Mr. Keith Boyle reports

NEW FOUND GOLD ANNOUNCES MARITIME SECURITYHOLDER APPROVAL OF ARRANGEMENT; STRENGTHENS MANAGEMENT TEAM

Maritime Resources Corp. shareholders and optionholders have overwhelmingly approved the previously announced arrangement involving Maritime and New Found Gold Corp. at Maritime's annual general and special meeting, held on Nov. 5, 2025.

At the meeting, the special resolution approving the arrangement was approved by 99.68 per cent of the Maritime shareholders and 99.69 per cent of the Maritime securityholders voting as a single class. Accordingly, the Maritime securityholder approval required to proceed with the arrangement has been obtained.

Maritime will seek a final order approving the arrangement from the Supreme Court of British Columbia on Nov. 7, 2025. Closing of the arrangement remains subject to satisfaction of certain customary closing conditions, including receipt of final court, stock exchange and regulatory approvals. Subject to the satisfaction of the remaining closing conditions outlined in the news release dated Sept. 5, 2025, entitled "New Found Gold and Maritime Enter into Definitive Agreement to Combine; Combination Creates an Emerging Canadian Gold Producer," the parties currently expect the closing of the arrangement to complete on or around Nov. 13, 2025.

Appointment of general counsel and corporate secretary

The company has appointed Jelena Novikov Fried as general counsel and corporate secretary, effective Nov. 3, 2025.

Ms. Novikov Fried brings over 20 years of legal experience in corporate, commercial, governance and securities compliance matters across a range of industries, including mining, natural resources, and oil and gas. Before joining New Found Gold as general counsel and corporate secretary, she was legal director, corporate and securities, at Li-Cycle, where she played a key role in governance, financing and compliance initiatives, and contributed to the successful sale of the company. Earlier in her career, she practised corporate and securities law with Cassels Brock & Blackwell LLP and Bennett Jones LLP, and held an in-house legal role with the Canadian Bankers Association. Ms. Novikov Fried holds a juris doctor from the University of British Columbia.

About New Found Gold Corp.

New Found Gold is a well-financed advanced-stage exploration company that holds a 100-per-cent interest in the Queensway gold project, located in Newfoundland and Labrador, a Tier 1 jurisdiction with excellent infrastructure and a skilled local work force. The company has completed a preliminary economic assessment (PEA) at Queensway (see New Found Gold news release dated 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 project that covers a plus-110-kilometre strike extent along two prospective fault zones.

On Sept. 5, 2025, the company announced it had entered into a definitive agreement with Maritime Resources to acquire all of the outstanding and issued shares that it does not already own (see news release dated Sept. 5, 2025).

New Found Gold has a new management team and board of directors, a solid shareholder base, which includes an approximately 23.1-per-cent holding by Eric Sprott, and is focused on growth and value creation.

Qualified person

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 National Instrument 43-101. Ms. Render consents to the publication of this news release, 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.

We seek Safe Harbor.