New Found Gold Corp.

Development Strategy

Queensway is planned as a primary conventional OP mine, complemented by high-grade UG mechanized cut and fill mining across numerous deposits in the AFZ Core and the AFZ Peripheral. The mining strategy consists of OP mining at the AFZ Core starting in Q4/27 using a contractor operating model in the initial years, transitioning to an owner operating model to increase mining and material movement rates. UG mining operations are planned to commence in 2030. Mining operations are expected to run until 2040 based on the current MRE and resultant mine plan.

The development strategy is planned over three phases, as follows:

Phase 1: Milling of OP mineralized material from the Keats and Iceberg deposits is planned to commence in Q4/27 at Pine Cove at a rate of 700 tonnes per day (“tpd”). Pine Cove is currently being converted to a Gravity-CIL circuit comprising conventional comminution, gravity concentration, cyanide leaching and absorption through CIL to produce doré. The Company plans to expand the capacity at Pine Cove to accommodate Queensway Phase 1. High Grade mineralized material from the Queensway site will be trucked to and processed at Pine Cove until the end of 2030.

Phase 2: Commencing in 2031, OP and UG mineralized material from all deposits will be milled at a rate of 4,900 tpd at a new on-site Queensway Mill. Once the Queensway Mill is operational in 2031, the Company will cease sending feed to Pine Cove. The Queensway Mill will be built with two parallel processing circuits; namely, high-grade mineralized material will be treated via a Gravity-CIL circuit at a rate of 2,000 tpd and low-grade mineralized material will be treated via a gravity-flotation circuit at a rate of 2,900 tpd.

Phase 3: The Queensway Mill Gravity-Flotation circuit will be expanded to 5,000 tpd to more rapidly process stockpiled lower grade mineralized materials mined during Phase 1 and Phase 2 while continuing to process OP and UG high-grade mineralized material at 2,000 tpd in the Gravity-CIL circuit, for total processing capacity of the Queensway Mill of 7,000 tpd.

**In-Pit Tailings:**In-pit tailings deposition will be used throughout all phases of the Project. This approach avoids the need for a conventional above-ground tailings storage facility with perimeter embankment dams and reduces the Project footprint.

Mine Plan and Growth Potential: The current mine plan has outlined production of 1.744 M oz Au over a 15 year mine life. The district-scale land package holds excellent potential to continue to expand the resource base and mine life through ongoing exploration.

Capital Expenditures and Funding: Initial capital expenditures for the Project are $149.8 M and growth capital is $832.1 M. The Company is fully funded for the initial capital expenditures and anticipates cash flows from Phase 1 will fund the growth capital for Phases 2 and 3 at an average gold price of US$3,600/oz.

See Table 1 and Figures 1 to 5 with respect to the PEA and Tables 6 to 11 and Appendix 1 with respect to the MRE.