Mr. Keith Boyle reports

NEW FOUND GOLD PROVIDES QUEENSWAY AND PINE COVE UPDATE

New Found Gold Corp. has provided an update on the development of the company's 100-per-cent-owned flagship Queensway gold project and Pine Cove mill and tailings facility, located in Newfoundland and Labrador, Canada.

Queensway phase 1: referral for environmental preview report

Chris Tibbs, Minister of Environment, Conservation and Climate Change for Newfoundland and Labrador, notified the company that an environmental preview report (EPR) is required for the proposed Queensway phase 1. The minister's decision letter dated July 3, 2026, available on the Newfoundland and Labrador Department of Environment and Climate Change website, follows regulatory and public review and input of the Queensway gold project environmental registration (April, 2026).

The Queensway phase 1 environmental registration was submitted by the company to the environmental assessment division of the Department of Environment and Climate Change of Newfoundland and Labrador on April 30, 2026, registering for the commencement of the environmental assessment (EA) process on May 7, 2026.

As per the Newfoundland and Labrador legislative requirements, the company will receive guidelines for the completion of the EPR within 60 days of the letter. Once the EPR is submitted, it will be subject to a 35-day public review, and the minister will provide a decision on the EPR within 45 days of submission.

"We remain focused on advancing Queensway, our flagship asset and unlocking the project's full potential for all stakeholders. We thank the minister and his team at the environmental assessment division for their careful review of the Queensway phase 1 environmental registration and look forward to submitting the EPR and responding to comments received during the public review, with the objective of release from the environmental assessment process," stated Keith Boyle, chief executive officer of New Found Gold. "With the mill conversion permit amendment for Pine Cove received and EPCM [engineering, procurement and construction management] work progressing, we expect to send first Queensway phase 1 material to the mill as planned in Q4 2027."

Pine Cove: mill conversion permit amendment received

The company has selected its 100-per-cent-owned and 100-per-cent-permitted mill, located on the Baie Verte peninsula in central Newfoundland and Labrador, for Queensway phase 1 off-site milling (see the New Found Gold's press release dated Jan. 26, 2026). By processing mineralized material from both Hammerdown and Queensway phase 1 at the converted and expanded mill, the company will benefit from the synergies of a single higher-throughput facility and access to the company's skilled mill operators compared with using a third party toll mill.

The company plans to convert and expand Pine Cove from the current 700-tonne-per-day flotation-leach Merrill Crowe circuit to a 1,400-tonne-per-day gravity carbon-in-leach circuit. The permit amendment to convert the circuit to gravity CIL has been received and the permit to expand to 1,400 tonnes per day will be applied for in due course. Based on recent test work by the company, it is expected to result in increased recoveries of Hammerdown deposit feed from the design criteria of 87 per cent to approximately 92 per cent. The gravity CIL circuit is the preferred circuit for processing the high-grade coarse gold from Queensway phase 1.

EPCM activities

Queensway phase 1 EPCM work that commenced in Q1 2026 is well under way (see the New Found Gold's press release dated Jan. 26, 2026). Detailed engineering, early works and geotechnical drilling at Pine Cove commenced in Q1 2026 and preconstruction activities, procurement of long-lead-time items and securing of major contracts are under way, with the objective of completing the mill conversion and expansion by Q4 2027.

Phase 1 mining activities will use contractor mining, with technical oversight from the company's operations team. The operations team is currently ramping up mining at the Hammerdown deposit on the Hammerdown gold project, with the goal of reaching commercial production in the second half of this year. Once this objective is achieved, the development team will incorporate the learnings and experience gained from the Hammerdown deposit construction and operations ramp-up, enabling an efficient ramp-up at Queensway.

Continuing work related to phase 1 at Queensway, including detailed engineering, procurement, infrastructure and water management planning, metallurgical test work, and an updated mineral resource estimate (MRE), is advancing on schedule. In addition, initial planning for the rerouting of the hydroelectric transmission lines that cross the project is progressing on schedule with transmission line owners.

Timeline and next steps

Next steps include:

• Review the Queensway phase 1 EPR guidelines and submit the EPR;
• Subject to release from the EA process, apply for early works and project construction permits;
• Complete final engineering and detailed project design and develop detailed environmental protection and management plans, including environmental and waste management plans;
• Continue consultation and engagement with stakeholders and advance good-neighbour agreements with key stakeholders;
• File an updated technical report in the second half of 2026, which will include an updated mineral resource estimate, phase 1, phase 2 and phase 3 designs, capital and operating cost estimates, and financial analysis.

The company will continue to assess the potential for any modifications to the current timelines for initial gold production from Queensway phase 1 with the objective of sending first material to the mill in Q4 2027 and achieving phase 1 commercial production in the second half of 2028.

The Queensway and Hammerdown PEAs (preliminary economic assessments) are preliminary in nature, include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the Queensway or Hammerdown PEA will be realized. Mineral resources are not mineral reserves and do not demonstrate economic viability. No mineral reserves are defined for Queensway or Hammerdown.

About Queensway phase 1

Queensway phase 1 involves the development of four open pits, a waste-rock storage facility, overburden storage facility, stockpiles, a modular crushing and sorting plant, and associated operational infrastructure, including access and haul roads, water management facilities, and administrative and maintenance shops. Phase 1 will produce approximately 700 tonnes per day of preconcentrated product feed, which will be transported to Pine Cove, located on the Baie Verte peninsula, for final processing.

As outlined in the Queensway PEA, phase 1 has an initial capital cost of $155-million for an average annual production of 69,300 ounces of gold at an all-in sustaining cost (AISC) of $1,282 (U.S.) per ounce of gold from 1.15 million tonnes mined at an average grade of 9.64 grams of gold per tonne.

Phase 1 will generate substantial employment and economic benefits in the region, including more than 200 full-time-equivalent positions during construction and an estimated peak of more than 230 full-time-equivalent positions during operation. New Found Gold is committed to local training, employment and servicing opportunities and will also update its gender, equity and diversity plan to promote an inclusive work force. New Found Gold is committed to the local community and provides financial and volunteer support for events in Appleton, Glenwood, Gander and surrounding areas.

As of December, 2025, there were 97 direct employees and 105 contractors associated with continuing exploration activities at the Queensway property, with 88 per cent of employees working at New Found Gold sites residents of Newfoundland and Labrador, with 61 per cent from central Newfoundland.

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% interest in the fully financed Queensway project as well as Hammerdown, which includes the Hammerdown deposit and Pine Cove. New Found Gold is focused on bringing the Hammerdown deposit into commercial gold production in the second half of 206 while advancing its flagship Queensway project toward phase I production.

The company's portfolio is further strengthened by its district-scale land package at Queensway, covering more than 110 kilometres of strike length across two highly prospective faults zones, and a strong shareholder base, including renowned mining investor and cornerstone shareholder Eric Sprott.

On June 29, 2026, the company announced it had received conditional approval to graduate to the Toronto Stock Exchange. The stock symbol NFGC has been reserved for use by the company upon listing on the TSX to align with its stock symbol on the NYSE American LLC.

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 National Instrument 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.

We seek Safe Harbor.