New Found Gold Strengthens Board & Secures Major Funding as Exploration Activities Resume

• New Found Gold welcomed experienced mining executive Tamara Brown to its board of directors following the Annual General and Special Meeting held August 20, 2025.
• Shareholders approved Eric Sprott becoming a new "Control Person" through a C$20 million private placement of 12,269,939 common shares at C$1.63 per share.
• The company passed key resolutions including amendments to stock option and share unit plans, positioning for continued growth and employee incentivization.
• Exploration activities involving heavy equipment have resumed at the 100% owned Queensway Gold Project after temporary suspension due to regional forest fire risks.
• The private placement is expected to close by August 27, 2025, subject to final regulatory approvals from the TSX Venture Exchange and NYSE American.

New Found Gold Corp. (TSX-V: NFG, NYSE-A: NFGC) operates as a gold exploration company primarily focused on advancing its flagship Queensway Gold Project in Newfoundland and Labrador, Canada. The company has gained significant attention in the mining sector for its high-grade gold discoveries and strategic location in one of Canada's most prospective geological terrains. Recent corporate developments and operational updates signal important momentum for the Vancouver-based explorer as it continues to advance its asset base and strengthen its organizational capabilities.

The convergence of board enhancement, significant strategic investment, and resumed field operations represents a pivotal moment for New Found Gold, offering investors multiple catalysts for value creation in the near term.

Board Strengthening with Strategic Addition

New Found Gold's board composition received a significant upgrade with the appointment of Tamara Brown as a new director. The addition brings the total board membership to seven directors, including Paul Huet, Keith Boyle, William Hayden, Vijay Mehta, Melissa Render, Chad Williams, and now Brown.

Brown's appointment addresses a critical need for enhanced capital markets expertise and mining industry knowledge at the board level. Her background as both a mining executive and professional engineer provides dual perspectives that are particularly valuable for an exploration-stage company navigating complex technical challenges while simultaneously accessing capital markets for funding.

Paul Huet, Chairman of New Found, emphasized the strategic value of this appointment, stating:

‍"On behalf of the Board of Directors, I would like to welcome Tamara to New Found Gold. With her extensive capital markets experience and depth of knowledge of the mining industry as both a mining executive and a professional engineer, Tamara's addition to the Board continues to strengthen the team and the Company as a whole."

The timing of Brown's appointment coincides with the company's continued advancement of the Queensway project, suggesting management's recognition of the need for enhanced expertise as the project progresses through various development phases. For investors, this board strengthening signals management's commitment to governance excellence and strategic oversight during critical growth phases.

Eric Sprott Investment Signals Strong Institutional Confidence

The Annual General and Special Meeting delivered one of the most significant developments for New Found Gold with shareholders approving Eric Sprott's emergence as a new "Control Person" under TSX Venture Exchange policies. This designation stems from Sprott's participation in a substantial C$20 million private placement that demonstrates exceptional confidence from one of the mining sector's most respected investors.

The private placement structure involves the issuance of up to 12,269,939 common shares at C$1.63 per share. This pricing mechanism and participation level reflects sophisticated institutional assessment of New Found Gold's current valuation and future prospects. The transaction is expected to close by August 27, 2025, pending final regulatory approvals from both the TSX Venture Exchange and NYSE American.

Sprott's involvement carries particular significance given his track record in identifying undervalued precious metals opportunities and his systematic approach to resource sector investments. His willingness to achieve "Control Person" status indicates a long-term commitment that extends beyond typical institutional participation levels.

For investors analyzing this development, several factors merit consideration. The C$1.63 per share pricing provides insight into sophisticated investor valuation metrics, while the C$20 million proceeds strengthen New Found Gold's financial position for advancing exploration programs and corporate development initiatives.

Annual Meeting Results & Corporate Governance

The Annual General and Special Meeting addressed multiple governance and operational matters that collectively enhance New Found Gold's organizational framework. Shareholders demonstrated strong support for management's strategic direction by approving all presented resolutions with requisite majorities.

Key approved measures included fixing the board composition at seven directors, a structure that balances diverse expertise with operational efficiency. The appointment of KPMG LLP as the company's auditor reinforces commitment to financial transparency and regulatory compliance, particularly important for a dual-listed entity operating across Canadian and U.S. markets.

The meeting approved amendments to the company's "10% rolling" stock option plan and the "5% rolling" share unit plan. These equity compensation structures provide management with enhanced tools for talent retention and performance incentivization, critical elements for exploration companies competing for specialized technical expertise.

The comprehensive nature of these approvals indicates strong shareholder alignment with management's strategic vision and operational approach. For investors, this consensus suggests reduced execution risk and enhanced probability of successful strategy implementation.

Operational Momentum with Exploration Activity Resumption

New Found Gold's operational capabilities received a significant boost with the resumption of heavy equipment exploration activities at the Queensway Gold Project. The restart follows a reduction in the Fire Weather Index in the project area, allowing the company to resume drilling, mulching, and excavating operations that had been suspended as a precautionary measure against regional forest fire risks.

The temporary suspension, announced in New Found Gold's August 13, 2025 news release, demonstrated responsible operational management and environmental stewardship. However, the extended pause highlighted the project's exposure to seasonal and environmental variables that could impact exploration timelines and cost structures.

The resumption of activities enables New Found Gold to advance multiple exploration objectives across the 100% owned Queensway project. The timing proves particularly advantageous given the approaching optimal exploration season in Newfoundland and Labrador, when weather conditions typically support intensive field operations.

For investors evaluating operational risk factors, the fire weather suspension and subsequent resumption illustrates both vulnerability to external factors and management's commitment to responsible operations. The company's ability to quickly restart activities upon improved conditions demonstrates operational flexibility and readiness.

Financial Positioning & Capital Allocation Strategy

The pending C$20 million private placement significantly enhances New Found Gold's financial capacity for advancing the Queensway project and pursuing strategic opportunities. This capital injection provides substantial runway for exploration activities while reducing near-term financing pressures that often constrain junior mining companies.

The involvement of Eric Sprott as lead investor brings additional strategic value beyond capital provision. Sprott's network and industry relationships often facilitate access to additional funding sources, strategic partnerships, and technical expertise that can accelerate project development timelines.

The C$1.63 per share pricing represents a premium to recent trading levels, indicating institutional confidence in the company's prospects and management execution capabilities. This pricing dynamic suggests sophisticated investors view current market valuations as attractive relative to underlying asset values and development potential.

Queensway Project Strategic Significance

The Queensway Gold Project represents New Found Gold's primary value driver, with the 100% ownership structure providing maximum exposure to any discoveries or resource expansion. The project's location in Newfoundland and Labrador positions it within one of Canada's most geologically prospective regions for gold exploration.

The restart of heavy equipment operations enables advancement of multiple exploration programs that could drive near-term catalyst events for investors. The ability to conduct year-round exploration activities, weather permitting, provides operational advantages compared to projects in more seasonally constrained jurisdictions.

The project's infrastructure accessibility and regulatory environment in Canada provide additional strategic advantages for eventual development scenarios. These factors collectively reduce development risk and enhance the probability of successful project advancement through various phases.

Competitive Landscape

New Found Gold's dual listing on the TSX Venture Exchange and NYSE American provides access to both Canadian and U.S. investor bases, enhancing liquidity and market visibility. This positioning proves particularly valuable for attracting institutional investors focused on North American resource opportunities.

The company's focus on high-grade gold exploration aligns with current market preferences for quality assets in stable jurisdictions. The Newfoundland and Labrador location provides exposure to a region experiencing renewed exploration interest and potential for significant discoveries.

Investment Considerations & Risk Assessment

Investors evaluating New Found Gold must consider multiple factors influencing near-term and long-term prospects. The Eric Sprott investment provides significant validation and financial strength, while the board enhancement and operational resumption create multiple potential catalysts.

Key risk factors include the inherent uncertainties of exploration activities, potential environmental and seasonal constraints, and market volatility affecting junior mining valuations. However, the strong financial position and strategic investor support provide buffers against many common junior mining risks.

The company's 100% ownership of Queensway eliminates joint venture complications while providing maximum exposure to exploration success. This structure appeals to investors seeking direct exposure to discovery potential without dilution from partner arrangements.

For Investors

New Found Gold presents a compelling investment opportunity characterized by strategic investor validation, enhanced governance, operational momentum, and significant financial capacity. The convergence of Eric Sprott's C$20 million investment, experienced board additions, and resumed exploration activities creates multiple catalysts for value creation.

The company's focus on the high-grade Queensway Gold Project in a stable Canadian jurisdiction, combined with strong financial positioning and strategic investor support, addresses many traditional concerns associated with junior mining investments. The operational restart and approaching optimal exploration season provide near-term opportunities for meaningful developments.

For investors seeking exposure to gold exploration with reduced financing risk and strong strategic backing, New Found Gold offers an attractive risk-adjusted opportunity with multiple potential catalysts over the coming months. The company's enhanced organizational capabilities and operational momentum position it well to capitalize on market opportunities and advance its core asset toward potential development scenarios.