New Found Gold Becomes Canada's Newest Gold Producer With 4,863 Ounces From Hammerdown

• Hammerdown produced 4,863 ounces of gold in the third quarter of 2026 at an average recovery of 85%.
• New Found Gold sold 6,035 ounces at an average realized gold price of US$4,310 per ounce (C$6,033).
• Cash and cash equivalents were approximately C$167 million as of September 30, 2026, against C$70 million of debt.
• Hammerdown is targeting a life-of-mine run rate of 20,000 to 25,000 ounces of gold per year at an all-in sustaining cost of approximately US$2,500 per ounce.
• The company targets substantial completion of a permanent on-site crusher and sorter in the fourth quarter of 2026.

Company Overview

New Found Gold (TSX: NFGC | NYSE American: NFGC) is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The company holds a 100% interest in its fully funded flagship Queensway Gold Project and the Hammerdown Gold Project, which includes the Hammerdown deposit and the Pine Cove milling and tailings facilities. With commercial production now declared at Hammerdown, New Found Gold is advancing Queensway toward Phase 1 production, supported by a district-scale land package at Queensway covering more than 110 kilometers of strike across two fault zones and a shareholder base that includes Eric Sprott.

Hammerdown Production, Recovery & Realized Price

New Found Gold reported preliminary operational results for the three and nine months ended September 30, 2026, its first quarterly operating results since commercial production began at the 100%-owned Hammerdown Gold Mine on August 19, 2026. Hammerdown produced 4,863 ounces of gold in the third quarter at an average recovery of 85%. Sales of 6,035 ounces exceeded production for the quarter and were made at an average realized gold price of US$4,310 per ounce (C$6,033). Year to date, Hammerdown has produced 10,670 ounces and sold 10,879 ounces at an average realized gold price of US$4,445 per ounce (C$6,157), with average recovery of 84%.

Chief Executive Officer of New Found Gold, Keith Boyle, described the operating state of the mine and mill:

"Hammerdown and the Pine Cove Mill are performing well, exceeding several key production targets and resulting in steady-state production."

Mining & Processing Activity

Hammerdown mined 97,000 tons of ore in the third quarter, bringing the year-to-date total to 235,000 tons. Total material mined reached 1,293,000 tons for the quarter and 3,209,000 tons year to date, at a waste-to-ore strip ratio of 12.40 for the quarter and 12.63 year to date.

The Pine Cove Mill processed 66,000 tons in the third quarter and 189,000 tons year to date. Average grade processed was 2.76 grams per tonne of gold in the third quarter, compared with 2.15 grams per tonne year to date.

Balance Sheet & Debt Capacity

New Found Gold held cash and cash equivalents of approximately C$167 million as of September 30, 2026, down from C$194 million as of June 30, 2026. Debt stood at C$70 million at both dates, and a further C$35 million debt facility is available until May 15, 2027, subject to certain conditions precedent.

Run Rate Target & Queensway Focus

With commercial production declared, New Found Gold is targeting a life-of-mine run rate of 20,000 to 25,000 ounces of gold produced per year at an all-in sustaining cost (AISC) of approximately US$2,500 per ounce. Average realized gold price and AISC are not defined under International Financial Reporting Standards and may not be comparable with similar measures reported by other companies. The company plans to provide annual guidance for Hammerdown at a later date.

New Found Gold remains focused on advancing the fully funded Phase 1 of the Queensway Gold Project to production. Boyle pointed to the operating capability the company has added:

“More importantly for investors, in under a year, New Found Gold has built a successful operations team in central Newfoundland. We will now use the knowledge and experience gained from bringing Hammerdown into production and focus on advancing our fully funded flagship Queensway Gold Project to production.”

Next Steps

• Crusher & sorter: Construction of a permanent on-site crusher and sorter is progressing, with substantial completion targeted for the fourth quarter of 2026, followed by commissioning and ramp-up in the first quarter of 2027. The equipment is targeted to reduce crushing costs and allow higher-grade material to reach the mill.
• Drilling: Diamond drilling of the inferred mineral resource below the current stage 1 pit is being completed ahead of an updated mineral resource estimate targeted for 2027. Grade control drilling is ongoing in the open pit and is being modeled to refine grade control practices.
• Pine Cove conversion: New Found Gold plans to convert and expand Pine Cove from the current 700 tons per day flotation-leach-Merrill-Crowe circuit to a 1,400 tons per day gravity-carbon-in-leach circuit. The company has received the permit amendment for the conversion; it still needs to apply for the permit for the expansion to 1,400 tons per day, and the conversion is progressing on schedule and on budget, with completion targeted for the fourth quarter of 2027.
• Third-quarter results: Financial and operating results are scheduled for release after market close on November 11, 2026, followed by a conference call and webcast on November 12, 2026, at 9:00 a.m. Eastern Time.

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