- New Found Gold Corp. announced the results of a channel sampling program at its Iceberg excavation on the Queensway Gold Project, confirming **at-surface, high-grade gold mineralization** across **185 m** of continuous exposure.  **[1840616_0001279569-25-001053_ex991.htm:0]** 
- Key channel sampling highlights from the Iceberg excavation include **64.8 g/t Au over 6.71 m**, **23.9 g/t Au over 15.12 m**, and **113 g/t Au over 2.99 m**.  **[1840616_0001279569-25-001053_ex991.htm:0]** 
- The company commenced a **70,000 m drill program** in May 2025, with **80%** focused on the AFZ Core area, and an infill drill program for PEA Phase 1 open pits is expected to be completed in **Q4 2025**.  **[1840616_0001279569-25-001053_ex991.htm:1]** 
- New Found Gold recently entered into agreements to acquire outstanding shares of Maritime Resources Corp. and mineral claims from Exploits Discover Corp., which would increase the Queensway Project size by up to **33%** to **234,050 hectares**.  **[1840616_0001279569-25-001053_ex991.htm:7]**

New Found Gold Reports High-Grade Iceberg Channel Sampling Results and Project Expansion

- **New Found Gold Corp.** has entered into an agreement to acquire additional mineral claims, which will expand its Queensway Gold Project by up to **33% to a total of 234,050 hectares** in Newfoundland and Labrador.  **[1840616_20250922LN80008:2]** 
- The acquisition includes **58,600 hectares** of highly prospective landholdings immediately adjacent to the AFZ Core, where the company recently announced results of a **positive preliminary economic assessment**.  **[1840616_20250922LN80008:2]** 
- The transaction is expected to close in the **fourth quarter of 2025** and requires approval from Exploits Discovery Corp. shareholders.  **[1840616_20250922LN80008:2]** 
- As consideration, New Found Gold will issue **2,821,556 common shares** and grant a **1% NSR royalty**.  **[1840616_20250922LN80008:2]**

New Found Gold to Expand Queensway Gold Project

- **New Found Gold Corp.** entered into a definitive agreement on **September 4, 2025**, to acquire **Maritime Resources Corp.** via a court-approved plan of arrangement.  **[1840616_0001279569-25-001006_ex991.htm:0]** **[1840616_0001279569-25-001006_ex991.htm:1]** 
- **Maritime shareholders** will receive **0.75 of a Common Share of New Found Gold Corp.** for each Maritime Share held, and will collectively own approximately **31% of New Found Gold Corp.** upon completion of the transaction.  **[1840616_0001279569-25-001006_ex991.htm:0]** **[1840616_0001279569-25-001006_ex991.htm:1]** 
- The acquisition, which does not require New Found Gold Corp. shareholder approval, is expected to close in the **fourth quarter of 2025**.  **[1840616_0001279569-25-001006_ex991.htm:1]** 
- The agreement includes a **C$13 million termination fee** payable to New Found Gold Corp. by Maritime under certain circumstances, and reciprocal **C$2 million expense reimbursement obligations**.  **[1840616_0001279569-25-001006_ex991.htm:1]**

New Found Gold Corp. to Acquire Maritime Resources Corp.

- New Found Gold Corp. has appointed **Dr. Andrew Furey**, former Premier of Newfoundland and Labrador, as an **independent Director of the Board**, effective immediately.  **[1840616_0001279569-25-000984_ex991.htm:0]** 
- The company also strengthened its management team with the immediate appointments of **Hashim Ahmed as Chief Financial Officer** and **Robert Assabgui as Chief Operating Officer**.  **[1840616_0001279569-25-000984_ex991.htm:0]** 
- These leadership changes occur as New Found Gold expands its Queensway Gold Project, having recently announced agreements to acquire additional shares of Maritime Resources Corp. and mineral claims from Exploits Discovery Corp., which will increase the project's size by up to **33%** to **234,050 hectares**.  **[1840616_0001279569-25-000984_ex991.htm:2]**

New Found Gold Announces Board and Management Changes, Strategic Acquisitions

- The Queensway Gold Project has a **14.5-year mine life** with an estimated **1,494 thousand ounces of total recovered gold**.  **[1840616_0001279569-25-000939_ex991.htm:23]** **[1840616_0001279569-25-000939_ex991.htm:237]** 
- The project's pre-tax Net Present Value (NPV) at a 5% discount rate is **C$1,273,981 thousand**, based on a long-term gold price assumption of **US$2,500/oz**.  **[1840616_0001279569-25-000939_ex991.htm:25]** **[1840616_0001279569-25-000939_ex991.htm:23]** **[1840616_0001279569-25-000939_ex991.htm:237]**  Total estimated capital costs are approximately **C$1,095.1 million** (C$154.8 million for Phase 1, C$442.2 million for Phase 2, C$142.7 million for Phase 3, C$325.4 million for sustaining capital, and C$30 million for closure costs), and total unit operating costs are **C$72.23/t processed**.  **[1840616_0001279569-25-000939_ex991.htm:23]** **[1840616_0001279569-25-000939_ex991.htm:237]** 
- The project's NPV is most sensitive to **metal prices**, with a **10% reduction in metal prices leading to a 29% reduction in after-tax NPV at 5%**.  **[1840616_0001279569-25-000939_ex991.htm:25]**  It is important to note that **no Mineral Reserves are defined** for the property, and approximately **33% of the ultimate pit Mineral Resources are classified as Inferred**.  **[1840616_0001279569-25-000939_ex991.htm:30]** **[1840616_0001279569-25-000939_ex991.htm:181]**

New Found Gold Corp. Details Queensway Gold Project Technical Report

- New Found Gold Corp. announced the results of its Phase III Metallurgical Testing Program for the Queensway Gold Project, confirming an average **89.2% overall gold recovery** from Keats West master composite sulphide samples, which aligns with the preliminary economic assessment (PEA).  **[1840616_0001279569-25-000934_ex991.htm:0]** **[1840616_0001279569-25-000934_ex991.htm:2]** 
- The program also achieved average recoveries of **87%** from rougher stage flotation on select low-grade samples from the Keats, Golden Joint, Lotto, and Iceberg zones.  **[1840616_0001279569-25-000934_ex991.htm:0]** **[1840616_0001279569-25-000934_ex991.htm:3]** 
- The company filed the "NI 43-101 Technical Report for the Queensway Gold Project" dated **September 2, 2025**.  **[1840616_0001279569-25-000934_ex991.htm:4]** 
- Further Feasibility Study level metallurgical test work is planned to commence in **Q4 2025**, with results anticipated in **H2/26**.  **[1840616_0001279569-25-000934_ex991.htm:0]** **[1840616_0001279569-25-000934_ex991.htm:3]**

New Found Gold (NFGC)