New Found Gold Corp. (TSX-V: NFG) (NYSE-A: NFGC) is pleased to announce the sale of non-convertible senior secured notes of Maritime Resources Corp. held by the Company for gross proceeds of US$2,000,000 (approximately CAD$2,778,000).

Keith Boyle, CEO of New Found Gold, commented “We have recently announced the completion of a robust initial mineral resource estimate on our 100% owned Queensway Gold Project. A fully funded preliminary economic assessment is underway, with completion scheduled for Q2/25. With the new team’s focus squarely on advancing Queensway, this is an excellent time to monetize the Notes and add to our treasury without dilution to shareholders.”

On August 14, 2023, the Company participated in a brokered note offering completed by Maritime consisting of the issuance of the Notes and common share purchase warrants. The Notes were issued at a 2.0% original issue discount on the principal amount of the Notes for a gross investment of US$1,960,000 (CAD$2,638,500). The Company has received a total of approximately CAD$500,000 of interest income on the Notes. For additional information see the Company’s Audited Financial Statements for the year ended December 31, 2024 filed on the Company’s profile on SEDAR+ and EDGAR on March 21, 2025.

The issuance of the Notes included a 40% warrant coverage, resulting in the Company receiving 15,324,571 Warrants. Each Warrant is exercisable into one common share of Maritime at a price of $0.07 per Warrant Share until August 14, 2025. At the option of Maritime, the expiry of the Warrants may be extended until August 14, 2026. In the event Maritime extends the expiry of the Warrants, Maritime shall pay to the Company an extension fee equal to 3% of the aggregate principal amount of the Notes then issued and outstanding and accrued and unpaid interest thereon. The Company continues to hold the Warrants.

About New Found Gold

New Found Gold holds a 100% interest in Queensway, located in Newfoundland and Labrador, a Tier 1 jurisdiction with excellent infrastructure and a skilled local workforce.

The Company has completed an initial mineral resource estimate at Queensway (see New Found Gold news release dated March 24, 2025). A fully funded preliminary economic assessment is underway, with completion scheduled for late Q2/25.

Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential of the 175,600 hectare project that covers a 110 km strike extent along two prospective fault zones.

New Found Gold has a new management team in place, a solid shareholder base, which includes an 19% holding by Eric Sprott, and is focused on growth and value creation at Queensway.