Ms. Melissa Render reports

NEW FOUND INTERCEPTS 36 G/T AU OVER 16.7M, 34 G/T AU OVER 14.7M, 43 G/T AU OVER 7.35M & 41 G/T AU OVER 5.85M AT ICEBERG

New Found Gold Corp. has released the results from 61 diamond drill holes that were completed as part of a program designed to infill gaps, extend high grade to surface and test opposing vein orientations to the main east-northeast-striking orientation of the Keats-Baseline fault zone (KBFZ) at Iceberg-Iceberg East, a high-grade zone located 300 metres northeast of Keats along the highly prospective Appleton fault zone (AFZ). New Found's 100-per-cent-owned Queensway project comprises a 1,662-square-kilometre area, accessible via the Trans-Canada Highway, 15 km west of Gander, Nfld.

Iceberg and Iceberg East highlights:

• Intervals of 36.2 grams per tonne gold over 16.70 m in NFGC-23-1820 and 33.7 g/t Au over 14.70 m in NFGC-23-1827 are located approximately 45 m apart within the high-grade domain of Iceberg, where a confluence of high-grade gold veins and associated structures intersect. These holes were drilled from the west to the east to better test this secondary set of gold veins that are partly controlling the high-grade mineralization in this segment of the Keats-Baseline fault zone, and to gain a better understanding of their orientations and true widths.
• Intervals of 40.5 g/t Au over 5.85 m in NFGC-23-1838 and 13.9 g/t Au over 12.80 m in NFGC-23-1914 are located at a vertical depth of just 20 m and were designed to extend high-grade gold mineralization to surface at Iceberg. These holes are located 50 m to the south and 150 m to the north of NFGC-23-1820, respectively.
• Other notable intercepts from today's release include 12.6 g/t Au over 16.70 m in NFGC-23-1323 and 42.8 g/t Au over 7.35 m in NFGC-23-1746, located 25 m and 80 m along strike to the north of NFGC-23-1820. The intercept of 24.9 g/t Au over 2.25 m in NFGC-23-1613 is located 530 m farther to the east at the far eastern extent of Iceberg East.
• The near-surface Iceberg-Iceberg East high-grade segment of the KBFZ has a strike length of 655 m. When combined with the 400 m high-grade segment of Keats Main, this near-surface, high-grade corridor covers over one km of strike. This domain of high grade occurs within the overall KBFZ, a gold-mineralized damage zone that is drill defined over 1.9 km of strike, where it remains open.

Melissa Render, vice-president of exploration, stated: "Infill and definition drilling at Iceberg and Iceberg East have provided us with a comprehensive picture of the near-surface expression of this portion of the KBFZ, including the geometries of the veins at play and the controls on high-grade gold mineralization. The KBFZ has demonstrated several times over that it is a very important structure, with the majority of metres used to date to test only the top 250 m vertical. The company has now expanded the program at Iceberg-Iceberg East, utilizing the seismic data to assist in targeting additional domains of gold mineralization within the KBFZ at depth."

Queensway 650,000 m drill program update

The company is currently undertaking a 650,000 m drill program at Queensway, and approximately 4,500 m of core are currently pending assay results.

Sampling, subsampling and laboratory

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. MSA is an ISO-17025-accredited laboratory for the photon assay method.

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 visible gold identified and are not within a mineralized zone, the samples are riffle split to fill one 450 g jar for photon assay. If the jar assays greater than one g/t Au, the remaining crushed material is weighed into multiple jars and submitted for photon assay.

For samples that have visible gold 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.

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 2 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 March 13, 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 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 650,000-metre drill program at Queensway and is well financed for this program with cash and marketable securities of approximately $49-million as of March, 2024.

We seek Safe Harbor.