New Found Gold Corp. provided a deep drilling update on its 100% owned Queensway Project ("Queensway"), located on the Trans-Canada Highway 15km west of Gander, Newfoundland. The Company has engaged Devico AS, a division of IMDEX, a leading supplier of directional drilling services, to apply its DeviDrill steerable core barrel technology at Queensway.

Devico is in the process of deploying a team of technicians to the project site that will work closely with New Found and onsite drill contractors to apply this directional drilling technology that will enable branch holes. Branching involves single hole re-entry and directional drilling techniques to branch off existing holes at depth and more quickly target and define areas of interest. The scientific and technical information disclosed in this press release was reviewed and approved by Greg Matheson, P. Geo., Chief Operating Officer, and a Qualified Person as defined under National Instrument 43-101.

Mr. Matheson consents to the publication of this press release dated June 11, 2024, by New Found. Mr. Matheson certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.