New Found to Acquire Labrador Gold’s Kingsway Project - Seite 2

• New Found’s base of geologic knowledge of the central Newfoundland Gold Belt and the AFZ will be applied to the Kingsway Project to expand on existing discovery areas and to identify additional mineralized zones.

• The combined projects offer increased potential to solidify the district scale nature of the Queensway Project, with the additional 12km of strike along the AFZ lending the ability to identify and build upon additional zones of mineralization.

• New Found is well capitalized and has significant exploration infrastructure and an experienced exploration team in place that will allow for efficient exploration that is required to unlock the mineral potential at the Kingsway Project.

Details of the Transaction

The Transaction requires the approval of 66 ^2/3% of the votes cast by holders of common shares of LabGold at a shareholder meeting to be called by LabGold. In addition, the Transaction is subject to customary closing conditions, including the approval of the TSX-V. It is anticipated that the closing of the Transaction will occur in the third quarter of 2024.

The Agreement includes deal-protection provisions, including customary non-solicitation provisions, a right for New Found to match any superior proposal, and a termination fee of CDN$500,000, payable by LabGold, in customary circumstances. Directors, officers and certain shareholders of LabGold, owning approximately 2.35% of LabGold’s common shares have entered into voting support agreements pursuant to which they have agreed to vote all the LabGold shares they own, or control, in favour of the Transaction.

About New Found Gold Corp

New Found holds a 100% interest in the Queensway Project, located 15km west of Gander, Newfoundland and Labrador, and just 18km 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 650,000m drill program at Queensway and is well funded for this program with cash and marketable securities of approximately $53.6 million as of April 2024.

Please see the Company’s website at www.newfoundgold.ca and the Company’s SEDAR+ profile at www.sedarplus.ca.

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.