New Found Gold Corp.

Next Steps

The construction of the crusher and sorter are progressing on schedule for anticipated completion in Q4/26. Once operational, this equipment is expected to reduce crushing costs and allow for delivery of higher-grade material to the Mill.

Diamond drilling of the inferred mineral resource below the current stage one pit at Hammerdown is being completed in preparation for an updated mineral resource estimate in 2027.

Grade control drilling is ongoing in the Hammerdown open pit and is currently being modelled for use in refining grade control.

2 Note AISC is a Non-GAAP measure; AISC is calculated as the sum of doré transportation, treatment and refining charges, royalties, onsite operating costs, and sustaining capital costs, divided by the quantity of ounces sold. See notes below regarding cash costs and AISC.

As previously announced, the Company plans to convert and expand Pine Cove from the current 700 tpd flotation-leach-Merrill-Crowe circuit to a 1,400 tpd gravity-carbon-in-leach ("Gravity-CIL") circuit, 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 (see the New Found Gold press release dated July 6, 2026). The circuit conversion is progressing on-schedule and on-budget with an anticipated completion date of Q4/27.

With commercial production declared at Hammerdown, the Company anticipates a run rate of 20,000 to 25,000 oz Au produced per year at an AISC of approximately US$2,500/oz Au, in line with the PEA. The Company plans to provide annual guidance for Hammerdown in due course.