Mr. Collin Kettell reports

NEW FOUND ANNOUNCES ACQUISITION OF ROYALTY INTERESTS UNDERLYING KEATS SOUTH AND SEVERAL ADDITIONAL ZONES AT QUEENSWAY

New Found Gold Corp. has entered into three royalty purchase agreements with arm's-length royalty holders, whereby New Found will purchase part of each vendor's royalty interest.

Highlights:

• Pursuant to the royalty purchase agreements, the company will purchase, in aggregate, 0.6 per cent of the vendors' 1.6-per-cent net smelter return royalty on the company's Golden Bullet property. New Found granted the vendors the royalty interests under a mining option agreement dated as of Nov. 11, 2016.
• Under the terms of the royalty purchase agreements, as consideration for the royalty interests, New Found will pay $650,000 cash consideration and issue 100,000 common shares in the capital of the company to each vendor for an aggregate cash consideration of $1.95-million and aggregate share consideration of 300,000 common shares.
• The company has the right to purchase the remaining 1-per-cent net smelter return royalty from the vendors for an aggregate price equal to $1-million by Nov. 12, 2024, payable by: (i) an aggregate of $100,000; and (ii) an additional $4,950, in the aggregate, per year until the repurchase price has been satisfied.
• The Golden Bullet property covers a key target area on the company's Queensway project, including the extension of Keats South, as well as the TCH, Knob, Bullet, Rocket and Quarry zones.
• This is the second such royalty purchase completed by New Found. In November, 2021, New Found acquired a 0.6-per-cent royalty underlying its Keats-Golden Joint-Lotto-Iceberg discovery area, leaving a minimal 0.4-per-cent royalty burden.

Greg Matheson, chief operating officer of New Found, stated: "Following this transaction, all significant mineralized zones along the Appleton fault zone will be covered by a minimal royalty burden. [...] At Golden Bullet, we have the opportunity to remove all royalties by exercising our right to buy back the remaining 1-per-cent NSR. Golden Bullet encompasses the recent discovery of deep mineralization at Keats South as well as several other notable zones along a five-kilometre segment of the Appleton fault. Immediately to the north, there is a small 0.4-per-cent royalty covering our remaining significant zones, including Keats, Iceberg, Lotto and Golden Joint. Too often, mineral projects suffer from high royalty burdens, which can have significant negative effects on their future potential. Through careful consideration and working closely with the original optionors, we have avoided this potential pitfall and feel we are in a strong position to maximize the future potential of Queensway."

The royalty purchase agreements are subject to the satisfaction of customary closing conditions, including TSX Venture Exchange and NYSE American approval.

All securities issued pursuant to the royalty purchase agreements will be subject to a hold period under applicable Canadian securities laws, which will expire four months plus one day from the date of closing of the royalty purchase agreements.

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 kilometres 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 $54-million as of July, 2024.

Acknowledgments

New Found acknowledges the financial support of the junior exploration assistance program, Department of Natural Resources, government of Newfoundland and Labrador.

We seek Safe Harbor.