New Found Gold Corp. TSX: NFGC / NYSE American: NFGC, Formerly TSXV: NFG

Introduction

New Found Gold Corp. is an emerging Canadian gold producer and developer focused entirely on Newfoundland and Labrador, Canada. Its two principal assets are the 100%-owned Queensway Gold Project, the company’s flagship development and exploration asset near Gander, and the Hammerdown Gold Project, which includes the Hammerdown, Orion and Stog’er Tight deposits together with the operating Pine Cove processing and tailings facility.

The company changed significantly during 2025 and 2026. New Found Gold was historically known as a high-grade exploration story centered on Queensway, but the November 2025 acquisition of Maritime Resources added Hammerdown and Pine Cove, giving the company real mining and processing infrastructure and an earlier pathway to operating cash flow. Hammerdown poured first gold in November 2025 and remained in pre-commercial production as of Q2 2026, with commercial production targeted for H2 2026. New Found Gold generated C$15.72M of revenue during Q2 2026, almost entirely from gold produced at Pine Cove from Hammerdown material.

The bigger long-term asset remains Queensway. The initial resource contains 1.39 Moz indicated at 2.40 g/t gold and 0.61 Moz inferred at 1.77 g/t gold, while the 2025 PEA outlined a phased 15-year operation producing approximately 1.5 Moz gold with life-of-mine AISC of US$1,256/oz. The Phase 1 concept is especially attractive because it targets higher-grade material first, requires comparatively low initial capital of C$155M, and is designed to generate cash flow that can help fund subsequent expansion.

New Found Gold has also significantly strengthened its financial position. In Q2 2026 it completed a C$115.1M bought-deal financing and drew C$70M from a C$105M EdgePoint senior secured credit facility. Management states that Queensway Phase 1 is now fully funded. Cash stood at C$193.8M at June 30, 2026.

The investment case is therefore no longer simply “discover more high-grade gold at Queensway.” New Found Gold is becoming a multi-asset producer/developer with its own processing infrastructure, a near-term producing asset at Hammerdown, a larger development asset at Queensway, strong institutional backing, and substantial district-scale exploration optionality.

The biggest opportunity is successful execution of Queensway while continuing to grow its resource base. The biggest risks are Queensway permitting and schedule risk, Hammerdown’s relatively high costs, the fact that both published economic studies remain PEAs rather than reserve-based feasibility studies, and a share structure that has expanded materially through acquisitions and financing.

Projects / Location / MRE / Grades

Project 1: Queensway Gold Project, Newfoundland and Labrador

Flagship Development and District-Scale Exploration Asset

Queensway is New Found Gold’s flagship project and is 100% owned. It covers approximately 219,175 hectares in central Newfoundland and extends along the Appleton Fault Zone and Joe Batts Pond Fault Zone, two major regional structures with more than 110 km of strike extent. The project is accessible from the Trans-Canada Highway and is close to Gander, hydroelectric power, ports, an airport, skilled labour, and established mining services.

This location is a major advantage. Queensway is not a remote Arctic development requiring a new road, airstrip, power station, camp, and logistics chain. It is a large high-grade gold system located close to existing infrastructure in one of Canada’s more established mining jurisdictions.

Queensway Mineral Resource Estimate

The current published MRE has an effective date of March 15, 2025.

Resource Category	Tonnes	Grade	Contained Gold
Open-Pit Indicated	17.3 Mt	2.25 g/t Au	1.25 Moz
Open-Pit Inferred	9.0 Mt	1.24 g/t Au	0.36 Moz
Underground Indicated	0.8 Mt	5.76 g/t Au	0.14 Moz
Underground Inferred	1.7 Mt	4.44 g/t Au	0.25 Moz
Total Indicated	18.0 Mt	2.40 g/t Au	1.39 Moz
Total Inferred	10.7 Mt	1.77 g/t Au	0.61 Moz

The initial resource therefore totals approximately 2.0 Moz of indicated plus inferred gold.

More importantly, this initial MRE covers only a small portion of the overall prospective fault system. New Found Gold states that the resource footprint represents less than 5% of the combined 110 km strike extent of the main structures, leaving very significant exploration optionality.

Queensway PEA Economics

The July 2025 PEA outlines a phased 15-year development plan.

PEA Metric	Value
Mine life	15 years
Total recovered gold	~1.5 Moz
Initial Phase 1 capex	C$155M
Phase 1 average annual production, Years 1-4	69.3 koz
Phase 1 AISC	US$1,282/oz
Phase 2 growth capital	C$442M
Phase 2 production, Years 5-9	172.2 koz/year
Phase 2 AISC, Years 5-9	US$1,090/oz
Phase 2 average production, Years 5-13	129.0 koz/year
Phase 2 AISC, Years 5-13	US$1,206/oz
LOM total cash cost	US$1,085/oz
LOM AISC	US$1,256/oz
Base-case gold price	US$2,500/oz
After-tax NPV5%	C$743M
After-tax IRR	56.3%
After-tax NPV5% at US$3,300 gold	C$1.45B
IRR at US$3,300 gold	197%
Cumulative LOM after-tax cash flow at US$2,500 gold	C$1.128B

The economics are strong primarily because New Found Gold plans to sequence the high-grade ounces early.

Phase 1

Phase 1 is the most important part of the investment thesis.

The current concept targets approximately 1.15 Mt at an average grade of 9.64 g/t Au, producing approximately 69.3 koz annually at an AISC of US$1,282/oz. Initial capital is estimated at C$155M.

This is very high-grade material and provides the project with unusually strong early cash-flow potential.

New Found Gold selected Pine Cove as the Phase 1 final processing facility. Mineralized material will undergo pre-concentration at Queensway, with approximately 700 tpd of pre-concentrated product transported to Pine Cove for final processing.

This is strategically important because the company does not need to build a complete standalone processing complex at Queensway for Phase 1.

Updated Queensway Development Timeline

The original PEA contemplated initial production in 2027. The most recent July 2026 update is more conservative because Queensway has entered the provincial environmental assessment process.

New Found Gold submitted its environmental registration on April 30, 2026. The Newfoundland and Labrador Minister subsequently required an Environmental Preview Report, or EPR, on July 3, 2026. Following submission of the EPR there will be a public review and further ministerial decision process.

The company’s latest development objective is:

• First Queensway Phase 1 material delivered to Pine Cove: Q4 2027
• Phase 1 commercial production objective: H2 2028
• Timing remains subject to environmental approval, permitting, engineering, construction, and commissioning.

This newer timeline should be used instead of the older H2 2027 commercial-production expectation.

Queensway Grade Feel

Queensway is a genuinely high-grade gold project, although the headline total MRE grade hides the quality of the high-grade core.

The underground indicated resource grades 5.76 g/t, underground inferred grades 4.44 g/t, while Phase 1 selectively targets material averaging 9.64 g/t.

That is the major attraction.

New Found Gold also reports that approximately 73% of the indicated ounces within the resource pit shells occur in only 24% of the tonnage. This high-grade concentration allows the company to prioritize better material during the early years rather than processing all grades equally.

Recent drilling continues to show strong grades outside and within the current resource model. Examples include:

• Lotto channel sampling: 23.7 g/t Au over 15.88 m
• Lotto underground infill: 43.5 g/t Au over 4.75 m
• Dropkick: 24.8 g/t Au over 14.0 m
• Dropkick: 13.4 g/t Au over 8.10 m
• Dropkick: 6.75 g/t Au over 18.35 m
• Keats West: 9.51 g/t Au over 19.85 m

The resource-growth potential is therefore one of the strongest parts of the story.

2026 Exploration Program

New Found Gold expanded its fully funded 2026 Queensway program to approximately C$44M and 90,000 metres of drilling, using six rigs.

Approximately 45% of the program is focused on discovery and resource growth, including deeper AFZ Core drilling, Dropkick expansion, and district-scale exploration. The balance is focused on resource conversion, grade control, and development-related work.

An updated Queensway MRE and technical report remains one of the major H2 2026 catalysts.

Project 2: Hammerdown Gold Project, Newfoundland and Labrador

Emerging Producer / Near-Term Cash-Flow Asset

Hammerdown was acquired through New Found Gold’s acquisition of Maritime Resources in November 2025.

The project includes:

• Hammerdown deposit
• Orion deposit
• Stog’er Tight deposit
• Pine Cove processing plant and tailings facility
• Nugget Pond infrastructure
• Approximately 45,661 hectares of regional land

Hammerdown and Orion are approximately 95 km by road from Pine Cove, while Stog’er Tight is only around 4 km from Pine Cove.

Hammerdown poured its first gold in November 2025 and was in pre-commercial production through Q2 2026.

Hammerdown Consolidated Mineral Resource

Resource Category	Tonnes	Grade	Contained Gold
Measured	271 kt	8.24 g/t Au	72 koz
Indicated	3,057 kt	1.91 g/t Au	188 koz
Measured + Indicated	3,328 kt	2.43 g/t Au	260 koz
Inferred	2,132 kt	2.34 g/t Au	161 koz

Hammerdown Deposit

The Hammerdown deposit itself contains:

Category	Tonnes	Grade	Contained Gold
Measured	271 kt	8.24 g/t	72 koz
Indicated	1,823 kt	1.96 g/t	115 koz
M&I	2,094 kt	2.77 g/t	187 koz
Inferred	973 kt	2.59 g/t	81 koz

Orion Deposit

Orion adds approximately:

• 72.9 koz indicated at 1.84 g/t
• 41.8 koz inferred at 2.12 g/t

and includes both open-pit and underground resources.

Stog’er Tight

Stog’er Tight currently contains approximately:

• 545 kt inferred
• 2.16 g/t Au
• 37.8 koz gold

Hammerdown PEA Economics

PEA Metric	Value
Mine life	13 years
Recovered gold	251.3 koz
Average annual production	19.3 koz
Average mined grade	2.19 g/t Au
Post-sorting mill head grade	2.89 g/t Au
Average recovery	85.5%
Processing rate	700 tpd
Strip ratio	11.4:1
Initial/total capital cost	C$24.3M
Sustaining capital	C$97.7M
LOM cash cost	US$2,149/oz
LOM AISC	US$2,429/oz
Base-case average gold price	US$3,656/oz
After-tax NPV5%	C$199.2M
After-tax NPV5% at US$5,000 gold	C$415.1M
Total after-tax FCF	C$243.3M

Hammerdown Cost Feel

Hammerdown is not a low-cost operation.

An AISC around US$2,429/oz is relatively high. Hammerdown should still generate meaningful cash flow in a strong gold-price environment, but it does not have the same cost quality as Queensway.

This is important when evaluating New Found Gold as a whole.

Queensway is the high-margin growth engine.

Hammerdown is the smaller bridge-to-cash-flow asset.

Operational Ramp-Up

The June 2026 operating update was encouraging.

New Found Gold reported:

• Pine Cove had achieved the 700 tpd design throughput.
• Peak throughput reached 1,394 tpd.
• Head grade was moving toward PEA levels.
• Gold was reconciling from the block model through to the mill.
• Recovery reached the approximately 87% PEA design criterion.
• The operation was fully staffed.
• The company continued targeting commercial production in H2 2026.

Management’s anticipated steady-state run rate is approximately 20,000-25,000 oz gold annually at approximately US$2,500/oz AISC.

That makes the declaration of commercial production one of the nearest major catalysts.

Hammerdown Grade-Control Risk

There is an important point investors should not ignore.

The 2026 resource estimate applied tighter controls than the historical 2022 feasibility-study estimate. The earlier resource showed M&I grades around 3.61 g/t, while the current consolidated M&I estimate is 2.43 g/t.

Management explained that tighter high-grade constraints, updated grade-control data, historical mining depletion, and increased accounting for required waste reduced estimated grades.

This makes actual mine-to-mill reconciliation especially important.

The encouraging part is that New Found Gold said in June 2026 that gold was reconciling from the block model through to the mill. Nevertheless, investors should continue monitoring this very closely.

Project 3: Pine Cove Mill / Processing Infrastructure / Regional Optionality

Pine Cove may be one of New Found Gold’s most strategically important assets even though it is not a separate gold deposit.

It gives the company an operating processing and tailings facility that can support both Hammerdown and Queensway.

Pine Cove currently operates at approximately 700 tpd using a flotation-leach-Merrill-Crowe flowsheet.

New Found Gold has received approval to convert the plant to a gravity-carbon-in-leach, or Gravity-CIL, circuit. Management estimates that this conversion could increase Hammerdown recoveries from around 87% to approximately 92%.

The company also intends to expand Pine Cove to approximately 1,400 tpd, although the separate throughput-expansion permit still needs to be obtained.

The conversion and expansion are targeted for completion around Q4 2027 so Pine Cove can accept Queensway Phase 1 feed.

This creates a hub-and-spoke strategy:

Hammerdown + Orion + Stog’er Tight + Queensway -> Pine Cove

That is strategically attractive because it allows New Found Gold to leverage an existing processing site rather than build separate facilities for every deposit.

Pine Cove should therefore be considered one of the company’s major competitive advantages.

Share Structure / Ownership / Insiders

Capital Structure

As of August 14, 2026, New Found Gold reported:

Capital Structure Metric	Value
Basic shares outstanding	385.7M
Options, RSUs & DSUs	10.6M
Warrants	14.9M
Fully diluted shares	411.2M
Cash & marketable securities	~C$194M
Cash and cash equivalents at June 30	C$193.8M
Remaining available EdgePoint Tranche 2	C$35M
Potential warrant exercise proceeds	~C$26M

New Found Gold’s TSX shares closed at approximately C$2.71 on August 28, 2026.

Using C$2.71:

Basic market capitalization ~ C$1.05B

Fully diluted implied market capitalization ~ C$1.11B

Financing Position

During April 2026, New Found Gold issued 38.87M shares at C$2.96 for gross proceeds of approximately C$115.1M.

The company also entered into a C$105M senior secured facility with EdgePoint.

Terms include:

• C$70M Tranche 1 – funded
• C$35M Tranche 2 – available at the company’s discretion subject to conditions
• Fixed interest rate: 8.75%
• Term: three years
• Original issue discount: 2%
• Establishment fee: 1%
• Tranche 1 warrants: approximately 2.49M shares exercisable at C$3.30

Share Structure Feel

The share structure is not tight.

A fully diluted count of 411.2M shares is substantial, and the company has experienced meaningful dilution through the Maritime acquisition and subsequent project financing.

The April 2026 financing alone added approximately 38.87M shares.

However, this dilution funded something meaningful.

New Found Gold now has approximately C$194M of cash, Hammerdown is generating pre-commercial gold revenue, and management says Queensway Phase 1 is fully funded.

That makes the dilution more acceptable than dilution used purely to fund endless exploration.

Ownership / Insiders

New Found Gold has unusually strong strategic ownership for a company at this stage.

As of August 14, 2026:

Ownership Group	Approximate Ownership
Eric Sprott	19%
Institutional investors	>20%
Other / retail / management	Balance

Eric Sprott owned approximately 72.07M shares or 18.7% as of the May 2026 AGM record date.

Sprott also participated in the April 2026 financing to maintain his approximately 19% position.

Management participated as well. CEO Keith Boyle, CFO Hashim Ahmed, COO Robert Assabgui and several other directors and officers purchased shares in the financing.

Management / Board Common-Share Ownership

One weakness is that direct board common-share ownership itself is relatively modest.

As reported in the May 2026 management circular:

• Paul Huet: 17,000 shares
• Keith Boyle: 173,625 shares
• Chad Williams: 200,675 shares
• Tamara Brown: 26,830 shares
• Andrew Furey: nil
• Allen Palmiere: nil

That represents roughly 418,000 shares among the six current directors, or only around 0.1% of the company at the time.

This does not include all options, RSUs, DSUs or securities owned by non-board executives, so it should not be interpreted as the full economic incentive package.

Ownership Feel

Overall ownership is strong strategically, but not insider-heavy in the traditional founder-management sense.

The most important positive is Eric Sprott’s approximately 19% position.

The second positive is institutional ownership above 20%.

The negative is that management and board common-share ownership is relatively low compared with companies where founders or executives personally own 20-30%+.

People / Management

Paul Andre Huet, Chairman

Paul Huet has one of the strongest track records on the board.

He served as Chairman and CEO of Karora Resources from 2019 until its acquisition by Westgold Resources for approximately C$1.3B in 2024.

Before Karora, Huet was President and CEO of Klondex Mines from 2012 until its acquisition by Hecla Mining for approximately C$700M in 2018.

He has experience across engineering, mining operations, corporate leadership, capital markets, and M&A.

Keith Boyle, P.Eng., Chief Executive Officer & Director

Keith Boyle has approximately 40 years of mining experience, including around 19 years in C-suite roles.

Before joining New Found Gold, he served as COO of Reunion Gold, where he helped rapidly advance the high-grade Oko West project in Guyana before Reunion was acquired by G Mining Ventures in an approximately C$870M transaction.

His experience spans project development, technical studies, operations, stakeholder engagement, cost management and both underground and open-pit mining.

Melissa Render, P.Geo. , President

Melissa Render has more than 18 years of experience as an exploration geologist focused on orogenic gold deposits.

She has worked across greenstone belts including the Abitibi, Eastern Goldfields, Hope Bay, Central Lapland and Banfora and previously held roles with companies including:

• Kinross Gold
• AngloGold Ashanti
• TMAC Resources
• Kaminak
• Waterton Global
• Chalice

Render joined New Found Gold initially as a consultant in 2020, became VP Exploration in 2021 and President in 2024.

Robert Assabgui, P.Eng. , Chief Operating Officer

Robert Assabgui is another important addition.

He started at Inco/Vale and eventually became Director of Mines with responsibility for six mines, a concentrator and technical services.

He later joined Hudbay Minerals, serving as VP Technical Services and subsequently VP of the Manitoba business unit.

At Hudbay he helped transition Snow Lake toward a primary gold operation, including refurbishment and start-up of the New Britannia Gold Mill.

He later worked on Reunion Gold’s Oko West project before joining New Found Gold.

Hashim Ahmed, CPA, CA, Chief Financial Officer

Hashim Ahmed has approximately 25 years of mining finance and capital-markets experience.

His previous positions include:

• EVP & CFO of Mandalay Resources before its acquisition by Alkane Resources
• CFO of Nova Royalty
• CFO of Jaguar Mining
• Senior finance roles at Barrick Gold
• PwC and Ernst & Young

Risks / Catalysts / Timeline

Key Risks

Key Risk	Why It Matters
Queensway Permitting Risk	Queensway Phase 1 now requires an Environmental Preview Report. The project cannot advance exactly according to schedule unless it clears the provincial EA process and obtains subsequent construction and operating permits.
Timeline Risk	The latest objective is first material to Pine Cove in Q4 2027 and commercial production in H2 2028. Further environmental, engineering or construction delays could move this again.
PEA-Level Study Risk	Both Queensway and Hammerdown economics are PEAs. PEAs can include inferred resources and do not provide the confidence level of a PFS or feasibility study. No mineral reserves have been defined under these PEAs.
Queensway Resource Conversion Risk	Parts of the mine plan require inferred material to be upgraded through additional drilling before being used in higher-confidence reserve-based studies.
Hammerdown Grade-Control Risk	The 2026 Hammerdown resource estimate materially reduced grades versus the old 2022 feasibility-study estimate after applying tighter grade constraints and additional grade-control data. Actual reconciliation must continue proving the revised model.
Hammerdown Cost Risk	PEA AISC of approximately US$2,429/oz is high. The asset has strong leverage to gold but less protection if gold prices fall materially.
Phase 2 Capital Risk	Queensway Phase 2 requires approximately C$442M of growth capital under the existing PEA. Phase 1 is funded, but the larger expansion is not automatically risk-free.
Pine Cove Expansion Risk	Gravity-CIL conversion has been permitted, but the separate expansion to 1,400 tpd still requires further permitting.
Processing / Logistics Risk	Queensway Phase 1 pre-concentrated material is planned to be transported approximately 270 km by road to Pine Cove. Successful economics depend on mining, pre-concentration, transport and processing operating together reliably.
Debt Risk	C$70M has been drawn under an 8.75% fixed-rate three-year facility. Debt provides development capital without further immediate equity dilution but creates interest and repayment obligations.
Dilution Risk	Fully diluted shares are already approximately 411.2M. Further equity could eventually be required for Queensway Phase 2, acquisitions or future expansion.
Exploration Risk	Queensway’s large land package gives major upside, but new discoveries cannot automatically be treated as economic resources.
Commodity Price Risk	Both projects are highly leveraged to gold prices. Lower gold prices would reduce margins, NPV, cash flow and financing flexibility.
Execution / Multi-Asset Risk	The company is simultaneously ramping Hammerdown, modifying Pine Cove, permitting and engineering Queensway, and running a large exploration program. Management must execute several major workstreams at the same time.

Catalysts

Timeline	Key Milestone
H2 2026	Potential declaration of commercial production at Hammerdown
H2 2026	Updated Queensway mineral resource estimate
H2 2026	Updated Queensway NI 43-101 Technical Report
H2 2026	Continued results from 90,000 m Queensway drill program
H2 2026	Deep AFZ Core drilling and Dropkick expansion results
H2 2026	Continued EPR / environmental assessment progress
H2 2026	Hammerdown civil works and production ramp-up
Q4 2026	Permanent Hammerdown crushing and sorting facilities targeted for completion
2027	Hammerdown ore sorting expected to begin
2027	Pine Cove Gravity-CIL conversion and expansion work
2027	Continued Queensway construction and pre-development
Q4 2027	Objective to send first Queensway Phase 1 material to Pine Cove
H2 2028	Targeted Queensway Phase 1 commercial production
Medium Term	Further Queensway MRE growth from Dropkick, deeper AFZ Core and regional targets
Medium Term	Hammerdown / Orion / Stog’er Tight exploration and resource expansion
Longer Term	Queensway Phase 2 expansion
Longer Term	Queensway underground Phase 3 development
Longer Term	Potential transition toward a larger Newfoundland hub-and-spoke producer

Expected Timeline to Full Production

Year / Period	Focus	What It Means
2026	Hammerdown ramp-up	This is New Found Gold’s transition year from explorer/developer into emerging producer. Hammerdown is expected to reach commercial production and begin contributing operating cash flow.
2026	Queensway de-risking	Updated MRE, expanded drilling, environmental work, detailed engineering and long-lead procurement remain key.
2027	Pine Cove expansion and Queensway construction	The company plans to convert and expand Pine Cove while advancing Queensway mine infrastructure.
Q4 2027	First Queensway material	Current objective is to begin delivering Phase 1 material to Pine Cove, subject to permits and construction.
H2 2028	Queensway Phase 1 commercial production	If achieved, New Found Gold moves from a small Hammerdown producer into a more meaningful multi-asset producer.
Beyond 2028	Phase 1 optimization and resource growth	The market should begin judging New Found Gold on production, costs, grade reconciliation, cash flow and execution rather than exploration headlines alone.
Longer Term	Phase 2 / Phase 3	Expansion toward significantly higher Queensway production offers the major long-term re-rating opportunity.

Valuation

Important Valuation Note

This is a simplified high-gold-price torque model, not an official company forecast and not a formal target price.

The extrapolation to US$6,000 and US$7,000 gold extends well beyond the company’s published sensitivity ranges and therefore should be treated as illustrative torque only.

Project / Asset Valuation Treatment

Project / Asset	Valuation Treatment
Queensway	Main PEA NPV-based valuation
Hammerdown / Orion / Stog’er Tight	Hammerdown PEA NPV-based valuation
Pine Cove	Already integral to Hammerdown and Queensway plans; no separate value added to avoid double counting
Queensway regional exploration	Added as exploration optionality
Dropkick / deeper AFZ / district targets	Included within Queensway optionality
Hammerdown regional land	Added as smaller exploration optionality

Optionality Value Assumptions

These numbers are analyst assumptions rather than company estimates.

Optionality Asset	Conservative	Base	Aggressive
Queensway resource expansion / regional discoveries	C$100M	C$250M	C$500M
Hammerdown-area regional exploration	C$25M	C$50M	C$100M
Total Optionality Value	C$125M	C$300M	C$600M

For the main updated valuation, we use the C$300M base optionality value.

This is reasonable only if investors believe Queensway can materially expand beyond the current approximately 2 Moz resource. If exploration disappoints, the optionality value should be reduced substantially.

Current Base-Case NAV Check

Before using very high gold prices, it is useful to compare today’s valuation with the actual published PEA values.

Queensway published after-tax NPV5%

C$743M at US$2,500/oz gold

Hammerdown published after-tax NPV5%

C$199.2M using its base-case price deck averaging US$3,656/oz

Combined published project NPV

C$942.2M

This is not a perfect apples-to-apples comparison because the two PEAs use different gold-price assumptions.

Approximate June 30 cash:
C$193.8M

Less EdgePoint Tranche 1 principal:
C$70.0M

Simplified net cash adjustment:
+C$123.8M

Combined published project NPV + net cash:
~C$1.066B

Per 411.2M fully diluted shares:

~C$2.59/share

This excludes any value for exploration outside the modeled projects.

Adding our base C$300M exploration optionality:

C$1.366B estimated NAV

Estimated NAV per fully diluted share:

~C$3.32/share

At a C$2.71 share price, New Found Gold therefore trades at approximately:

0.82x our exploration-adjusted base NAV

but approximately:

1.05x published-project NAV plus simplified net cash if exploration optionality is valued at zero.

This is important.

New Found Gold is not obviously “dirt cheap” based purely on the existing PEA ounces.

The investment case requires investors to assign meaningful value to resource growth, higher gold prices, and successful development execution.

All-Projects Valuation Table

Gold Price Scenario	Estimated Equity NAV	NAV / Share	0.7x P/NAV	1.0x P/NAV	1.3x P/NAV
US$6,000/oz	~C$4.84B	C$11.76	C$8.23	C$11.76	C$15.29
US$7,000/oz	~C$5.88B	C$14.30	C$10.01	C$14.30	C$18.59

Summary & Quick Scorecard

Category	Points / Details	Overall
Company Overview	Stock ticker: TSX:NFGC / NYSE American:NFGC; Formerly TSXV:NFG. Main metal: Gold. Phase: Emerging producer / advanced developer. Projects country: Canada.	–
1. Management	Previous successful project / mine development / company sale: Yes. Exploration-to-development experience: Yes. Big mining-company experience: Yes. Capital-markets track record: Yes.	Strong
2. Projects	High grades: Yes, especially Queensway. MRE size: Yes. Optionality: Yes, very strong. Multiple deposits + processing infrastructure: Yes.	Strong
3. Cost Structure	Queensway AISC: Low / attractive at US$1,256/oz LOM. Hammerdown AISC: High at US$2,429/oz. Phase 1 capex: Good at C$155M. Phase 2 capex: Large at C$442M. Existing infrastructure: Yes.	Strong
4. Share Structure Discipline	Fully diluted shares: 411.2M. Fully diluted market cap at C$2.71: ~C$1.11B. Significant past dilution from acquisition and financing.	Weak
5. Insider / Ownership	Eric Sprott: ~19%. Institutions: >20%. Board direct common-share ownership: relatively low. Management participated in recent financing.	Strong
6. Location	Country: Canada. Province: Newfoundland and Labrador. Tier: Tier 1 / top mining jurisdiction. Highway, hydro power, airport, ports, skilled workforce and processing infrastructure available.	Strong

RT Rating, Commentary

New Found Gold Corp. is on our watchlist.

We would rate this as 5 out of 5 stars.

New Found Gold ticks many of the boxes we want to see in a serious gold investment.

The first major strength is management. Paul Huet has already overseen two substantial company exits. Keith Boyle helped fast-track Oko West before Reunion Gold was acquired for around C$870M. The broader team includes people from Vale, Hudbay, Barrick, Kinross, AngloGold, Mandalay and other serious mining organizations.

This is a team with exploration, development, operations, mine start-up, finance, M&A and capital-markets experience.

The second major strength is Queensway.

The current approximately 2 Moz resource is already significant, but the important point is the grade distribution and exploration footprint. Underground grades are strong, the Phase 1 plan targets approximately 9.64 g/t material, and the existing resource occupies only a small portion of a district-scale structural system.

The potential for Queensway to become significantly larger than the current MRE is real.

The third strength is the phased development strategy.

Rather than attempting to immediately build a massive project, New Found Gold plans to start with high-grade Phase 1 material, use Pine Cove for final processing, generate cash flow, and then move toward the larger Phase 2 operation.

That is a smart capital-allocation strategy if management executes it successfully.

The fourth strength is Pine Cove.

New Found Gold already owns processing infrastructure. This creates a hub-and-spoke system connecting Hammerdown, Orion, Stog’er Tight and eventually Queensway. Existing infrastructure can materially reduce development risk and capital intensity compared with a completely greenfield project.

The fifth strength is financial backing.

Eric Sprott owns approximately 19%.

Institutional investors own more than 20%.

EdgePoint has provided both equity participation and project debt.

New Found Gold also had approximately C$194M cash at the end of Q2 2026 and considers Queensway Phase 1 fully funded.

That is a major positive.

However, few things need to be careful about.

The first is valuation.

At approximately C$2.71 and roughly C$1.11B fully diluted market capitalization, New Found Gold is no longer a tiny undiscovered junior. The market is already assigning meaningful value to future exploration and development success.

This means investors buying today are paying for part of the future story.

The second issue is share dilution.

Fully diluted shares have reached approximately 411M. The Maritime transaction and 2026 financing created real strategic value, but the share count is no longer tight.

The third issue is Hammerdown’s cost structure.

Hammerdown gives New Found Gold near-term production and valuable operational experience, but US$2,429/oz PEA AISC is not low. Hammerdown is therefore much more exposed to gold prices than Queensway.

The fourth issue is Queensway permitting and timeline risk.

The requirement for an Environmental Preview Report means the company still has regulatory work ahead. The more realistic current objective is first Queensway material in Q4 2027 and Phase 1 commercial production in H2 2028.

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