New Found Gold Delivers High-Grade Results from Iceberg Channel Sampling Program

• New Found Gold completed a comprehensive channel sampling program at the Iceberg excavation, returning exceptional results including 117 g/t Au over 2.16 m and 113 g/t Au over 2.99 m across 185 meters of continuous exposure.
• The excavation program successfully exposed broad zones of gold-bearing quartz veins over a 185-meter strike length, providing critical surface validation of the geological model for Phase I mining operations.
• Channel sampling results demonstrate continuity of at-surface, high-grade gold mineralization that correlates well with established geological and resource models at the Queensway Gold Project.
• The company is advancing multiple programs including a 70,000-meter drill program, infill drilling to convert inferred resources to indicated status, and ongoing excavation work at the Lotto zone.
• Results support the Phase I mine plan outlined in the Queensway Preliminary Economic Assessment released in July 2025, potentially reducing project risk through detailed surface mapping and sampling.

New Found Gold Corp. (TSX-V: NFG, NYSE-A: NFGC) is a Canadian gold exploration and development company focused on advancing its 100%-owned Queensway Gold Project in Newfoundland and Labrador. The company has established significant gold resources through systematic exploration and is progressing toward potential mining operations through detailed feasibility studies and resource validation programs.

Iceberg Excavation Program Delivers Exceptional Results

The recently completed channel sampling program at New Found Gold's Iceberg excavation has returned some of the most impressive gold grades reported by the company to date. The systematic sampling program covered 964 meters of channel samples across 45 channel lines, providing comprehensive coverage of the exposed mineralization.

The standout results include several intervals exceeding 100 grams per tonne gold, with the highest grade reaching 117 g/t Au over 2.16 meters. Additional significant intercepts include 113 g/t Au over 2.99 meters, 64.8 g/t Au over 6.71 meters, and 47.4 g/t Au over 7.36 meters. These results demonstrate the presence of coarse, high-grade gold mineralization across a substantial strike length.

"Our recently completed channel sampling program has further demonstrated the continuity of at-surface, high-grade gold mineralization across 185 m of continuous exposure at Iceberg, one of the zones we have targeted for Phase I custom milling in the Queensway Preliminary Economic Assessment." - Melissa Render, President of New Found Gold.

The excavation program exposed bedrock over a 220-meter by 105-meter area, removing 2.5 to 9 meters of overburden to access the underlying gold-bearing structures. This systematic approach has provided unprecedented access to surface expressions of the primary high-grade domain at Iceberg.

Technical Methodology & Data Quality

The channel sampling program employed rigorous technical standards designed to ensure reliable data for future resource estimates and mine planning. Sampling was conducted at 7.5-meter intervals across the exposed bedrock surface, with individual samples typically measuring 1.0 meter in length and adjusted to respect geological contacts.

The sampling methodology involved cutting precise channels 5 centimeters apart and 6-8 centimeters deep directly from bedrock surfaces. All samples underwent gold determination through photon assay or screened metallic analysis at ALS Thunder Bay, an ISO-17025 accredited laboratory.

Quality control measures included standards and blanks accounting for a minimum of 10% of samples, supplementing the laboratory's internal quality assurance programs. For samples exceeding 350 g/t Au, additional screened metallic analysis was performed to ensure accuracy of high-grade results.

The intervals represent widths ranging from 70% to 90% of true width, accounting for the moderately to steeply dipping nature of the host structures. This technical precision supports the integration of results into future mineral resource estimates and mine planning activities.

Resource Model Validation & Geological Understanding

The channel sampling results have provided important validation of New Found Gold's existing geological and resource models for the Iceberg zone. The systematic surface sampling has revealed grade variability patterns consistent with coarse free gold quartz vein systems while confirming the continuity of mineralization across the exposed area.

"The ability to map and channel sample this and other key zones at Queensway is an important step in derisking the Project. As in the drilling of Iceberg, channel sampling returned broad intervals of coarse, high-grade gold mineralization."

The Iceberg zone forms part of the larger Keats Baseline Fault Zone, a 2-kilometer-long deformation corridor that hosts both the Keats and Iceberg zones. This geological framework provides a systematic understanding of the controls on gold mineralization and supports continued exploration and development activities.

The correlation between channel sampling results and established models reduces uncertainty in resource estimation and supports confidence in areas designated for Phase I mining operations outlined in the company's Preliminary Economic Assessment released in July 2025.

Integration with Broader Development Strategy

The Iceberg channel sampling program represents one component of New Found Gold's comprehensive approach to advancing the Queensway Gold Project toward production. The results directly support the Phase I mine plan outlined in the company's Preliminary Economic Assessment, which identified Iceberg as a target zone for custom milling operations.

Current activities include a substantial 70,000-meter drill program commenced in May 2025, with approximately 80% focused on the AFZ Core area containing Iceberg and related zones. The remaining 20% targets exploration opportunities outside the current mineral resource estimate area.

Parallel excavation work continues at the Lotto zone, where 210 meters of strike length has been exposed through systematic excavation. Channel sampling at Lotto is nearing completion, with results expected to provide similar validation of geological models and resource estimates.

"We look forward to following up this work with detailed grade-control drilling to inform our geostatistical analysis and continuing our channel sampling program at the Lotto excavation."

Ongoing Technical Programs Supporting Development

New Found Gold has implemented multiple technical programs designed to advance the Queensway project through feasibility studies toward potential production decisions. Following completion of channel sampling at Keats and Iceberg, a tightly spaced 5-meter by 5-meter definition drilling program is ongoing at Keats and expected to commence at Iceberg in the coming weeks.

An infill drill program covering proposed PEA Phase I open pits aims to convert resources from inferred to indicated categories, with completion expected in Q4 2025. This resource classification upgrade represents a critical milestone for potential financing and development decisions.

Additional technical work includes geotechnical drilling of PEA Phase I pits, condemnation drilling for infrastructure and plant siting, and continued exploration at AFZ Peripheral near the Dropkick zone. Hydrogeological drilling has commenced and is expected to conclude in Q4 2025.

These integrated technical programs provide comprehensive data supporting mine planning, resource estimation, and environmental assessment activities required for potential development approvals and financing arrangements.

Market Context & Development Timeline

The exceptional grades reported from the Iceberg channel sampling program position New Found Gold among the higher-grade gold development projects currently advancing through feasibility studies. The systematic approach to surface validation through excavation and channel sampling provides a level of geological confidence typically not available to development-stage gold projects.

The integration of channel sampling results with ongoing drill programs and resource estimation work supports the company's progression toward updated resource estimates and feasibility studies. The focus on converting inferred resources to indicated categories through infill drilling addresses a key requirement for potential financing and development partnerships.

The Queensway project's location in Newfoundland and Labrador provides access to established mining infrastructure and regulatory frameworks supporting mineral development. The province's mining-friendly jurisdiction and proximity to processing facilities and transportation networks support the economic viability of potential mining operations.

For Investors

The Iceberg channel sampling results demonstrate New Found Gold's ability to validate high-grade gold mineralization through systematic technical programs, reducing geological risk for potential investors and development partners. The exceptional grades reported, including multiple intervals exceeding 100 g/t Au, position the Queensway project among the higher-grade gold development opportunities in established mining jurisdictions.

The company's integrated approach combining excavation, channel sampling, resource drilling, and feasibility studies provides multiple validation points for geological models and resource estimates. This systematic methodology supports confidence in resource classification upgrades and development planning activities.

Current market conditions for gold development projects favor assets with demonstrated high grades, established resources, and clear development pathways. New Found Gold's focus on converting inferred resources to indicated categories through systematic drilling programs addresses key requirements for potential financing and strategic partnerships.

The company's financial position and ability to fund ongoing technical programs through current market conditions will influence the timeline for completing feasibility studies and potential development decisions. Investors should monitor progress on resource classification upgrades, completion of feasibility studies, and potential strategic partnerships supporting project advancement.