New Found Gold Corp. announced the results from 97 diamond drill holes that were completed as part of a drill program designed to test targets generated by systematic grid drilling in proximity to the Monte Carlo Zone located 800m southwest of the K2 Zone on the west side of the highly prospective Appleton Fault Zone ("AFZ"). New Found's 100% -owned Queensway project comprises a 1,662km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador.

Monte Carlo, Vegas, and Powerline Highlights: Hole No., From (m), Interval (m), Au (g/t), Zone, NFGC-22-10592, 68.75, 77.75, 9.00, 1.93, Monte Carlo, NFGC-22- 10641, 86.55, 88.55, 2.00, 25.77, Monte Carlo, Including, 87.40, 87.90, 0.50, 92.51, NFGC-23-16562, 62.00, 76.75, 14.75, 1.23, Monte Carlo, NFGC -23-16661, 62.75, 66.00, 3.25, 10.57, Monte Carlo, Including, 64.55, 65.30, 0.75, 36.56, 59.45, 66.70, 7.25, 6.25, 6.25.87, Monte Carlo, Including, 61.00, 62.25, 1.25, 27.76, 140.00, 149.25, 9.25, 1.99, 89.70, 106.55, 16.85, 35.24, Vegas, Including, 97.40, 97.70, 0.30, 1910.00, NFGC-23-13212, 46.00, 53.00, 3.32, Powerline /West Grid, And2, 58.70, 65.00, 6.30, 1.85, NFGC-23-18842, 43.00, 53.55, 10.55, 1.80, 1.80, Powerline. Details of drill holes reported in this press release. Queensway 650,000m Drill Program Update.

The Company is currently undertaking a 650,000m drill program at Queensway and is well funded for this program with cash and marketable securities of approximately $53.5 million as of February 2024.