Ms. Melissa Render reports

NEW FOUND IDENTIFIES CONTINUATION OF THE KEATS-BASELINE FAULT ZONE WITH 187 G/T AU OVER 2.55M AT "ICEBERG ALLEY"

New Found Gold Corp. has released the results from 38 diamond drill holes that were completed as part of a program designed to expand on a new discovery called Iceberg Alley that is located one kilometre along strike of Iceberg, as well as 114 diamond drill holes that were completed to test a segment of the Keats Baseline fault zone (KBFZ) that trends under South Hermans Pond at the Keats zone adjacent to the highly prospective Appleton fault zone (AFZ). New Found's 100-per-cent-owned Queensway project comprises a 1,665-square-kilometre area, accessible via the Trans-Canada Highway, 15 km west of Gander, Nfld.

Iceberg Alley highlights:

• The highlight interval of 187 grams per tonne gold over 2.55 metres in NFGC-23-1941 is part of a newly discovered zone called Iceberg Alley that was intersected as part of a targeted program to follow the eastern continuation of the Keats-Iceberg-Iceberg East corridor along the high-grade KBFZ. Based on the fault characteristics observed at Iceberg Alley, as well as the zone's orientation, intensity and width of the damage zone, the company's preliminary interpretation indicates that it is another displaced segment of the KBFZ, in a northward direction.
• Additional highlights from immediate follow-up drilling include 29.0 g/t Au over 2.5 m in NFGC-23-1927, 9.51 g/t Au over 3.3 m in NFGC-24-1972 and 12.5 g/t Au over two m in NFGC-24-2035.
• These intervals currently define a high-grade domain that spans 30 m wide by 60 m deep, starting close to surface. Follow-up drilling is planned at Iceberg Alley to follow this structure along strike to the east.

Keats highlights:

• At Keats, all results have now been received from a shallow stepout program that utilized a barge-mounted drill situated on South Hermans Pond. This program was designed to test the shallow continuation of the KBFZ that was inaccessible from land. Today's results confirm the near-surface continuation of the Keats Main zone, a gold-mineralized segment of the KBFZ that has a strike length of 575 m and starts at surface.
• Highlights from the barge program include 34.4 g/t Au over 3.55 m in NFGC-23-1967, which is hosted by the East-West vein, a known high-grade vein that was exposed by the Keats trench and found to contain a high concentration of coarse gold (Nov. 17, 2023). This interval is 275 m along strike, west of the exposed segment in the trench.
• Drilling from both the barge and from on-land extensions of drill holes originally targeting the Keats Main zone expanded on a series of mineralized structures located between the Keats Main zone and the AFZ. Within this domain of rock, there are several lower-grade structures that trend parallel to the AFZ but also contain domains of localized high-grade gold. Example highlight intervals include 1.71 g/t Au over 14.3 m in NFGC-22-914 located approximately 350 m down dip of NFGC-22-825, containing 20.8 g/t Au over two m and 11.6 g/t Au over 2.55 m (Dec. 5, 2022). NFGC-23-1777, located 155 m farther along strike to the southwest, graded 15.9 g/t Au over two m. This area of mineralization immediately east of the AFZ remains poorly tested at depth and will be a focus of future deep drilling efforts.

Melissa Render, vice-president of exploration, stated: "The high-grade intercepts at Iceberg Alley are very encouraging. This newly identified zone shares many features and characteristics with the KBFZ, which is host to the high-grade Keats, Iceberg and Iceberg East discoveries. Iceberg Alley was discovered in an attempt to extend Iceberg East to beyond the Road zone, and our preliminary interpretation indicates that Iceberg Alley likely represents another displaced segment of the KBFZ. The KBFZ is known to be important for concentrating high-grade gold, and understanding the location of this fault is significant for ongoing exploration targeting.

"Meanwhile, at Keats, we have now received all of the results from the barge program and we are pleased with the outcome, adding critical information and delineating the up-dip extent of mineralization associated with the Keats-Baseline fault zone underneath South Hermans Pond, in addition to adding continuity and extent to the series of gold mineralized structures that exist between the Keats Main zone and the AFZ (Keats footwall). This program was completed on time, on budget and with no incidents. Exploration will now test the down-dip extensions of these structures and target areas where they potentially interact with structures interpreted in the seismic data."

Queensway 650,000 m drill program update

The company is currently undertaking a 650,000 m drill program at Queensway, and approximately 3,500 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.

Samples submitted to ALS beginning in February, 2024, received gold analysis by photon assay, whereby the entire sample is crushed to approximately 70 per cent passing two-millimetre mesh. The sample is then riffle split and transferred into jars. For routine samples that do not have visible gold identified and are not within a mineralized zone, one (300 g to 500 g) jar is analyzed by photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay.

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

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 VG identified, 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 26, 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.