New Found Gold (NFG) Status Update summary

Project overview and phased development

• The project will be developed in three phases: initial 700 tpd open pit with toll milling, followed by a 7,000 tpd on-site plant, and then underground mining as a production sweetener in later years.

• Initial capital is $155 million, with total project capital at $1.065 billion, and a projected NPV of $743 million at $2,500/oz gold; IRR is 56.3%.

• Phase I targets over 69,000 oz/year at $1,282 AISC, with Phase II ramping up to 172,000 oz/year at just under $1,100 AISC, and a life-of-mine average of 1.5 million oz.

• The phased approach is designed to use cash flow from the small mine to fund the larger operation, minimizing upfront capital risk and shareholder dilution.

• First gold production is targeted for 2027, pending regulatory approvals.

Mineral resources and conversion

• Measured and Indicated resources total 18.0 Mt at 2.40 g/t Au (1.39 Moz), with Inferred resources of 10.7 Mt at 1.77 g/t Au (0.61 Moz).

• Resource conversion to the mine plan is high: 92% of indicated and 74% of inferred resources.

• Over 75% of ounces in the mine plan are in the indicated category, with ongoing infill drilling to upgrade resources.

Mining, processing, and infrastructure

• Open pit mining uses conventional truck and shovel methods (17 pits, 6:1 strip ratio); underground mining employs mechanized cut-and-fill for selectivity and ground control.

• Phase 1: 700 tpd toll milling offsite; Phase 2: 7,000 tpd on-site processing plant; Phase 3: underground mine development.

• Processing flowsheet includes gravity, flotation, and CIL, with 92% gold recovery assumed; doré and concentrate are final products.

• In-pit tailings deposition and centralized water management minimize environmental risk and restore pre-mining topography.