Mr. Collin Kettell reports

NEW FOUND ANNOUNCES SETTLEMENT OF LITIGATION WITH THREED CAPITAL

New Found Gold Corp. has entered into a settlement agreement with respect to the lawsuit filed by ThreeD Capital Inc. and 1313366 Ontario Inc. against New Found, chief executive officer Collin Kettell and Palisades Goldcorp Ltd. in the Ontario Superior Court of Justice.

The settlement agreement resolves the lawsuit completely and avoids the expense, burden and uncertainty associated with litigation. The settlement of the lawsuit also allows New Found to focus on its business without distraction related to the lawsuit, which had been scheduled for trial in January, 2025.

Pursuant to the settlement agreement, the plaintiffs will receive a total of 3.75 million common shares of New Found from the defendants. Palisades will transfer 2,607,434 New Found shares that it currently owns to ThreeD and 772,566 New Found shares that it currently owns to 1313366. New Found will issue 285,429 New Found shares to ThreeD and 84,571 New Found shares to 1313366, subject to the approval of the TSX Venture Exchange and the NYSE American. All of the New Found shares received by the plaintiffs will be subject to a four-month hold period, unless an exemption is available under applicable securities legislation.

The settlement agreement does not include any admission of liability and provides for fulsome releases by the plaintiffs to the defendants.

About New Found Gold Corp.

New Found holds a 100-per-cent interest in the Queensway project, located 15 kilometres west of Gander, Nfld., and just 18 km from Gander International Airport. The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high-voltage electric power lines running through the project area and easy access to a highly skilled work force. The company is currently undertaking a 650,000-metre drill program at Queensway and is well financed for this program with cash and marketable securities of approximately $56-million as of June, 2024.

We seek Safe Harbor.