Mr. Paul Huet reports

NEW FOUND APPOINTS KEITH BOYLE AS CHIEF EXECUTIVE OFFICER

New Found Gold Corp. has appointed Keith Boyle as chief executive officer of New Found. Mr. Boyle is a highly experienced executive and operator, having successfully helped lead several development projects throughout his career. Most recently, as chief operating officer, Mr. Boyle led the accelerated advancement of Reunion Gold Corp.'s Oko West discovery through to acquisition by G Mining Ventures for $870-million.

Paul Huet, independent chairman of New Found, stated: "We are thrilled to welcome Keith Boyle as the new chief executive officer of New Found. With his extensive experience and proven leadership in developing successful mining operations around the globe, Keith is ideally positioned to guide the Queensway project into its next phase of growth and value creation.

"On behalf of the board, I also want to express my deep gratitude to Collin Kettell for his outstanding nine years of service leading the company. Collin's vision and dedication have been instrumental in building New Found into the strong, well-positioned company it is today. We wish him all the best in his future endeavours."

In his first public address as incoming chief executive officer, Mr. Boyle stated: "The Queensway project represents a rare and exciting opportunity to lead a team through the advanced discovery phase and beyond in an emerging gold district while in the top-tier jurisdiction of Newfoundland. It is with great pleasure that I join this remarkable team that has taken this project from a concept, amalgamated a district-scale property package and delivered discovery after discovery. As CEO, my leadership goals will focus on realizing the untapped potential at Queenway while ensuring the company remains well positioned and ready for the possibility of future development, delivering value to all stakeholders."

Mr. Boyle's appointment follows the resignation of Collin Kettell as chief executive officer. Mr. Kettell will remain a director of the company.

Mr. Kettell, founder and director of New Found, stated: "It has been a great pleasure working closely with the New Found team over the past several years. I am grateful to have been a part of such an incredible discovery. Transitioning out of this role has been made easier knowing the Queensway project will be left in Keith's very capable hands. I look forward to continuing to support the company moving forward as both a director and a significant shareholder."

Mr. Boyle -- biography

Mr. Boyle holds a bachelor of science in mining engineering and an MBA from the University of Alberta, is a member of the Association of Professional Engineers of Ontario, and has 40 years of experience -- the last 17 years being a chief operating officer in precious metal and base metal systems at both open-pit and underground operations in North America and internationally, including periods in Guyana, Australia, Papua New Guinea, the United States and Madagascar. This work has been performed for both senior and junior companies, including Reunion Gold, Superior Gold Inc., Placer Dome Inc., Aur Resources Inc., Inco Ltd., Cominco Ltd., Dynatec Corp., Alexis Minerals Inc., Chieftain Metals Corp. and Titan Mining Corp. He last worked at Reunion Gold, where he fast-tracked the development of the Oko West project in Guyana until its acquisition in July, 2024, for $870-million. During his career, Mr. Boyle has demonstrated expertise in several key areas, including project development, technical studies, stakeholder relations, operating efficiencies, and optimizing operations, cost control, and managing budgets for improved financial performance.

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 $23-million as of January, 2025.

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