New Found Gold Increases Previously Announced Bought Deal Financing to C$56 Million; Previously Announced Private Placement Remains at C$20 Million

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VANCOUVER, British Columbia, May 28, 2025 (GLOBE NEWSWIRE) -- New Found Gold Corp. (“New Found Gold” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce that due to strong demand, it has increased the size of its previously announced bought deal financing to C$56 million via the addition of a new hard dollar tranche of 4,370,000 common shares (the “Common Shares”) at a price of C$1.63 per Common Share for gross proceeds of approximately C$7 million. The previously announced charity flow-through common share tranche (the “Charity Flow-Through Common Shares”) of 21,400,000 Charity Flow-Through Common Shares at a price of C$2.29 for gross proceeds of approximately C$49 million remains unchanged, and together with the new hard dollar tranche comprises the offering (the “Offering”).

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