Mr. Keith Boyle reports

NEW FOUND GOLD COMPLETES QUEENSWAY GOLD PROJECT EXPANSION; GRANTS RESTRICTED SHARE UNITS

New Found Gold Corp. has successfully completed its previously announced acquisition of a 100-per-cent interest in certain mineral claims in Newfoundland and Labrador previously held by Exploits Discovery Corp. The claims adjoin New Found Gold's Queensway gold project and increases the size of the project by up to 31 per cent, to a total of 230,225 hectares.

Keith Boyle, chief executive officer of New Found Gold, commented: "With the Queensway expansion, New Found Gold has consolidated a district-scale land package encompassing over 110 kilometres of strike along two major fault zones, the Appleton and the JBP. With our focused work over the past several years on a five-kilometre segment of the Appleton, we have outlined a significant initial mineral resource with robust preliminary economics at the AFZ core. New discoveries at depth and along strike demonstrates the camp-scale potential at Queensway. We look forward to commencing exploration on our new landholdings, beginning with drill testing of areas immediately to the northeast and along strike from the AFZ core."

As consideration for the claims, the company (i) issued 2,821,556 common shares of the company to Exploits; (ii) granted to Exploits a 1-per-cent NSR (net smelter return) royalty (as defined below); and (iii) within 10 business days following a positive final determination by the Supreme Court of Newfoundland and Labrador with respect to certain disputed mineral claims, will issue 725,543 shares to Exploits.

As partial consideration for the claims, the company granted to Exploits a 1.0-per-cent net smelter returns royalty on certain of the mineral claims on the products derived from certain of the mineral licences forming part of the claims pursuant to a royalty agreement. For three years from the date of the Royalty agreement, New Found Gold retains the right and option to purchase 0.5 per cent of the NSR Royalty for a price equal to $750,000.

Grant of restricted share units

The company announces it has granted 300,000 restricted share units (the RSUs) to a director of New Found Gold, in accordance with the 5-per-cent rolling share unit plan of the company, with one-third vesting one year from the date of grant and one-third vesting every year thereafter until fully vested.

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.

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 at Queensway (see New Found Gold news release dated July 21, 2025). Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential that covers a 110 plus km 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.

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