New Found Gold Announces Results of Phase III Metallurgical Test Work: Confirms Keats West Zone Gold Recovery; Files Technical Report for the Queensway Gold Project

Executive Summary

• Phase III metallurgical testing on the Queensway Gold Project’s Keats West zone delivered an average overall gold recovery of 89.2%, confirming the recoveries used in the recently released Preliminary Economic Assessment (PEA).
• The test work validated a saleable gold concentrate (average 37.9 g/t Au, 3.1 % As) and confirmed the gravity‑flotation flowsheet presented in the PEA.
• New Found Gold filed its NI 43‑101 Technical Report for the Queensway PEA and announced additional Feasibility Study‑level metallurgical work planned for H2 2026.

Key Details

• Keats West master composites (Weak, Moderate, Strong) produced overall gold recoveries of 85.6 % – 95.9 %, averaging 89.2 %.
• Concentrate grades: average 37.9 g/t Au and 3.1 % As, deemed saleable.
• Individual composite results:
• Weak – Head grade 4.33 g/t Au, recovery 85.6 %, concentrate 40.6 g/t Au, 4.2 % As.
• Moderate – Head grade 3.63 g/t Au, recovery 86.2 %, concentrate 47.1 g/t Au, 4.2 % As.
• Strong – Head grade 10.2 g/t Au, recovery 95.9 %, concentrate 26.0 g/t Au, 0.9 % As.
• Comminution testing confirmed the PEA‑based SAG/Ball mill flowsheet (SMC index 70.5 for Weak, 52.8 for Moderate; BWi 18.4–18.7 kWh/t).
• Additional test work on lower‑grade samples from Keats, Golden Joint, Lotto and Iceberg zones achieved 87 % recovery in rougher flotation, with further optimization planned.
• Next‑phase metallurgical program (Feasibility Study level) to include:
• Geometallurgical modeling, full variability testing across all mineralized zones.
• Gravity/CIL flowsheet development, leaching conditions, and gravity/gold flotation for sulphide‑associated material.
• Expanded comminution work (Bond ball/rod indices, SMC, abrasion).
• Environmental tests (acid‑base accounting, humidity cell).
• Technical Report filing: NI 43‑101 report titled “NI 43‑101 Technical Report for the Queensway Gold Project” dated September 2 2025, prepared by SLR Consulting and filed on SEDAR+.
• Qualified Person: Neil Lincoln, P.Eng., Consulting Metallurgist (Lincoln Metallurgical Inc.) reviewed and approved all scientific/technical information.

Notable Quotes

“We are pleased with the results of the most recent phase of metallurgical test work at Queensway, which confirms high gold recovery to a saleable gold concentrate from Keats West and the flowsheet outlined in the recently released Queensway PEA.” – Keith Boyle, Chief Executive Officer

All boilerplate, forward‑looking statements, and disclaimer sections have been omitted for brevity.