Ms. Melissa Render reports

NEW FOUND INTERCEPTS 17.8 G/T AU OVER 13.5M, 27.7 G/T AU OVER 2.7M, 12.7 G/T AU OVER 4.6M AND 1.23 G/T AU OVER 47.2M AT K2 ZONE

New Found Gold Corp. has released the results from 51 diamond drill holes that were completed as part of a drill program designed to expand and further define domains of high-grade gold mineralization at the K2 zone, 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 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.

K2 highlights:

• Intervals of 17.8 grams per tonne gold over 13.45 metres in NFGC-23-1986, 12.7 g/t Au over 4.60 m and 1.23 g/t Au over 47.20 m in NFGC-23-1997, 27.7 g/t Au over 2.70 m and 3.26 g/t Au over 13.85 m in NFGC-23-1647, 14.5 g/t Au over 4.50 m in NFGC-23-1883, and 31.2 g/t Au over 2.25 m and 26.3 g/t Au over 2.05 m in NFGC-23-1962 are just a few of the highlight intervals that occur above 200 m vertical that were intercepted as part of a continuing program designed to expand and further define a central high-grade domain within the K2 structure that now spans an area measuring 180 m long by 90 m wide.
• K2 is a gold-mineralized system made up of multiple structures and crosscutting vein orientations that currently has a defined mineralized footprint of 490 m long by 395 m wide. The gold mineralization begins at surface and has been drill defined down to a maximum vertical depth of 250 m, where it remains open and untested. 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 30 degrees to 40 degrees to the southeast which shares a similar dip to Keats West and strike to the Keats-Baseline fault zone.
• Within the overall K2 structure, there are multiple domains of high-grade gold in addition to regions with gold mineralization concentrated over broad thicknesses, typically occurring near structural intersections or areas of structural complexity. A few examples include the aforementioned central high-grade domain, as well as the previously released Stibnite vein, which is located 250 m up dip and has produced several notable intervals, including 3.48 g/t Au over 25.30 m in NFGC-23-1783 (Jan. 31, 2024) and 4.50 g/t Au over 12.95 m in NFGC-23-1303 (Aug. 28, 2023).
• Exploration drilling has also led to the discovery of a panel of thick gold mineralization located near to surface, 65 m farther south of the central panel reported in today's release, where highlight intervals of 3.75 g/t Au over 14.55 m in NFGC-24-2010, 2.87 g/t Au over 15.35 m in NFGC-23-1645 and 15.6 g/t Au over 3.05 m in NFGC-23-1971 were intercepted. This panel covers an area that is currently 200 m long by 60 m wide and is hosted within a potentially folded and uplifted segment of the K2 structure that is sandwiched between two crosscutting, gold-bearing faults. Additional notable intervals that further define this domain include 1.27 g/t Au over 19.80 m in NFGC-23-2004, 1.71 g/t Au over 15.65 m in NFGC-23-1951, 2.79 g/t Au over 11.60 m in NFGC-23-1962 and 16.0 g/t Au over 2.50 m in NFGC-23-1986.
• Additional infill results included in today's release were completed in the up-dip, close-to-surface segment of the K2 structure, aimed at extending mineralization to surface. NFGC-23-1650 intercepted 4.03 g/t Au over 4.35 m, 3.23 g/t Au over 9.80 m, 1.82 g/t Au over 9.70 m and 7.85 g/t Au over 4.75 m, and is 43 m down dip of previously reported interval of 8.69 g/t Au over 12.25 m in NFGC-23-1786 (Jan. 31, 2024).

Melissa Render, vice-president of exploration, stated: "K2 is an expansive and complex structure with a sizable associated damage zone. Our growing understanding of this evolving zone has led to better targeting of high-grade domains and allowed us to expand on them and look for new areas that either were overstepped or found outside of the prior drill footprint. Recognizing the significance of the Glenwood shear zone has proven to be another important revelation, where K2 seems to have developed between it and the AFZ. This relationship is likely an important one to understand and opens the possibility that the Glenwood, like the AFZ, is another conduit for channelling gold-bearing fluids. Exploration will continue in the greater K2 area, both looking to extend K2 to depth in addition to looking below it and adjacent to the Glenwood shear zone. Follow-up drilling is also planned on several interesting gold-bearing fault zones that were identified during our reconnaissance grid drilling program completed on the west side of the AFZ."

Queensway 650,000 m drill program update

The company is currently undertaking a 650,000 m drill program at Queensway, and approximately 3,600 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 and placed into totes, which are then sealed 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. As of February, 2024, gold analysis at ALS has been performed by photon assay. 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 and photon assay methods.

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 April 10, 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 $53.6-million as of April, 2024.

We seek Safe Harbor.