New Found Gold Continues to Confirm Continuity of The AFZ Core and Intersect New Mineralization at Depth at The Queensway Gold Project Ready to Announce with Confidence?

New Found Gold Continues to Confirm Continuity of The AFZ Core and Intersect New Mineralization at Depth at The Queensway Gold Project Ready to Announce with Confidence? Vancouver, British Columbia--(Newsfile Corp. - May 4, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold" or the "Company") is pleased to announce further results confirming the continuity of gold mineralization in the AFZ Core from 2025 infill drilling on its 100%-owned Queensway Gold Project ("Queensway" or the "Project") in Newfoundland and Labrador, Canada.

Keats West zone (“Keats West”) highlights include:

Iceberg zone (“Iceberg”) highlights include:

Keats zone, including Keats South zone (“Keats”) highlights include:

Melissa Render, President of New Found Gold stated: "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. 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."

Work Summary and Results

The results presented in this press release include the final results from infill drilling of Phase 1 open pits at Keats West, Iceberg and Keats, step-out drilling below Keats and Iceberg Phase 2 open pits, and pre-development drilling for proposed site infrastructure, geotechnical drilling and hydrogeological drilling completed in 2025 (Figure 1). The total meterage reported in this press release is 22,796 m of drilling in 201 diamond drill holes ("DDH"). Further results from other portions of the 2025 drill program, representing approximately 6% of the 74,377 m 2025 drill program, remain outstanding.

Figure 1: Plan view map of the AFZ Core with location of Keats West, Iceberg, Keats and Keats South.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/7337/295440_a88fb67d048bc804_001full.jpg

Infill Drilling

Infill drilling of the Phase 1 open pits was a priority in the 2025 program and the results reported comprise all remaining Phase 1 open pit infill DDH from Keats West (2,380 m in 29 DDH), Iceberg (1,371 m in 12 DDH) and Keats (3,226 m in 29 DDH; Figures 1 - 3). Infill drilling at Keats West, Iceberg and Keats was designed to upgrade mineral resources from the inferred to the indicated category within the Phase 1 open pits as outlined in the Preliminary Economic Assessment ("PEA"; see the New Found Gold press release dated July 21, 2025), with some DDH also testing portions of the Phase 2 open pits. The infill drill results align well with the initial mineral resource estimate ("MRE"; see the New Found Gold press release dated March 24, 2025) block model and will be incorporated into the next mineral resource update.

Keats West infill highlights include:

Iceberg infill highlights include:

Keats infill highlights include:

Below-Pit Drilling

The 2025 program also targeted proposed crown pillars directly below planned Phase 2 Keats and Iceberg open pits (2,640 m in 12 DDH), with two areas of significant mineralization identified (Figures 2 and 3):

These two areas are currently being evaluated for follow-up testing as part of the 2026 drill program.

Figure 2: Inclined view map of Keats West, Iceberg and Keats.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/7337/295440_a88fb67d048bc804_002full.jpg

Figure 3: Long section of the Keats and Iceberg PEA Phase 2 open pits (looking west, +/- 50m).

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/7337/295440_a88fb67d048bc804_003full.jpg

Pre-development Data Collection

In addition, this press release includes results from pre-development work comprising condemnation drilling for proposed site infrastructure (9,435 m in 87 DDH), geotechnical drilling (2,610 m in 20 DDH) and hydrogeological drilling (1,134 m in 12 DDH; Figure 4). This work provided critical information to support ongoing engineering studies for site development in advance of mining. Condemnation drilling was successful in confirming the absence of mineralization beneath key sites planned for infrastructure, while the geotechnical and hydrogeological drilling programs provided feasibility level data to support Phase 1 open pit design.

Figure 4: Plan view map of the AFZ Core highlighting the condemnation drilling program beneath proposed site infrastructure.

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Looking Ahead

The 2025 Queensway drill program included 74,377 m of drilling in 614 diamond DDH, with approximately 75% of the drilling focused on the AFZ Core area to support advancement of the Phase 1 mine plan as outlined in the Company's PEA and 25% focused on exploration targets such as the Dropkick zone ("Dropkick"). To date, approximately 6% of the results from 2025 drilling remain outstanding, as well as channel sampling results from the Lotto excavation. These results will be reported once available.

The 2026 Queensway drill program is underway, with four drill rigs currently active (see the New Found Gold press release dated January 21, 2026). Initial 2026 infill drilling is targeting PEA Phase 2 open pit resource conversion and will transition later in the year to PEA Phase 3 underground resource conversion.

The Company plans to expand its grade control drilling beginning later in Q2/26. The next phase of work will leverage results from the 2025 program to optimize drill hole spacing and program scope (see the New Found Gold press releases dated March 1, 2026, February 2, 2026 and December 1, 2025). This will include completing the grade-control drilling started in 2025 at the Iceberg excavation, commencing grade-control drilling at the Lotto excavation and potentially expanding the grade-control drilling at the Keats and Iceberg excavations. The objective of this work is to improve confidence in the distribution of gold mineralization and support mine planning as outlined for the PEA Phase 1 open pits.

Exploration drilling will focus on AFZ Core resource expansion, including an initial grid-based program targeting the prospective corridor adjacent to the Appleton Fault Zone ("AFZ") at the Bullseye prospect, located immediately northeast of the AFZ Core, continued step-out drilling at Dropkick, located 11 km north of the AFZ Core, and targeted segments of the AFZ at AFZ Peripheral. A regional drilling program testing advanced targets at Queensway South is in the planning phase and expected to commence in H2/26.

The Company plans to file an updated Technical Report for Queensway, which will include an updated mineral resource, in H2/26.

Table 1: Drill Result Highlights.

Note that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core length of 2 m with a maximum of 4 m consecutive dilution when above 200 m vertical depth and 2 m consecutive dilution when below 200 m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill thickness. Details of all drill holes reported in this release are included in Table 2 and Table 3 below.

Table 2: Summary of composite drill hole results reported in this press release.

Table 3: Details of drill holes reported in this press release.

Sampling, Sub-sampling, and Laboratory

All drilling recovers HQ core. For deep and condemnation holes, the core size may be reduced to NQ. The drill core is split in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core.

A geologist examines the drill core and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 meter and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades.

Technicians saw the core along the defined cutting line. One-half of the core is kept as a witness sample and the other half is submitted for analysis. Individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents.

New Found Gold has submitted samples for gold determination by PhotonAssay™ to ALS Canada Ltd. ("ALS") since February 2024. ALS operates under a commercial contract with New Found Gold.

Drill core samples are shipped to ALS for sample preparation and gold analysis in Thunder Bay, Ontario. ALS does not currently have accreditation for the PhotonAssay™ method at their Thunder Bay, ON laboratory. They do however have ISO/IEC 17025 (2017) accreditation for gamma ray analysis of samples for gold at their Australian labs with this method, including the Canning Vale lab in Perth, WA.

Samples submitted to ALS beginning in February 2024, received gold analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The sample is then riffle split and transferred into jars. For "routine" samples that do not have VG identified, one (300-500g) jar is analyzed by photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay.

For samples that have VG identified, the entire crushed sample is riffle split and weighed into multiple jars that are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.

Select samples prepared at ALS are also analyzed for a multi-element ICP package (ALS method code ME-ICP61) at ALS Vancouver.

Drill program design, Quality Assurance/Quality Control, and interpretation of results are performed by qualified persons employing a rigorous Quality Assurance/Quality Control program consistent with industry best practices. Standards and blanks account for a minimum of 10% of the samples in addition to the laboratory's internal quality assurance programs.

Quality Control data are evaluated on receipt from the laboratories for failures. Appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. All results stated have passed New Found Gold's quality control protocols.

New Found Gold's quality control program also includes submission of the second half of the core for approximately 2% of the drilled intervals. In addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second ISO-accredited laboratory for check assays.

The Company does not recognize any factors of drilling, sampling, or recovery that could materially affect the accuracy or reliability of the assay data disclosed.

The assay data disclosed in this press release have been verified by the Company's Qualified Person against the original assay certificates.

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, P. Geo., President, and a Qualified Person as defined under National Instrument 43-101. Ms. Render consents to the publication of this press release by New Found Gold. Ms. Render certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold Corp.

New Found Gold is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The Company holds a 100% interest in Queensway and the Hammerdown Gold Project, which includes the Hammerdown deposit and fully permitted milling and tailings facilities. The Company is currently focused on advancing its flagship Queensway to production and bringing the Hammerdown deposit into commercial gold production.

In July 2025, the Company completed a PEA at Queensway (see New Found Gold press release dated July 21, 2025). Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential that covers a +110 km strike extent along two prospective fault zones at Queensway.

Through 2025, New Found Gold built a new board of directors and management team and has a solid shareholder base which includes cornerstone investor Eric Sprott. The Company is focused on growth and value creation.

Keith Boyle, P.Eng.

Chief Executive Officer

New Found Gold Corp.

Contact

For further information on New Found Gold contact us through our investor inquiry form at https://newfoundgold.ca/contact/contact-us/ or contact:

Fiona Childe, Ph.D., P.Geo.

Vice President, Communications and Corporate Development

Phone: +1 (416) 775-2700

Email: contact@newfoundgold.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including relating to the Company's 2025 and 2026 drill programs on its Queensway Gold Project in Newfoundland and Labrador, Canada, and the timing, results, interpretation and use of the results; planned reporting of the remaining results from 2025 drilling and channel sampling from the Lotto excavation; the excavation programs and the timing and results thereof; future drill and excavation programs and the timing and focus thereof; exploration, drilling and mineralization at Queensway; the extent of mineralization and the continuity of high-grade gold mineralization; the planned conversion of mineral resources; the potential resource expansions; planned filing of an updated Technical Report for Queensway, including an updated mineral resource estimate, and the timing thereof; focus on growth and value creation; and the merits of Queensway. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "pending", "potential", "encouraging", "goal", "objective", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete exploration and drilling programs as expected, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results and the results of the metallurgical testing program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

[1] g/t Au = grams of gold per tonne, m = metres

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/295440

Source: New Found Gold Corp.

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