New Found Gold Reports High-Grade Gold Intersections at Dome Zone with Resource Expansion Potential

• New Found Gold reported high-grade gold mineralization at the Dome zone with 10.4 g/t Au over 20.50m and 7.47 g/t Au over 13.40m, demonstrating resource expansion potential below the preliminary economic assessment pit shell
• The company completed 11,187 meters of drilling across 79 diamond drill holes during Q3/25 as part of an infill and exploration program at the AFZ Core area
• Lotto and Lotto North zones yielded strong infill results including 40.6 g/t Au over 2.80m and 33.8 g/t Au over 2.05m, consistent with past drilling focused on resource conversion
• The 2025 drilling program is over 70% complete with approximately 80% focused on the AFZ Core area and 20% on exploration targets outside the mineral resource estimate area
• New Found Gold plans to incorporate all 2025 drill results into a Queensway mineral resource update scheduled for the first half of 2026

New Found Gold Corp. has announced new drill results from its ongoing 2025 drill program at the 100%-owned Queensway Gold Project in Newfoundland and Labrador, Canada, with high-grade intersections at the Dome zone demonstrating resource expansion potential below the current preliminary economic assessment pit design. New Found Gold is a well-financed advanced-stage exploration company focused on the Queensway project, a Tier 1 jurisdiction asset with excellent infrastructure and a skilled local workforce, that completed a preliminary economic assessment in July 2025 and maintains approximately 23.1% ownership by Eric Sprott. The latest drilling results reveal substantial gold mineralization across multiple zones within the AFZ Core area, providing investors with evidence of the project's continued exploration success and district-scale potential along a strike extent exceeding 110 kilometers. For investors examining New Found Gold, these results indicate the company is systematically advancing the Queensway project through resource conversion drilling while simultaneously expanding the footprint of known mineralization, positioning the asset for a comprehensive resource update in early 2026.

Dome Zone Step-Out Program Reveals High-Grade Mineralization at Depth

The Dome zone delivered the most significant results from the Q3 drilling program, with step-out drilling intersecting high-grade gold mineralization over broad widths approximately 100 meters below the current extent of the preliminary economic assessment open pit. The company reported two standout intersections: 10.4 g/t Au over 20.50 meters in drill hole NFGC-25-2299 and 7.47 g/t Au over 13.40 meters in drill hole NFGC-25-2265. These intersections are part of a newly identified high-grade domain that extends 130 meters down dip from the current resource envelope.

Dome is located immediately south of Lotto and east of the Appleton Fault Zone within the AFZ Core area. The zone is characterized by the east-northeast trending Dome fault, which shares a similar orientation to the Keats-Baseline Fault Zone that controls mineralization in the Keats and Iceberg zones. The Dome fault hosts high-grade gold quartz veining starting at surface, though the zone has historically seen limited drill testing below 150 meters vertical depth.

Melissa Render, President of New Found Gold, stated: "These new results from our Dome step-out program, where we have hit high-grade gold mineralization over broad widths, demonstrate the potential for resource expansion within the footprint of the PEA mine plan in the AFZ Core at Queensway."

The current Dome preliminary economic assessment open pit extends to only 38 meters deep based on the initial mineral resource estimate released in March 2025. With the newly identified high-grade veining extending 130 meters down dip and only limited drilling along strike and at depth, the Dome zone presents clear expansion potential. The company indicated this area will be assessed for inclusion in the next mineral resource estimate update, with additional drilling planned for 2026 to focus on expanding the zone at depth.

The 2025 drilling at Dome and the nearby Golden Dome zone has largely focused on lower-grade domains peripheral to the main high-grade corridor. The results conform well to the existing block model and will be incorporated into the next mineral resource estimate update scheduled for the first half of 2026.

Lotto & Lotto North Infill Programs Progress Toward Resource Conversion

The infill drilling programs at Lotto and Lotto North zones focused on converting inferred category mineral resources to the indicated category for inclusion in the preliminary economic assessment mine plan. The Lotto zone yielded multiple high-grade intersections including 40.6 g/t Au over 2.80 meters, 30.5 g/t Au over 2.05 meters, and 12.3 g/t Au over 2.25 meters. At Lotto North, the company reported 33.8 g/t Au over 2.05 meters, 8.26 g/t Au over 4.40 meters, and 13.5 g/t Au over 2.55 meters.

Render noted: "The infill results from Lotto and Lotto North reported today focus on resource conversion and are consistent with past results. All results from the 2025 drill program will be incorporated into a Queensway mineral resource update currently scheduled for H1/26."

The objective of the 2025 infill drilling at both zones was to systematically convert inferred category mineral resources to the indicated category, a critical step in advancing the technical confidence of the resource base. Infill drilling of inferred category material for the Phase 1 open pit design is now complete at both Lotto and Lotto North, while approximately 80% of the Phase 2 open pit design infill program has been completed.

The company's 2026 program will include drilling focused on converting the remaining inferred material to the indicated category, including underground mining panels outlined in the preliminary economic assessment. This systematic approach to resource conversion demonstrates methodical advancement of the Queensway project through de-risking stages, providing investors with enhanced confidence in the mineral resource estimate that will underpin future feasibility studies.

Q3 Drilling Program Advances Multiple Technical Objectives

New Found Gold completed 11,187 meters of drilling across 79 diamond drill holes during the third quarter of 2025 as part of an integrated infill and exploration program at the AFZ Core area. The drilling program encompasses multiple technical objectives beyond resource expansion and conversion, including geotechnical drilling of preliminary economic assessment Phase 1 pits, condemnation drilling for infrastructure and plant siting, and hydrogeological drilling.

The 70,000-meter 2025 Queensway drill program commenced in May 2025 and is over 70% complete, remaining on track to finish all proposed drilling by year end. Approximately 80% of the drilling has focused on the AFZ Core area, with the remaining 20% focused on exploration targets outside the mineral resource estimate area. Exploration drilling continues at AFZ Peripheral in the vicinity of the Dropkick zone, suggesting the company maintains an active exploration approach alongside its resource definition work.

Beyond the drilling program, New Found Gold is conducting an excavation program to excavate, map and channel sample near-surface zones of the AFZ Core. The objective is to validate the geological model and collect detailed analytical information across key zones that will be part of the preliminary economic assessment Phase 1 mine plan. Excavation, mapping and channel sampling of the Lotto zone is now complete, having uncovered a 210-meter long by 70-meter area. Results from this work will be released once available.

The company has completed channel sampling at Keats and Iceberg zones and is now conducting a 5-meter by 5-meter definition drilling program covering a 65-meter by 30-meter area at Keats. A similar definition drilling program covering a 60-meter by 45-meter area is expected to commence at Iceberg in late Q4 2025. These programs provide detailed subsurface data that enhance geological understanding and reduce technical uncertainty ahead of future mine development studies.

Queensway Project Context & Development Timeline

The Queensway Gold Project is a 100%-owned asset located in Newfoundland and Labrador, positioned in a Tier 1 jurisdiction with established mining infrastructure and access to a skilled local workforce. The project covers a strike extent exceeding 110 kilometers along two prospective fault zones, with recent drilling continuing to yield new discoveries along strike and down dip of known gold zones.

New Found Gold completed a preliminary economic assessment for Queensway in July 2025, marking a significant milestone in the project's advancement toward potential development. The preliminary economic assessment outlined a phased development approach with Phase 1 and Phase 2 open pit designs, along with underground mining panels that provide a framework for future resource conversion drilling.

In recent months, the company has taken steps to consolidate its land position in Newfoundland and Labrador. On September 5, 2025, New Found Gold announced it had entered into a definitive agreement with Maritime Resources Corp. to acquire all outstanding shares it does not already own. Three days later, on September 8, 2025, the company announced it had entered into a Property Purchase Agreement with Exploits Discovery Corp. that would provide New Found Gold with a 100% interest in certain mineral claims held by Exploits. These claims adjoin Queensway and would increase the size of the project by up to 33%, to a total of 234,050 hectares.

The company maintains a solid shareholder base including approximately 23.1% ownership by Eric Sprott, a prominent mining investor. New Found Gold has positioned itself as a well-financed advanced-stage exploration company with new management in place focused on growth and value creation.

Technical Quality & Geological Interpretation

The drilling program employs rigorous quality assurance and quality control protocols consistent with industry best practices. All drilling recovers HQ core, with core size potentially reduced to NQ at depth for deep holes. The drill core is split in half using a diamond saw or hydraulic splitter, with one half kept as a witness sample and the other half submitted for analysis.

New Found Gold has submitted samples for gold determination by PhotonAssay to ALS Canada Ltd. since February 2024. Drill core samples are shipped to ALS for sample preparation in Thunder Bay, Ontario, with gold analysis performed using photon assay methodology. The entire sample is crushed to approximately 70% passing 2 millimeter mesh, then riffle split and transferred into jars for analysis. For samples with visible gold identified, the entire crushed sample is riffle split and weighed into multiple jars that are submitted for photon assay, with assays from all jars combined on a weight-averaged basis.

The company's quality control program includes standards and blanks accounting for a minimum of 10% of samples in addition to the laboratory's internal quality assurance programs. Quality control data are evaluated upon receipt from laboratories for failures, with appropriate action taken if assay results for standards and blanks fall outside allowed tolerances. The program also includes submission of the second half of core for approximately 2% of drilled intervals, with approximately 1% of sample pulps for mineralized samples submitted for re-analysis to a second ISO-accredited laboratory for check assays.

The host structures are interpreted to be moderately to steeply dipping, with infill veining in secondary structures with multiple orientations crosscutting the primary host structures commonly observed in drill core. This structural complexity could result in additional uncertainty in true width calculations. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2 meters with a maximum of 4 meters consecutive dilution when above 200 meters vertical depth and 2 meters consecutive dilution when below 200 meters vertical depth.

Investment Implications for Queensway Gold Project Development

The Q3 2025 drilling results provide investors with multiple data points regarding the ongoing advancement of the Queensway Gold Project. The high-grade intersections at Dome below the current preliminary economic assessment pit shell demonstrate resource expansion potential within the existing mine plan footprint, potentially enhancing project economics without requiring expansion of the surface footprint or infrastructure requirements.

The systematic conversion of inferred resources to indicated resources at Lotto and Lotto North represents methodical de-risking of the resource base, a process that typically enhances confidence in future feasibility studies and mine planning. The completion of Phase 1 infill drilling at both zones and approximately 80% completion of Phase 2 infill drilling suggests the company is on schedule to deliver a comprehensive resource update in the first half of 2026.

The integration of multiple technical programs including geotechnical drilling, condemnation drilling for infrastructure, hydrogeological drilling, excavation mapping, channel sampling, and definition drilling indicates New Found Gold is conducting the technical work necessary to advance beyond the preliminary economic assessment stage. These programs provide essential baseline data for future permitting, detailed engineering, and mine planning activities.

The consolidation of land position through agreements with Maritime Resources Corp. and Exploits Discovery Corp. reflects a strategy to control prospective ground along the regional structural corridors that host known mineralization. The potential 33% increase in project size to 234,050 hectares provides additional exploration upside beyond the current mineral resource estimate area.

New Found Gold's financial position as a well-financed company with approximately 23.1% ownership by Eric Sprott provides capital market credibility and suggests the company has the resources to complete its planned technical programs. The scheduled mineral resource update in the first half of 2026 will provide investors with a comprehensive view of how the 2025 drilling programs have impacted the project's resource inventory.

Conclusion

New Found Gold's Q3 2025 drilling results at the Queensway Gold Project demonstrate continued exploration success with high-grade gold intersections at Dome revealing resource expansion potential below the current preliminary economic assessment pit design, while systematic infill drilling at Lotto and Lotto North advances resource conversion from inferred to indicated categories. The company has completed 11,187 meters of drilling across 79 diamond drill holes during the quarter as part of a comprehensive 70,000-meter program that is over 70% complete and on track for year-end completion. For investors examining New Found Gold, the integration of resource expansion drilling, systematic infill programs, geotechnical studies, and surface mapping work indicates methodical advancement of the Queensway project through technical de-risking stages, with all 2025 drilling results scheduled for incorporation into a mineral resource update in the first half of 2026 that will provide a comprehensive assessment of the project's evolving resource inventory and development potential.