New Found Gold Expands Queensway Work Program: Focus on Discovery and Resource Growth

About this update from New Found Gold Corp

The fully funded 2026 work program will include 90,000 m of drilling with six diamond drill rigs. The program scope will expand from the initial development-related drilling in the AFZ Core that began in January, to a broader program including 40,000 m of targeted exploration drilling, district-scale surface exploration, a resumption of the highly successful grade control drilling, and resource expansion below the AFZ Core Vancouver, British Columbia--(Newsfile Corp. - June 2, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC)  ("New Found Gold" or the "Company") is pleased to announce the expansion of a fully funded $44M work program (the "Program") on its 100%-owned Queensway Gold Project ("Queensway" or the "Project") in Newfoundland and Labrador, Canada. Melissa Render, President of New Found Gold, stated "We are excited to announce the expanded scope of the Program at Queensway outlining a larger exploration program with an increased focus on discovery and resource growth. Two additional drill rigs are being mobilized to add to the four rigs active since January, marking the start of several targeted exploration drill campaigns." "At the AFZ Core, previous deep drilling has confirmed the system is open below the current mineral resource to more than 1,000 metres. The Program will build on this success with the objective of further expanding the deposit at depth. In addition, we are looking forward to returning to the Dropkick Zone, where aggressive step-out drilling will test strike extensions and explore this zone where it is open east of the Appleton Fault Zone. Concurrently, our regional exploration team is looking to find the next deposit with the launch of an expansive trenching and drill campaign across multiple highly prospective targets throughout our extensive land package at Queensway. Since commencing in January, the Program has primarily focused on project-related drilling within the AFZ Core to support our development objectives as we advance Queensway toward first ore processed in late 2027 and now, we're focusing on discovery and resource growth", continued Ms. Render. Program Overview The Program will include 90,000 metres ("m") of diamond drilling, along with surface exploration in key areas across the Company's 100% owned 220,000 hectare Project (Figure 1). As announced in the January 21, 2026 New Found Gold pr...

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