New Found Gold confirms continuous gold zones at Queensway

New Found Gold (TSX-V: NFG; US-NYSE-A: NFGC) announced results that continue to verify gold mineralization throughout the AFZ Core area from their 2025 drilling program at the Queensway gold project in Newfoundland and Labrador. The company conducted 201 diamond drill holes totaling 22,796 metres.

"These final Queensway phase 1 Keats West, Iceberg and Keats open pit infill results continue to demonstrate the continuity of gold mineralization in the block model and mine plan, " Company President Melissa Render said. "In addition, step-out drilling below the phase 2 Iceberg and Keats open pits returned high gold grades over broad widths, demonstrating the potential to add to the resource base proximal to the AFZ Core. These new mineralized intercepts will be followed up as part of our 2026 program,"

The Keats West zone delivered standout results, with drill hole NFGC-25-2618 returning 9.51 g/t gold over 19.85 metres starting at 64.15 metres depth. Additional strong results included 3.50 g/t gold over 20.45 metres and 2.56 g/t gold over 20.40 metres.

At the Iceberg zone, drilling returned 8.40 g/t gold over 12.45 metres rom 35.55 metres depth, while another hole yielded 5.59 g/t gold over 12.00 metres. The Keats zone produced exceptional grades, including 36.1 g/t gold over 2.00 meters.

The drilling program focused 75% of its efforts on the AFZ Core area to support the phase 1 mine plan outlined in the company's preliminary economic assessment, while 25% targeted exploration areas like the Dropkick zone.

New Found Gold successfully completed infill drilling across all three zones to upgrade mineral resources from inferred to indicated categories within the Phase 1 open pits. The results align closely with the initial mineral resource estimate and will feed into the next resource update.

Two areas below the Phase 2 pit designs showed significant mineralization, including 9.15 g/t gold over 7.15 meters below the Keats pit and 14.1 g/t gold over 2.40 meters beneath the Iceberg pit. These discoveries will guide future drilling programs.

The company conducted extensive pre-development work, including condemnation drilling for proposed infrastructure sites that confirmed the absence of mineralization beneath key facilities. Geotechnical and hydrogeological programs provided critical data for open pit design.

Looking forward, New Found Gold has launched its 2026 program with four active drill rigs. Initial work targets phase 2 open pit resource conversion before transitioning to Phase 3 underground resource work later in the year.

The company plans to expand grade control drilling in the second quarter of 2026 and conduct exploration drilling throughout the AFZ Core. A regional program at Queensway South will commence in the second half of 2026. New Found Gold expects to file an updated technical report with revised mineral resources in H2 for 2026.

The 2025 program represents approximately 94% completion, with remaining results expected once available.

More information is posted at www.NewFoundGold.ca