New Found Reviews 2021 Achievements - Seite 2

*As of close on December 22, 2021

The advancing understanding of the geology and mineralization at Queensway continues to support the interpretation that the high-grade gold at Queensway was emplaced in epizonal events, with features that are strongly analogous to those observed in the high-grade gold mineralization at Kirkland Lake Gold’s Fosterville Mine. This interpretation has helped significantly in the Company's targeting work. The program to date has demonstrated that exploration success is driven by maximizing the rate of drilling in conjunction with an optimized targeting process driven by a strong and focused exploration team. Throughout 2021 New Found continued to build its exploration team at Queensway, including the recent addition of Melissa Render, P.Geo., as VP of Exploration to work with Greg Matheson, P.Geo. the Company’s COO in leading more than 180 Company personnel and contractors in executing on the Queensway program. With an expansion to 14 drills to test the continuously developing targets from this work, the Company is looking forward to an exciting year ahead in 2022 at the Queensway Project.

Collin Kettell, Founder & Executive Chairman of New Found Gold stated: “2021 was a transformative year for New Found Gold. Despite the COVID-19 pandemic, the commitment and hard work of our Gander-based team, together with the firm support of both the Newfoundland government and our stakeholders, allowed us to advance the Queensway Project in several key areas including greatly expanding the known high-grade gold mineralization at the Keats and Lotto zones, and the discovery of the high-grade Golden Joint Zone. We have been supported by a steady flow of truly exceptional results at three discovery areas over 2.6km of strike, with ongoing drilling continuing to test expansion of these zones. Work generating and testing targets has continued to deliver impressive results, increasing our confidence that we will add further to our discoveries.

Regarding outlook for 2022, Mr. Kettell stated: “With over 32,000 meters of core pending assay, we look forward to a steady flow of assay results being released starting in early January. Drilling has continued to expand the extent of high-grade gold mineralization at Keats, Lotto, Golden Joint, and more broadly along the Appleton Fault Corridor.

Next year will see over twice as many meters drilled as in 2021. With the increase to 14 drills backed by $130 million of working capital, the number of zones and targets we plan to test, the growing team, and the expansion of our facilities in Gander, we are very excited for the year to come.”