New Found Gold (NFG) investor relations material

Production plan and growth

• Hammerdown is in commercial production at 700 tonnes/day, producing 20,000–25,000 oz/year at CAD 2,500 AISC; projected annual cash flow of CAD 35–40 million supports G&A and exploration.

• Pine Cove is being converted from flotation Merrill-Crowe to gravity CIL, then expanded from 700 to 1,400 tonnes/day to process Queensway ore; expansion completion is targeted for Q4 2027, subject to permitting and construction milestones.

• Queensway first ore is targeted for Q4 2027; combined production is projected above 90,000 oz/year, targeting 100,000 oz/year in 2028–2030 and 200,000 oz/year in 2031 after an onsite mill is built.

• Queensway’s phased plan starts with a 700-tonne/day operation; phase 1 CapEx is CAD 155 million, with phase 2 CapEx of CAD 442 million.

Funding and execution milestones

• Cash at end-Q2 was CAD 194 million; an April financing raised CAD 220 million, comprising CAD 115 million equity and CAD 105 million debt, of which CAD 70 million was drawn.

• CAD 35 million of debt remained available to draw by April 2027, with CAD 17 million of warrants due through September 2027; Hammerdown cash flow is expected to fund Queensway CapEx.

• Projected cash at end-2027, after Queensway starts production, is CAD 88 million; phase II is advancing through feasibility study, permit application and detailed engineering.

• Queensway environmental assessment approval is targeted for early 2027, with groundbreaking planned for Q2 2027; an updated resource estimate and technical report were expected in the following weeks.

Queensway resource and exploration

• The existing mine plan covers about 4.5 km of strike within a 110-km property package; Dropkick, discovered in late 2024, was expanded over 1.5 km and to 300 m depth and is expected in the upcoming resource update.

• The mine plan includes about 1.5 million oz, of which just over 200,000 oz is underground; over 90% of drilling is above 250 m, while proof-of-concept drilling reached 1,000 m.

• Exploration is expanding beyond Queensway, including follow-up work near Dropkick and promising historic drilling at Paul’s Pond, 65 km south; exploration began targeting areas farther afield in June.

• Additional exploration at Hammerdown and nearby historic mines is intended to fill available Pine Cove capacity of 700 tonnes/day after Queensway moves to its onsite mill, planned for 2030.