New Found Gold Corp.

Technical Report

The PEA and MRE replace the Company's previous studies completed in 2025 (the "2025 PEA" and the "Initial MRE", respectively). 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.

A technical report pertaining to the PEA and MRE (the "Technical Report") prepared by Qualified Persons ("QPs") in accordance with the requirements of National Instrument 43-101 ("NI 43-101") will be filed on the Company's website, under its SEDAR+ profile and on EDGAR (www.sec.gov/edgar) within 45 days of this press release.

The basis for the PEA and the qualifications and assumptions made by the QPs who undertook the PEA are set out in this news release.

The LOM production targets are based on approximately 82% measured and indicated resources and 19% inferred resources; Phase 1 production targets are based on approximately 97% measured and indicated resources and 3% inferred resources. The inferred resources are predominantly scheduled in the latter stages of the mine-life and have had mining factors applied. There is a lower level of geological confidence associated with inferred resources and there is no certainty that further exploration work will result in the determination of indicated resources, or that production metrics itself will be realised. The Company is currently conducting infill drilling focused on the conversion of inferred resources to indicated.

Readers are cautioned that the conclusions, projections and estimates set out in this press release are subject to important qualifications, assumptions and exclusions, all of which will be detailed in the Technical Report. To fully understand the summary information set out in this press release, the Technical Report should be read in its entirety.