Mr. Keith Boyle reports

NEW FOUND GOLD ANNOUNCES CLOSING OF $20 MILLION INVESTMENT BY ERIC SPROTT

New Found Gold Corp. has completed its previously announced non-brokered private placement of 12,269,939 common shares of the company for gross proceeds to New Found Gold of $20,000,000.57. The common shares have a hold period of four months and one day from closing, expiring on Dec. 27, 2025.

Eric Sprott through 2176423 Ontario Ltd., a corporation beneficially owned by him, acquired 12,269,939 common shares pursuant to the private placement for total consideration of $20,000,000.57. Prior to the private placement, Mr. Sprott beneficially owned or controlled 43,954,076 common shares of the company, representing approximately 19.0 per cent of the outstanding common shares of the company on a non-diluted basis. As a result of the private placement, Mr. Sprott now beneficially owns or controls 56,224,015 common shares, representing approximately 23.1 per cent on a non-diluted basis.

The securities are held for investment purposes. Mr. Sprott has a long-term view of the investment, and may acquire additional securities, including on the open market or through private acquisitions, or sell the securities, including on the open market or through private dispositions, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

A copy of the early warning report with respect to the foregoing will appear on New Found Gold's profile on SEDAR+ and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (2176423 Ontario Ltd., 7 King St. East, Suite 1106, Toronto, Ont., M5C 3C5).

Following closing of the private placement, Mr. Sprott became a new control person (as defined by the policies of the TSX Venture Exchange), which was approved by disinterested shareholders of the company at the annual general and special meeting held on Aug. 20, 2025. No finders' fees were paid in connection with the completion of the private placement.

The gross proceeds from the private placement will be used by the company to advance its 100-per-cent-owned Queensway gold project and for general corporate and working capital purposes.

Keith Boyle, chief executive officer of New Found Gold, commented: "On behalf of the company, I would like to thank Mr. Sprott for his continued support as New Found Gold's largest shareholder. His participation in both the private placement and our bought deal financing that closed in June, 2025, reflects his confidence in the project, the new leadership team and our strategy going forward. The proceeds from the private placement support the advancement of Queensway's key milestones and further position us on the path to production."

Due to his shareholdings, Mr. Sprott is considered a related party of New Found Gold, and, accordingly, his participation in the private placement 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. The company did not file a material change report more than 21 days before closing of the private placement, which the company deemed reasonable and necessary in the circumstances, to complete the private placement in a timely manner.

About New Found Gold Corp.

New Found Gold is a well-financed advanced-stage exploration company that 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 and preliminary economic assessment at Queensway (see New Found Gold news release 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 and a solid shareholder base, which includes an approximately 23.1-per-cent holding by Mr. Sprott, and is focused on growth and value creation at Queensway.

Acknowledgments

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

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