Mr. Keith Boyle reports

NEW FOUND GOLD ANNOUNCES INITIAL DRAW OF $70M FUNDING UNDER EDGEPOINT SENIOR SECURED CREDIT FACILITY

EdgePoint Investment Group Inc. has financed the initial draw of $70-million under the previously announced $105-million senior secured credit facility (see New Found Gold's press release dated April 20, 2026).

"Following the receipt of the $70-million Tranche 1 funding, together with the $115-million raised in the recently completed oversubscribed bought deal financing, we are now fully funded to advance Queensway phase 1 development and construction and bring the project into production in late 2027, in line with our development timeline," commented Keith Boyle, chief executive officer of New Found Gold. "With this key milestone complete, we are pleased to welcome EdgePoint as both a cornerstone investor and a valued partner in this next phase of development. Over the course of the next year, the company will remain focused on disciplined execution as we advance Queensway toward production."

Tranche 1 funding

On April 20, 2026, the company entered into a credit agreement with EdgePoint providing for a senior secured credit facility of up to $105-million (see New Found Gold's press release dated April 20, 2026). The loans under the credit facility are to be advanced in two tranches: $70-million (the Tranche 1 funds) to be financed upon delivery of the security package and the satisfaction of certain other conditions precedent (Tranche 1) and an additional $35-million (the Tranche 2 funds) to be financed no later than 12 months after the Tranche 1 drawdown date at the discretion of the company. With the company having delivered the security and satisfied the conditions for Tranche 1 financing, EdgePoint has advanced the Tranche 1 funds. Such advance reflects a principal amount subject to an original issue discount of 2.00 per cent.

In connection with the advance of the Tranche 1 funds, the company issued to EdgePoint and its nominees 2,489,818 non-transferable warrants (the Tranche 1 warrants) having an aggregate value of $6-million (U.S.). Each Tranche 1 warrant entitles the holder to purchase one common share of the company at an exercise price of $3.30 per common share, subject to customary adjustment provisions. The Tranche 1 warrants will be exercisable until May 15, 2029, and will be subject to a statutory hold period of four months and one day under applicable Canadian securities laws, which will expire on Sept. 16, 2026.

The Tranche 1 funds will be used for general corporate and working capital purposes of the company and its subsidiaries, including financing for the development of the Queensway gold project and bringing the Hammerdown gold project into commercial production.

Tranche 2 funding

The advance of the Tranche 2 funds and the corresponding issuance to EdgePoint and its nominees of non-transferable warrants for the purchase of common shares, having an aggregate value of $3-million (U.S.), remain at the company's discretion and are subject to the satisfaction of further conditions precedent, including approval of the TSX Venture Exchange and authorization of NYSE American LLC.

Required disclosure

New Found Gold advises that the audit report issued by the company's independent registered public accounting firm in connection with the company's annual report on Form 40-F for the fiscal year ended Dec. 31, 2025, contained a going-concern qualification and an explanatory paragraph expressing substantial doubt about the company's ability to continue as a going concern.

The company's annual report on Form 40-F for the fiscal year ended Dec. 31, 2025, was filed with the U.S. Securities and Exchange Commission on March 25, 2026.

This announcement is being made solely to comply with sections 401(h) and 610(b) of the NYSE American company guide. It does not represent any change or amendment to the company's annual report on Form 40-F for the fiscal year ended Dec. 31, 2025.

Additional information may be found in the company's filings with the U.S. Securities and Exchange Commission.

Advisers

Cutfield Freeman & Co. Ltd. , an independent global mining finance advisory firm, has acted as financial advisers to the company in relation to the credit facility and its overall project finance strategy (see New Found Gold's press release dated Nov. 28, 2025). Blake Cassels & Graydon LLP has acted as legal counsel to the company. Miller Thomson LLP has acted as legal counsel to EdgePoint.

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 and Hammerdown, which includes the Hammerdown deposit and Pine Cove milling and tailings facilities. The company is currently focused on advancing its flagship Queensway to production and bringing the Hammerdown deposit into commercial 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.

Throughout 2025, New Found Gold built a new board of directors and management team and has 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 Keith Boyle, PEng, chief executive officer and a qualified person as defined under NI 43-101. Mr. Boyle consents to the publication of this press release by New Found Gold. Mr. Boyle 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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