Mr. Keith Boyle reports

NEW FOUND GOLD COMMENCES 2025 WORK PROGRAM ON THE QUEENSWAY GOLD PROJECT

New Found Gold Corp. has started the 2025 work program on the company's 100-per-cent-owned Queensway gold project in Newfoundland and Labrador, Canada.

Highlights:

• Infill drilling is under way at the Keats West and Lotto zones with four diamond drill rigs.
• Two additional drills will be mobilized in June, 2025, to allow for both infill and exploration drilling.
• Exploration drilling will focus on high-priority exploration targets, including the Dome and Dropkick zones.
• Dewatering of the Iceberg zone excavation is under way in advance of channel sampling.

Melissa Render, president of New Found Gold, stated: "We are excited to begin our 2025 work program at Queensway. With an initial mineral resource announced in Q1 [2025] and a fully funded PEA [preliminary economic assessment] scheduled for completion later this quarter, the primary focus at Queensway has shifted to put the company on a path towards development. Our 2025 drilling will focus first on infill of the mineral resource and then progress to target areas close to the mineral resource with potential for future resource expansion. Concurrent with drilling, we are expanding our excavation program in advance of bulk sampling planned for the first half of 2026."

Diamond drilling

Drilling has commenced with four rigs at Keats West and Lotto in AFZ Core of the Queensway mineral resource estimate (see New Found Gold's news release dated March 24, 2025). This infill drilling is being conducted prior to the excavation of the near-surface portions of Keats West and Lotto.

On completion of the Keats West and Lotto infill drilling, the company will begin infill drilling priority open pits and underground portions of the MRE in parallel with further drilling of the Dome and Golden Dome zones. The recently discovered high-grade mineralization at Dome and Golden Dome is located in proximity to the initial MRE and within 250 metres and 350 metres, respectively, of surface (see the New Found Gold's news releases dated Feb. 24, 2025, and April 29, 2025).

An additional two drill rigs are scheduled to be mobilized to the project in early June and will focus on exploration targets 10 kilometres to 12 kilometres north of AFZ Core. This work will follow up drilling on high-priority exploration targets, including Dropkick, located 11 kilometres north of AFZ Core. Drill highlights from Dropkick in 2024 include 89.5 grams per tonne gold over 5.85 metres and 26.2 grams per tonne gold over 16.2 metres (see the New Found Gold's news release dated Feb. 11, 2025).

AFZ Core excavation program

Excavation of the shallow overburden covering the near-surface portion of key zones in AFZ Core began with Keats, which was excavated in 2023 and mapped and sampled in 2024 (see the New Found Gold's news release dated Dec. 2, 2024). This work was successful in providing greater confidence in the geologic model, the grade distribution of very high-grade veins and the structural controls on mineralization in this zone.

Iceberg was excavated over a 220-metre-by-105-metre area in late 2024 and is currently being dewatered. The Iceberg excavation has exposed broad zones of gold-bearing quartz veins directly below 2.5 metres to nine metres of overburden. Once dewatering of this excavation has been completed, the company will conduct channel sampling, which is expected to commence in late May and take approximately three weeks to complete. Channel lines will be spaced 7.5 metres apart and will focus on the key mineralized domains within the excavated area.

Following the completion of the infill drilling at Keats West and Lotto, the seven metres to 14 metres of overburden at Keats West and three metres to five metres of overburden at Lotto will be excavated to expose the gold-bearing quartz veins. Excavation of Keats West and Lotto is expected to be completed in Q4 2025 and channel sampling is planned for Q2 2026.

Looking ahead

The company continues to evaluate the potential to add additional drills to expand the 2025 work program and will provide an update when the full 2025 program has been finalized.

Appointment of Target IR

New Found Gold announces that it has entered into an investor relations agreement with Target IR & Communications to provide investor relations services, including digital marking support, to the company. Target IR will receive consideration from the company of $8,500 per month, payable monthly in arrears, for an initial term of six months commencing May 15, 2025, with the option for the company to renew on a quarterly basis thereafter.

Target IR, a company based in Toronto, Ont., provides investor communications and marketing strategies for growing and emerging public companies. Salisha Ilyas, the principal of Target IR, is a senior investor relations professional with more than 20 years of experience across a range of industries, such as mining, health care and renewable/green energy. She has held senior investor relations and communication roles at Canadian and United Kingdom publicly listed companies and has also served as the head of professional development at the Canadian Investor Relations Institute in Toronto. Ms. Ilyas holds a bachelor of commerce from the University of Toronto and a master in business administration from the Schulich School of Business (York University) and has completed the Canadian Securities Course. Neither Target IR nor any of its principals has any interest in New Found Gold or its securities or any right or intent to acquire such an interest.

The investor relations agreement is subject to the approval of the TSX Venture Exchange.

Qualified person

The scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, PGeo, president and a qualified person as defined under National Instrument 43-101. Ms. Render consents to the publication of this press release by New Found Gold. Ms. Render 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 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.

Acknowledgment

New Found Gold acknowledges the financial support of the junior exploration assistance program of the Department of Natural Resources of the government of Newfoundland and Labrador.

We seek Safe Harbor.