Queensway project: High-grade gold confirmed in initial drilling

New Found Gold (TSXV: NFG: NYSE: NFGC) reported initial results from grade control drilling at the Keats zone excavation in the AFZ core of its Queensway gold project in Newfoundland and Labrador. The company completed this drilling as part of its ongoing 2025 program on the wholly-owned project. Key results included 219 g/t gold over 9.35 metres from 19.00 metres and 160 g/t gold over 10.30 metres from 15.80 metres.

"We are excited to share these first results from grade control drilling at the Keats excavation, which continue to define the high-grade tenor of the near-surface portion of this zone," Melissa Render, president of New Found Gold, stated.

"These results provide detailed data to further validate our resource models, specifically with respect to grade top cutting and influence limiting of high-grade intersections in advance of a MRE update and further mine planning. We look forward to updating the market with further results from grade control drilling at both Keats and Iceberg."

Render added: "The program was executed safely and successfully over challenging topography. I would like to take this opportunity to acknowledge our hard-working employees and contractors for their efforts."

The release included results from 16 of 84 diamond drill holes, representing about 20% of the Keats excavation grade control drill program. This work aimed to improve confidence in the grade distribution of high-grade, near-surface mineralization and support mine planning outlined in the preliminary economic assessment phase one open pits.

The company reported results from an initial 638 metres of drilling across 16 holes completed in the second half of 2025. The full program comprised 84 holes totaling 2,772 metres, with remaining results to be reported later.

New Found Gold's 70,000 metres 2025 Queensway drill program began in May 2025. Almost 80% of the drilling focused on the AFZ core area, with the remaining 20% on exploration targets outside the mineral resource estimate area.

The company stated the 2025 Queensway drill program was over 90% complete and on track to finish all proposed drilling in the fourth quarter of 2025. It completed infill drilling covering the PEA phase one open pits, aiming to convert resources from inferred to indicated categories.

More information is posted at www.NewFoundGold.ca.