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New Found Gold is like a tech startup that's discovered a groundbreaking new technology, but for finding world-class gold deposits.

New Found Gold is like an early-stage biotech company that's identified a highly promising new drug, but for discovering gold mines.

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• Gold Exploration and Development: New Found Gold focuses on identifying, exploring, and advancing high-grade gold deposits, primarily at its Queensway Project in Newfoundland, Canada.

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New Found Gold (symbol: NFGC) is a mineral exploration and development company primarily focused on its Queensway Project in Newfoundland, Canada. As an exploration company, its primary activities involve identifying, drilling, and evaluating gold deposits, rather than producing and selling gold.

Consequently, New Found Gold does not currently have "major customers" in the traditional sense of selling a product (like gold bullion or ore) to other companies or individuals. The company is in the pre-production phase, meaning it is investing in exploration to define mineral resources and potentially develop a mine, rather than generating revenue from commercial sales of gold.

Therefore, neither category of customer described in the prompt (companies or individuals buying a product) applies to New Found Gold at this stage of its business lifecycle. Its "value" is primarily derived from its exploration success and potential to delineate an economically viable gold deposit, which could eventually be developed by the company itself, acquired by a larger mining company, or advanced through joint ventures.

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Keith Boyle, Chief Executive Officer & Director

Mr. Boyle was appointed CEO of New Found Gold in January 2025. He brings 40 years of experience in the mining industry, with the last 17 years as an operations executive within precious and base metals companies. His experience spans open-pit and underground mines across North America, Australia, and Africa. Mr. Boyle has a track record of fast-tracking major projects, including the Oko West project to a successful acquisition.

Hashim Ahmed, Chief Financial Officer

Mr. Ahmed was appointed Chief Financial Officer in September 2025. He possesses 25 years of experience in financial management, corporate strategy, organizational restructuring, and capital markets operations within the mining sector. Prior to joining New Found Gold, he served as the Executive Vice President and CFO at Mandalay Resources Corp. until its acquisition by Alkane Resources Ltd. He was also previously the CFO at Jaguar.

Melissa Render, P. Geo., President & Director

Ms. Render was appointed President in 2024. She is an exploration geologist with over 18 years of experience focused on orogenic gold. She began her tenure with New Found Gold as a Consultant in 2020 and was appointed Vice President, Exploration in 2021. She has managed exploration projects globally across various greenstone belts.

Robert Assabgui, P.Eng., Chief Operating Officer

Mr. Assabgui was appointed Chief Operating Officer in September 2025, having previously served as New Found Gold's Study Manager (appointed February 2025). He is an accomplished senior operations executive with expertise in project management and engineering in the mining industry. His career began at Inco Ltd. (now Vale Canada Ltd.), where he advanced to Director of Mines. He also served as Vice President of Technical Services and later Vice President of the Manitoba Business Unit at Hudbay Minerals Inc., where he successfully transitioned the Snow Lake operations into a primary gold producer. He was also Study Manager for Reunion Gold Corporation at the Oko West Project until its acquisition by G Mining Ventures Corp.

Paul Andre Huet, Chairman

Mr. Huet was appointed Chair of New Found Gold in 2024. He is currently the Chief Executive Officer at Americas Gold and Silver. His previous roles include Chairman and CEO of Karora Resources Inc. from 2019 to 2024 until its acquisition by Westgold Resources Limited for $1.3 billion, and President, CEO, and Director of Klondex Mines from 2012 to 2018 until its acquisition by Hecla Mining Company for $700 million.

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The key risks for New Found Gold (symbol: NFGC) largely stem from its status as a gold exploration company with no producing assets and the inherent uncertainties of mineral discovery and development.

1. Exploration Risk and Lack of Demonstrated Continuity of Gold Deposits: New Found Gold's primary asset is its Queensway Gold Project, which is still in the exploration phase. A significant risk is the uncertainty surrounding the continuity and economic viability of its high-grade gold discoveries. While the company has reported impressive gold concentrations in certain drill holes, concerns have been raised by short-sellers and analysts regarding whether these discoveries extend consistently over a larger area, which is critical for economically viable mining. Despite extensive drilling campaigns since 2016, the company had not yet released a comprehensive mineral resource estimate as of late 2024, with some attributing this delay to problematic continuity. The ability to accurately define and demonstrate a continuous and economically minable resource is fundamental to the company's long-term success.

2. Financing and Dilution Risk: As an exploration company, New Found Gold currently generates no revenue and incurs substantial operating costs, leading to a high cash burn. This necessitates continuous capital raising to fund its extensive exploration programs and future development. While the company has secured recent financings, including a C$63 million bought deal in June 2025 to cover near-term work, the projected capital expenditure for full construction, estimated at around US$600 million in its Preliminary Economic Assessment (PEA), indicates a need for significant additional funding. This ongoing need for capital exposes shareholders to the risk of substantial future equity dilution as the company may issue new securities to raise funds.

3. Gold Price Volatility: The financial viability and profitability of any future gold production by New Found Gold are highly dependent on the market price of gold. While gold prices have seen strong performance in recent periods, the commodity market is inherently cyclical and subject to significant fluctuations. A sustained decline in gold prices could negatively impact the economic attractiveness of the Queensway project, reduce potential future revenues, and make it more challenging to secure necessary financing, thereby affecting the company's overall business prospects and valuation.

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New Found Gold (NFGC) is a Canadian-based mineral exploration company primarily focused on the discovery and development of high-grade gold deposits at its Queensway Gold Project in Newfoundland and Labrador, Canada.

The addressable markets for New Found Gold's main product, gold, can be assessed at both a global and a regional (Canadian) level:

• Global Gold Market: The global gold market size is forecasted to be worth approximately USD 5,103.47 billion in 2024, with projections indicating a rise to USD 5,627.81 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 1.23%. Other estimates place the global market value at USD 291.68 billion in 2024, projected to reach USD 457.91 billion by 2032 with a CAGR of 5.80%.
• Canadian Gold Market: The Gold & Silver Ore Mining industry in Canada has a market size of approximately USD 15.6 billion in 2025. Canada also held a significant position in global gold production in 2024, accounting for roughly 6.7% of the total output. The broader Canadian precious metal market, which includes gold, generated an estimated revenue of USD 22,969.2 million in 2024 and is expected to reach USD 43,035.4 million by 2030, with a CAGR of 7.6% from 2025 to 2030.

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Expected Revenue Growth Drivers for New Found Gold (NFGC) over the Next 2-3 Years:

1. Commencement of Gold Production (Queensway Project Phase 1): New Found Gold has outlined a phased mine plan for its Queensway Gold Project, with initial gold production targeted for 2027. Phase 1 is designed to achieve average annual gold production of 69,300 ounces during its first four years, which will represent the company's first significant revenue stream.
2. Expansion of Mineral Resources and New Discoveries: The company is undertaking extensive drilling programs, with approximately 70,000 meters planned for 2025, focused on resource definition, expansion of existing zones, and the discovery of new major gold deposits along the 110-kilometer strike extent of the Queensway Project. Successful expansion of the mineral resource base and identification of new high-grade zones will underpin increased future production potential and sustained revenue growth beyond the initial phase.
3. Advancement of Project Development and De-risking: Key development activities, including a bulk sample program planned to commence in the first half of 2026 to confirm grade continuity and validate the resource model, ongoing metallurgical test work to optimize gold recovery, and progress in permitting and environmental baseline studies, are crucial. These efforts are essential to de-risk the Queensway Project, improve its economic viability, and ensure a smooth transition to full-scale gold production, thereby supporting long-term revenue generation.

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Share Issuance

• In August 2025, New Found Gold completed a non-brokered private placement with Eric Sprott, issuing 12,269,939 common shares for C$20,000,000.57.
• Eric Sprott also participated in a bought deal financing that closed in June 2025.
• In November 2025, the company granted incentive stock options to acquire 66,944 common shares and 41,348 restricted share units to officers and employees.

Inbound Investments

• Eric Sprott made a C$20 million non-brokered private placement investment in August 2025, increasing his ownership from 19.0% to 23.1% and making him a "Control Person" of the company.
• Eric Sprott has demonstrated continued commitment, having also participated in the company's previous bought deal financing in June 2025.
• New Found Gold has a strong shareholder base, which includes cornerstone investor Eric Sprott.

Outbound Investments

• In October 2025, New Found Gold announced the acquisition of Maritime Resources, an "imminent gold producer" also located in Newfoundland and Labrador, with production expected to start by the end of 2025.
• In September 2025, the company entered an agreement to acquire additional claims adjoining its Queensway project, potentially increasing its size by up to 33% to 234,050 hectares.

Capital Expenditures

• Capital expenditures in the last 12 months totaled -$1.97 million CAD.
• The primary focus of capital expenditures is on advancing the Queensway Gold Project, including an ongoing 650,000-meter drill program.
• A Preliminary Economic Assessment (PEA) completed in July 2025 for the Queensway project outlines an initial capital cost of $155 million for Phase 1, targeting average annual gold production of 69,300 ounces, with production projected to start in 2027.