New Found Gold Expands Dropkick Zone to 1.4 Kilometres Strike & 300 Metres Vertical Depth

• New Found Gold reported final results from 6,145 metres in 20 diamond drill holes (DDH) completed in Fourth Quarter 2025 at the Dropkick Zone, located 11 kilometres north of the Appleton Fault Zone (AFZ) Core at the Queensway Gold Project in Newfoundland and Labrador.
• Drilling extended the high-grade domain west of the AFZ from surface to a vertical depth of 285 metres over a strike length of approximately 85 metres, with mineralisation intersected at vertical depths up to 300 metres.
• Step-out drilling expanded mineralisation associated with the Dropkick fault zone from 815 metres to over 1,400 metres along strike; the zone remains open along strike and to depth.
• High-grade intercepts west of the AFZ included 24.76 grams per tonne (g/t) gold over 14.00 metres from 324.00 metres and 13.39 g/t gold over 8.10 metres from 368.15 metres.
• Drilling is planned to resume at Dropkick in late Second Quarter 2026; the company plans to file an updated Technical Report for Queensway, including an updated mineral resource estimate (MRE), in the second half of 2026.

Company Overview

New Found Gold (TSXV: NFG | NYSE American: NFGC) is an emerging Canadian gold producer with assets in Newfoundland and Labrador. 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. The company completed a preliminary economic assessment (PEA) at Queensway in July 2025. 

Fourth Quarter 2025 Drilling Confirms Expansion Across 1.4 Kilometres Strike

New Found Gold reported final results from its 2025 drilling programme at the Dropkick Zone, located in the Appleton Fault Zone (AFZ) Peripheral area, approximately 11 kilometres north of the AFZ Core at the 100%-owned Queensway Gold Project in Newfoundland and Labrador. The company completed 6,145 metres in 20 diamond drill holes (DDH) during Fourth Quarter 2025 as part of an exploration programme targeting step-out extensions of the high-grade gold domain discovered in late 2024.

The 2025 programme totalled 11,919 metres in 39 DDH, adding to the initial 4,624 metres in 14 DDH completed in 2024 at Dropkick. Results from the 2024 and 2025 drilling were received after the cut-off for the initial mineral resource estimate (MRE) announced on March 24, 2025 and are not included in that estimate. The company stated that results from Dropkick will be included in an MRE update planned for the second half of 2026.

The majority of gold mineralisation discovered to date at Dropkick is located west of the AFZ. Drilling in 2025 extended the high-grade domain from surface to a vertical depth of 285 metres over a strike length of approximately 85 metres, with mineralisation intersected at vertical depths up to 300 metres. Step-out drilling completed in Fourth Quarter 2025 on the northern extent expanded mineralisation associated with the Dropkick fault zone from 815 metres to over 1,400 metres along strike. The zone remains open along strike and to depth.

President of New Found Gold, Melissa Render, stated the results demonstrate expansion both west and east of the AFZ.

"These recent drill results continue to expand Dropkick both west and east of the AFZ, with the high-grade domain west of the AFZ demonstrating excellent continuity. Dropkick remains open along strike and to depth; with our 2025 drilling, we have now expanded this zone over a 1.4 kilometres strike extent and from surface to a vertical depth of 300 metres. We look forward to resuming drilling at Dropkick later this year and bringing this high-grade discovery into our next mineral resource estimate."

High-Grade Intercepts Confirm Continuity at Southwestern Domain

Continued step-out drilling targeting the high-grade domain west of the AFZ confirmed continuity at depth. Intercepts included 24.76 grams per tonne (g/t) gold over 14.00 metres from 324.00 metres, including 120.96 g/t gold over 2.65 metres from 334.80 metres, and 13.39 g/t gold over 8.10 metres from 368.15 metres, including 60.15 g/t gold over 1.10 metres from 373.00 metres and 49.47 g/t gold over 0.55 metres from 374.80 metres. 

These intercepts occur within the deeper extents of the Dropkick high-grade domain at the southwestern portion of the Dropkick fault zone. The host structures are interpreted to be moderately to steeply dipping, with infill veining in secondary structures crosscutting the primary host structures, commonly observed in drill cores.

Composite intervals reported carry a minimum weighted average of 1 g/t gold diluted over a minimum core length of 2 metres, with a maximum of 4 metres consecutive dilution when above 200 metres vertical depth and 2 metres consecutive dilution when below 200 metres vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t gold. Grades have not been capped in the averaging, and intervals are reported as drill thickness.

Eastern Domain Drilling Highlights Structural Continuity Across AFZ

Limited drilling has been completed to date on the eastern side of the AFZ at Dropkick. This area is of interest as it occupies the same structural domain that hosts the Keats and Iceberg zones to the south at AFZ Core.

In late 2025, continued drilling across the AFZ into the eastern portion of Dropkick intersected 6.75 g/t gold over 18.35 metres from 282.60 metres, including 29.87 g/t gold over 1.75 metres from 290.75 metres and 19.78 g/t gold over 1.75 metres from 294.25 metres. This intercept is located just over 100 metres from a previously released interval of 5.30 g/t gold over 15.20 metres and approximately 940 metres from a previously released interval of 7.2 g/t gold over 10.50 metres.

The intercepts east of the AFZ highlight the strength of the mineralising system along this segment of the AFZ, according to the company.

2025 Queensway Programme Totalled 74,377 Metres Across 614 DDH

The 2025 Queensway drill programme included 74,377 metres of drilling in 614 DDH, with approximately 75% of the drilling focused on the 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 Dropkick.

To date, approximately 35% 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, according to the company.

What to Watch Next

Drilling is planned to resume at Dropkick in late Second Quarter 2026, focusing on expansion at the southern extent before transitioning to targeted and reconnaissance drilling across the eastern domain. The company is also advancing target development further north along the AFZ in recently acquired ground.

The 2026 Queensway drill programme is underway with four drill rigs currently active. Initial 2026 infill drilling targets the PEA Phase 2 open-pit resource conversion, transitioning later in the year to the PEA Phase 3 underground resource conversion. The company plans to expand grade control drilling beginning in the second quarter of 2026, leveraging results from the 2025 programme to optimise drill hole spacing and scope at the Iceberg, Lotto, and Keats excavations to improve confidence in gold mineralisation distribution and support mine planning for PEA Phase 1 open pits.

Exploration drilling will focus on AFZ Core resource expansion, including a grid-based programme at Bullseye, continued step-outs at Dropkick and targeted segments at AFZ Peripheral. A regional drilling programme testing advanced targets at Queensway South is expected to commence in the second half of 2026. The company plans to file an updated Technical Report for Queensway, including an updated MRE, in the second half of 2026.

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