New Found Gold Corp.

Mining

The Queensway mine plan envisions both conventional OP truck-and-shovel methods complemented by high-grade UG cut-and-fill mining. The mine schedule was designed to achieve the target processing capacities defined by the different phases of the Project outlined above. The Project considers contractor mining for the first two years of production, with a transition to owner mining over the subsequent two years of operation until the mine is fully operated by an owner-owned fleet.

The OP operation comprises a total of 21 pits. The three principal pits (Iceberg, Keats and Keats West) are sequenced early in the mine life and will subsequently serve as in-pit tailings deposition facilities. The pits will deliver to the mill a total of 26.4 million tonnes ("Mt") of mineralized material at an average diluted gold grade of 1.74 g/t for 1,479 koz of gold, with an overall strip ratio of 6.5:1. The open pit optimization used a 2.5 m x 2.5 m x 2.5 m block model for the Phase 1 pits and a 5.0 m x 5.0 m x 5.0 m block model for the subsequent pits to be mined thereafter to reflect the use of larger equipment and increased production rate. The owner-operated fleet will consist of 64-tonne-class haul trucks and 12 cubic metre ("m³") shovels, selected to minimize dilution and maximize selectivity.

The UG operation will be developed in five zones, accessed from five surface portals, four of which will be collared within the open pits. The primary mining method will be mechanized cut and fill, using a 3 m x 3 m stope size to minimize dilution while maximizing selectivity. Backfill will consist of a combination of rockfill and cemented rockfill. The UG operation will deliver to the mill a total of 1.9 Mt of mineralized material at an average diluted grade of 6.85 g/t for 427 koz Au.

The mining sequence and schedule have been optimized to prioritize higher-grade material being processed early in the mine life. The mine plan has included the segregation of mineralized material by grade bin and a stockpiling strategy to process lower grade material at the end of the mine life. Open pit mining is expected from 2027 until 2040 and will reach a peak mining rate of 53,200 tpd. Underground mining is expected from 2030 until 2039 and will reach a peak mining rate of 800 tpd. The mill feed schedule also includes the processing of low-grade stockpiles until 2042.

Gold ounces included in the mine plan are categorized as being 1% measured, 80% indicated and 19% inferred. The inferred resources are predominantly scheduled in the latter stages of the mine-life. There is a low level of geological confidence associated with inferred resources and there is no certainty that further exploration work will result in the determination of indicated or measured resources. No reserves for the project have been declared at this time.