Mr. Keith Boyle reports

NEW FOUND GOLD PROVIDES HAMMERDOWN UPDATE

New Found Gold Corp. has provided an update on New Found Gold's 100-per-cent-owned Hammerdown gold project, currently advancing toward commercial production in Newfoundland and Labrador, Canada. Hammerdown, which includes the Hammerdown deposit and the Pine Cove mill, was acquired by the company as a strategic acquisition of the permitted mill to fast-track production at its 100-per-cent-owned flagship Queensway gold project (see the New Found Gold press release dated Nov. 13, 2025).

"We continue to make steady progress towards our objective of achieving commercial production at Hammerdown in [the second half of 2026], where we anticipate a run rate of 20,000 to 25,000 ounces of gold produced per year at an all-in sustaining cost of approximately $2,500 (U.S.) per ounce, in line with our recently completed preliminary economic assessment," stated Keith Boyle, chief executive officer of New Found Gold. "Since completing the Hammerdown acquisition, we have put the people and processes in place and are continuing to commission the necessary infrastructure. Our achievements to date are a result of the hard work and dedication of our Hammerdown team, under the guidance of COO [chief operating officer] Robert Assabgui, mill manager Dwight Goudie and new general manager, mines, Mark Ross. I would like to welcome Mark; he has made a significant impact in his short time with the company."

The company has completed key advancements at both the Hammerdown deposit and the mill. With gold production ramping up, the project remains on track for commercial production in H2 2026. Key advancements since the acquisition of Hammerdown include:

• Health and Safety:
  • Zero lost-time incidents and total recordable incident frequency rate of zero after a total of over 105,000 person-hours worked in 2026;
• Mining preparedness:
  • Production mining, drilling and haulage contracts with Newfoundland-based contractors in place; additional key contracts being finalized;
  • Completion of overburden stripping in Q1 2026 for the phase I pit;
  • Main access ramp established and extended as the benches advance;
  • Delivery of mineralized material to the Pine Cove mill achieving the design criteria of 700 tonnes per day outlined in the Hammerdown preliminary economic assessment (PEA), with stockpiling of lower-grade material;
  • Continuous improvements in grade control practices, resulting in a notable increase in the head grade being delivered to the Mill and approaching the grade outlined in the PEA;
  • Civil works construction on schedule for completion by end of Q3 2026;
  • Construction of permanent crushing plant and sorting plant on schedule for completion by end of Q4 2026;
• Mill infrastructure:
  • Mill initially commissioned with on-site low-grade stockpiles, transitioned to Hammerdown mineralized material in Q3 2025;
  • Consistently improved recoveries through the ramp-up to achieve PEA design criteria of 87 per cent in mid-Q2 2026;
  • Consistently improved throughput during the ramp-up, with peak throughput of 1,394 tonnes per day achieved and throughput consistently exceeding PEA design criteria of 700 tonnes per day;
  • Completion of mineralized material storage shed and ball mill conveyor feeding system in Q1 2026, leading to improved performance;
• Human resources:
  • Hiring of 50 new personnel to the end of Q2 2026, including all key positions, with over 90 per cent of new hires from Newfoundland, 40 new jobs created to date and 60 per cent of the work force living within an hour of driving of their place of work;
  • A total of work force of 264, comprising 76 employees and 188 contractors, currently work at Hammerdown;
• Schedule:
  • The project is on track and expected to reach commercial production in H2 2026.

Hiring and appointment of key personnel

The company is pleased to announce the appointment of Mark Ross, PGeo, to the position of general manager, mines. Mr. Ross, who is based in Springdale, Nfld., will be responsible for building the infrastructure required to support the phase I mining plan at the Queensway gold project and Hammerdown and brings with him over 20 years of progressive leadership in mine geology and technical services across gold, copper and diamond operations. His extensive experience spans grade control, resource modelling, mine planning and team development. Mr. Ross has a proven record of successfully integrating engineering, geology and operational teams. Most recently, Mr. Ross served as Hammerdown mine manager, where he built the team, established processes and procedures, and led the ramp-up of mining operations. Previously, he served as Queensway site manager, where he oversaw site exploration activities. Mr. Ross's leadership has consistently fostered high-performing operational teams.

The company has hired an additional 50 personnel since the completion of the Hammerdown acquisition, who are working at the Hammerdown deposit and the mill, with a further 14 personnel scheduled to begin in June. Key positions filled by New Found Gold include general manager, chief mine geologist, safety and environment co-ordinator, metallurgist, manager of processing projects, and exploration manager.

A total of 40 new jobs have been created. In keeping with the company's local-first hiring strategy, over 90 per cent of the new full-time and student team members are from Newfoundland. A total of 76 and 188 employees and contractors, respectively, currently work at Hammerdown.

Operations

Gold is reconciling from the Hammerdown deposit block model to the mill. Key practices, including grade control drilling, have been established and have yielded notable improvements in the grade being delivered to the mill.

The mill was commissioned on low-grade stockpiles through Q3 2025 and key infrastructure and a handling system were commissioned in Q1 2026. Construction and engineering of new regrind mills to replace the current regrind mill are continuing and anticipated to be commissioned in Q4 2026. Gold recovery is averaging approximately 87 per cent and is anticipated to increase to approximately 92 per cent following the conversion of the mill from a flotation Merrill-Crowe circuit to a gravity carbon-in-leach (CIL) circuit.

Drilling

The Hammerdown deposit is a high-grade narrow vein deposit, previously mined using selective underground methods in a lower gold price environment and currently being mined by the company by open-pit methods. The majority of the gold in the mineral resource is located in proximity to the previously mined workings. A total of 20,000 metres of grid-based five-metre-by-five-metre grade control drilling commenced in early Q2 2026 and is expected to be completed over a two-year period. Approximately 7,000 metres has been completed to date. This drilling, which is used to optimize the mine production schedule, is progressing well and has yielded improvements in the grade being delivered to the mill. A 10,000-metre mineral resource conversion and condemnation drill program is planned for 2026. The mineral resource conversion drilling is designed to convert inferred resources to a higher confidence level in the phase II Hammerdown pit, which is scheduled for the commencement of mining in 2028. The results are also anticipated to inform a mineral resource estimate update in 2027.

The PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources are not mineral reserves and do not demonstrate economic viability. No mineral reserves are defined for the project.

Qualified person

The scientific and technical information disclosed in this press 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 press release by New Found Gold. Mr. Boyle 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 an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The company holds a 100-per-cent interest in the fully financed Queensway and Hammerdown projects, which include the Hammerdown deposit as well as milling and tailings facilities at Pine Cove. New Found Gold is focused on bringing the Hammerdown deposit into commercial gold production in H2 2026 while advancing its flagship Queensway projectt oward phase I production.

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

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