New Found Gold Expands Queensway Program to Six Rigs as Discovery & Development Tracks Run Simultaneously

• New Found Gold is expanding its 2026 Queensway diamond drilling programme from four to six rigs in mid-June, broadening the total programme to 90,000 metres from its original development-only scope.
• The programme is split 55% toward project-focused work, including resource-conversion drilling in Phase 2 open pits and Phase 3 underground zones, grade control, geotechnical, and hydrogeological drilling, in support of the July 2025 Preliminary Economic Assessment (PEA) and a late-2027 first-ore target.
• The remaining 45% is allocated to discovery and growth, with 40,000 metres deployed across AFZ Core extensions, AFZ peripheral targets, including Dropkick Zone, and regional prospects, including Pauls Pond, Greenwood, and Gazeebow South, among other newly identified targets across the project.
• Deep drilling has confirmed the AFZ Core system is open below the current Mineral Resource Estimate to more than 1,000 metres, providing the technical basis for the expanded depth and step-out drilling objectives.
• The programme is fully funded at $44 million; 32,000 metres have been completed since January 2026, and approximately 8% of the 2025 drill results remain outstanding, alongside the planned filing of the Mineral Resource Estimate (MRE) Technical Report.

Company Overview

New Found Gold (TSXV: NFG | NYSE-A: NFGC) is an emerging Canadian gold producer advancing the 100%-owned Queensway project in Newfoundland and Labrador, Canada. The project covers 220,000 hectares with a strike extent of more than 110 kilometres along two prospective fault zones. New Found Gold also holds a 100% interest in the Hammerdown Gold Project, which includes the Hammerdown deposit and fully permitted milling and tailings facilities. Eric Sprott serves as a cornerstone investor.

Program Expansion Overview

The 2026 Queensway programme commenced in January with four diamond drill rigs focused on resource conversion drilling within the AFZ Core, primarily infill drilling of inferred resources. In mid-June, two additional rigs are being mobilised, bringing the total to six and expanding the programme scope to include 40,000 metres of targeted exploration drilling, district-scale surface exploration, and continued project-focused drilling. Of the full 90,000-metre programme, 32,000 metres had been completed at the time of the announcement.

President of New Found Gold, Melissa Render, is direct about what the expansion represents for the programme's ambition:

"We are excited to announce the expanded scope of the Program at Queensway, outlining a larger exploration program with an increased focus on discovery and resource growth. Two additional drill rigs are being mobilised to add to the four rigs active since January, marking the start of several targeted exploration drill campaigns."

Resource Conversion & Mine Plan Advancement

The project-focused component accounts for 55% of the 2026 programme and is directed toward converting inferred resources to indicated classification in Phase 2 open-pits and Phase 3 underground zones, as outlined in the Preliminary Economic Assessment (PEA) completed at Queensway in July 2025. Grade control drilling will increase confidence in gold distribution across the Phase 1 open-pits and support mine planning as the company advances toward first ore processed in late 2027. Geotechnical and hydrogeological drilling are also included within this component.

The 2025 Queensway programme covered 74,377 metres across 614 diamond drill holes, with approximately 75% directed at AFZ Core advancement for the Phase 1 mine plan and approximately 25% at exploration targets, including the Dropkick Zone. 

Render frames the sequencing plainly:

"Concurrently, our regional exploration team is looking to find the next deposit with the launch of an expansive trenching and drill campaign across multiple highly prospective targets throughout our extensive land package at Queensway. Since commencing in January, the Program has primarily focused on project-related drilling within the AFZ Core to support our development objectives as we advance Queensway toward first ore processed in late 2027, and now, we're focusing on discovery and resource growth."

Discovery & District-Scale Exploration Targets

The remaining 45% of the programme is directed at discovery and growth, deploying 40,000 metres of targeted exploration drilling across a defined set of AFZ Core extensions, AFZ peripheral targets, and regional prospects.

Within the AFZ Core, the programme will drill extensions of the mineralised corridor below and between the Keats, Iceberg, and Keats West zones, as well as the Golden Dome and Dome zones. AFZ peripheral drilling will target extensions of the Dropkick Zone immediately to the north, south, and east, along with new targets northward along the AFZ. Regional target drilling is planned at Pauls Pond, Greenwood, Gazeebow South, and other newly identified prospects across the project.

AFZ Depth & System Openness

Previous deep drilling confirmed the AFZ Core system remains open below the current mineral resource to more than 1,000 metres. 

Render puts the technical trigger for the expansion plainly:

"At the AFZ Core, previous deep drilling has confirmed the system is open below the current mineral resource to more than 1,000 metres. The Program will build on this success with the objective of further expanding the deposit at depth."

The expanded programme will pursue extensions of the mineralised corridor at depth as a direct follow-on to this confirmed result. Exploration drilling for depth extensions of the Keats, Iceberg, and Keats West zones is included within the discovery component.

Program Structure & Funding

The full 90,000-metre programme has a $44 million budget and is fully funded, enabling the concurrent execution of both development and discovery work. Since the programme commenced in January, 32,000 metres have been completed.

The Queensway project is 100% owned by New Found Gold and covers 220,000 hectares in Newfoundland and Labrador, with a strike extent of more than 110 kilometres along two prospective fault zones. The company also holds a 100% interest in the Hammerdown Gold Project, which includes the Hammerdown deposit and fully permitted milling and tailings facilities. Eric Sprott serves as a cornerstone investor.

Next Steps

Approximately 8% of the 2025 drill results remain outstanding and will be reported once available, along with channel sampling results from the Lotto excavation. The company has also planned to file an updated Technical Report incorporating an MRE. First ore processed at Queensway is targeted for late 2027.

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