Mr. Collin Kettell reports

NEW FOUND APPOINTS PAUL HUET AS INDEPENDENT CHAIRMAN AND WELCOMES NEW BOARD MEMBERS

New Found Gold Corp. has welcomed Paul Huet, William Hayden and Melissa Render to its board of directors. Following the annual general meeting of the shareholders of New Found held in Vancouver, B.C., on Dec. 17, 2024, as part of a planned transition, Mr. Huet was appointed chair of the board and Ms. Render was appointed as president of the company. The board now comprises Mr. Huet, Collin Kettell, Vijay Mehta, Mr. Hayden and Ms. Render.

Mr. Kettell, chief executive officer of New Found, stated: "On behalf of the board of directors and management, I would like to welcome Paul Huet as independent chairman of the board. Paul has a proven track record as a mining executive, having successfully delivered considerable shareholder value in his previous roles at both Karora and Klondex, which were acquired for $1.3-billion and $700-million, respectively. Paul brings a wealth of knowledge and experience to New Found at a critical time as the company continues to advance and unlock the value of the Queensway project. I look forward to working closely with Paul moving forward. I would also like to welcome Bill Hayden and Melissa Render to the board and, at the same time, extend a thank you to Ray Threlkeld, Doug Hurst, and, in particular, Denis Laviolette for his many contributions as co-founder of New Found and his integral role in the Queensway discovery."

Mr. Huet, independent chairman of New Found, stated: "I'm thrilled to join New Found at such a pivotal moment. Having led teams that transformed exploration companies into billion-dollar producers, I recognize the immense potential here. New Found's vision, strategic approach and the strength of the Queensway discovery make this an exciting challenge, and I'm eager to help take the project to new heights."

Eric Sprott, shareholder of New Found, stated: "Having followed Paul's career closely, I know his passion, operational expertise and strategic vision are second to none. His leadership has consistently delivered outstanding results, and I am excited to see him bring that same level of commitment and success to New Found."

New directors

Mr. Huet, independent chairman

Mr. Huet is chief executive officer of Americas Gold and Silver. He was previously chairman and chief executive officer of Karora Resources Inc. from 2019 to 2024 until its acquisition by Westgold Resources Ltd. for $1.3-billion. Prior to that, he was president, chief executive officer and director of Klondex Mines from 2012 to 2018 until its acquisition by Hecla Mining Company for $700-million. Mr. Huet has a strong command of capital markets and has served in all levels of engineering and operations of mining. Mr. Huet graduated with honours from the mining engineering technology program at Haileybury School of Mines in Ontario and successfully completed the Stanford executive program at the Stanford School of Business. In 2013, Mr. Huet was nominated for the Premier's Award in Ontario for outstanding college graduates; he is currently a member of OACETT (Ontario Association of Certified Engineering Technicians and Technologists) as an applied science technologist and an accredited director.

Mr. Hayden

Mr. Hayden has served as a director of Ivanhoe Mines since March, 2007. He is a geologist with more than 38 years of experience in the mineral exploration industry, much of it gained in Africa and the Asia-Pacific region. His involvement with the current Ivanhoe Mines began in 1998; he served as first president of the corporate predecessor, African Minerals, from May, 1998, to November, 2001, and as a director from 1998 to 2002. (African Minerals, which evolved to Ivanplats, subsequently assumed the Ivanhoe Mines name in 2013.) Mr. Hayden has worked in a management capacity with several exploration and mining companies in Australia and internationally since 1986. He was president and a director of Ivanhoe Philippines from July, 2005, to December, 2011, when it was a subsidiary of the original Ivanhoe Mines (renamed Turquoise Hill Resources in 2012). He holds a bachelor of science (honours) in geology from Sierra Nevada College, Nevada, United States.

Ms. Render

Ms. Render has served as vice-president of exploration for New Found Gold since 2021. She is an exploration geologist with more than 10 years of experience focused on orogenic gold. Ms. Render managed exploration projects worldwide from grassroots to advanced stages in greenstone belts, including the Abitibi, Eastern Goldfields, Hope Bay, Central Lapland and Banfora for Kinross Gold, AngloGold Ashanti and TMAC Resources. She spent three years as a consultant specializing in target generation, 3-D modelling, data management and exploration program design.

Annual general meeting

In addition, resolutions regarding the following matters were passed at the meeting:

• Fixing the number of directors at five;
• Appointing KPMG LLP, chartered professional accountants, as auditor of the company at a remuneration to be fixed by the board;
• Approving the 10-per-cent rolling stock option plan of the company.

The meeting did not consider any matters that were not presented in the management information circular dated Oct. 18, 2024, that was issued in connection with the meeting.

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 $28-million as of December, 2024.

We seek Safe Harbor.