Mr. Greg Matheson reports

NEW FOUND RECEIVES INITIAL 3-D SEISMIC INTERPRETATION, INITIATES DEEP DRILLING AT QUEENSWAY

New Found Gold Corp. is in receipt of the final data set and preliminary interpretation of its 3-D and 2-D seismic program completed in late 2023. The seismic program covers a 47-square-kilometre core segment of the Queensway North project area and was conducted by HiSeis, an industry leader in hard-rock seismic surveys. New Found's 100-per-cent-owned Queensway project comprises a 1,662 square km area, accessible via the Trans-Canada Highway, 15 km west of Gander, Nfld.

Highlights:

• The preliminary seismic interpretation successfully outlines the presence of structures and geological features down to a depth of 2.5 km that align with known gold-bearing structures closer to surface, and points to additional lineaments that could represent new and untested structures.
• Sections that extend down to 1,200 metres below surface of the Keats and Lotto zones, respectively, are overlayed with preliminary interpreted major structures and faults. The Appleton fault zone (AFZ) is apparent in both sections, as well as a previously unidentified parallel feature (labelled Appleton parallel fault) approximately 500 m east of the AFZ. On the west side of the AFZ, a more shallowly dipping structure, previously identified in drill core and known as the Glenwood shear, can be seen over the full length of the 3-D data cube. Like the primary AFZ, the Glenwood shear does not host mineralization, but is closely associated with mineralization on the west side of the AFZ. The Glenwood shear may be a splay structure to the AFZ and likely formed at the same time.
• The continuation of the Keats-Baseline fault zone (KBFZ), host to the Keats Main and Iceberg zones, is visible in addition to a series of other interpreted faults at depth. The Lotto zone appears to potentially extend to depth where interpreted faults branch out and link with untested breaks in the seismic data. The above observations represent just some of the initial findings of the survey.
• A more detailed interpretation is now under way by HiSeis that will include the identification of priority targets with a scheduled completion date of April, 2024. From there, continuing interpretation and targeting will continue throughout the life span of the project as new data derived from drilling are used to continuously refine and validate the 3-D seismic interpretation for increased targeting effectiveness.
• Based on the initial results of the seismic survey, the company has initiated deep drilling aimed at collecting geological information that will be used to confirm the presence of structures identified in the seismic data and to further train and understand the data set.

Greg Matheson, chief operating officer of New Found, stated: "Following approximately two years of planning and one year of acquisition and data processing, the moment has finally arrived. Paired with the knowledge garnered from over 500,000 m of drilling, New Found is in a good position to harness and apply this extensive data set with the benefit of drill testing that is now under way. We have a strong understanding of our key structures and their orientations near surface -- information that will be used to resolve features we are seeing in the seismic data both at depth and those outside the purview of our current drill footprint. We are very pleased with the initial review of this data set and the apparent alignment of features visible in the seismic data with known gold-bearing structures, in addition to deeper conceptual targets. This is another layer of data that we believe will be valuable for guiding deep drilling and increasing our chances for exploration success at depth."

Additional details:

• The 3-D seismic program was designed to focus on the highly prospective northern segment of the AFZ, which is host to prominent discoveries, including Keats, Iceberg, Keats West, K2, Lotto and Golden Joint. It has achieved high-quality imaging to a vertical depth of 2.5 km.
• A 2-D TCH (Trans-Canada Highway) transect was collected over a 25 km strike length and provided high-quality resolution down to a vertical depth of seven km. This transect was designed to provide insights into the district-scale geological architecture at Queensway.
• Six additional 2-D seismic lines were run that are approximately 4.8 km long extending from the AFZ, across to the JBP fault zone, providing seismic imaging to a vertical depth of 5.5 km over this prospective gold-bearing structural corridor.

Qualified person

The scientific and technical information disclosed in this press release was reviewed and approved by Mr. Matheson, PGeo, chief operating officer and a qualified person as defined under National Instrument 43-101. Mr. Matheson consents to the publication of this press release dated March 4, 2024, 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 km 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 650,000 m drill program at Queensway and is well financed for this program with cash and marketable securities of approximately $49-million as of March, 2024.

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