Mr. Keith Boyle reports

NEW FOUND GOLD CLOSES BOUGHT DEAL FINANCING INCLUDING FULL EXERCISE OF UNDERWRITERS' OVER-ALLOTMENT OPTION FOR GROSS PROCEEDS OF $115M

New Found Gold Corp. has closed its previously announced bought deal public offering of 38.87 million common shares of the company at a price of $2.96 per common share, including the exercise, in full, of the underwriters' (as defined below) overallotment option of 5.07 million common shares at the offering price per common share, for aggregate gross proceeds of $115,055,200.

The offering was completed pursuant to an underwriting agreement, dated April 22, 2026, entered into among the company, and a syndicate of underwriters led by BMO Capital Markets and SCP Resource Finance LP, and including Canaccord Genuity Corp., National Bank Financial Inc., Paradigm Capital Inc., Roth Canada, Inc., ATB Cormark Capital Markets, Beacon Securities Ltd., CIBC Capital Markets, Desjardins Capital Markets and Stifel Canada.

Both EdgePoint Investment Group Inc. and Eric Sprott participated in the offering with co-lead orders. Mr. Sprott has maintained his approximately 19-per-cent shareholdings.

In connection with the closing of the offering, the company paid to the underwriters a cash fee in the aggregate amount of $5,160,441, representing: (i) 5.25 per cent of the gross proceeds of the offering, other than the gross proceeds raised from certain sales pursuant to a president's list; and (ii) 1.0 per cent of the gross proceeds raised from president's list sales. BMO Capital Markets, SCP Resource Finance LP, Canaccord Genuity, National Bank Financial, Paradigm Capital, Roth Canada, ATB Cormark Capital Markets, Beacon Securities, CIBC Capital Markets, Desjardins Capital Markets and Stifel Canada each received $1,967,418, $1,722,297, $245,121, $245,121, $245,121, $245,121, $98,048, $98,048, $98,048, $98,048 and $98,048, respectively.

The net proceeds from the offering will be used by the company to advance its 100-per-cent-owned Queensway gold project and for general corporate and working capital purposes.

The common shares were offered in all of the provinces and territories of Canada, excluding Quebec and Nunavut, by way of a prospectus supplement to the company's short form base shelf prospectus dated May 23, 2025. The common shares were also offered by way of a U.S. prospectus supplement to the company's base shelf prospectus forming part of the company's registration statement on Form F-10 in the United States. Copies of the prospectus supplement, base shelf prospectus, U.S. prospectus and documents incorporated by reference therein are available electronically on SEDAR+ and on EDGAR under New Found Gold's issuer profile, as applicable.

The offering remains subject to the final approval of the TSX Venture Exchange.

Certain directors and officers of the company participated, directly or indirectly, in the offering, along with the company's cornerstone investor, Mr. Sprott, who is considered a related party of New Found Gold due to his shareholdings. The insiders' participation in the offering constitutes a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company has relied on the exemptions from valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such related party participation.

About New Found Gold Corp.

New Found Gold is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The company holds a 100-per-cent interest in Queensway and the Hammerdown gold project, which includes the Hammerdown deposit and Pine Cove milling and tailings facilities. The company is currently focused on advancing its flagship Queensway to production and bringing the Hammerdown deposit into commercial gold production.

In July, 2025, the company completed a PEA (preliminary economic assessment) at Queensway (see New Found Gold's news release dated July 21, 2025). Recent drilling continues to yield new discoveries along strike and downdip of known gold zones, pointing to the district-scale potential that covers a 110-plus-kilometre strike extent along two prospective fault zones at Queensway.

Throughout 2025, New Found Gold built a new board of directors and management team, and has a solid shareholder base that includes cornerstone investor Mr. Sprott. The company is focused on growth and value creation.

Qualified person

The scientific and technical information disclosed in this news release was reviewed and approved by Keith Boyle, PEng, chief executive officer and a qualified person as defined under National Instrument 43-101. Mr. Boyle consents to the publication of this news release by New Found Gold. Mr. Boyle certifies that this news release fairly and accurately represents the scientific and technical information that forms the basis for this news release.

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