New Found Gold Corp.  (TSX-V: NFG) (NYSE-A: NFGC) is pleased to announce that it has closed its previously-announced “bought deal” public offering of 6,250,000 flow-through common shares of the Company that will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) at a price of $8.00 per Flow-Through Share for aggregate gross proceeds of $50,000,000.

The Offering was completed pursuant to an underwriting agreement dated December 9, 2022, entered into among the Company and a syndicate of underwriters led by BMO Capital Markets and including Paradigm Capital Inc., Canaccord Genuity Corp., Laurentian Bank Securities Inc., National Bank Financial Inc. and Roth Canada, Inc. Mr. Eric Sprott participated in the Offering to maintain his 19.9% interest in the Company.

The gross proceeds of the Offering will be used by the Company to incur eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures” (as such terms are defined in the Income Tax Act (Canada)) related to the Company’s Queensway Project located in Newfoundland, Canada on or before December 31, 2023. All Qualifying Expenditures will be renounced in favour of the subscribers effective December 31, 2022.

Following completion of the Offering, the Company will have approximately $93.5M in cash and marketable securities.

The Flow-Through Shares were offered by way of a prospectus supplement in each of the Provinces and Territories of Canada, (other than the Province of Quebec), and were also offered by way of a U.S. prospectus supplement forming part of the Company’s registration statement on Form F-10 in the United States. Copies of the prospectus supplement and documents incorporated by reference therein are available electronically on SEDAR (www.sedar.com) and EDGAR (www.sec.gov) under New Found’s issuer profile.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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 400,000m drill program at Queensway, now approximately 79% complete.