Mr. Keith Boyle reports

NEW FOUND GOLD REPORTS Q3 2026 PRELIMINARY PRODUCTION RESULTS: BECOMING CANADA'S NEWEST GOLD PRODUCER

New Found Gold Corp. has released its operational results for the three and nine months ended Sept. 30, 2026, following the achievement of commercial production at the company's 100-per-cent-owned Hammerdown gold mine on Aug. 19, 2026 (1). Unless otherwise stated, all dollar amounts in this news release are expressed in Canadian dollars.

Preliminary third quarter 2026 production highlights:

• Gold production: 4,863 ounces;
• Gold sold: 6,035 ounces;
• Average realized gold price: $4,310 (U.S.) ($6,033);
• Average gold recovery: 85 per cent.

"Today, we have reached another milestone for New Found Gold, announcing the first quarterly operational results from Canada's newest gold producer. In the third quarter of 2026, Hammerdown recorded gold production of 4,863 ounces, reflecting strong operational performance through the final stages of our ramp-up into the first full month of commercial production. Building on the performance delivered to date, we anticipate a strong finish to the year at Hammerdown and to carry that momentum into 2027," stated Keith Boyle, chief executive officer of New Found Gold. "Hammerdown and the Pine Cove mill are performing well, exceeding several key production targets and resulting in steady-state production.

"More importantly for investors, in under a year, New Found Gold has built a successful operations team in central Newfoundland. We will now use the knowledge and experience gained from bringing Hammerdown into production and focus on advancing our fully funded flagship Queensway gold project to production."

Operational review

As previously announced, the company's 100-per-cent-owned Hammerdown gold mine achieved commercial production on Aug. 19, 2026.

The third quarter of 2026 delivered strong operational performance, with Hammerdown and the Pine Cove mill meeting or exceeding key production targets as mining reached steady-state production.

Based on work completed year to date, the operations are positioned for a strong Q4 (fourth quarter) 2026.

Financial position

The company has a strong financial position as at Sept. 30, 2026, with:

• Cash and cash equivalents of approximately $167-million ($194-million as at June 30, 2026);
• Debt of $70-million ($70-million as at June 30, 2026), with a further $35-million debt facility available until May 15, 2027, subject to the satisfaction of certain conditions precedent (see New Found Gold news releases dated April 20, 2026, and May 19, 2026).

Next steps

The construction of a permanent on-site crusher and sorter is progressing, with anticipated substantial completion in Q4 2026 followed by commissioning and ramp-up in Q1 (first quarter) 2027. Once operational, this equipment is expected to reduce crushing costs and allow for delivery of higher-grade material to the mill.

Diamond drilling of the inferred mineral resource below the current stage one pit at Hammerdown is being completed in preparation for an updated mineral resource estimate in 2027. Grade control drilling is continuing in the Hammerdown open pit and is currently being modelled for use in refining grade control practices.

As previously announced, the company plans to convert and expand Pine Cove from the current 700-tonne-per-day (tpd) flotation-leach-Merrill-Crowe circuit to a 1,400 tpd gravity-carbon-in-leach (CIL) circuit, with the permit amendment to convert the circuit to gravity-CIL received and the permit to expand to 1,400 tpd to be applied for in due course (see New Found Gold news release dated July 6, 2026). The circuit conversion is progressing on schedule and on budget, with an anticipated completion in Q4 2027.

With commercial production declared at Hammerdown, the company anticipates a life-of-mine run rate of 20,000 to 25,000 ounces (oz) gold (Au) produced per year at an AISC (all-in sustaining cost) (2) of approximately $2,500 (U.S.) per oz Au. The company plans to provide annual guidance for Hammerdown in due course.

Third quarter 2026 results conference call and webcast

The company expects to release its third quarter 2026 financial and operating results after the market close on Wednesday, Nov. 11, 2026. Senior management will host a conference call and webcast on Thursday, Nov. 12, 2026, at 9 a.m. ET, to discuss results. Participants may join using the following details:

• Conference ID: 6267443;
• Toll-free (North America): 800-715-9871;
• International and Toronto: 647-932-3411;
• A webcast will be available.

Following the conference call, the audio recording will be accessible through the New Found Gold website.

Non-IFRS (international financial reporting standards) financial measures

The document contains a reference to average realized gold price per ounce of gold sold, which is a non-IFRS performance measure, does not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable with similar measures presented by other companies. The company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use non-IFRS performance measures to evaluate the company's performance. Accordingly, these measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

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.

About New Found Gold Corp.

New Found Gold is a new Canadian gold producer with assets in Newfoundland and Labrador, Canada. The company holds a 100-per-cent interest in its flagship asset, the Queensway gold project (Queensway), as well as Hammerdown. With commercial production declared at Hammerdown, the company remains focused on advancing the fully financed phase 1 of its flagship Queensway to production.

The company's portfolio is further strengthened by its district-scale land package at Queensway, covering more than 110 kilometres (km) of strike length across two highly prospective faults zones, and a strong shareholder base, including renowned mining investor and cornerstone shareholder, Eric Sprott.

On Aug. 26, 2026, the company's shares began trading on the Toronto Stock Exchange under the symbol NFGC, to align with its stock symbol on the NYSE American LLC.

(1) See the New Found Gold news release dated Sept. 16, 2026.

(2) AISC is a non-IFRS measure; AISC is calculated as the sum of dore transportation, treatment and refining charges, royalties, on-site operating costs, and sustaining capital costs, divided by the quantity of ounces sold

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