Mr. Keith Boyle reports

NEW FOUND GOLD GRANTS STOCK OPTIONS AND RESTRICTED AND DEFERRED SHARE UNITS

New Found Gold Corp. has granted incentive stock options, restricted share units (RSUs) and deferred share units (DSUs) of the company, as outlined below.

Certain officers and employees of New Found Gold were issued incentive stock options to acquire an aggregate of 1,499,543 common shares in the capital of the company at an exercise price of $2.37 in accordance with the company's 10-per-cent rolling incentive stock option plan. The options are exercisable for a five-year term expiring Aug. 14, 2031, and are subject to vesting provisions.

The company also granted 782,680 RSUs and 128,454 DSUs to certain officers and directors of the company in accordance with the 5-per-cent rolling share unit plan of the company, with one-third of the RSUs vesting one year from the date of grant and one-third vesting every year thereafter until fully vested, and the DSUs fully vesting on the date that is one year following the date of grant and being redeemed after the participant's termination date pursuant to the terms of the share unit plan.

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 its fully financed flagship asset, the Queensway gold project, as well as the Hammerdown gold project, which includes the Hammerdown deposit and the Pine Cove mill. New Found Gold is focused on bringing the Hammerdown deposit into commercial gold production in H2 (second half) 2026 while advancing Queensway 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 fault 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 news 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 news 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 news release.

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