New Found Gold Confirms At-Surface High-Grade Core in Iceberg Excavation Channel Sampling Program

Executive Summary

• New Found Gold reported high‑grade at‑surface gold intercepts from a systematic channel‑sampling program in the Iceberg excavation of its Queensway Project, confirming continuity of mineralization over ~185 m.
• Key intercepts include 64.8 g/t Au over 6.71 m, 113 g/t Au over 2.99 m, and 117 g/t Au over 2.16 m, among others.
• The results will be incorporated into upcoming mineral resource estimates and support the Phase I custom‑milling plan outlined in the recent PEA; drilling and further excavation programs are ongoing.

Key Details

• Program Scope: 220 m × 105 m Iceberg area excavated (late 2024); 964 m of channel samples collected at ~7.5 m spacing across 45 channels.
• High‑Grade Highlights:
• IB‑25‑01‑10 – 64.8 g/t Au over 6.71 m
• IB‑25‑01‑16 – 23.9 g/t Au over 15.12 m
• IB‑25‑01‑18 – 113 g/t Au over 2.99 m
• IB‑25‑01‑40 – 47.4 g/t Au over 7.36 m
• IB‑25‑01‑08 – 23.0 g/t Au over 13.74 m

• IB‑25‑01‑07 – 117 g/t Au over 2.16 m

• Sample Quality Control: 2 % duplicate channels, ~1 % re‑analysis at a second ISO‑accredited lab; standards/blanks ≥10 % of samples; all results passed QC protocols.

• Assay Methodology: Photon assay (primary); screen metallic for >350 g/t Au samples; labs: ALS Thunder Bay (ISO‑17025 accredited).

• Geological Context: Iceberg lies within the Keats Baseline Fault Zone, a ~2 km strike fault corridor hosting both Keats and Iceberg zones. Host structures are moderately to steeply dipping; true widths estimated at 70–90 % of reported intervals.

• Future Work:

• Ongoing 70,000 m drill program (started May 2025) – ~80 % AFZ Core focus.
• Definition drilling: 5 × 5 m grid at Iceberg and Keats to commence soon.
• Infill drilling to upgrade inferred resources to indicated in Q4 2025.
• Continued excavation & channel sampling at Lotto zone (210 m strike) – results pending.

• Geotechnical, condemnation, hydrogeological drilling underway; completion expected Q4 2025.

• Strategic Implication: The high‑grade surface continuity de‑risks the Queensway Project and underpins the Phase I custom‑milling scenario presented in the July 2025 PEA, potentially enhancing project economics.

Notable Quotes

“Our recently completed channel sampling program has further demonstrated the continuity of at‑surface, high‑grade gold mineralization across 185 m of continuous exposure at Iceberg… The ability to map and channel sample this … is an important step in derisking the Project.” – Melissa Render, President

All technical information reviewed and approved by Melissa Render, P. Geo., President, and qualified persons under NI 43‑101.