New Found Gold Provides Queensway and Pine Cove Update

About this update from New Found Gold Corp

Vancouver, British Columbia--(Newsfile Corp. - July 6, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) (" New Found Gold " or the " Company ") today provided an update on the development of the Company's 100% owned flagship Queensway Gold Project (" Queensway " or the " Project ") and Pine Cove mill and tailings facility (" Pine Cove " or the " Mill "), located in Newfoundland and Labrador (" NL "), Canada. Queensway Phase 1: Referral for Environmental Preview Report The Honourable Chris Tibbs, Minister of Environment, Conservation and Climate Change for NL (the " Minister ") notified the Company that an Environmental Preview Report (" EPR ") is required for the proposed Queensway Phase 1. The Minister's decision letter dated July 3, 2026, available on the NL Department of Environment and Climate Change website, (the " Letter ") follows regulatory and public review and input of the " Queensway Gold Project Environmental Registration, April 2026. " The Queensway Phase 1 environmental registration was submitted by the Company to the Environmental Assessment Division of the Department of Environment and Climate Change of NL on April 30, 2026, registering for the commencement of the environmental assessment (" EA ") process on May 7, 2026. As per the NL legislative requirements, the Company will receive guidelines for the completion of the EPR within 60 days of the Letter. Once the EPR is submitted, it will be subject to a 35-day public review, and the Minister will provide a decision on the EPR within 45 days of submission. "We remain focused on advancing Queensway, our flagship asset, and unlocking the Project's full potential for all stakeholders. We thank the Minister and his team at the Environmental Assessment Division for their careful review of the Queensway Phase 1 environmental registration and look forward to submitting the EPR and responding to comments received during the public review, with the objective of release from the environmental assessment process," stated Keith Boyle, CEO of New Found Gold Corp . "With the mill conversion permit amendment for Pine Cove received and EPCM work progressing, we expect to send first Queensway Phase 1 material to the mill as planned in Q4 2027." Pine Cove: Mill Conversion Permit Amendment Received The Company has selected its 100% owned and permitted Mill located on the Baie Verte Peninsula in Central NL for Queensway Phase 1 offsite milling (see the New Found Gold press release dated January 26, 2026 ). By processing mineralized material from both Hammerdown and Queensway Phase 1 at the converted and expanded Mill, the Company will benefit from the synergies of a single higher-throughput facility and access to the Company's skilled mill operators compared to using a third-party toll mill.

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