Mr. Collin Kettell reports

NEW FOUND FILES QUEENSWAY GOLD PROJECT NI 43-101 TECHNICAL REPORT

New Found Gold Corp. has filed a National Instrument 43-101 -- Standards of Disclosure for Mineral projects (NI 43-101) technical report for New Found's 100-per-cent-owned Queensway project, entitled "NI 43-101 Technical Report, New Found Gold Corp.'s Queensway Gold Project in Newfoundland and Labrador, Canada: 2024 Property Expansion and Exploration Update," with an effective date of Nov. 1, 2024. The purpose of the technical report is to provide an update on the Queensway project expanded land position, including the company's acquisition of the Kingsway property (as defined below), and new exploration activities. The technical report is available under the company's SEDAR+ profile.

The technical report was prepared by D. Roy Eccles, MSc, PGeol, PGeo, of APEX Geoscience Ltd., Mark K. Jorgensen, BSc, qualified person of metallurgy of Jorgensen Engineering and Technical Services LLC, and Gary Simmons, BSc, QP of metallurgy of GL Simmons Consulting LLC, each a qualified person as defined under NI 43-101 and independent of New Found.

The technical report provides an update on New Found's exploration activities at the Queensway project since the company's previous technical report, which had an effective date of April 18, 2024. Since that time, New Found has 1) acquired 100-per-cent interest in Labrador Gold Corp.'s Kingsway project including four licences (311 claims) (the Kingsway property), 2) acquired 100-per-cent interest in three licences (54 claims) from Sky Gold Corp., and 3) completed new diamond drilling at the Big Vein, Dome, Dropkick, Everest, Golden Dome, Golden Glove, Golden Joint, Green Mantle, Honey Pot, Iceberg, Iceberg Alley, Jackpot, Keats South and West, Knobby, Lotto North, Monte Carlo, Pistachio, Pristine and Road gold prospects.

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 NI 43-101. Mr. Matheson consents to the publication of this press release dated Nov. 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 km 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 $35-million as of November, 2024.

We seek Safe Harbor.