New Found Gold Corp. (TSX-V: NFG) (NYSE-A: NFGC) is pleased to announce initiation of work towards a maiden resource estimate and preliminary economic assessment for the Queensway Project, which comprises a 1,756 km² area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

Highlights:

• The Company has engaged SLR Consulting to deliver a maiden resource estimate and PEA, with an anticipated completion date of Q2 2025. The appointment of SLR to deliver a maiden resource and PEA is an important milestone for the Project as it will provide the first assessment of mineral inventory and project economics, including cash flows, NPV, IRR, and payback period.
• SLR, including its Mining Advisory Group (formerly Roscoe Postle Associates Inc.), is a leader in Mineral Resource estimation and mining project advisory with extensive experience in estimating gold mineralized systems with recent involvement with projects on the island of Newfoundland, including producing mineral resource estimates, mining studies and National Instrument 43-101 technical reports. SLR’s mining advisory services include geological, mining, metallurgical, tailings, and environmental consulting.
• The goals of the resource estimate and PEA are to identify possible project development scenarios and demonstrate the financial potential for the Project. In addition, the PEA will define work programs that will allow the Company to advance the Project.

Ron Hampton, Chief Development Officer of New Found, stated: “We are excited to initiate this study work that will be invaluable to defining our strategic development pathway. We believe the resource estimate and PEA is an important step in understanding the value potential of the Project and will provide the Company with a clear path forward to continue advancing Queensway.”

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 November 6, 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 $35 million as of November 2024.

Please see the Company’s website at www.newfoundgold.ca and the Company’s SEDAR+ profile at www.sedarplus.ca.