New Found Gold Completes Queensway Gold Project Expansion; Grants Restricted Share Units

Core Viewpoint - New Found Gold Corp. has successfully completed the acquisition of a 100% interest in mineral claims in Newfoundland and Labrador, expanding its Queensway Gold Project by up to 31% to a total of 230,225 hectares [1][2]. Group 1: Acquisition Details - The acquisition includes mineral claims previously held by Exploits Discovery Corp., which adjoin New Found Gold's existing Queensway Gold Project [1]. - As part of the acquisition, New Found Gold issued 2,821,556 common shares to Exploits and granted a 1% net smelter returns royalty on certain mineral claims [2][3]. - The company will issue an additional 725,543 shares to Exploits following a positive final determination by the Supreme Court of Newfoundland and Labrador regarding disputed mineral claims [2]. Group 2: Project Expansion and Exploration Plans - The expansion consolidates a district-scale land package of over 110 kilometers along two major fault zones, the Appleton and the JBP [2]. - New Found Gold has outlined a significant initial mineral resource with robust preliminary economics at the AFZ Core and plans to commence exploration on the new landholdings [2][7]. - Recent drilling has yielded new discoveries, indicating the camp-scale potential at Queensway [2][7]. Group 3: Company Overview - New Found Gold is an emerging Canadian gold producer with a focus on advancing the Queensway project and bringing the Hammerdown Operation into steady-state gold production [6]. - The company has a new board of directors and management team, with a solid shareholder base including cornerstone investor Eric Sprott [8].