New Found Gold Corp. reported results from the 2023 Phase I Metallurgical Testing Program conducted on drill core samples collected as part of the exploration program at its 100% owned Queensway Project (?Queensway?), located on the Trans-Canada Highway 15km west of Gander, Newfoundland. Highlights: Phase I metallurgical testing commenced in 2023 and focused on three mineralized zones ?

Keats Main, Golden Joint, and Lotto. A total of 116 Variability Composites were generated from approximately 1,000 metres of drill core with a combined weight of 3,400 kilograms, from which three Master Composites were assembled. Weighted average gold extraction on all 116 Variability Composite samples, broken out by the five cross sections, range from 90% to 96%.

Gold extractions were achieved using both gravity separation and conventional carbon-in-leach (CIL) on the gravity tails. Gold extraction across the three zones tested in Phase I demonstrates similar metallurgical characteristics and achieved similar extractions from both gravity and CIL. The Company is currently undertaking a Phase II metallurgical testing program focused on Iceberg and Iceberg East with composites having been selected for shipment to Base Metallurgical Laboratory Ltd. in Kamloops, BC, and testing is set to begin in second quarter of 2024.

Metallurgical test work at Queensway has been designed and supervised by Gary Simmons (MMSA QP Number: 01013QP) as an independent consultant. Mr. Simmons is an internationally recognized metallurgist who previously served as Director of Metallurgy and Technology of Newmont Mining Corporation, where he managed the corporate metallurgical laboratory R&D staff and a number of Process Engineers responsible for global Newmont process development and design engineering. Additional Details: Phase I scope of work consisted of chemical and mineralogical analyses, environmental characterization, establishment of comminution parameters, gold extraction methods, reagent consumption, cyanide detoxification, and solid-liquid separation properties for process and tailings streams. Results, which include all 116 variability composites, indicate that mineralized zones are generally high-grade and contain significant free-milling gold, which is amenable to both gravity and CIL leach extraction.

Free gold grains greater than 150 microns in size were observed predominantly in the quartz veins located throughout the zones. Weighted average gold extraction for all targeted mineralized zones ranged from 90% to 96% when reduced to a product size of 75 microns. Comminution test work indicated that the tested material had an average SMC Axb index of approximately 62 and an average Bond Work Index (BWI) of approximately 17.5 kWh/t, which would be considered a medium hard ore for SAG milling and medium hard ore for ball milling.

Laboratory test work was carried out by Base Metallurgical Laboratory Ltd. in Kamloops, British Columbia.