Mr. Keith Boyle reports

NEW FOUND GOLD CORP. PROVIDES QUEENSWAY GOLD PROJECT OVERVIEW AND PLANS; FILES TECHNICAL REPORT

New Found Gold Corp. has provided an overview of, and plans for, the Queensway gold project, and has filed the technical report for the initial mineral resource estimate (MRE) for the project.

Queensway highlights:

• Tier 1 jurisdiction:
  • Mining-positive government, access to highway, port, airport, low-cost green power and skilled local work force;
• Initial mineral resource estimate:
  • 70 per cent of the initial MRE ounces are in the indicated category;
  • 18.0 million tonnes grading 2.40 grams per tonne (g/t) gold (Au), for 1.39 million ounces (oz) (indicated);
  • 10.7 million tonnes (t) grading 1.77 g/t Au, for 0.61 million oz (inferred);
• High-grade veins exposed at surface:
  • 73 per cent of the ounces are contained in 24 per cent of the tonnage (indicated) within the mineral resource pit shells;
  • The opportunity for high-grade starter pits is being investigated as part of the preliminary economic assessment (PEA) currently under way and scheduled for release in late Q2 (second quarter) 2025;
  • Planning to commence bulk sampling in H1 (first quarter) 2026;
• Versatile deposit:
  • The mineral resources are defined within a series of open pits, which creates flexibility with respect to mine planning, grade sequencing and tailings deposition strategies;
  • The potential to leverage in-pit tailings storage is being investigated as part of the PEA;
• Project growth:
  • Infill: the initial MRE has potential for expansion between and within the initial MRE pit shells;
  • Expansion: recently announced high-grade gold intersections beyond the initial MRE footprint demonstrates that gold mineralization remains open for expansion both along strike and at depth; past drilling focused within 200 metres (m) of surface in a less-than-5-per-cent portion of the 110-kilometre-long (km) strike extent of the two major structures controlling gold mineralization.

Keith Boyle, chief executive officer of New Found Gold, commented: "New Found Gold has begun a new chapter, with an initial mineral resource completed in Q1 2025 and a preliminary economic assessment scheduled for completion in late Q2 2025. As a mining engineer with 40 years of experience in development and operations, much of which was spent working on projects with parallels to Queensway, I can see the unique opportunity we have at New Found Gold. We are rapidly advancing with the PEA, while at the same time continuing to explore our highly prospective landholdings targeting additional discoveries similar to Keats and Iceberg."

New Found Gold's current corporate presentation can be viewed in 3-D on the company's website or using VRIFY.

Looking ahead:

• Fully financed PEA under way:
  • Planned release in late Q2 2025;
• 2025 drill campaign:
  • Planning under way for mid-Q2 2025 start;
  • Primary focus on resource conversion (infill, expansion, extensions);
  • Secondary focus on exploration (discovery of additional major deposits along the 110 km long strike extent of the project);
• Bulk sample:
  • To confirm grade continuity and validate resource model;
  • Planning under way to commence in H1 2026;
• Metallurgy:
  • Additional test work is continuing;
• Permitting and environmental baseline studies:
  • Work is continuing to support future studies and permit applications.

Technical report and initial MRE

The technical report was prepared by SLR Consulting (Canada) Ltd. in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) definition standards and Canadian National Instrument 43-101, and filed under the company's profile on SEDAR+. SLR is independent of New Found Gold.

An attached table details the current mineral resource estimate as at March 15, 2025, as announced in the New Found Gold news release dated March 24, 2025.

Grade tonnage by cut-off grade

Tables 2a and 2b show the variation in tonnes and grades at various gold cut-off grades (COG) within the AFZ core resource pit shell. At a cut-off grade of two g/t Au and within the resource pit shell, the indicated mineral resource blocks total 3,854,000 tonnes at a grade of 7.16 g/t Au for 887,000 ounces and the inferred mineral resource blocks total 993,000 t at a grade of 4.16 g/t Au for 133,000 oz. This represents 73 per cent of the contained ounces in only 24 per cent of the tonnage for the indicated category only.

The opportunity for high-grade starter pits is being investigated as part of the PEA.

Data verification

The data used in this mineral resource estimate are supported by quality assurance and quality control (QA/QC) procedures, such as the insertion of certified standards and blanks into the sample stream, and the utilization of certified independent analytical laboratories for all assays. The QA/QC data and methodology on the project were reviewed and will be summarized in the National Instrument 43-101 technical report.

Pierre Landry, PGeo, of SLR, an independent qualified person in accordance with the requirements of NI 43-101, has reviewed the adequacy of sample preparation, security and analytical procedures conducted by New Found Gold from the start of the Queensway exploration programs in 2019 through to the effective date. This review found no material issues or inconsistencies that could adversely affect the quality or reliability of the data. The QP is of the opinion that:

• New Found Gold's sample preparation procedures are appropriate for the deposit type and mineralization style.
• Analytical methods used, including fire assay, photon assay and screen fire assay, are suitable for determining gold grades in the project.
• The QA/QC program, which includes CRMs (certified reference materials), blanks and duplicates, is well structured, meets industry standards and provides confidence in the assay data.
• Sample security measures and chain of custody protocols are sufficient to ensure the integrity of the data.

Over all, Pierre Landry, PGeo, of SLR, an independent qualified person in accordance with the requirements of NI 43-101, is of the opinion that New Found Gold's sampling, analytical methods, and QA/QC program meet industry standards and are suitable for use in the mineral resource estimate.

Data verification for the drill hole database included comparing gold assay values used to support the mineral resource estimate against the original analytical certificates from ALS and MSALABS, the primary laboratories used by New Found Gold between 2019 and 2024. The review covered a variety of assay methods, including: fire assay with AAS (atomic absorption spectroscopy) or gravimetric finish, photon assay, and screen fire assay.

SLR found no material discrepancies identified that would impact the validity of the mineral resource estimate. SLR's qualified person (QP) is of the opinion that the verification process confirms the reliability of the assay database, ensuring its suitability for use for mineral resource estimation.

In accordance with NI 43-101, Mr. Landry conducted a site visit to the project and related facilities on Oct. 24, 2024, and Oct. 25, 2024. During this visit, he inspected the Keats and Iceberg trenches, the core shack, and reviewed the logging environment and procedures for data collection and sampling. He also examined core samples from the AFZ core, AFZ peripheral and JBP deposits. In addition, he interviewed New Found Gold's personnel and gathered information necessary for completing the mineral resource estimate and accompanying technical report.

Mr. Landry also inspected drill collars and drill hole cores relevant to the mineral resource estimation, verifying collar locations using a handheld GPS (Global Positioning System) and visually comparing mineralization with interpreted drilling sections. New Found Gold provided full access to all facilities and personnel during the visit. Mr. Landry was accompanied by Melissa Render, president of New Found Gold.

Qualified person

The initial MRE for Queensway was prepared by Mr. Landry, an independent qualified person in accordance with the requirements of NI 43-101, who has reviewed and approved the contents of this news release.

The scientific and technical information disclosed in this news release was reviewed and approved by Melissa Render, PGeo, president and a qualified person as defined under NI 43-101. Ms. Render consents to the publication of this news release dated March 24, 2025, by New Found Gold. Ms. Render certifies that this news release fairly and accurately represents the scientific and technical information that forms the basis for this news release.

About New Found Gold Inc.

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's 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, a solid shareholder base, which includes a 19-per-cent holding by Eric Sprott, and is focused on growth and value creation at Queensway.

Please see the company's website and the company's SEDAR+ profile.

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