Mr. Collin Kettell reports

NEW FOUND REPORTS POSITIVE PHASE II METALLURGICAL TEST RESULTS DEMONSTRATING 97% GOLD EXTRACTION AT ICEBERG AND ICEBERG EAST

New Found Gold Corp. has released results from the 2024 phase II metallurgical testing program conducted on drill core samples collected from the Iceberg and Iceberg East zones as part of the exploration program at its 100-per-cent-owned Queensway project, located on the Trans-Canada Highway 15 kilometres west of Gander, Nfld.

Highlights:

• Phase II metallurgical testing commenced in 2024, focused on Iceberg and Iceberg East. A total of 46 variability composites were generated from approximately 340 metres of drill core with a combined weight of 1,400 kilograms, from which one master composite was assembled.
• Weighted average gold extraction from all 46 variability composite samples broken out by 10 cross-section lines averaged 96.9 per cent. Gold extractions were achieved using both gravity separation and conventional carbon in leach (CIL) on the gravity tails.
• These results compare well with the phase I metallurgical test results, which showed the weighted average gold extraction ranging from 90.1 per cent to 96.7 per cent for Keats Main, Golden Joint and Lotto (released April 3, 2024).
• The company is currently undertaking additional metallurgical testing focused on Keats West, with composites having been selected and shipped to Base Metallurgical Laboratory Ltd. and results anticipated in Q2 2025.

Ron Hampton, chief development officer of New Found, stated: "The Iceberg and Iceberg East zones have similar geology and mineralization style to the Keats Main zone that was previously reported earlier this year. Results from the Iceberg and Iceberg East zones also indicate excellent gold recoveries from the high-grade materials observed at the Queensway project. In addition, this test work confirms that the mineralization from Iceberg and Iceberg East can be processed using conventional gravity separation and carbon-in-leach (CIL) technology."

Additional details

The second phase of the metallurgical test work at the Queensway property has been completed. The testing targeted the Iceberg and Iceberg East zones. Due to similarities in the mineralization styles found in both the Iceberg and Iceberg East zones, the sampled drill core material was combined to ensure sufficient material for metallurgical testing.

Approximately 340 metres of drill core with a combined weight of 1,400 kilograms were selected for this phase of test work, comprising 46 variability composites, from which one master composite was assembled, all of which were tested for gold extraction.

The scope of work consisted of chemical and mineralogical analyses, environmental characterization, establishment of comminution parameters, gold extraction methods, reagent consumption, cyanide detoxification, and solid-liquid separation properties for process and tailings streams. The results of the chemical and mineralogical analyses were very similar to the previous test work completed for Keats Main, Lotto and Golden Joint.

Results indicate that Iceberg and Iceberg East are similar to the other mineralized zones tested in the area, which are generally high grade, and contain significant free-milling gold, which is amenable to both gravity and leach extraction. Free gold grains greater than 150 microns in size were observed predominantly in the quartz veins located throughout these zones. The average gold-weighted extraction percentage for Iceberg and Iceberg East was 96.9 per cent. The average gold weighted extraction percentage for adjacent tested mineralized zones -- Keats Main, Lotto and Golden Joint -- ranged from 90.1 per cent to 96.9 per cent when reduced to a product size of 75 microns (see attached table). These gold extraction percentages were achieved using gravity separation and conventional CIL technologies. Lower gold extraction values were realized for individual variability composite samples that had gold head assay values of less than two grams per tonne.

Lower gold extraction trends were observed in samples containing organic carbon as well as arsenopyrite and pyrite. Despite the total organic carbon (TOC) of each tested mineralized zone being less than 0.1 per cent, it was confirmed that some of the sampled material was mildly preg-robbing, although easily managed by using CIL for gold extraction on the higher-grade materials. A correlation between tailings gold grade and arsenic content was also observed, with the tail grade increasing as a function of increasing arsenic content.

Comminution test work indicated that the tested material had an average SMC Axb index of approximately 64 and an average Bond Work Index (BWI) of approximately 18.3 kilowatt-hours per tonne, which would be considered a medium hard ore for SAG (semi-autogenous grinding) milling and medium hard ore for ball milling.

The company retained metallurgist Gary Simmons as an independent consultant to design and oversee the metallurgical test work program at Queensway. Mr. Simmons is an internationally recognized metallurgist who previously served as director of metallurgy and technology of Newmont Mining Corp., where he managed the corporate metallurgical laboratory and R&D (research and development) staff responsible for global Newmont process development and engineering design projects.

Laboratory test work was carried out by Base Metallurgical Laboratory Ltd. in Kamloops, B.C.

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 Nov. 1, 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 $35-million as of November, 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.