New Found Gold Corp. (TSX-V: NFG) (NYSE-A: NFGC) is pleased to announce that further to its press release dated July 30, 2024, the Company has elected to purchase the remaining royalty on its Golden Bullet property from three arm’s length royalty holders. As announced on July 30, 2024, New Found purchased 0.6% of the Vendors’ 1.6% net smelter returns royalty on the Company’s Golden Bullet property and had the right to purchase the remaining 1% net smelter returns royalty from the Vendors. The Company has now elected to purchase the Remaining Royalty for aggregate cash consideration of $1,000,000. The Golden Bullet property covers a key target area on the Company’s Queensway Project including the extension of Keats South, as well as the TCH, Knob, Bullet, Rocket, Grouse and Quarry zones (Figure 1).

Collin Kettell, Chairman and CEO of New Found, stated: “Today’s royalty purchase marks an important milestone in the advancement of the Queensway Project. New Found finds itself in a rare and strong position with a minimal outstanding royalty burden, ranging from 0%-0.4%, covering key zones along the Appleton North corridor. Golden Bullet encompasses the recent discovery of deep mineralization at Keats South, as well as several other notable zones along a 5km segment of the Appleton Fault.”

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Greg Matheson, P. Geo., Chief Operating Officer, and a Qualified Person as defined under National Instrument 43-101. Mr. Matheson consents to the publication of this press release dated October 15, 2024, by New Found. Mr. Matheson certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold Corp.

New Found holds a 100% interest in the Queensway Project, located 15km west of Gander, Newfoundland and Labrador, and just 18km from Gander International Airport. The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high voltage electric power lines running through the project area, and easy access to a highly skilled workforce. The Company is currently undertaking a 650,000m drill program at Queensway and is well funded for this program with cash and marketable securities of approximately $41 million as of October 2024.