New Found Gold Corp. (TSX-V: NFG) (NYSE: NFGC)  is pleased to announce new drill results from the Company’s ongoing 2025 drill program on its 100%-owned Queensway Gold Project in Newfoundland and Labrador, Canada.

Highlights include:

• Dome zone step-out program:
  • 10.4 g/t Au¹ over 20.50 m² (NFGC-25-2299)
  • 7.47 g/t Au over 13.40 m (NFGC-25-2265)

• Lotto zone open pit infill program:
  • 40.6 g/t Au over 2.80 m (NFGC-25-2268)
  • 30.5 g/t Au over 2.05 m (NFGC-25-2263)
  • 12.3 g/t Au over 2.25 m (NFGC-25-2305)

• Lotto North zone open pit infill program:
  • 33.8 g/t Au over 2.05 m (NFGC-25-2292)
  • 8.26 g/t Au over 4.40 m (NFGC-25-2331)
  • 13.5 g/t Au over 2.55 m (NFGC-25-2298)

Melissa Render, President of New Found Gold, stated: “These new results from our Dome step-out program, where we have hit high-grade gold mineralization over broad widths, demonstrate the potential for resource expansion within the footprint of the PEA mine plan in the AFZ Core at Queensway. The infill results from Lotto and Lotto North reported today focus on resource conversion and are consistent with past results. All results from the 2025 drill program will be incorporated into a Queensway mineral resource update currently scheduled for H1/26.”

Results Summary

This news release includes results from 11,187 m of drilling in 79 diamond drill holes completed in Q3/25 as part of an infill and exploration program at AFZ Core (Tables 1 to 3). The results reported herein include step-out drilling at Dome targeting new high-grade mineralization discovered in Q4/25 at depth below the Preliminary Economic Assessment pit shell (see the New Found Gold news releases dated February 24, 2025 and April 29, 2025), as well as infill drilling of the Lotto and Lotto North PEA pit shell (Figure 1). The objective of the Lotto and Lotto North drilling is to convert inferred mineral resources to the indicated category included in the Phase 1 Queensway PEA mine plan (see the New Found Gold news release dated July 21, 2025).

Drill highlights, along with details from all 76 DDH in this news release are included in Tables 1 to 3 below.

Figure 1: 3D plan view of the AFZ Core area.

Dome

Dome is located immediately south of Lotto and east of the Appleton Fault Zone (Figure 1) within the AFZ Core. This zone is characterized by the east-northeast trending Dome fault, with a similar orientation to the Keats-Baseline Fault Zone that controls mineralization in the Keats and Iceberg zones. The Dome fault hosts high-grade gold quartz veining starting at surface. This zone has seen limited drill testing below 150 m vertical depth.

The 2025 drilling reported in this news release includes 10.4 g/t Au over 20.50 m (NFGC-25-2299) and 7.47 g/t Au over 13.40 m (NFGC-25-2265) and forms part of a newly identified high-grade domain starting approximately 100 m below the current extent of the Dome PEA open pit, which is currently 38 m deep based on the initial mineral resource estimate (see the New Found Gold news release dated March 24, 2025 and Figure 2).

This region of newly identified high-grade veining extends for 130 m down dip. With only limited drilling along strike and at depth, the depth extension of Dome has clear expansion potential. This area will be assessed for inclusion in the next MRE update and additional drilling in 2026 will focus on expanding this zone to depth.

The 2025 drilling at Dome and the nearby Golden Dome zone is largely focused on lower grade domains peripheral to the main high-grade corridor as reflected by the results reported. The results conform well to the existing block model and will be incorporated into the next MRE update.

Figure 2: Inclined plan 3D view Dome, Lotto and Lotto North zones (looking southwest).

Lotto and Lotto North

The objective of 2025 infill drilling at Lotto and Lotto North was to convert inferred category mineral resources to the indicated category. Infill drilling of inferred category material to convert to indicated category in these zones is complete for the Phase 1 open pit design and approximately 80% complete for the Phase 2 open pit design. The 2026 program will include drilling focused on converting the remaining inferred material to the indicated category, including underground mining panels outlined in the PEA.

Looking Ahead

The 70,000 m 2025 Queensway drill program commenced in May 2025, with approximately 80% of the drilling focused on the AFZ Core area and the remaining 20% focused on exploration targets outside the MRE area. The 2025 Queensway drill program is over 70% complete and is on track to finish all proposed drilling by the end of the year.

Infill drilling covering the PEA Phase 1 open pits, with the objective of converting resources from inferred to indicated, is ongoing and expected to be completed in Q4/25. Additional ongoing drilling at Queensway includes geotechnical drilling of PEA Phase 1 pits, condemnation drilling for infrastructure and plant siting and hydrogeological drilling, which has commenced and is expected to conclude in Q4/25.

Exploration drilling continues at AFZ Peripheral in the vicinity of the Dropkick zone.

In addition to the 2025 drill program, an excavation program is underway to excavate, map and channel sample near-surface zones of the AFZ Core, with the objective of validating the geological model and collecting detailed analytical information across key zones that will be part of the PEA Phase 1 mine plan. Excavation, mapping and channel sampling of the Lotto zone is now complete. The excavation has uncovered a 210 m long by 70 m area; results from this work will be released once they are available.

With channel sampling at Keats and Iceberg complete (see the New Found Gold news releases dated September 23, 2024 and December 2, 2024 and September 25, 2025), a 5 m by 5 m definition drilling program covering a 65 m by 30 m area is ongoing at Keats and a 5 m by 5 m definition drilling program covering a 60 m by 45 m area expected to commence at Iceberg in late Q4/25.

Table 1: Drill Result Highlights.

DOME

LOTTO and LOTTO NORTH

Note that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2 m with a maximum of 4m consecutive dilution when above 200 m vertical depth and 2 m consecutive dilution when below 200 m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness. Details of all 76 drill holes are included in Table 2 and Table 3 below.

Table 2: Summary of composite drill hole results reported in this news release for Dome, Lotto and Lotto North.

LOTTO

DOME

Note that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2 m with a maximum of 4 m consecutive dilution when above 200 m vertical depth and 2 m consecutive dilution when below 200 m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness.

Table 3: Details of drill holes reported in this news release.

Sampling, Sub-sampling, and Laboratory

All drilling recovers HQ core. For deep holes, the core size may be reduced to NQ at depth. The drill core is split in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core.

A geologist examines the drill core and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 meter and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades.

Technicians saw the core along the defined cutting line. One-half of the core is kept as a witness sample and the other half is submitted for analysis. Individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents.

New Found Gold has submitted samples for gold determination by PhotonAssay™ to ALS Canada Ltd. (“ALS”) since February 2024. ALS operates under a commercial contract with New Found Gold.

Drill core samples are shipped to ALS for sample preparation in Thunder Bay, Ontario. ALS does not currently have accreditation for the PhotonAssay™ method at their Thunder Bay, ON laboratory. They do however have ISO/IEC 17025 (2017) accreditation for gamma ray analysis of samples for gold at their Australian labs with this method, including the Canning Vale lab in Perth, WA.

Samples submitted to ALS beginning in February 2024, received gold analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The sample is then riffle split and transferred into jars. For “routine” samples that do not have VG identified and are not within a mineralized zone, one (300-500g) jar is analyzed by photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay.

For samples that have VG identified, the entire crushed sample is riffle split and weighed into multiple jars that are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.

Select samples prepared at ALS are also analyzed for a multi-element ICP package (ALS method code ME-ICP61) at ALS Vancouver.

Drill program design, Quality Assurance/Quality Control, and interpretation of results are performed by qualified persons employing a rigorous Quality Assurance/Quality Control program consistent with industry best practices. Standards and blanks account for a minimum of 10% of the samples in addition to the laboratory’s internal quality assurance programs.

Quality Control data are evaluated on receipt from the laboratories for failures. Appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. All results stated have passed New Found Gold’s quality control protocols.

New Found Gold’s quality control program also includes submission of the second half of the core for approximately 2% of the drilled intervals. In addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second ISO-accredited laboratory for check assays.

The Company does not recognize any factors of drilling, sampling, or recovery that could materially affect the accuracy or reliability of the assay data disclosed.

The assay data disclosed in this press release have been verified by the Company’s Qualified Person against the original assay certificates.

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, P. Geo., President, and a Qualified Person as defined under National Instrument 43-101. Ms. Render consents to the publication of this press release, by New Found Gold. Ms. Render 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 Gold is a well-financed advanced-stage exploration company that 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 a PEA at Queensway (see New Found Gold news release dated July 21, 2025).

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

On September 5, 2025 the Company announced it had entered into a definitive agreement with Maritime Resources Corp. to acquire all of the outstanding and issued shares that it does not already own (see news release dated September 5, 2025). On September 8, 2025, the Company announced it had entered into a Property Purchase Agreement with Exploits Discover Corp. that would provide New Found Gold with a 100% interest in certain mineral claims in Newfoundland and Labrador held by Exploits (the “Claims”) (see news release dated September 8, 2025). The Claims adjoin New Found Gold’s Queensway and would increase the size of the Project by up to 33%, to a total of 234,050 hectares.

New Found Gold has a new management team in place, a solid shareholder base, which includes an approximately 23.1% holding by Eric Sprott, and is focused on growth and value creation.