Mr. Keith Boyle reports

NEW FOUND GOLD CORP. ADDS US$2M TO TREASURY: SALE OF THIRD PARTY SECURED NOTES

New Found Gold Corp. has sold non-convertible senior secured notes of Maritime Resources Corp. held by the company for gross proceeds of $2-million (U.S.) (approximately $2,778,000).

Keith Boyle, chief executive officer of New Found Gold, commented: "We have recently announced the completion of a robust initial mineral resource estimate on our 100-per-cent-owned Queensway gold project. A fully funded preliminary economic assessment is under way, with completion scheduled for Q2 2025. With the new team's focus squarely on advancing Queensway, this is an excellent time to monetize the notes and add to our treasury without dilution to shareholders."

On Aug. 14, 2023, the company participated in a brokered note offering completed by Maritime consisting of the issuance of the notes and common share purchase warrants. The notes were issued at a 2.0-per-cent original issue discount on the principal amount of the notes for a gross investment of $1.96-million (U.S.) ($2,638,500). The company has received a total of approximately $500,000 of interest income on the notes. For additional information, see the company's audited financial statements for the year ended Dec. 31, 2024, filed on the company's profile on SEDAR+ and EDGAR on March 21, 2025.

The issuance of the notes included a 40-per-cent warrant coverage, resulting in the company receiving 15,324,571 warrants. Each warrant is exercisable into one common share of Maritime at a price of seven cents per warrant share until Aug. 14, 2025. At the option of Maritime, the expiry of the warrants may be extended until Aug. 14, 2026. In the event Maritime extends the expiry of the warrants, Maritime shall pay to the company an extension fee equal to 3 per cent of the aggregate principal amount of the notes then issued and outstanding and accrued and unpaid interest thereon. The company continues to hold the warrants.

About New Found Gold Corp.

New Found Gold holds a 100-per-cent interest in Queensway, located in Newfoundland and Labrador, a Tier 1 jurisdiction with excellent infrastructure and a skilled local work force.

The company has completed an initial mineral resource estimate at Queensway (see New Found Gold news release dated March 24, 2025). A fully financed preliminary economic assessment is under way, with completion scheduled for late Q2 2025.

Recent drilling continues to yield new discoveries along strike and downdip of known gold zones, pointing to the district-scale potential of the 175,600-hectare project that covers a 110-kilometre strike extent along two prospective fault zones.

New Found Gold has a new management team in place and a solid shareholder base, which includes a 19-per-cent holding by Eric Sprott, and is focused on growth and value creation at Queensway.

We seek Safe Harbor.