New Found Gold Corp. announced the initiation of surface trenching at the Iceberg Zone at its Queensway Project ("Queensway"), located on the Trans-Canada Highway 15km west of Gander, Newfoundland. The Iceberg surface trenching program will focus on excavating between 1-12 meters of overburden that covers the projection of the Iceberg Zone at the bedrock surface, exposing 220m of strike length over a 105m wide area, which corresponds to a core segment of the surface expression of the Iceberg Zone.

Excavation of overburden covering the surface of the zone is expected to allow for a detailed analysis of the geological and structural models currently defined through drilling. Excavation work is underway and it is estimated that the trench will take 8-10 weeks to complete, followed by a detailed geological mapping program expected to be completed in Fourth Quarter 2024. The Iceberg Zone starts approximately 4m below surface at bedrock and when combined with the Iceberg East segment has been drill defined over 680m of strike length and to a depth of 180m.

The shallow portion of Iceberg demonstrates robust grades over significant thicknesses, a hallmark characteristic of the zone. It is exciting to know the company will have the first glimpse of Iceberg in a few weeks' time. The Company is pleased to provide a quarterly update with respect to the Company's at-the-market equity offering program (the " ATM") implemented on August 26, 2022, pursuant to an equity distribution agreement (the "Equity Distribution Agreement") with BMO Nesbitt Burns Inc., Paradigm Capital Inc. (together, the "Canadian Agents") and BMO Capital Markets Corp.

(the "U.S. Agent" and, together with the Canadian Agents, the "Agents").