New Found Gold (NFG) investor relations material

Strategic overview and project positioning

• Advancing two key gold projects in Newfoundland: Queensway and Hammerdown, both in top-ranked mining jurisdiction with strong government and community support.

• New leadership team with proven mine development experience, focused on rapid advancement to cash flow and production growth.

• Fully funded for near-term milestones, with $148M in cash and marketable securities and a $105M credit facility.

• Strong leverage to gold price, with significant NPV and IRR increases for every $100/oz rise in gold price.

• Committed to ESG principles, emphasizing local hiring, stakeholder engagement, and environmental stewardship.

Queensway Gold Project highlights

• Phased development: Phase 1 (open pit, toll milling), Phase 2 (on-site processing), Phase 3 (underground mining).

• Initial capital of $155M enables average annual production of 69.3 koz Au (Years 1-4) at AISC of US$1,282/oz; Phase 2 boosts output to 172 koz Au (Years 5-9) at AISC of US$1,090/oz.

• Life-of-mine production of 1.5 Moz Au over 15 years, with total cash cost of US$1,085/oz and AISC of US$1,256/oz.

• After-tax NPV5% of $743M and IRR of 56% at US$2,500/oz gold; NPV rises to $1.45B and IRR to 197% at US$3,300/oz.

• High conversion of mineral resources to mine plan: 92% of indicated and 74% of inferred in AFZ Core.

Hammerdown Gold Project highlights

• Hub-and-spoke model with Hammerdown, Orion, and Stog’er Tight deposits feeding the Pine Cove Mill.

• Updated MRE: 3,328 kt at 2.43 g/t Au (260 koz) M&I, 2,132 kt at 2.34 g/t Au (161 koz) inferred.

• PEA outlines 13-year mine life, total gold production of 251,287 oz, and LOM AISC of US$2,429/oz.

• Commercial production targeted for H2 2026, with ramp-up and mill upgrades on schedule.

• Exploration and resource expansion ongoing, with focus on near-deposit and district-scale targets.