New Found Reviews 2021 Achievements

New Found Gold Corp. (“New Found” or the “Company”) (TSXV: NFG, NYSE American: NFGC) is pleased to review the 2021 year of exploration at its 100%-owned Queensway Project (“Queensway”). After completing its IPO in August 2020, New Found commenced an initial 100,000m drill program at Queensway in September 2020. By the end of 2020, step-out drilling on the high-grade discovery hole at the Keats Zone (92.9 g/t over 19.0m in hole NFGC-19-01) had yielded broad intervals of near surface high-grade gold over approximately 80m of strike, including 44.5 g/t over 6.85m in hole NFGC-20-26, a 60m step out to the south. A new high-grade gold discovery was also made in initial drilling at the Lotto Zone approximately 2km north of Keats, with results including 41.2 g/t over 4.75m and 25.4 g/t over 5.15m in hole NFGC-20-17.

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Figure 1. Long Section from Keats to Lotto and highlight drill results (Graphic: Business Wire)

Highlights

Building on these early successes, in 2021 New Found:

• Expanded the Keats Main high-grade discovery to over 500m along strike, and 250m of depth where it remains open (Figure 1).
• Discovered additional high-grade veins at Keats, with hole NFGC-21-238 recently returning 88.53 g/t Au over 3.35m at approximately 300m vertical depth.
• Made a new high-grade gold discovery at Golden Joint approximately 800m north of Keats, with intercepts down to approximately 250m depth including 430.2 g/t Au over 5.3m. NFGC-21-241 (see drill highlights in Figure 1).
• Expanded drill definition of high-grade gold at Lotto approximately 2km north of Keats to +200m depth, with results including 2.4m of 683.1 g/t Au in NFGC-21-201 (see drill highlights in Figure 1).
• Drilled intercepts of gold mineralization in multiple additional target areas in a corridor +500m wide along 2.6km of strike on the Appleton Fault, including a number of impressive high-grade gold intervals. Ongoing drilling is demonstrating multiple vein orientations and increasing complexity along this corridor analogous to other high-grade gold epizonal environments.
• Continued to add to the target count along +20km of prospective strike on the Appleton and JPB structures at Queensway North including discovery of the Big Dave showing 2km north of Lotto, which yielded assay results up to 1,131 g/t Au (Figure 3).
• Expanded the current program from 100,000m to 400,000m, and to execute this has increased the drill count from 4 to 10 drills, with a further expansion to 14 rigs now underway. Approximately 127,000m of this program has been completed to date, with results pending for approximately 32,000m.
• Significantly expanded its exploration team and commenced construction of Company’s previously announced 25,000 ft² “Giga-Shack” core processing facility.
• Raised over $120-million in 2021 in three financings at an average price of $9.34 per share, with the Company ending the year with $130-million in working capital.
• Ended the year with a market capitalization of approximately $1.36 billion^*, a 132% increase in calendar 2021.

Beyond the discovery success noted along the 2.6 km corridor encompassing the Keats, Golden Joint and Lotto discoveries, the big picture model of geology and gold mineralization advanced through the 2021 drill campaign has significantly increased the Company's confidence in the potential for additional high-grade gold discoveries over +20km of prospective strike along the Appleton and JPB structures on Queensway North (see Figure 3). In addition, there is over +100km of prospective strike on these same structures on Queensway South where work in 2021 has developed initial drill targets at the Eastern Pond target approximately 55km south of Keats.