Mr. Collin Kettell reports

NEW FOUND ANNOUNCES ACQUISITION OF REMAINING ROYALTY INTERESTS UNDERLYING KEATS SOUTH AT QUEENSWAY

Further to its press release dated July 30, 2024, New Found Gold Corp. has elected to purchase the remaining royalty on its Golden Bullet property from three arm's-length royaltyholders. As announced on July 30, 2024, New Found purchased 0.6 per cent of the vendors' 1.6-per-cent net smelter return royalty on the company's Golden Bullet property and had the right to purchase the remaining 1-per-cent net smelter return royalty from the vendors. The company has now elected to purchase the remaining royalty for aggregate cash consideration of $1-million. 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, Grouse and Quarry zones.

Collin Kettell, chairman and chief executive officer of New Found, stated: "Today's royalty purchase marks an important milestone in the advancement of the Queensway project. New Found finds itself in a rare and strong position with a minimal outstanding royalty burden, ranging from 0 per cent to 0.4 per cent, covering key zones along the Appleton North corridor. 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."

Qualified person

The scientific and technical information disclosed in this press release was reviewed and approved by Greg Matheson, PGeo, chief operating officer and a qualified person as defined under National Instrument 43-101. Mr. Matheson consents to the publication of this press release dated Oct. 15, 2024, by New Found. Mr. Matheson certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

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 $41-million as of October, 2024.

Acknowledgments

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

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