Mr. Keith Boyle reports

NEW FOUND GOLD ENGAGES PROJECT FINANCE ADVISOR FOR THE QUEENSWAY GOLD PROJECT

New Found Gold Corp. has engaged Cutfield Freeman & Co. Ltd. (CF&Co), an independent global mining finance advisory firm, to act as its project finance adviser.

CF&Co will advise New Found Gold management on developing and implementing project finance strategies for the Queensway gold project, located in Newfoundland and Labrador, Canada. As part of its mandate, CF&Co will assist in evaluating financing alternatives that may be available, act as point of contact with a variety of financiers and debt instrument providers, manage the due diligence process with shortlisted financiers, and advise management and the company's board of directors on the final selection of financing alternatives.

Keith Boyle, chief executive officer, commented: "I am pleased to announce that we are working with CF&Co, a leading global mining finance firm with expertise in selecting optimal financing packages for the development and construction of mining projects. As indicated in Queensway's 2025 preliminary economic assessment, the company will be evaluating financing options for the $155-million initial capital expenditure required to fund phase 1 production, currently targeted for [H2 2027]."

About New Found Gold Corp.

New Found Gold is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The company holds a 100-per-cent interest in Queensway as well as the recently acquired Hammerdown operation, Pine Cove operation and Nugget Pond hydrometallurgical gold plant. The company is currently focused on advancing Queensway to production and bringing the Hammerdown operation into steady-state gold production.

In July, 2025, the company completed a PEA (preliminary economic assessment) at Queensway (see New Found Gold's press release dated July 21, 2025). Recent drilling continues to yield new discoveries along strike and downdip of known gold zones, pointing to the district-scale potential that covers a greater-than-110-kilometre strike extent along two prospective fault zones at Queensway.

New Found Gold has a new board of directors and management team and a solid shareholder base, which includes cornerstone investor Eric Sprott. The company is focused on growth and value creation.

Qualified person

The scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, PGeo, president and a qualified person as defined under National Instrument 43-101. Ms. Render consents to the publication of this press release by New Found Gold. Ms. Render certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

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