Mr. Keith Boyle reports

NEW FOUND GOLD ANNOUNCES RESULTS OF ANNUAL GENERAL AND SPECIAL MEETING; ADDS EXPERIENCED MINING EXECUTIVE TO BOARD; RESTART OF EXPLORATION ACTIVITIES AT QUEENSWAY GOLD PROJECT

New Found Gold Corp. is pleased to welcome Tamara Brown to its board of directors. Following the annual general and special meeting of the shareholders of New Found Gold, held in Vancouver, B.C., on Aug. 20, 2025, the board now comprises Paul Huet (chairman), Keith Boyle (chief executive officer), William Hayden, Vijay Mehta, Melissa Render, Chad Williams and Ms. Brown.

At the meeting, disinterested shareholders voted in favour of an ordinary resolution to approve the creation of Eric Sprott as a new control person (as defined by the policies of the TSX Venture Exchange). It is anticipated that Mr. Sprott will become a new control person upon closing of the previously announced non-brokered private placement of up to 12,269,939 common shares at a price of $1.63 per common share for gross proceeds of approximately $20-million. The private placement is anticipated to close by Aug. 27, 2025, subject to final approval of the TSX-V and authorization of the NYSE American LLC.

In addition, resolutions regarding the following matters were passed by the requisite majority at the meeting:

• Fixing the number of directors at seven;
• Appointing KPMG LLP, chartered professional accountants, as the auditor of the company at a remuneration to be fixed by the board;
• Approving the amendment of the 10-per-cent rolling stock option plan of the company;
• Approving the 5-per-cent rolling share unit plan of the company.

The meeting did not consider any matters that were not presented in the management information circular, dated July 8, 2025, that was filed in connection with the meeting.

Mr. Huet stated: "On behalf of the board of directors, I would like to welcome Tamara to New Found Gold. With her extensive capital markets experience and depth of knowledge of the mining industry as both a mining executive and a professional engineer, Tamara's addition to the board continues to strengthen the team and the company as a whole."

Resumption of heavy equipment exploration activities

As a result of a reduction of the Fire Weather Index in the area of the company's 100-per-cent-owned Queensway gold project, Newfoundland and Labrador, Canada, exploration activities involving the use of heavy equipment in or near forested areas, including drilling, mulching and excavating, have restarted at Queensway. These activities had previously been suspended as a precaution against regional forest fire risks (see the New Found Gold news release dated Aug. 13, 2025).

Mr. Boyle stated: "The Fire Weather Index across Newfoundland has been reduced to acceptable levels. With weather conditions favourable and the Fire Weather Index within operational limits, exploration activities will resume immediately. The company will continue to monitor the situation and implement additional measures to mitigate forest fire risks. The New Found Gold team once again extends its thanks to the firefighters for their hard work in maintaining community safety."

About New Found Gold Corp.

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

The company has completed an initial mineral resource estimate (MRE) and preliminary economic assessment (PEA) at Queensway (see New Found Gold news releases dated March 24, 2025, and July 21, 2025).

Recent drilling continues to yield new discoveries along strike and downdip of known gold zones, pointing to the district-scale potential of the 175,450-hectare project that covers a 110-kilometre strike extent along two prospective fault zones.

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

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