New Found Gold Confirms AFZ Core Continuity & Intersects New Mineralisation at Depth at Queensway

• New Found Gold completed 22,796 metres of drilling across 201 diamond drill holes in 2025, representing the final Phase 1 open-pit infill results from Keats West, Iceberg, and Keats zones at Queensway.
• Infill drilling confirmed gold mineralisation continuity, with Keats West returning 9.51 grams per tonne (g/t) gold over 19.85 metres, Iceberg delivering 8.40 g/t gold over 12.45 metres, and Keats intersecting 36.1 g/t gold over 2.00 metres.
• Below-pit drilling identified two prospective areas for 2026 follow-up: 9.15 g/t gold over 7.15 metres below Keats pit and 14.1 g/t gold over 2.40 metres below Iceberg pit.
• The 2025 programme totalled 74,377 metres across 614 diamond drill holes, with approximately 75% focused on the Appleton Fault Zone (AFZ) Core area and 25% on exploration targets such as the Dropkick zone, with approximately 6% of results still outstanding.
• The 2026 drill programme is underway with four active rigs targeting Phase 2 resource conversion, with an updated technical report including an updated mineral resource expected in the second half of 2026.

Company Overview

New Found Gold Corp. (TSXV: NFG | NYSE-A: NFGC) is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The Company holds a 100% interest in the Queensway Gold Project and the Hammerdown Gold Project, which includes the Hammerdown deposit and fully permitted milling and tailings facilities. In July 2025, the Company completed a preliminary economic assessment at Queensway. The Company is focused on advancing Queensway to production and bringing Hammerdown into commercial gold production. 

Infill Drilling Validates Block Model at Phase 1 Pits

New Found Gold reported final Phase 1 open-pit infill drilling results from the Keats West, Iceberg, and Keats zones on its 100%-owned Queensway Gold Project in Newfoundland and Labrador, Canada. The 2025 programme delivered 22,796 metres across 201 diamond drill holes (DDH), comprising 2,380 metres in 29 DDH at Keats West, 1,371 metres in 12 DDH at Iceberg, and 3,226 metres in 29 DDH at Keats. Infill drilling targeted mineral resource conversion from the inferred to the indicated category within Phase 1 open pits, as outlined in the preliminary economic assessment (PEA) released on July 21, 2025, with some holes also testing portions of Phase 2 open pits.

The infill drill results align well with the initial mineral resource estimate (MRE) released on March 24, 2025 block model and will be incorporated into the next mineral resource update. Keats West drilling returned standout intercepts, including 9.51 grams per tonne (g/t) gold over 19.85 metres, 3.50 g/t gold over 20.45 metres, and 2.56 g/t gold over 20.40 metres. Iceberg drilling delivered 8.40 g/t gold over 12.45 metres and 5.59 g/t gold over 12.00 metres. Keats zone drilling returned 36.1 g/t gold over 2.00 metres, whilst Keats South intersected 12.5 g/t gold over 2.95 metres.

Below-Pit Drilling Identifies Two Areas for 2026 Follow-Up

The 2025 programme also targeted proposed crown pillars directly below planned Phase 2 Keats and Iceberg open pits, totalling 2,640 metres in 12 DDH. Two areas of significant mineralisation were identified. Below the northern extent of the Keats pit in proximity to a Phase 3 underground panel, drilling returned 9.15 g/t gold over 7.15 metres, including 69.48 g/t gold over 0.75 metres. Below the central portion of the Iceberg pit, drilling intersected 14.1 g/t gold over 2.40 metres, including 22.19 g/t gold over 1.50 metres. These two areas are currently being evaluated for follow-up testing as part of the 2026 drill programme. 

President of New Found Gold, Melissa Render, stated:

These final Queensway Phase 1 Keats West, Iceberg and Keats open-pit infill results continue to demonstrate the continuity of gold mineralisation in the block model and mine plan. In addition, step-out drilling below the Phase 2 Iceberg and Keats open pits returned high gold grades over broad widths, demonstrating the potential to add to the resource base proximal to the AFZ Core. These new mineralised intercepts will be followed up on as part of our 2026 programme.”

Pre-Development Data Collection Supports Site Development

The Company completed pre-development work comprising condemnation drilling for proposed site infrastructure totalling 9,435 metres in 87 DDH, geotechnical drilling of 2,610 metres in 20 DDH, and hydrogeological drilling of 1,134 metres in 12 DDH. This work provided critical information to support ongoing engineering studies for site development in advance of mining. Condemnation drilling was successful in confirming the absence of mineralisation beneath key sites planned for infrastructure, whilst the geotechnical and hydrogeological drilling programmes provided feasibility-level data to support Phase 1 open pit design.

Next Steps

The 2025 Queensway drill programme included 74,377 metres of drilling in 614 DDH, with approximately 75% of the drilling focused on the Appleton Fault Zone (AFZ) Core area to support advancement of the Phase 1 mine plan as outlined in the Company's PEA and 25% focused on exploration targets such as the Dropkick zone. To date, approximately 6% of the results from 2025 drilling remain outstanding, as well as channel sampling results from the Lotto excavation. These results will be reported once available.

The 2026 Queensway drill programme is underway, with four drill rigs currently active as announced on January 21, 2026. Initial 2026 infill drilling is targeting PEA Phase 2 open pit resource conversion and will transition later in the year to PEA Phase 3 underground resource conversion. The Company plans to expand its grade control drilling beginning later in the second quarter of 2026. The next phase of work will leverage results from the 2025 programme to optimise drill hole spacing and programme scope, as detailed in press releases dated March 1, 2026, February 2, 2026, and December 1, 2025.

Grade control work will include completing drilling started in 2025 at the Iceberg excavation, commencing drilling at the Lotto excavation, and potentially expanding work at the Keats and Iceberg excavations to improve confidence in gold mineralisation distribution and support Phase 1 mine planning. Exploration drilling will target AFZ Core resource expansion at the Bullseye prospect immediately northeast of the AFZ Core, continued step-out drilling at Dropkick 11 kilometres north of the AFZ Core, and targeted segments at AFZ Peripheral. A regional programme testing advanced targets at Queensway South is expected to commence in the second half of 2026, when the Company also plans to file an updated technical report including an updated mineral resource.

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