New Found Gold Corp.

Forward-Looking Information

This press release contains certain “forward-looking statements” within the meaning of Canadian and United States securities legislation, including statements regarding the results and conclusions of the PEA, including the updated MRE, the projected economics, mine planning, production profiles, capital and operating cost estimates, project development opportunities, processing assumptions, anticipated operational efficiencies, potential project optimizations, and the expected benefits arising therefrom; the Queensway becoming Canada’s next mid-tier gold producer; the camp-scale potential of the Dropkick Zone; the development strategy over three phases, including, as part of Phase 1, the commencement of milling OP mineralized material from Keats and Iceberg deposits in Q4/27 at a rate of 700 tpd at the Pine Cove mill, the expansion of capacity and the processing of high grade mineralized material from Queensway at Pine Cove until 2030, as part of Phase 2, the commencement in 2031 of milling of OP and UG mineralized material from all deposits at a rate of 4,900 tpd at a newly built Queensway Mill, and, as part of Phase 3, the expansion of the Queensway Mill Gravity-Flotation circuit to 5,000 tpd, 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 7,000 tpd, the planned use of in-pit tailings deposition throughout all phases of the Project, the mine plan for production of 1.744 M oz Au over 15 year mine life, the growth potential, and the capital expenditures and funding, including the anticipated use of cash flows from Phase 1 to fund the growth capital for Phases 2 and 3 at an average gold price of US$3,600/oz; the filing of the Technical Report within 45 days of this press release; the anticipated delivery to the mill of 1.9 Mt of mineralized material at an average diluted grade of 6.85 g/t for 427 koz Au; the expected open pit mining from 2027 until 2040 with a peak mining rate of 53,200 tpd; the expected underground mining from 2030 until 2039 with a peak mining rate of 800 tpd; the estimate doré recovery of 94% in Phase 1; the estimated gold recovery of 92% at the gravity-CIL circuit and 88% at the gravity-flotation circuit in Phases 2 and 3; over the LOM, the expectation that 85% of the gold will report to doré and 15% will report to gold concentrate; the expectation that approximately 28.8 Mt of tailings will be accommodated over the life of the Project; the scheduled construction of a water settling pond and water treatment plant as part of the early works prior to production, and the scheduled construction of a sound attenuation berm; the economic analysis, including the projected economic returns, net present value, internal rate of return, projected taxation, cash flow forecasts, optimizations, and the anticipated benefits arising from applicable tax incentives and government programs; the target submission for the EPR for Q4/26; the planned application for a range of provincial and federal permits following release from the EA process and work with the province to obtain a Surface and Mining Lease; plans to draw on the skilled workforce available in central Newfoundland and create employment and procurement opportunities within NL, with the expectation that a total of 530 new jobs will be created in central Newfoundland over the LOM; the planned expansion of the Pine Cove mill to 1,400 tpd capacity in Q4, 2027; the mobilization of contractors at Queensway in Q1 2027; the start of early works at Queensway in Q2 2027; the commencement of mining in Q3 2027 to build a stockpile for delivery to Pine Cove mill starting in Q4 2027; and the Company’s focus on advancing 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”, “pending”, “potential”, “encouraging”, “goal”, “objective”, “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 and NYSE American, 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 the Company’s ability to complete exploration and drilling programs as expected, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results and the results of the metallurgical testing program, 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, the risk that the Company will not be able to raise sufficient funds to carry out its business 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+) atwww.sedarplus.ca and on the website of the United States Securities and Exchange Commission atwww.sec.gov for a more complete discussion of such risk factors and their potential effects*.*