New Found Gold Appoints Former Newfoundland Premier Andrew Furey to Board in Strategic Leadership Expansion

• Former Newfoundland Premier Dr. Andrew Furey joins New Found Gold's board, bringing crucial political connections and regulatory expertise to guide operations in the province
• Hashim Ahmed appointed as CFO with proven experience from Mandalay Resources and Jaguar Mining to manage production-phase financial requirements and C$155 million Phase 1 funding
• Rob Assabgui promoted to COO from study manager, leveraging decades of mining engineering experience including successful Lalor mine development at Hudbay Minerals
• Leadership expansion follows Maritime Resources acquisition that provides Hammerdown production (50,000 oz/year starting 2026) and processing infrastructure to de-risk Queensway development
• Enhanced executive team reduces political, operational, and financial risks while building capabilities to achieve target of 200,000+ ounces annual production through combined assets

New Found Gold Corp. has announced a series of strategic leadership appointments that signal the company's evolution from exploration-focused developer to emerging producer. The headline appointment sees Dr. Andrew Furey, former Premier of Newfoundland and Labrador, joining the company's board of directors, bringing significant political connections and regional expertise to guide the company's Newfoundland-focused operations.

The leadership expansion comes on the heels of New Found Gold's C$292 million acquisition of Maritime Resources, which transformed the company's profile by adding near-term production through the Hammerdown Gold Project. CEO Keith Boyle described the timing as strategic:

"On the back of the acquisition of Maritime Resources, and being a Newfoundland focused company, we're really happy to announce that Andrew Furey is joining our board. For us that's a huge thing. We're really strengthening our board, really making a statement that we're here to stay."

Strategic Board Appointment: Andrew Furey Brings Political Capital

The appointment of Dr. Andrew Furey represents a significant coup for New Found Gold, adding substantial political and regional expertise to the company's governance structure. Furey served as Premier of Newfoundland and Labrador until his resignation earlier in 2025, bringing deep understanding of provincial politics, regulatory frameworks, and community relations.

Boyle recounted the recruitment story:

"I had started in January and as we're looking at how to build out the team, Andrew announced his resignation as Premier. I was at PDAC when he gave a short talk and the minute he jumped off the stage I went right to him and said, 'now that you're out of a job I've got one for you.'"

Furey's medical background combined with his political experience provides New Found Gold with unique advantages in navigating regulatory processes and community engagement. As Boyle noted:

"The political world and all those connections really do help a business. And that oversight, making sure that we advance in the right way, that's gold."

The appointment signals New Found Gold's commitment to maintaining strong relationships with provincial stakeholders as the company advances both the near-term Hammerdown production and longer-term Queensway development. Furey's deep understanding of Newfoundland's needs and priorities positions the company to align its operations with provincial economic development objectives.

Interview with Chief Executive Officer, Keith Boyle

Key Executive Appointments: Building Operational Capabilities

Beyond the board appointment, New Found Gold has made two critical operational hires that demonstrate the company's transition toward production and operational excellence.

New CFO: Hashim Ahmed

New Found Gold has appointed Hashim Ahmed as Chief Financial Officer, bringing extensive experience from successful gold operations. Ahmed previously served as CFO at Mandalay Resources, which was recently acquired by Alkane Resources, and held the same position at Jaguar Mining prior to that role.

Ahmed's appointment addresses New Found Gold's need for experienced financial leadership as the company prepares for significant capital deployment. With Queensway's Phase 1 development requiring C$155 million in capital and ongoing cash flow management from Hammerdown operations, Ahmed's experience with operating gold companies provides crucial expertise.

His background with Mandalay Resources is particularly relevant, given that company's experience managing multiple international gold operations and navigating complex financing requirements. The timing of his availability, following Mandalay's acquisition, provides New Found Gold with proven financial leadership during its critical growth phase.

COO Promotion: Robert Assabgui

Robert Assabgui has been promoted from study manager to Chief Operating Officer, recognizing his extensive mining engineering experience and operational track record. Assabgui brings decades of experience in mine development and operations, including recent success as Vice President of Manitoba Division for Hudbay Minerals, where he oversaw the successful development and production ramp-up of the Lalor mine.

Boyle emphasized the long-term relationship and proven capabilities:

"Rob has decades of experience. We worked together more than 20 years ago. Since then, one of his last sites was vice president of the Manitoba division for Hudbay that brought Lalor into production. He's a good operator, good builder, really rounding out our team."

The promotion reflects New Found Gold's need for operational leadership as both Hammerdown and Queensway advance toward production. Assabgui's experience bringing mines into production provides crucial expertise for managing the technical and operational challenges of transitioning from development to operation.

Maritime Resources Acquisition Context: Building the Foundation

These leadership appointments build upon New Found Gold's transformative acquisition of Maritime Resources, which created the foundation requiring enhanced operational capabilities. The strategic rationale behind the Maritime deal, as outlined by CEO Keith Boyle, demonstrates why the enhanced leadership team is essential for executing this complex combination.

Strategic Combination Rationale

The Maritime acquisition represents what Boyle described as "greater than the sum of its parts" due to genuine operational synergies. As he explained: "There are these synergies between the two - Maritime's got a nice little gold mine operation coming into production later this year and that gold production will help fund phase one of the Queensway project which we've announced in our preliminary economic assessment earlier this summer."

The timing proved optimal as New Found Gold's extensive Queensway project requires C$155 million for Phase 1 development. Boyle noted the financial contribution:

"Somewhere in the $70 million mark. Agood equity contribution. For me it was looking at that and with cash flow, you have easier access to debt markets."

Processing Infrastructure De-Risking

The acquisition secured critical processing infrastructure that was assumed but not guaranteed in Queensway's preliminary economic assessment. Boyle emphasized the risk mitigation:

"It also de-risks the access to a processing facility. We had assumed in the preliminary economic assessment for Queensway that we would be toll milling that phase one material."

Maritime's assets include two processing facilities: the Pine Cove Mill with nominal capacity of 1,300 tonnes per day and the Nugget Pond hydrometallurgical plant. Importantly, Hammerdown currently utilizes only 700 tonnes per day of Pine Cove's capacity, leaving 600 tonnes per day available for Queensway material. As Boyle noted: "So we've got room to grow there."

Immediate Production Platform

The Hammerdown Gold Project provides immediate cash generation starting in early 2026, with proven and probable reserves of 272,000 ounces at 4.46 g/t gold grade generating approximately 50,000 ounces annually over a five to six-year mine life. The development team has successfully restarted the Pine Cove Mill and advanced mine development, demonstrating execution capabilities.

Boyle emphasized the operational synergies:

"They've got a development team that basically built and restarted a mill, and is now developing a small open pit mine. I go over to Queensway and I say, we have to refurbish, maybe add to a mill and develop a small mine in about 18 months. So, the overlap is fantastic."

Exploration Upside Opportunity

Beyond immediate production, the Maritime acquisition provides significant exploration potential that has been constrained by capital limitations. Boyle explained the opportunity: "Over the last five years has been really hard for them to raise the money and do that exploration that's warranted on such a great package."

With New Found Gold's proven exploration team led by Melissa Render now responsible for both properties, the company can pursue aggressive exploration campaigns. Boyle outlined the strategy:

"Our objective is to not just rest on our laurels, but to continue an aggressive exploration campaign for one, the growth at Maritime, but two, we're still looking for that game changer at Queensway."

Path to Institutional Scale

The combination creates a clear pathway to institutional-scale production. Boyle articulated the target: "With a bit of exploration success, you add that to, as the feasibility put out there, 50,000 ounces a year, we're now cracking the 200,000-ounce mark. And that's the objective, that's the potential that we see in bringing this combination together."

This production target represents a significant re-rating catalyst, as companies achieving 200,000+ ounces annually typically command higher valuation multiples and attract institutional investor interest. The enhanced leadership team now provides the expertise needed to execute this ambitious growth strategy across multiple assets and development phases.

The Investment Thesis for New Found Gold

• Enhanced Political Capital: Dr. Andrew Furey's board appointment provides unparalleled access to Newfoundland's political networks and regulatory decision-makers, reducing political risk and potentially accelerating permit approvals while strengthening community relations across the province.
• Proven Operational Leadership: The appointment of Hashim Ahmed as CFO (ex-Mandalay Resources/Jaguar Mining) and promotion of Robert Assabgui to COO (successful Lalor mine developer at Hudbay) creates an experienced operational team capable of managing the transition from developer to producer.
• Production Growth Trajectory: Clear path to 200,000+ ounces annual production through Hammerdown (50,000 oz starting 2026) plus Queensway Phase 1 (69,300 oz from 2027) with exploration upside, positioning for institutional re-rating at this production threshold.
• Self-Funding Development Model: Hammerdown's projected cash flow directly funds Queensway's C$155 million Phase 1 development, minimizing equity dilution while providing easier access to debt markets through demonstrated cash generation.
• Operational Infrastructure Control: Maritime acquisition secured ownership of Pine Cove Mill (1,300 tpd capacity) and Nugget Pond hydrometallurgical plant, de-risking Queensway's toll-milling assumptions while providing operational control and cost certainty.
• District-Scale Exploration Potential: Queensway's 110-kilometer mineralized trend represents exceptional discovery potential with current resources covering less than 4% of strike extent, while proven exploration team gains access to Maritime's underexplored land package.
• Tier 1 Jurisdiction Advantage: Both assets operate in Newfoundland and Labrador, consistently ranked as top 10 global mining jurisdiction with excellent infrastructure, skilled workforce, and mining-positive government policies reducing operational risks.
• Risk Mitigation Through Leadership: Enhanced executive team collectively addresses political risk (Furey's connections), operational risk (proven operational leaders), and financial risk (experienced CFO), improving investment case for debt and equity investors.

New Found Gold's strategic leadership appointments represent the final pieces in building a management team capable of executing on the company's transformation from developer to significant Canadian gold producer. The combination of political capital through Furey, operational excellence through Ahmed and Assabgui, and the foundation provided by the Maritime acquisition creates a compelling investment proposition.

The timing of these appointments coincides perfectly with the company's transition phase, as Hammerdown prepares for production while Queensway advances toward development. The enhanced leadership team reduces execution risks typically associated with this critical transition while providing the expertise needed to capitalize on district-scale exploration opportunities.

Most importantly, the appointments position New Found Gold to achieve its target of becoming a 200,000+ ounce annual producer, a threshold that typically attracts institutional investor interest and commands higher valuation multiples. With strong political connections, proven operational leadership, and significant growth potential across two complementary assets in a Tier 1 jurisdiction, the company is well-positioned for sustained value creation.

TL;DR

New Found Gold has strategically strengthened its leadership team with the appointment of former Newfoundland Premier Dr. Andrew Furey to the board, bringing crucial political connections and regional expertise to guide operations. The company also appointed experienced CFO Hashim Ahmed (ex-Mandalay Resources) and promoted Robert Assabgui to COO, creating an operational leadership team capable of managing the transition from developer to producer. These appointments build on the Maritime Resources acquisition that provides near-term production (50,000 oz/year from Hammerdown starting 2026) while positioning the company to advance Queensway toward its target of 200,000+ ounces annual production. The enhanced team reduces political, operational, and financial risks while providing the expertise needed to execute on New Found Gold's district-scale growth potential in Tier 1 jurisdiction Newfoundland.