New Found Gold Corp.

Next Steps

The construction of a permanent on-site crusher and sorter is progressing with anticipated substantial completion in Q4/26 followed by commissioning and ramp up in Q1/27. 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 practices.

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 New Found Gold press release dated July 6, 2026). The circuit conversion is progressing on schedule and on budget with an anticipated completion in Q4/27.

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