New Found Announces Closing of $48 Million Investment by Eric Sprott

New Found Gold Corp. (“New Found” or the “Company”) (TSXV: NFG, NYSE American: NFGC) is pleased to announce that it has completed its previously announced non-brokered private placement of 5,000,000 common shares of the Company that qualify as "flow-through shares" for the purposes of the Income Tax Act (Canada) (the "FT Shares") at a price of $9.60 per FT Share (the "Financing"), for gross proceeds to New Found of $48,000,000. The FT Shares have a hold period of four months and one day from closing, expiring on March 25, 2022. A cash finders' fee equal to 0.5% of the gross proceeds of the Financing will be paid to each of Paradigm Capital Inc. and Richardson Wealth Ltd. Mr. Eric Sprott purchased 5,000,000 FT Shares as a result of this Financing and following closing holds approximately 22% of the issued shares of the Company.

The gross proceeds from the issuance of the FT Shares will be used for "Canadian exploration expenses" and will qualify as "flow-through mining expenditures" (the "Qualifying Expenditures"), as those terms are defined in the Income Tax Act (Canada) related to the Company’s Queensway Project located in Newfoundland, Canada and on the Company’s Lucky Strike Project located in Ontario, Canada.

The Company did not file a material change report more than 21 days before the closing of the Financing, which the Company deemed reasonable and necessary in the circumstances in order to complete the Financing in a timely manner.

About New Found Gold Corp.
New Found holds a 100% interest in the Queensway Project, located 15 km west of Gander, Newfoundland, and just 18 km from Gander International Airport. The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high voltage electric power lines running through the project area, and easy access to a highly skilled workforce. The Company is currently undertaking a 400,000m drill program at Queensway. With a current working capital balance of approximately $140 million, New Found is well funded for this program.

Please see the Company’s website at www.newfoundgold.ca and the Company’s SEDAR profile at www.sedar.com.

Contact
To contact the Company, please visit the Company’s website, www.newfoundgold.ca and make your request through our investor inquiry form. Our management has a pledge to be in touch with any investor inquiries within 24 hours.

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.