New Found Gold (NFG) investor relations material

Strategic transformation and leadership

• Transitioned from exploration to production, with a new board and management team installed between December 2024 and January 2025, aiming for operational cash flow.

• Acquired Maritime Resources for its mill, enabling fast-tracking of the Queensway project.

• Assembled a seasoned mine-building team to advance the Queensway deposit, supported by robust project economics and recent capital raises.

Project development and operational milestones

• Doubling the Pine Cove mill capacity over 18 months to support Queensway production by end of 2027.

• Hammerdown mine is ramping up production, contributing immediate cash flow in a high gold price environment.

• Pine Cove and Nugget Pond assets reduce execution risk and timeline for Queensway by 2–3 years.

• Commercial production at Hammerdown expected in the second half of 2025, with phased construction and switchover at Pine Cove mill.

Exploration strategy and resource growth

• 60–75% of drilling budget allocated to project-related expansion and infill, with 25–40% for new discoveries.

• High-grade core at Queensway starts at surface, with significant resource growth potential along a 110 km property package.

• Recent infill drilling at AFZ provides high confidence in early mine areas, supporting de-risking.

• Ongoing exploration targets include Dropkick, Paul's Pond, and other structural features for future resource expansion.