Slide 1: Queensway Gold Project PEA Results Webinar
QUEENSWAY GOLD PROJECT PEA RESULTS WEBINAR GROUNDED IN DISCOVERY, FOCUSED ON GROWTH JULY 22, 2025 TSX-V: NFG | NYSE-A: NFGC
Slide 2: Disclaimer
DISCLAIMER This presentation contains certain forward-looking statements within the meaning of Canadian securities legislation (the “Forward-looking Statements”), including with respect to the results of the Preliminary Economic Assessment (“PEA”) for the Queensway Gold Project (the “Project”): the
Slide 3: PEA Webinar Presenters
Joined by: PEA WEBINAR Principal Presenters: Michael Kanevsky Fiona Childe CFO VP, Communications & Corporate Development Keith Boyle CEO Jared Saunders Rob Assabgui VP, Sustainability Study Manager PEA Authors: Melissa Render President newfoundgold.ca TSX-V: NFG | NYSE-A: NFGC
Slide 4: Our Home: Newfoundland, Canada
OUR HOME: NEWFOUNDLAND, CANADA TIER 1 ACCESS TO JURISDICTION INFRASTRUCTURE Newfoundland & Labrador Trans-Canada highway, renewable consistently ranked Top 10 power, Gander International airport, jurisdiction globally (Fraser Institute). proximity to deep shipping ports. SKILLED GOVERNMENT WORKFORCE
Slide 5: Queensway PEA Overview
QUEENSWAY PEA OVERVIEW Queensway is a district-scale land package: Over 175,000 hectares covering 110 km of strike along two major structures Phased approach to get to Cash Flow: • Small mine to large mine • At-surface high-grade core in several key zones provides early cash flow through on-island c
Slide 6: Development Strategy
DEVELOPMENT STRATEGY Phase 1 (Years 1-4): Open Pit Mine with Off-Site Toll Milling • Queensway site prep and installation of infrastructure for a small OP mine. • High-grade material crushed and transported to an off-site toll mill, at a rate of 700 tpd starting in year 1 • Lower grade material stoc
Slide 7: PEA Highlights
PEA HIGHLGHTS Significant leverage to the gold price: After-tax NPV5% (1) increases to $1.45B and IRR increases to 197% when gold price is raised to US$3,300/oz Au ECONOMICS COSTS PRODUCTION(2) C$743M C$155M ~69.3 Koz/yr After-Tax NPV5% @ US$2,500 Initial Capital Cost (Phase 1) Years 1-4 56.3% C$585
Slide 8: Initial MRE Conversion
INITIAL MRE CONVERSION Initial MRE Summary (Effective Date March 15, 2025) MRE Conversion to PEA Mine Plan Zone Category Tonnage Grade Contained Metal MRE Mine Plan Conversion (Mt) (g/t Au) (Moz) (kt) (g/t Au) koz koz % Indicated 17.3 2.25 1.25 Open Pit Open Pit Inferred 9.0 1.24 0.36 Indicated 0.8
Slide 9: Mining Methods
MINING METHODS Conventional open pit truck and shovel mining with complementary high-grade underground cut-and-fill Open Pit Mine • Conventional OP truck and shovel operation with 17 pits • The three main pits (Iceberg, Keats and Keats West) are sequenced early in the mine life and will subsequently
Slide 10: Open Pit Mining Schedule
OPEN PIT MINING SCHEDULE 18,000 9.0 4,500 9.00 16,000 8.0 4,000 8.00 14,000 7.0 3,500 7.00 Stripping Ratio – Waste to Mineralized Mineralized Material Mined ktpa Minerealized Material Mined (ktpa) 12,000 6.0 3,000 6.00 Grade g/t Au 2,500 5.00 10,000 5.0 2,000 4.00 8,000 4.0 1,500 3.00 6,000 3.0 1,00
Slide 11: Material Classification
MATERIAL CLASSIFICATION 250 • High Confidence Mineral Resources Open Pit Indicated Open Pit Inferred in the mine plan Annual Gold Production by Resource Classification (koz Au) Underground Indicated Underground Inferred • Years 1-5: >80% of ounces in 200 the indicated category • LOM: >75% of ounces
Slide 12: Processing and Recovery
PROCESSING AND RECOVERY Crushing Phase 1 – Toll Milling • 1.2 Mt in Years 1-5 at an average diluted grade of 9.64 g/t Au at an offsite location ~300 km from Queensway site; high-grade material will be crushed at site and processed at the toll mill. Grinding • CIP leach plant to be converted to CIL p
Slide 13: In-Pit Tailings Deposition
IN-PIT TAILINGS DEPOSITION Iceberg, Keats, Keats West scheduled for in-pit tailings deposition (Combined excavated rock volume of 30.6 Mm3) • Tailings discharged from high ground, ponds formed in middle area • Allows for centralized water management operations • Utilizes topography for beach slopes
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Slide 41: Production and Cost Profile
PRODUCTION AND COST PROFILE 250 $2,000 Average Annual Gold Production $1,800 LOM ~100 koz 200 $1,600 Years 1-4 69.3 koz Years 5-9 172.2 koz Annual Gold Production by Phase (koz) $1,400 150 $1,200 Average Daily Mining Rate AISC(1) US$/oz Au $1,000 Years 1-4 700 tpd 100 $800 Years 5-15 7,000 tpd $600
Slide 42: Capital Cost Summary
CAPITAL COST SUMMARY (C$ millions) Phase 1 Phase 2 Phase 3 Sustaining Capital Total Mining $47.7 - $104.2 $321.4 $473.3 Onsite Processing $220.5 - - $220.5 Onsite Infrastructure $15.7 $23.5 - $4.0 $43.2 Offsite Infrastructure $40.5 - - - $40.5 Indirects/Owner's Costs/EPCM $19.9 $109.8 $10.0 - $139.7
Slide 43: Operating Cost Summary
OPERATING COST SUMMARY Life of Mine Operating Cost(1)(2) Unit Value Mining (Open Pit) $M 906.6 Mining (Underground) $M 188.5 Unit Operating Costs Unit Value Third-Party Processing $M 57.5 Material Handling $M 86.2 Mining $/ t proc. 40.01 Processing $M 549.5 Processing $/ t proc. 25.33 G&A $M 188.7 G
Slide 44: Cashflow
CASHFLOW After-tax Cash Flow - Base Case US$2,500/oz Au After-tax Cash Flow - Upside Case US$3,300/oz Au $350 $1,400 $500 $2,500 $300 Cumulative After-tax Cash Flow (C$M) Cumulative After-tax Cash Flow (C$M) $400 $2,000 Annual After-Tax Cash Flow (C$ M) Annual After-tax Cash Flow (C$M) $250 $1,000 $
Slide 45: Leverage to Gold Price
LEVERAGE TO GOLD PRICE Queensway Offers High Leverage to Gold Price Pure Gold Project 100% of Revenue from Gold $89MM increase in NPV5% for each US$100 increase in gold price newfoundgold.ca TSX-V: NFG | NYSE-A: NFGC
Slide 46: Potential Development Schedule
POTENTIAL DEVELOPMENT SCHEDULE Studies and data collection programs to support the development schedule include: Geology Engineering Environmental • Infill drilling to upgrade and add to the initial MRE • Ongoing metallurgical testing programs • Complete the baseline studies • Definition drilling of
Slide 47: Summary
SUMMARY Rapid Startup via a Phased Approach Focus on the path to cashflow Low initial capital investment with <2 year payback First production planned for 2027 (pending regulatory approval) Cashflow from 700 tpd operation to fund 7,000 tpd operation Compelling Economics and Production Profil
Slide 48: Questions?
QUESTIONS? newfoundgold.ca TSX-V: NFG | NYSE-A: NFGC
Slide 49: Contact Us
CONTACT US Fiona Childe | Ph.D., P.Geo. VP, Communications & Corporate Development +1-416-910-4653 contact@newfoundgold.ca https://www.linkedin.com/company/ne wfound-gold-corp Corporate Address: 1055 West Georgia Street Suite 2129 Vancouver, British Columbia V6E 3P3 newfoundgold.ca TSX-V: NFG | NYSE
Slide 50: Appendix
Appendix newfoundgold.ca TSX-V: NFG | NYSE-A: NFGC
Slide 51: Directors & Senior Leadership
DIRECTORS & SENIOR LEADERSHIP Board of Directors Paul Huet William Hayden Chad Williams Vijay Mehta Keith Boyle Melissa Render Chief Executive Officer Chairman Lead Director* Director* Director* President & Director & Director *Independent Director Senior Leadership Keith Boyle Melissa Render Michae
Slide 52: Capital Structure
CAPITAL STRUCTURE Capital Structure Capital Structure (June 12, 2025) (Estimate following closing of Private Placement)1 Shares – Basic (June 30, 2025) 229.7M Options (June 30, 2025) 8.0M 14% 14% Shares – F.D. (June 30, 2025) 237.7M 19% 23% Share Price (June 30, 2025) C$1.95 Market Cap (June 30, 202
Slide 53: Key Parameters by Year
KEY PARAMETERS BY YEAR newfoundgold.ca TSX-V: NFG | NYSE-A: NFGC
Slide 54: Non-GAAP Measures and AISC
NON-GAAP MEASURES AND AISC Non-GAAP Financial Measures The Company has included certain non-GAAP financial measures in this news release. These financial measures are not defined under IFRS and should not be considered in isolation. The Company believes that these financial measures, together with f
Slide 55: Initial MRE
INITIAL MRE Notes 1. CIM (2014) definitions were followed for Mineral Resources. 2. Mineral Resources are estimated using a long-term gold price of US$2,200 per ounce, and a US$/C$ exchange rate of US$1.00 = C$1.43. 3. Open pit Mineral Resources are estimated at a cut-off grade of 0.3 g/t Au and con