New Found Gold Extends High-Grade Gold Results to the Lotto Zone at Queensway

• Channel sampling at the Lotto excavation returned 23.7 grams per tonne (g/t) gold over 15.88 metres (m), with further intervals of 3.38 g/t over 9.07 m, 2.17 g/t over 16.36 m and 3.22 g/t over 12.83 m.
• Underground infill drilling returned 43.5 g/t gold over 4.75 m from 298.45 m downhole and 22.3 g/t gold over 3.60 m from 282.10 m downhole.
• The results cover 729 m of channel samples across 57 lines and seven diamond drill holes totalling 1,928 m, all conforming with the existing mineral resource estimate (MRE) block model.
• The Lotto excavation exposed a network of gold-bearing quartz veins over a 210 m strike length beneath 2.5 to 9 m of overburden.
• New Found Gold plans additional infill drilling at Lotto in the second half of 2026 and will file an updated technical report, including a new MRE, in the same period.

Company Overview

New Found Gold (TSXV: NFG | 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 milling and tailings facilities at Pine Cove. New Found Gold is targeting commercial gold production at Hammerdown in the second half of 2026 while advancing Queensway toward Phase 1 production, supported by a district-scale land package at Queensway covering more than 110 kilometres of strike across two fault zones and a shareholder base that includes Eric Sprott.

Lotto Excavation & Channel Sampling

The Lotto zone sits approximately 1.6 kilometres (km) north of the Keats and Iceberg zones in the core area of the Appleton Fault Zone. In 2025, shallow overburden was excavated to expose mineralised bedrock over a 210 by 70 metres (m) area, uncovering a network of gold-bearing quartz veins over a 210 m strike length beneath 2.5 to 9 m of overburden. Detailed mapping and channel sampling followed, covering 729 m of channel samples collected from 57 lines spaced at 7.5 m and completed in the second half of 2025.

Channel highlights include 23.7 grams per tonne (g/t) gold over 15.88 m, 3.38 g/t gold over 9.07 m, 2.17 g/t gold over 16.36 m, and 3.22 g/t gold over 12.83 m. Sampling at 7.5 m spacing provided detailed data on gold grade variability across the top of the zone, which is expected to feed future mineral resource estimate (MRE) work. The results validated the modelling of the mineralised trends and key veins, which are not expected to significantly affect the future MRE, and exposed secondary veins that may offer opportunities for further testing.

President of New Found Gold, Melissa Render, is direct about the outcome:

"I am pleased to report that both channel sampling and drilling at Lotto have returned high grades over good widths, consistent with the MRE block model."

Underground Infill Drilling

Seven diamond drill holes totalling 1,928 m were completed at Lotto and reported in this release. Highlights include 43.5 g/t gold over 4.75 m from 298.45 m downhole and 22.3 g/t gold over 3.60 m from 282.10 m downhole. The drilling formed part of a broader geotechnical programme targeting the Phase 2 open pit and Phase 3 underground, as defined in the preliminary economic assessment (PEA).

The holes also served as infill to support the conversion of open-pit and underground areas in the block model from inferred to indicated categories. The results conform with the initial MRE block model, with the localised variability characteristic of a coarse, free-gold quartz vein system, and will be incorporated into the next MRE update. Additional infill drilling is required to complete the conversion programme at Lotto.

Queensway Drill Programme

The 2025 Queensway drill programme comprised 74,377 m of drilling across 614 diamond drill holes, with approximately 75% focused on the core area of the Appleton Fault Zone to advance the Phase 1 mine plan and 25% directed at exploration targets such as Dropkick. Approximately 6% of the 2025 drilling results remain outstanding and will be reported once available.

In June 2026, the company announced an expanded 2026 work programme of 90,000 m of drilling focused on discovery and resource growth. Approximately 40,100 m have been completed in 284 diamond drill holes to date.

Next Steps

Additional infill drilling at Lotto to complete the conversion programme is planned for the second half of 2026. New Found Gold will file an updated technical report for Queensway later in the second half of 2026, incorporating an updated MRE. The company continues to advance Queensway toward Phase 1 production while targeting commercial gold production at Hammerdown in the second half of 2026.

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