes that were completed as part of a drill program designed to expand on the recently discovered K2 zone (May 10, 2023), located 725 metres north of Lotto and 2.2 kilometres north of Keats West on the west side of the highly prospective Appleton fault zone (AFZ). 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.

K2 highlights:

• K2 is a gold-mineralized system made up of multiple structures and crosscutting vein orientations that now spans a mineralized footprint of 490 m long by 395 m wide, representing an increase of 80 m in a down-dip direction. The gold mineralization begins at surface and has been drill defined down to a maximum depth of 250 m.
• Much of the gold at K2 is found in the K2 Main structure, a low-angle, gold-bearing fault zone starting at surface that dips 40 degrees to the south and shares a similar orientation to Keats West. K2 Main is made up of a complex network of associated structures forming a mineralized damage zone that averages 65 m in thickness.
• The mineralization style at K2 consists of a series of stockwork and fault-fill-style quartz veins with orientations that parallel K2 Main and crosscut it, forming a broad domain of gold-mineralized, brittle faults. Many of these veins start at surface, and additional drilling is required to fully define this network.
• This network of crosscutting veins form thick domains of gold mineralization, which is well demonstrated by several of the highlight intervals reported today, including: 5.58 grams per tonne gold over 12.35 m in NFGC-23-1733, located just 29 m from surface adjacent to the AFZ; 3.23 g/t Au over 17.65 m, 1.45 g/t Au over 17.25 m and 1.60 g/t Au over 10.45 m in NFGC-23-1552, located 220 m farther down dip; and 5.28 g/t Au over 10.75 m in NFGC-23-1626, situated 230 m along strike, all hosted by the K2 Main structure.
• Several of the crosscutting structures are high-grade in nature; examples of this are the highlight intervals of 40.0 g/t Au over 2.45 m in NFGC-23-1868 and 29.0 g/t Au over 2.85 m in NFGC-23-1635. These crosscutting, high-grade, gold-bearing structures are important for concentrating gold mineralization where they interact with the main K2 Main structure, a relationship the company is actively testing.
• The K2 structure remains open down dip, with limited drilling testing these internal domains of high-grade gold mineralization. Exploration continues to expand on this important new discovery.

Melissa Render, vice-president of exploration, stated: "Today's results from K2 are very encouraging, and we are now getting a better handle on the complexity of this new discovery and the key relationships between the various structural constituents that are important for concentrating gold mineralization. We have increased confidence in our geological model from the drilling we have completed to date, and we are well positioned to target with this knowledge in hand to better expand on the multitude of thick, gold-bearing zones hosted by the K2 Main structure. This new discovery is expanding rapidly, and we are quite excited by how well the model is holding up and the continued success we are having at K2."

Queensway 500,000 m drill program update

The company is currently undertaking a 500,000 m drill program at Queensway, and approximately 25,000 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's 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 Nov. 29, 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 $71.4-million as of Nov. 6, 2023.

We seek Safe Harbor.