Here are 1-3 brief analogies for New Found Gold:

• They're like the geological 'R&D' division for a future Barrick Gold, searching for new major gold deposits.
• Think of them as a biotech startup, but instead of discovering new drugs, they're discovering new gold deposits for the future mining industry.
• Imagine Newmont Gold, but instead of operating mines, New Found Gold focuses purely on the initial 'treasure hunt' phase to identify and prove out future gold resources.

• Gold Exploration: The company identifies, acquires, and explores mineral properties, primarily focusing on the discovery and delineation of gold deposits.

New Found Gold Corp. (NFGC) is a mineral exploration company. Its primary business activity is the identification, acquisition, and exploration of mineral properties to discover and define gold deposits. As an exploration company, it does not currently produce or sell gold or other minerals to customers.

Therefore, New Found Gold Corp. does not have major customers, customer companies, or categories of individual customers as it is not involved in the sale of a finished product. Its business model focuses on increasing the value of its mineral assets through exploration and discovery, with potential future outcomes being the sale of a project, a joint venture, or the development of a mine by a larger entity.

Keith Boyle was appointed CEO of New Found Gold in January 2025. He brings 40 years of experience in the mining industry, including 17 years as an operations executive in precious and base metals. Mr. Boyle previously served as Chief Operating Officer at Reunion Gold Corporation, where he fast-tracked the development of the high-grade gold Oko West Project in Guyana, which led to its acquisition by G Mining Ventures Corporation for $870 million.

Hashim Ahmed was appointed CFO on September 15, 2025. He has 25 years of experience in financial management, corporate strategy, organizational restructuring, and capital markets within the mining industry. Before joining New Found Gold, Mr. Ahmed was Executive Vice President & CFO at Mandalay Resources Corp. prior to its acquisition by Alkane Resources Ltd. He also held CFO roles at Nova Royalty Corp. and Jaguar Mining Inc. At Jaguar Mining, he helped transform the company from a $30 million market cap to over $500 million.

Melissa Render was appointed President in 2024. She is an exploration geologist with over 18 years of experience focused on orogenic gold systems. Ms. Render joined New Found Gold as a consultant in 2020, was appointed Vice President, Exploration in 2021, and then President in 2024. She has managed exploration projects worldwide from grassroots to advanced stages in various greenstone belts.

Robert Assabgui was appointed Chief Operating Officer on September 15, 2025, after joining New Found Gold as Study Manager in early 2025. He is an accomplished senior operations executive and manager with expertise in project management and engineering within the mining industry. Prior to New Found Gold, Mr. Assabgui was Study Manager for Reunion Gold Corporation at the Oko West Project until its acquisition by G Mining Ventures Corp. in 2024. He began his career at Inco Ltd. (subsequently Vale Canada Ltd.) and later worked at Hudbay Minerals Inc.

Paul Andre Huet was appointed Chair of New Found Gold in 2024. He is currently the CEO of Americas Gold and Silver. Mr. Huet was previously Chairman and CEO of Karora Resources Inc. from 2019 to 2024, until its acquisition by Westgold Resources Limited for $1.3-billion. Before that, he served as President, Chief Executive Officer, and Director of Klondex Mines from 2012 to 2018, until its acquisition by Hecla Mining Company for $700-million.

The key risks for New Found Gold Corp. (NFGC) predominantly stem from the inherent challenges of mineral exploration and the transition to a gold producer, specifically regarding the geological characteristics of its primary asset and the complexities of project development.

1. Geological and Exploration Risk (Nugget Effect and Continuity)

   A significant risk for New Found Gold's Queensway project is the unpredictable distribution of gold mineralization, often referred to as the "nugget effect," and a lack of consistent continuity in the gold deposits. This characteristic means that gold grades can vary widely over short distances, making it challenging to accurately define resources and plan for economic extraction. The British Columbia Securities Commission (BCSC) previously required NFGC to revise its assay intercepts in press releases, citing a practice of "smearing" high-grade narrow intercepts over broader, lower-grade intervals, which created a misleading impression of continuity. This geological complexity poses a fundamental risk to the project's long-term economic viability and could lead to increased extraction costs and diluted ore.

2. Permitting and Operational Execution Risks

   As New Found Gold transitions from an exploration company to an emerging gold producer, it faces considerable risks associated with securing necessary permits and successfully executing its operational plans. Delays in obtaining governmental and regulatory clearances for its Queensway project could significantly impede its development timeline and impact its projected cash flow. Furthermore, the company's "hub-and-spoke" model, which involves integrating acquired mining facilities like Hammerdown and upgrading plants, introduces operational complexities. Any operational issues at these facilities, or challenges with the consistent quality of ore for trucking to processing plants, could negatively affect the company's production goals and profitability.

3. Commodity Price Volatility

   The financial performance and profitability of New Found Gold are highly sensitive to fluctuations in the price of gold. A decrease in gold prices would directly reduce the company's potential profits and the overall value of its mineral assets. While the current market has seen favorable gold prices, the inherent volatility of commodity markets remains a significant external risk that could impact future revenues and investment returns.

New Found Gold Corp. engages in the exploration of gold deposits, making its primary addressable market the global gold market and, more specifically, the global gold mining market.

The global gold mining market size was estimated at approximately USD 260.86 billion in 2024 and is projected to reach USD 710.08 billion by 2033, with a compound annual growth rate (CAGR) of 11.0% from 2025 to 2033. Another report valued the global gold mining market at USD 294.81 billion in 2025, with projections to grow to USD 765.85 billion by 2034 at a CAGR of 11.19% during the forecast period. Additionally, the global gold market, encompassing all gold transactions, was valued at USD 2.5 trillion based on a five-year historical analysis.

In terms of volume, the global gold market size was 4,890.0 tons in 2025 and is expected to grow to 7,424.4 tons by 2034, demonstrating a CAGR of 4.70%.

New Found Gold Corp. (NFGC) is positioned for future revenue growth over the next 2-3 years, driven primarily by its transition from an exploration company to an emerging gold producer. The key drivers include:

1. Ramping up Hammerdown to steady-state gold production: Having poured its first gold in November 2025, the Hammerdown project is expected to reach steady-state production in early 2026, providing a near-term source of cash flow.
2. Commencement of gold production from Queensway Phase 1: The company is targeting first gold from its flagship Queensway project's Phase 1 in the second half of 2027. This represents a significant step towards becoming a major gold producer.
3. Advancement of Queensway through engineering, permitting, and construction: Critical milestones such as the submission of Environmental Registration in late Q1 2026 and a targeted Phase 1 construction decision in late 2026 are essential to de-risk the project and enable its production phase.
4. Continued expansion of mineral resources and exploration success at Queensway: Ongoing focused exploration at Queensway aims to grow resources, supporting future expansions and extending the mine life of this cornerstone project.
5. Leveraging existing processing infrastructure: The strategic utilization of acquired infrastructure, including the Pine Cove Mill and Nugget Pond Hydrometallurgical Gold Plant, enables capital-efficient toll milling for both Hammerdown and Queensway Phase 1, thereby reducing initial capital expenditure and accelerating the path to production.

Share Issuance

• On November 7, 2025, New Found Gold granted incentive stock options for 66,944 common shares at an exercise price of $2.70 and 41,348 restricted share units to certain officers and employees.
• As of August 27, 2025, cornerstone investor Eric Sprott increased his stake by purchasing 12,269,939 shares in a private placement for gross proceeds of C$20 million, raising his combined holding to approximately 23.1% of outstanding shares.
• The company's SEC filings indicate a history of share-based compensation grants and debt settlements utilizing equity, reflecting ongoing share issuances.

Inbound Investments

• On August 27, 2025, Eric Sprott made a significant investment of C$20 million in New Found Gold through a private placement.
• Eric Sprott is a cornerstone investor and, as of March 21, 2025, held an 18% stake in New Found Gold.

Outbound Investments

• On September 8, 2025, New Found Gold entered into a property purchase agreement with Exploits Discovery Corp. to acquire a 100% interest in mineral claims in Newfoundland and Labrador, which will expand the Queensway project by up to 33%.
• New Found Gold announced overwhelming approval on November 5, 2025, for a statutory plan of arrangement to acquire all outstanding shares it did not already own from Maritime Resources Corp.
• The company's assets include the Hammerdown Gold Project, Pine Cove Mill, and Nugget Pond Hydrometallurgical Gold Plant, which form part of its Maritime Division, indicating past strategic investments or acquisitions.

Capital Expenditures

• Over the last 12 months, capital expenditures for New Found Gold totaled -$1.97 million.
• The primary focus of capital expenditures is on advancing the Queensway project to production and bringing the Hammerdown deposit into commercial gold production.
• More than 600,000 meters of drilling have been completed at the Queensway project since 2020, as the company transitions from an exploration to a production-focused entity.