New Found Gold

Investor Insight

New Found Gold is an emerging Canadian gold producer combining a high-grade, district-scale flagship project with producing and processing assets in Newfoundland and Labrador to accelerate production, generate near-term cash flow, and drive long-term growth.

Overview

New Found Gold (TSXV:NFG,NYSE:NFGC) is an emerging Canadian gold producer with assets located in Newfoundland and Labrador, Canada. The company’s portfolio includes its flagship Queensway gold project as well as the recently acquired Hammerdown operation, Pine Cove mill and Nugget Pond hydrometallurgical gold plant.

At the beginning of 2025, New Found Gold refreshed its board of directors and management team by adding a group of experienced mine builders and operators to support the company’s transition from exploration to production and build off its established exploration expertise.

In November 2025, New Found Gold completed its previously announced acquisition of Maritime Resources, creating a diversified gold company with both development and producing assets in a top-tier jurisdiction. The transaction brought together two high-quality gold projects — Queensway and Hammerdown — and added established processing infrastructure which has positioned the company to pursue a clear path to production and cash flow.

The company is currently focused on advancing Queensway toward production while bringing Hammerdown into steady-state gold production in 2026. This multi-asset approach is intended to support near-term cash flow generation while maintaining meaningful exploration and development upside through Queensway’s large, high-grade gold system.

At Queensway, New Found Gold has consolidated a district-scale land position and continues to advance technical work including infill drilling, grade control drilling, geotechnical studies and exploration programs. At the same time, the company’s ownership of processing and operational assets provides infrastructure optionality as development progresses.

Company Highlights

• District-scale land package at Queensway totaling over 230,000 hectares and covering over 110 kilometres of strike along two major fault zones
• Recently acquired Hammerdown operation, targeted for steady-state gold production in 2026
• Ownership of the Pine Cove operation (with a permitted mill and tailings facility) and Nugget Pond hydrometallurgical gold plant, providing processing infrastructure
• Strengthened management team and solid shareholder base, including cornerstone investor Eric Sprott

Key Projects

Queensway Gold Project

The 100 percent owned Queensway gold project is New Found Gold’s flagship asset and the primary driver of long-term value creation. Located in central Newfoundland, Queensway now spans over 230,000 hectares, following a completed land acquisition from Exploits Discovery Corp., and covers more than 110 kilometres of strike along the Appleton and JBP fault zones, highlighting its district-scale exploration potential.

Aerial view of the Queensway gold project, adjacent to the Trans-Canada Highway near Gander, Newfoundland and Labrador

In July 2025, New Found Gold completed a preliminary economic assessment (PEA) for Queensway, showing 1.5 Moz gold production over a 15-year mine life. The PEA outlines a phased development strategy designed to accelerate the project’s path to production. Phase 1 of the PEA focuses on mining high-grade, near-surface mineralization from the Appleton Fault Zone (AFZ) Core, with processing planned via off-site milling. This approach is intended to reduce upfront capital requirements while enabling earlier cash flow generation.

The AFZ Core hosts multiple high-grade gold zones, including Keats, Iceberg, Keats West, Lotto and Monte Carlo, which form the foundation of the PEA mine plan. Ongoing infill drilling, grade control drilling, excavation and geotechnical programs are being carried out to support mine planning, improve resource confidence, and advance future mineral resource updates. Recent drilling at zones such as Monte Carlo and Keats has returned high-grade results that generally align with the existing resource model, reinforcing continuity within the proposed open-pit areas.

Queensway’s neighbouring gold projects

Beyond the current mine plan, continued drilling along strike and at depth across Queensway has delivered new discoveries, highlighting the project’s potential for resource growth beyond the initial PEA scope. The combination of a defined development pathway, high-grade mineralization, and district-scale exploration potential positions Queensway as a central asset within New Found Gold’s emerging production-focused portfolio.

Hammerdown Operation

The Hammerdown operation is a high-grade gold project that New Found Gold is advancing toward steady-state production. The first gold pour from Hammerdown was announced on November 12, 2025.

Aerial view of the Hammerdown operation, near Springdale, Newfoundland and Labrador.

Hammerdown is supported by nearby processing infrastructure, allowing New Found Gold the optionality to pursue a production-focused strategy alongside ongoing development at Queensway. The operation is the first step in establishing the company as a new Canadian gold producer.

Pine Cove Operation and Nugget Pond Hydrometallurgical Gold Plant

New Found Gold also owns the Pine Cove operation, which includes a mill and tailings facility, as well as the Nugget Pond hydrometallurgical gold plant. These assets provide the company with permitted processing infrastructure in Newfoundland and Labrador.

Ownership of these facilities enhances operational flexibility and supports the company’s broader production and development strategy as it advances Hammerdown and Queensway.

Management Team

Keith Boyle — Chief Executive Officer and Director

Keith Boyle brings over 40 years of global mining experience, including extensive roles in operations, project development, technical studies, investor relations and budget management. Prior to joining New Found Gold, Mr. Boyle served as chief operating officer at Reunion Gold, where he fast-tracked the high-grade Oko West project in Guyana ahead of its acquisition for $870 million. He holds a Bachelor of Science in Mining Engineering and an MBA, and is a registered professional engineer in Ontario and Newfoundland & Labrador.

Melissa Render — President

Melissa Render is an exploration geologist with more than 18 years of experience focused on orogenic gold systems. She joined New Found Gold as a consultant in 2020, became vice-president, exploration in 2021, and was promoted to president in 2024. Ms. Render has led exploration programs worldwide across multiple gold belts and brings expertise in target generation, 3D modelling, data management and exploration program design. She holds a Bachelor of Science in Geological and Earth Sciences from Dalhousie University and is a registered professional geoscientist in Ontario and Newfoundland & Labrador.

Hashim Ahmed — Chief Financial Officer

Hashim Ahmed brings 25 years of finance, corporate strategy and capital markets experience to New Found Gold. He has held senior financial and executive positions across the mining industry, including most recently as executive vice-president and CFO at Mandalay Resources. His background spans royalty, mid-tier and senior gold companies. Mr. Ahmed obtained his CA/CPA designation with PricewaterhouseCoopers LLP.

Robert Assabgu — Chief Operating Officer

Robert Assabgu is an experienced mining engineer with expertise in project management, engineering and operations. His career includes leadership roles at Inco/Vale and Hudbay Minerals, where he oversaw multiple mines, concentrators and technical services teams. He also played a key role at Reunion Gold on the Oko West project ahead of the G Mining Ventures acquisition. Mr. Assabgui holds a Bachelor of Engineering degree in Mining and Mineral Engineering from McGill University in Montreal.

Fiona Childe — Vice-president, Communications and Corporate Development

Fiona Childe has more than 25 years of industry experience, beginning as an exploration geologist and later focusing on capital markets, corporate development and investor communications. Throughout her career, she has held senior management positions and consulted for mining companies, such as Mineros S.A. and Tau Capital Corp. with a primary focus on gold. Dr. Childe holds a Ph.D. in geology from the University of British Columbia and a professional geoscientist designation in Ontario.

Jared Saunders — Vice-president, Sustainability

Jared Saunders brings over two decades of experience in environmental science, regulatory compliance and stakeholder engagement. His background includes environmental leadership roles at Vale Newfoundland & Labrador and consulting project experience in environmental risk assessment and contaminated site management. Dr. Saunders holds a Ph.D. in Environmental Sciences degree from the Royal Military College in Kingston, Ontario. He sits on the Board of Directors for Mining Industry, NL as Director – Exploration.

Jelena Novikov Fried — General Counsel and Corporate Secretary

Jelena Novikov Fried has more than 20 years of legal experience in corporate, commercial and securities law. Prior to joining New Found Gold, she served as legal director, corporate and securities at lithium-ion battery recycler Li-Cycle, and practiced corporate and securities law with Cassels Brock & Blackwell LLP and Bennett Jones LLP. Ms. Novikov Fried holds a Juris Doctor from the University of British Columbia.