New Found Gold Strengthens Leadership Team with High-Profile Appointments

• New Found Gold has appointed Dr. Andrew Furey, former Premier of Newfoundland and Labrador, as an independent director to strengthen governance oversight.
• The company named Hashim Ahmed as Chief Financial Officer, bringing 25 years of mining finance experience from Mandalay Resources and Barrick Gold.
• Robert Assabgui has been promoted from Study Manager to Chief Operating Officer, leveraging his extensive mining operations background.
• Management transitions include Vijay Mehta stepping down as director and Michael Kanevsky transitioning from his CFO role.
• These appointments position the company to advance its path to production with enhanced leadership capabilities across key operational areas.

New Found Gold Corp. (TSX-V: NFG, NYSE-A: NFGC) operates as a Canadian gold exploration and development company focused on advancing mining projects toward production. The company has been building its portfolio of gold assets while strengthening its organizational structure to support growth objectives. Based in Vancouver, British Columbia, New Found Gold trades on both the TSX Venture Exchange and NYSE American, providing investors with multiple avenues for participation in the company's development trajectory.

Strategic Board Enhancement

The appointment of Dr. Andrew Furey represents a significant addition to New Found Gold's governance structure. As former Premier of Newfoundland and Labrador, Dr. Furey brings substantial experience in government relations, policy development, and resource sector negotiations that could prove valuable as the company navigates regulatory requirements and stakeholder relationships.

Dr. Furey's track record includes leading major infrastructure initiatives during his tenure as Premier. He was responsible for generational projects related to Churchill Falls hydro-electrical development and successfully negotiated a rate mitigation agreement with the federal government valued at $5.2 billion. Additionally, he secured a $227 billion memorandum of understanding with Quebec province, demonstrating his capability in complex, high-value negotiations.

His experience extends beyond government service. Dr. Furey founded Team Broken Earth, a registered medical charity where he managed over 1,000 volunteers across multiple disciplines. This organizational leadership experience, combined with his medical background as an orthopedic surgeon, provides a unique perspective on operational management and stakeholder coordination.

Paul Andre Huet, Chairman, commented:

"It is with great pleasure I welcome Dr. Furey to the Board of Directors, Hashim Ahmed to the position of CFO and Robert Assabgui to the position of COO. As past Premier of NL, Dr. Furey brings a tremendous depth of knowledge and experience to the Company at a pivotal time, as we advance our path to production."

Financial Leadership Transition

The appointment of Hashim Ahmed as Chief Financial Officer marks a strategic enhancement to New Found Gold's financial management capabilities. Ahmed brings 25 years of experience in financial management, corporate strategy, organizational restructuring, and capital markets operations within the mining sector.

Ahmed's most recent role was Executive Vice President and CFO at Mandalay Resources Corp., where he served until the company's acquisition by Alkane Resources Ltd. This experience with acquisition processes and integration activities could prove valuable as New Found Gold evaluates growth opportunities and strategic alternatives.

His career progression includes CFO positions at Nova Royalty Corp. and Jaguar Mining Inc., providing him with diverse experience across different mining business models. Notably, Ahmed spent seven years at Barrick Gold Corp., one of the world's largest gold mining companies, where he held progressively senior positions in various finance functions. This included work with both Canadian operations and site finance teams in South America, giving him international operational exposure.

Ahmed's professional foundation includes obtaining his CA/CPA designation with PricewaterhouseCoopers LLP and subsequent advisory work with Ernst & Young LLP, establishing his credentials in financial reporting and corporate advisory services.

The transition involves Michael Kanevsky stepping down from his CFO role to assist with the handover process, ensuring continuity during the leadership change.

Operations Leadership Promotion

Robert Assabgui's promotion from Study Manager to Chief Operating Officer represents internal advancement within New Found Gold's existing team structure. Having joined the company as Study Manager in early 2025, Assabgui's promotion indicates strong performance and alignment with the company's operational objectives.

Assabgui's career began at Inco Ltd., which later became Vale Canada Ltd., where he progressed to Director of Mines with responsibility for six mines, the concentrator, and mines technical services department. This operational breadth provides him with comprehensive understanding of mining operations across multiple sites and functional areas.

His subsequent role as Vice President of Technical Services at Hudbay Minerals Inc., and later Vice President of the Manitoba Business Unit, involved significant operational transformation. Assabgui successfully positioned the business unit to transition Snow Lake operations into a primary gold producer, including refurbishment and startup of the New Britannia Gold Mill and closure of Flin Flon Operations. This experience with operational transitions and gold production optimization directly aligns with New Found Gold's development objectives.

Most recently, before joining New Found Gold, Assabgui served as Study Manager for Reunion Gold Corporation at the Oko West Project until its acquisition by G Mining Ventures Corp. in 2024. This experience with project development through acquisition provides additional perspective on value creation and strategic positioning.

Assabgui holds a Bachelor of Engineering degree in Mining and Mineral Engineering from McGill University, establishing his technical foundation in mining operations and project development.

Management Transition Context

The leadership changes occur alongside board composition adjustments, with Vijay Mehta stepping down as director effective immediately. While the press release does not specify reasons for Mehta's departure, such transitions are common as companies evolve their governance structure to align with changing strategic priorities.

Chairman Paul Andre Huet acknowledged the contributions of departing leadership:

"On behalf of the Board of Directors and New Found Gold's senior leadership team, I would also like to thank Vijay Mehta and Michael Kanevsky for their hard work and dedication to the Company over the past several years."

The coordinated timing of these appointments suggests strategic planning rather than reactive changes, with the company positioning itself for its next development phase.

Strategic Positioning Analysis

These appointments collectively strengthen New Found Gold's capabilities across critical functional areas. Dr. Furey's government relations experience could facilitate regulatory approvals and stakeholder engagement as the company advances toward production. His track record in securing significant financial agreements and managing complex negotiations may prove valuable in future financing or partnership discussions.

Ahmed's extensive mining finance background, particularly his experience with production-stage companies and capital markets activities, aligns with New Found Gold's stated path toward production. His involvement with company acquisitions and transitions provides relevant experience as the industry continues consolidation trends.

Assabgui's operational expertise and gold production experience address key capabilities needed for successful project development and eventual production operations. His experience with operational transformations and mill operations specifically supports New Found Gold's development objectives.

The combination of these skill sets suggests New Found Gold is building organizational capacity to execute on production development plans while maintaining strong governance oversight and financial management.

Industry Context & Implications

The appointments occur within a broader context of gold sector development activity and increased focus on operational execution capabilities. Companies advancing from exploration toward production typically require enhanced financial management, operational expertise, and stakeholder relationship capabilities.

Dr. Furey's government experience may prove particularly valuable given the regulatory environment surrounding mining development projects and the increasing importance of community and governmental stakeholder engagement in project advancement.

The timing of these appointments, described by Chairman Huet as occurring "at a pivotal time," suggests New Found Gold is positioning for significant development milestones or strategic activities in the near term.

Investment Considerations

For investors evaluating New Found Gold, these leadership appointments signal several key developments. The company appears to be transitioning from earlier-stage exploration toward development and production planning phases, evidenced by the appointment of executives with production operations experience.

The caliber of appointed individuals, particularly Dr. Furey's high-profile government background, suggests the company may be positioning for significant developments that require enhanced stakeholder management and regulatory navigation capabilities.

Ahmed's capital markets and corporate strategy experience indicates potential focus on financing activities or strategic alternatives evaluation, which could present both opportunities and considerations for existing shareholders.

The internal promotion of Assabgui suggests the company has been building operational capabilities and sees potential for advancement within the existing team structure, which may indicate positive project development momentum.

However, investors should consider that leadership transitions, while potentially positive for long-term development, may involve near-term integration challenges and require time for new executives to fully implement their strategic approaches.

Conclusion

New Found Gold's recent leadership appointments represent a strategic enhancement of organizational capabilities across governance, finance, and operations. The addition of Dr. Andrew Furey provides high-level government relations experience, while Hashim Ahmed brings proven mining finance expertise, and Robert Assabgui contributes operational development capabilities.

These appointments suggest New Found Gold is positioning for advancement toward production phases and may indicate upcoming developments requiring enhanced stakeholder management, financial planning, and operational execution capabilities. For investors, the quality and experience level of these appointments signals management's commitment to building organizational capacity for growth, though the ultimate success will depend on execution of the company's development strategy and broader market conditions affecting gold sector investments.

The coordinated nature of these appointments and their alignment with production advancement objectives provide a foundation for evaluating New Found Gold's strategic positioning and development trajectory in the evolving gold mining sector.