New Found Gold Corp.

Forward-Looking Statement Cautions

This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including statements relating to the Company becoming Canada's next mid-tier gold producer; the Company's focus on delivering solid gold production, while advancing its flagship Queensway Gold Project to production; the anticipated completion of the construction of the crusher and sorter, and the expected reduction in crushing costs and delivery of higher-grade material to the Mill; the completion of diamond drilling of the inferred mineral resource and the timing of an updated mineral resource estimate in 2027; the planned conversion and expansion of Pine Cove, with the permit amendment to convert the circuit to Gravity-CIL received and the permit to expand to 1,400 tpd to be applied for in due course, and the timing of the circuit conversion; the expected run rate of 20,000 to 25,000 oz Au produced per year at an all-in sustaining cost of approximately US$2,500 per ounce, in line with the PEA; the plan to provide annual guidance for Hammerdown in due course; ; and the Company's focus on advancing the Phase 1 to production. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "encouraging", "pending", "potential", "goal", "objective", "opportunity", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with possible accidents and other risks associated with mineral exploration operations, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.