Mr. Keith Boyle reports

NEW FOUND GOLD CLOSES SECOND TRANCHE OF C$63 MILLION BOUGHT DEAL FINANCING INCLUDING FULL EXERCISE OF UNDERWRITERS' OVER-ALLOTMENT OPTION

New Found Gold Corp. has closed the second and final tranche of its previously announced bought deal public offering of: (i) 24.61 million charity flow-through common shares of the company that will qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)) at a price of $2.29 per charity flow-through common share, including the exercise, in full, of the underwriters' (as defined below) overallotment option of 3.21 million charity flow-through common shares; and (ii) 4.37 million common shares at a price of $1.63 per common share, for aggregate gross proceeds of $63.48-million.

The second tranche of the offering consists of 9,345,000 charity flow-through common shares, including the exercise in full of the overallotment option, for gross proceeds of $21,400,050.

The second tranche of the offering was completed pursuant to an underwriting agreement dated May 29, 2025, entered into among the company, and a syndicate of underwriters led by BMO Capital Markets and SCP Resource Finance LP, and including Paradigm Capital Inc., Canaccord Genuity Corp., Haywood Securities Inc., Stifel Nicolaus Canada Inc., Roth Canada, Inc., A.G.P. Canada Investments ULC and ATB Securities Inc.

Eric Sprott participated in the second tranche of the offering to maintain his approximately 19-per-cent shareholding.

The offering remains subject to the company receiving all necessary regulatory approvals, including final approval of the TSX Venture Exchange to list the charity flow-through common shares and the common shares.

In connection with the closing of the second tranche of the offering, the company paid to the underwriters a cash fee in the aggregate amount of $526,413.75, representing: (i) 5.25 per cent of the gross proceeds of the second tranche of the offering, other than the gross proceeds raised from certain sales pursuant to a president's list; and (ii) 1.0 per cent of the gross proceeds raised from president's list sales. BMO Capital Markets, SCP Resource Finance, Paradigm Capital, Canaccord Genuity, Haywood Securities, Stifel Nicolaus Canada, Roth Canada, A.G.P. Canada Investments and ATB Securities received $202,669, $176,349, $52,641, $28,953, $15,792, $15,792, $13,160, $10,528 and $10,528, respectively.

The gross proceeds from the offering of the charity flow-through common shares will be used by the company to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada)) related to the company's 100-per-cent-owned Queensway gold project, on or before Dec. 31, 2026. All qualifying expenditures will be renounced in favour of the subscribers for the charity flow-through common shares effective on or before Dec. 31, 2025.

The charity flow-through common shares were offered by way of a prospectus supplement in each of the provinces and territories of Canada (other than Quebec and Nunavut) and were also offered by way of a U.S. prospectus supplement forming part of the company's registration statement on Form F-10 in the United States. Copies of the prospectus supplement and documents incorporated by reference therein are available electronically on SEDAR+ and EDGAR under New Found Gold's issuer profile.

Certain directors and officers of the company participated, directly or indirectly, in the offering, and, due to his shareholdings, Mr. Sprott is considered a related party of New Found Gold. Accordingly, such participation in the offering constitutes a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Shareholder Approval. The company has relied on the exemptions from valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such related party participation.

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 (second quarter) 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, which 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 Mr. Sprott, and is focused on growth and value creation at Queensway.

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

We seek Safe Harbor.