New Found Gold Corp.

Revised PEA

The PEA strategy of using a phased approach with an offsite permitted mill to execute a rapid path to cash flow remains the same as in the Company's previously released Preliminary Economic Assessment (the “2025 PEA”). The PEA incorporates the updated MRE, as well as several technical advancements including updated engineering, mine planning, metallurgical process design, environmental planning, capital and operating cost estimates, and revised market assumptions, providing a current assessment of the Project's development potential. The key similarities and differences between the PEA and the 2025 PEA are summarized below.

Unchanged from the 2025 PEA:

• A three-phase operation,

• Offsite and subsequent onsite processing,

• A primary conventional OP mine complemented by a high-grade UG mechanized cut and fill mine, and

• In-pit tailings deposition at Queensway.

1 Note Cash Cost and AISC are IFRS measures; see notes below for additional information regarding Cash Costs and AISC.

2 Debt facility available until May 15, 2027, subject to the satisfaction of certain conditions precedent (see New Found Gold press releases dated April 20, 2026 and May 19, 2026).

Revised from the 2025 PEA:

• Processing Phase 1 at the Company’s 100%-owned Off-site Mill, rather than at the idle third party-owned Nugget Pond mill (“Nugget Pond”),

• A full gravity-carbon-in-leach (“Gravity-CIL”) circuit at own Pine Cove mill, rather than the restart of Nugget Pond,

• Initial mining with a contractor, transitioning to owner mining, rather than solely owner mining,

• Incorporation of Appleton Fault Zone Peripheral area (“AFZ Peripheral”), including the new Dropkick Zone (“Dropkick”) and the Appleton Fault Zone Core area (“AFZ Core”) in the mine plan, rather than only the AFZ Core,

• An 86% increase of ounces in the mine plan in the UG, both to reduce excessive stripping requirements and as a result of a high-grade shoot delineated at Dropkick,

• The advancement of the UG in the mine plan from Phase 3 to Phase 2,

• The onsite processing plant (“Queensway Mill”) being built in two stages, rather than one,

• Constructing two parallel circuits at the Queensway Mill, a Gravity-CIL circuit to treat the high and mid-grade mineralized material and a gravity flotation circuit to treat low-grade and refractory material,

• An increase in the strip ratio from 6.0 to 6.5 as a result of the addition of geotechnical studies,

• In-pit tailings deposition through all phases of the Project, and

• Refinement of operational and capital estimates.