New Found Gold Continues to Deliver High-Grade Gold at Queensway

Rhea-AI Summary

New Found Gold (TSXV:NFG, NYSE American:NFGC) reported new Phase 2 channel and underground infill drill results from the Lotto Zone at its 100%-owned Queensway project in Newfoundland and Labrador, supporting open pit and underground inferred mineral resource blocks used in the Queensway PEA mine planning.

Channel highlights from the Lotto excavation include 23.7 g/t Au over 15.88 m (including 164.7 g/t Au over 2.11 m), 3.38 g/t Au over 9.07 m, 2.17 g/t Au over 16.36 m and 3.22 g/t Au over 12.83 m. Underground infill drilling returned 43.5 g/t Au over 4.75 m and 22.3 g/t Au over 3.60 m from Lotto Main, with local high-grade sub-intervals.

According to New Found Gold, the excavation exposed a 210 m strike length of gold-bearing quartz veins beneath 2.5–9 m of overburden and validated key mineralized trends in the existing MRE block model, while highlighting secondary veins for potential follow-up. The company plans further Lotto infill drilling in H2 2026 and an updated Queensway Technical Report with a revised mineral resource estimate later in H2 2026.

Positive

• High-grade Lotto channels up to 23.66 g/t Au over 15.88 m
• Underground infill intercept 43.52 g/t Au over 4.75 m at Lotto Main
• Excavation exposed 210 m strike of gold-bearing quartz veins for detailed mapping
• Channel and drill data reported to conform with existing Lotto MRE block model
• Expanded 2026 Queensway program includes 90,000 m drilling; 40,100 m completed

Negative

• Multiple Lotto channels and drill holes reported no significant gold values
• Additional infill drilling still required to complete Lotto resource conversion program

News Explained

Lotto resource conversion is incomplete, and the latest results do not indicate a significant future mineral resource estimate change.

The July 21 results add Lotto channel and infill-drilling data to mine-planning work; the company says the channel mapping is not expected to significantly affect the future mineral resource estimate, so the immediate change is added model information rather than a disclosed resource increase.

Here, infill drilling is being used to support conversion of open-pit and underground blocks from inferred to indicated, but the company says additional Lotto drilling is required, so that conversion is not complete.

The broader 2026 program is underway: approximately 40,100 m in 284 diamond drill holes had been completed, while about 6% of 2025 drilling results remained outstanding.

Market reaction after Lotto drilling results: NFGC +3.52% in the Jul 22 session

+3.52%

18 alerts

+3.52% Session close to close

+7.3% Peak in 1 hr 33 min

$533.87M Market Cap

0.6x Rel. Volume

In the Jul 22 session, NFGC gained 3.52%, reflecting a moderate positive market reaction. Argus tracked a peak move of +7.3% during that session. Our momentum scanner triggered 18 alerts that day, indicating notable trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The June 29 TSX approval produced a -1.3% 24-hour reaction, adding a cautionary comparator to this e...

Analysis

The June 29 TSX approval produced a -1.3% 24-hour reaction, adding a cautionary comparator to this exploration update. The platform record also shows low short positioning; localized grade variability and pending H2/26 infill work remain risks to monitor.

Key Figures

Lotto channel grade: 23.7 g/t Au over 15.88 m Lotto underground grade: 43.5 g/t Au over 4.75 m Channel samples: 729 m +5 more

8 metrics

Lotto channel grade 23.7 g/t Au over 15.88 m Lotto channel sample

Lotto underground grade 43.5 g/t Au over 4.75 m Lotto underground infill drilling

Channel samples 729 m 57 lines at 7.5 m intervals

Diamond drilling 1,928 m Seven diamond drill holes

Lotto excavation area 210 by 70 m 2025 mineralized bedrock excavation

2025 drilling 74,377 m 614 diamond drill holes

2026 drilling program 90,000 m Expanded Queensway work program

Completed 2026 drilling 40,100 m 284 diamond drill holes

Historical Context

5 past events · Latest: Jul 06 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 06	Queensway project update	Positive	+0.0%	Permit amendment and project timelines were provided for Pine Cove and Queensway.
Jun 29	TSX listing approval	Positive	-1.3%	Conditional approval to graduate from the TSX Venture Exchange produced a negative reaction.
Jun 25	Annual meeting results	Positive	+2.0%	Shareholders approved board, auditor, equity-plan and market-making matters.
Jun 11	Hammerdown project update	Positive	+4.8%	Mining and mill ramp-up progress was reported toward targeted commercial production.
Jun 02	Queensway work program	Positive	+3.0%	The company expanded its fully funded drilling program to 90,000 metres.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent company news reactions were mostly positive or flat, with one favorable corporate announcement diverging into negative territory.

Key Terms

g/t au, orogenic, inferred mineral resource, preliminary economic assessment, +2 more

6 terms

g/t au technical

"23.7 g/t Au over 15.88 m from 11.62 m"

g/t Au stands for grams per tonne of gold and measures how much gold is contained in one tonne of rock or ore. Investors use it like a yield rate: higher g/t Au means more gold recovered from the same amount of material, which usually improves a mine’s revenue potential and lowers production cost per unit of metal. Think of it as the sweetness level of fruit—more sugar per piece makes each piece more valuable.

orogenic technical

"Queensway is an orogenic, structurally controlled gold system"

Relating to the geological processes that create mountains and fold, break, or uplift Earth's crust; these processes control where rock layers and mineral deposits end up. Investors care because orogenic activity often concentrates valuable metals and shapes the depth, size, and accessibility of mineral resources, much like wrinkles in a carpet can gather dust in certain folds, so understanding it helps assess exploration potential and mining risk.

inferred mineral resource technical

"Phase 2 open pit and underground inferred mineral resource blocks"

An inferred mineral resource is an early-stage estimate of the amount and grade of minerals in the ground based on limited sampling and geological evidence; think of it as a rough sketch of where valuable material might be, rather than a detailed blueprint. It matters to investors because it signals potential upside but carries high uncertainty—further drilling and study are needed before it can support mine planning or reliable economic forecasts.

preliminary economic assessment financial

"as outlined in the 2025 Preliminary Economic Assessment"

A preliminary economic assessment is an initial analysis that estimates the potential profitability and feasibility of a project or resource, such as a new mineral deposit or development venture. It provides a rough idea of costs, benefits, and risks, helping investors decide whether to pursue more detailed studies. This early evaluation is important because it offers a snapshot of whether the project is worth further investment and development.

true width technical

"True Width (%)"

True width is the actual thickness of a geological feature, such as a mineralized vein or ore body, measured perpendicular to its plane rather than along the angled path of a drill hole. For investors, true width matters because it gives a realistic measure of how much mineralized material is present and therefore influences estimates of a deposit’s size, mineability and potential value—like measuring a loaf’s thickness by cutting straight across instead of slicing at an angle.

mre technical

"future MRE and demonstrated the local variability"

A mineral resource estimate (MRE) is a technical calculation of how much of a metal or mineral likely exists in a project area and how concentrated it is, using drilling, sampling and geological models. For investors it’s like a baker’s recipe that shows how much usable product you can expect and how reliable that forecast is — higher, more certain estimates can boost a project’s value and reduce investment risk.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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23.7 g/t Au over 15.88 m from Lotto Channels
43.5 g/t Au over 4.75 m from Lotto Underground Infill Drilling

Vancouver, British Columbia--(Newsfile Corp. - July 21, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold" or the "Company") is pleased to announce channel sample and infill drill results of Phase 2 open pit and underground inferred mineral resource blocks from the Lotto Zone ("Lotto" or the "Zone") on its 100%-owned Queensway Gold Project ("Queensway" or the "Project") in Newfoundland and Labrador ("NL"), Canada.

Lotto channel sample highlights include:

• 23.7 g/t Au over 15.88 m from 11.62 m (LT-25-01-27)
• 3.38 g/t Au over 9.07 m from 15.80 m (LT-25-01-28)
• 2.17 g/t Au over 16.36 m from 8.26 m (LT-25-01-30)
• 3.22 g/t Au over 12.83 m from 4.58 m (LT-25-01-31)

Lotto underground infill drilling highlights include:

• 43.5 g/t Au over 4.75 m from 298.45 m (NFGC-25-2661)
• 22.3 g/t Au over 3.60 m from 282.10 m (NFGC-25-2680)

"I am pleased to report that both channel sampling and drilling at Lotto have returned high grades over good widths, consistent with the MRE block model," stated Melissa Render, President of New Found Gold. "Queensway is an orogenic, structurally controlled gold system that comes to within a few metres of surface, allowing us to systematically derisk the Project through both drilling and the excavation of key zones. The excavations expose high-grade gold mineralization at surface which can then be mapped and channel sampled. We began our excavation program at the Keats and Iceberg zones, and more recently extended it to Lotto, as a cost-effective method of continuing to refine and derisk our mine plan and geological model as we advance towards near-term production at Queensway."

Work Summary and Results

Lotto is located in the AFZ Core area ("AFZC"), approximately 1.6 kilometres ("km") north of the Keats and Iceberg zones (Figure 1). In 2025, the shallow overburden over Lotto was excavated to expose the mineralized bedrock over a 210 by 70 metre ("m") area for geological mapping and channel sampling. This press release reports results from both the channel sampling of the Lotto excavation and infill drilling of Phase 2 open pit and underground inferred mineral resource blocks to support mine planning completed in 2025, as outlined in the 2025 Preliminary Economic Assessment ("PEA") in relation to the Phase 2 and Phase 3 development (see the New Found Gold press release dated July 21, 2025).

Results are reported for 729 m of channel samples ("Channels") collected from 57 lines spaced at 7.5 m intervals and completed in H2/25 at the Lotto excavation. Results from seven diamond drill holes ("DDH"), totalling 1,928 m, are also presented herein. Drill highlights, along with full channel and DDH details for the results included in this press release, are provided in Tables 1 to 3.

Figure 1: Plan view map of Queensway North with location of Lotto in the AFZC.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7337/306002_f1b98386d4757a1c_001full.jpg

Channels

The excavation at Lotto met its objective in successfully exposing a network of gold-bearing quartz veins over a strike length of 210 m directly below 2.5 to 9 m of overburden, allowing for detailed geological and structural mapping to inform the geological and resource models to increase confidence in resource areas that form a portion of the Phase 1 mine plan outlined in the Queensway PEA.

Sampling at 7.5 m spacing across the bedrock surface has provided valuable detailed information to inform the geological model on the gold grade variability across the top of the Zone, with the data expected to be incorporated into future mineral resource estimates ('MRE') for Queensway.

The results of the Channels and mapping validated the overarching modeling of the mineralized trends and key veins, while providing an additional level of data to inform the established geological and resource model. Secondary veins not well represented by the drilling were exposed in the excavation and may provide opportunities for further testing and expansion. Overall, the results of the Channels and mapping are not expected to significantly impact the future MRE and demonstrated the local variability characteristic of a coarse, free-gold quartz vein system.

DDH

Lotto infill drilling from 2025 was completed as part of a broader geotechnical program targeting the Phase 2 open pit and Phase 3 underground as defined in the PEA, while also serving as infill to support the conversion of open pit and underground areas of the block model from the inferred to the indicated category. Additional infill drilling is required to complete the conversion program at Lotto and is planned for H2/26.

Results from the DDH reported in this release conform well with the initial MRE block model, with expected localized variability. These results will be incorporated into the next MRE update.

Figure 2: Plan view map of Lotto with Channel highlights.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7337/306002_f1b98386d4757a1c_002full.jpg

Table 1: Drill and Channel Result Highlights.

LOTTO
Hole No.	From (m)	To (m)	Interval (m)	Au (g/t)	True Width (%)	Zone
NFGC-25-2661	298.45	303.20	4.75	43.52	50-80	Lotto Main
Including	299.20	301.20	2.00	97.44	50-80
NFGC-25-2680	282.10	285.70	3.60	22.29	70-95	Lotto Main
Including	282.45	283.15	0.70	13.76	70-95
Including	283.90	284.90	1.00	68.95	70-95
LOTTO EXCAVATION
Hole No.	From (m)	To (m)	Interval (m)	Au (g/t)	True Width (%)	Zone
LT-25-01-27	11.62	27.50	15.88	23.66	85-100	Lotto Excavation
Including	21.78	23.89	2.11	164.69	85-100
LT-25-01-28	15.80	24.87	9.07	3.38	85-100	Lotto Excavation
Including	16.57	16.98	0.41	32.33	85-100
LT-25-01-30	8.26	24.62	16.36	2.17	85-100	Lotto Excavation
Including	14.63	15.46	0.83	16.53	85-100
LT-25-01-31	4.58	17.41	12.83	3.22	80-100	Lotto Excavation
Including	4.58	6.12	1.54	17.09	80-100
Including	16.84	17.41	0.57	10.33	85-100

 

Note that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core and channel which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core or channel length of 2 m with a maximum of 4 m consecutive dilution when above 200 m vertical depth and 2 m consecutive dilution when below 200 m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill or channel length thickness. Details of all drill holes and channels reported in this release are included in Table 2 and Table 3 below.

Figure 3: Inclined view of Lotto (looking north) with DDH highlights.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7337/306002_f1b98386d4757a1c_003full.jpg

Figure 4: Exposed gold-bearing veins in the Lotto Excavation.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7337/306002_figurefour.jpg

Looking Ahead

The 2025 Queensway drill program included 74,377 m of drilling in 614 diamond DDH, with approximately 75% of the drilling focused on the AFZ Core area to support advancement of the Phase 1 mine plan, as outlined in the Company's PEA, and 25% focused on exploration targets such as Dropkick. To date, approximately 6% of the results from 2025 drilling remain outstanding. These results will be reported once available.

On June 2, 2026 the Company announced an expanded 2026 Queensway work program which includes 90,000 m of drilling with a focus on discovery and resource growth (see the New Found Gold press release dated June 2, 2026). To date approximately 40,100 m have been completed in 284 DDH.

The Company plans to file an updated Technical Report for Queensway later in H2/26 which will include an updated MRE.

Table 2: Summary of composite drill hole and channel results reported in this news release.

LOTTO
Hole/Channel No.	From (m)	To (m)	Interval (m)	Au (g/t)	True Width (%)	Zone
NFGC-25-2631	155.00	157.15	2.15	1.22	10-40	Lotto Main
And	174.75	177.05	2.30	3.58	70-95
Including	176.20	176.55	0.35	18.29	70-95
NFGC-25-2639	No Significant Values					Lotto Main
NFGC-25-2646	134.00	139.55	5.55	3.17	Unknown	Lotto Main
NFGC-25-2652	300.00	302.00	2.00	1.03	70-95	Lotto Main
And	307.30	311.05	3.75	1.81	70-95
NFGC-25-2661	298.45	303.20	4.75	43.52	50-80	Lotto Main
Including	299.20	301.20	2.00	97.44	50-80
NFGC-25-2672	No Significant Values					Lotto Main
NFGC-25-2680	282.10	285.70	3.60	22.29	70-95	Lotto Main
Including	282.45	283.15	0.70	13.76	70-95
Including	283.90	284.90	1.00	68.95	70-95
LOTTO EXCAVATION
Hole No.	From (m)	To (m)	Interval (m)	Au (g/t)	True Width (%)	Zone
LT-25-01-01	No Significant Values					Lotto Excavation
LT-25-01-02	No Significant Values					Lotto Excavation
LT-25-01-03	No Significant Values					Lotto Excavation
LT-25-01-04	No Significant Values					Lotto Excavation
LT-25-01-05	No Significant Values					Lotto Excavation
LT-25-01-06	No Significant Values					Lotto Excavation
LT-25-01-07	No Significant Values					Lotto Excavation
LT-25-01-08	No Significant Values					Lotto Excavation
LT-25-01-09	No Significant Values					Lotto Excavation
LT-25-01-10	No Significant Values					Lotto Excavation
LT-25-01-11	No Significant Values					Lotto Excavation
LT-25-01-12	No Significant Values					Lotto Excavation
LT-25-01-13	No Significant Values					Lotto Excavation
LT-25-01-14	No Significant Values					Lotto Excavation
LT-25-01-15	No Significant Values					Lotto Excavation
LT-25-01-16	8.76	12.79	4.03	1.21	75-95	Lotto Excavation
LT-25-01-17	No Significant Values					Lotto Excavation
LT-25-01-18	No Significant Values					Lotto Excavation
LT-25-01-19	No Significant Values					Lotto Excavation
LT-25-01-20	No Significant Values					Lotto Excavation
LT-25-01-21	No Significant Values					Lotto Excavation
LT-25-01-22	No Significant Values					Lotto Excavation
LT-25-01-23	No Significant Values					Lotto Excavation
LT-25-01-24	32.38	34.75	2.37	1.61	65-85	Lotto Excavation
LT-25-01-25	16.95	22.54	5.59	2.18	55-75	Lotto Excavation
LT-25-01-26	25.81	30.77	4.96	1.74	65-85	Lotto Excavation
LT-25-01-27	11.62	27.50	15.88	23.66	85-100	Lotto Excavation
Including	21.78	23.89	2.11	164.69	85-100
LT-25-01-28	15.80	24.87	9.07	3.38	85-100	Lotto Excavation
Including	16.57	16.98	0.41	32.33	85-100
LT-25-01-29	8.01	12.80	4.79	2.37	70-90	Lotto Excavation
Including	10.81	11.20	0.39	12.58	70-90
LT-25-01-30	2.00	4.38	2.38	2.04	65-85	Lotto Excavation
And	8.26	24.62	16.36	2.17	85-100
Including	14.63	15.46	0.83	16.53	85-100
LT-25-01-31	4.58	17.41	12.83	3.22	80-100	Lotto Excavation
Including	4.58	6.12	1.54	17.09	80-100
Including	16.84	17.41	0.57	10.33	85-100
LT-25-01-32	16.10	18.31	2.21	1.01	85-100	Lotto Excavation
LT-25-01-33	No Significant Values					Lotto Excavation
LT-25-01-34	1.63	4.20	2.57	1.75	80-100	Lotto Excavation
And	7.60	10.01	2.41	1.53	80-100
LT-25-01-35	3.87	7.22	3.35	3.17	75-95	Lotto Excavation
LT-25-01-38	No Significant Values					Lotto Excavation
LT-25-01-39	4.85	7.64	2.79	1.17	85-100	Lotto Excavation
LT-25-01-40	No Significant Values					Lotto Excavation
LT-25-01-41	No Significant Values					Lotto Excavation
LT-25-01-42	1.09	3.44	2.35	7.98	80-100	Lotto Excavation
Including	2.29	2.89	0.60	30.06	80-100
LT-25-01-43	2.23	8.54	6.31	2.84	85-100	Lotto Excavation
LT-25-01-44	1.45	4.05	2.60	1.26	85-100	Lotto Excavation
And	9.83	12.14	2.31	1.56	85-100
LT-25-01-45	0.74	2.97	2.23	1.08	85-100	Lotto Excavation
LT-25-01-46	No Significant Values					Lotto Excavation
LT-25-01-47	No Significant Values					Lotto Excavation
LT-25-01-48	No Significant Values					Lotto Excavation
LT-25-01-49	No Significant Values					Lotto Excavation
LT-25-01-50	No Significant Values					Lotto Excavation
LT-25-01-51	No Significant Values					Lotto Excavation
LT-25-01-52	No Significant Values					Lotto Excavation
LT-25-01-53	No Significant Values					Lotto Excavation
LT-25-01-54	No Significant Values					Lotto Excavation
LT-25-01-55	No Significant Values					Lotto Excavation
LT-25-01-56	No Significant Values					Lotto Excavation
LT-25-01-57	0.00	3.18	3.18	1.98	80-100	Lotto Excavation

 

Note that the host structures are interpreted to be moderately to steeply dipping. Infill veining in secondary structures with multiple orientations crosscutting the primary host structures are commonly observed in drill core and channel which could result in additional uncertainty in true width. Composite intervals reported carry a minimum weighted average of 1 g/t Au diluted over a minimum core or channel length of 2 m with a maximum of 4 m consecutive dilution when above 200 m vertical depth and 2 m consecutive dilution when below 200 m vertical depth. Included high-grade intercepts are reported as any consecutive interval with grades greater than 10 g/t Au. Grades have not been capped in the averaging and intervals are reported as drill or channel length thickness.

Table 3: Details of drill holes reported in this news release.

Hole /Channel No.	Length (m)	Azimuth (°)	Dip (°)	UTM E	UTM N	Prospect
LT-25-01-01	2.76	52	3	658885	5429104	Lotto Excavation
LT-25-01-02	5.93	50	1	658903	5429120	Lotto Excavation
LT-25-01-03	2.46	50	0	658890	5429099	Lotto Excavation
LT-25-01-04	4.32	51	-1	658907	5429113	Lotto Excavation
LT-25-01-05	2.49	50	-3	658894	5429092	Lotto Excavation
LT-25-01-06	4.80	51	-23	658911	5429106	Lotto Excavation
LT-25-01-07	6.86	50	0	658899	5429087	Lotto Excavation
LT-25-01-08	7.38	51	-13	658915	5429100	Lotto Excavation
LT-25-01-09	2.62	49	-4	658904	5429081	Lotto Excavation
LT-25-01-10	5.53	51	17	658908	5429085	Lotto Excavation
LT-25-01-11	6.48	50	-4	658918	5429093	Lotto Excavation
LT-25-01-12	9.35	50	-10	658905	5429072	Lotto Excavation
LT-25-01-13	4.95	50	-4	658916	5429082	Lotto Excavation
LT-25-01-14	5.04	50	4	658923	5429087	Lotto Excavation
LT-25-01-15	18.62	50	1	658915	5429071	Lotto Excavation
LT-25-01-16	15.90	50	-5	658921	5429066	Lotto Excavation
LT-25-01-17	7.84	120	-15	658872	5429041	Lotto Excavation
LT-25-01-18	5.95	120	-17	658883	5429043	Lotto Excavation
LT-25-01-19	6.42	120	-10	658892	5429046	Lotto Excavation
LT-25-01-20	11.56	120	9	658872	5428980	Lotto Excavation
LT-25-01-21	20.31	120	9	658873	5428988	Lotto Excavation
LT-25-01-22	27.30	120	6	658873	5428997	Lotto Excavation
LT-25-01-23	30.92	120	5	658877	5429003	Lotto Excavation
LT-25-01-24	40.93	120	8	658883	5429008	Lotto Excavation
LT-25-01-25	41.40	120	7	658887	5429015	Lotto Excavation
LT-25-01-26	41.82	120	6	658891	5429021	Lotto Excavation
LT-25-01-27	42.29	120	6	658895	5429027	Lotto Excavation
LT-25-01-28	46.20	120	4	658897	5429035	Lotto Excavation
LT-25-01-29	49.44	120	2	658901	5429041	Lotto Excavation
LT-25-01-30	55.59	120	0	658901	5429050	Lotto Excavation
LT-25-01-31	41.83	120	-3	658907	5429055	Lotto Excavation
LT-25-01-32	20.89	120	-14	658905	5429065	Lotto Excavation
LT-25-01-33	8.73	120	19	658931	5429050	Lotto Excavation
LT-25-01-34	18.03	120	-10	658922	5429064	Lotto Excavation
LT-25-01-35	8.15	120	-17	658926	5429070	Lotto Excavation
LT-25-01-36	2.56	121	9	658886	5428955	Lotto Excavation
LT-25-01-37	2.90	122	-5	658892	5428960	Lotto Excavation
LT-25-01-38	3.85	119	16	658897	5428966	Lotto Excavation
LT-25-01-39	8.21	120	3	658901	5428972	Lotto Excavation
LT-25-01-40	3.73	120	10	658906	5428978	Lotto Excavation
LT-25-01-41	4.69	120	13	658909	5428984	Lotto Excavation
LT-25-01-42	5.80	50	-6	658903	5428964	Lotto Excavation
LT-25-01-43	11.77	49	1	658908	5428958	Lotto Excavation
LT-25-01-44	14.20	50	10	658913	5428953	Lotto Excavation
LT-25-01-45	2.97	49	1	658916	5428946	Lotto Excavation
LT-25-01-46	2.42	51	13	658924	5428952	Lotto Excavation
LT-25-01-47	3.40	49	1	658928	5428956	Lotto Excavation
LT-25-01-48	4.30	49	14	658919	5428938	Lotto Excavation
LT-25-01-49	4.16	50	-3	658928	5428946	Lotto Excavation
LT-25-01-50	5.15	50	1	658935	5428952	Lotto Excavation
LT-25-01-51	0.90	51	-21	658922	5428931	Lotto Excavation
LT-25-01-52	3.79	50	-19	658934	5428941	Lotto Excavation
LT-25-01-53	5.25	50	3	658942	5428950	Lotto Excavation
LT-25-01-54	0.75	46	-9	658928	5428926	Lotto Excavation
LT-25-01-55	2.13	48	2	658940	5428936	Lotto Excavation
LT-25-01-56	0.75	49	8	658933	5428920	Lotto Excavation
LT-25-01-57	3.78	50	3	658907	5428961	Lotto Excavation
NFGC-25-2631	209	330	-45	658868	5428935	Lotto
NFGC-25-2639	131	290	-50	658861	5429093	Lotto
NFGC-25-2646	245	290	-48	658971	5429086	Lotto
NFGC-25-2652	341	262	-46.5	659128	5429075	Lotto
NFGC-25-2661	323	260	-43	659128	5429076	Lotto
NFGC-25-2672	356	256	-51.5	659127	5429018	Lotto
NFGC-25-2680	323	260	-44.5	659124	5429018	Lotto

 

Sampling, Sub-sampling, and Laboratory

All drilling recovers HQ core. For deep and condemnation holes, the core size may be reduced to NQ. The drill core is split in half using a diamond saw or a hydraulic splitter for rare intersections with incompetent core.

A geologist examines the drill core and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 meter and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades.

Technicians saw the core along the defined cutting line. One-half of the core is kept as a witness sample and the other half is submitted for analysis. Individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents.

All channel samples are collected directly from the bedrock.

A geologist examines the bedrock and marks out the intervals to be sampled and the cutting line. Sample lengths are mostly 1.0 m and adjusted to respect lithological and/or mineralogical contacts and isolate narrow (<1.0m) veins or other structures that may yield higher grades.

Technicians saw the channel along the cut line, producing two lines 5 cm apart and approximately 6-8 cm deep. The sample is removed from the bedrock and placed into sample bags. Individual sample bags are sealed and placed into totes, which are then sealed and marked with the contents.

New Found Gold has submitted samples for gold determination by PhotonAssay™ to ALS Canada Ltd. ("ALS") since February 2024. ALS operates under a commercial contract with New Found Gold.

Drill core and channel samples are shipped to ALS for sample preparation and gold analysis in Thunder Bay, Ontario. ALS does not currently have accreditation for the PhotonAssay™ method at their Thunder Bay, ON laboratory. They do however have ISO/IEC 17025 (2017) accreditation for gamma ray analysis of samples for gold at their Australian labs with this method, including the Canning Vale lab in Perth, WA.

Samples submitted to ALS beginning in February 2024, received gold analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The sample is then riffle split and transferred into jars. For "routine" samples that do not have VG identified, one (300-500g) jar is analyzed by photon assay. If the jar assays greater than 0.8 g/t, the remaining crushed material is weighed into multiple jars and submitted for photon assay. For channel samples which returned greater than 0.8 g/t, 50% of the material was analysed, to a minimum of 3 kg, due to very large sample size.

For samples that have VG identified, the entire crushed sample is riffle split and weighed into multiple jars that are submitted for photon assay. The assays from all jars are combined on a weight-averaged basis.

Select samples prepared at ALS are also analyzed for a multi-element ICP package (ALS method code ME-ICP61) at ALS Vancouver.

Drill program design, Quality Assurance/Quality Control, and interpretation of results are performed by qualified persons employing a rigorous Quality Assurance/Quality Control program consistent with industry best practices. Standards and blanks account for a minimum of 10% of the samples in addition to the laboratory's internal quality assurance programs.

Quality Control data are evaluated on receipt from the laboratories for failures. Appropriate action is taken if assay results for standards and blanks fall outside allowed tolerances. All results stated have passed New Found Gold's quality control protocols.

New Found Gold's quality control program also includes submission of the second half of the core for approximately 2% of the drilled intervals. In addition, approximately 1% of sample pulps for mineralized samples are submitted for re-analysis to a second ISO-accredited laboratory for check assays.

The Company does not recognize any factors of drilling, sampling, or recovery that could materially affect the accuracy or reliability of the assay data disclosed.

The assay data disclosed in this press release have been verified by the Company's Qualified Person against the original assay certificates.

Qualified Person

The scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, P. Geo., President, and a Qualified Person as defined under National Instrument 43-101. Ms. Render consents to the publication of this press release by New Found Gold. Ms. Render certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.

About New Found Gold

New Found Gold is an emerging Canadian gold producer with assets in NL, Canada. The Company holds a 100% interest in its fully funded flagship asset, Queensway, as well as the Hammerdown Gold Project which includes the Hammerdown deposit and Pine Cove. New Found Gold is focused on bringing the Hammerdown deposit into commercial gold production in H2/26 while advancing its flagship Queensway toward Phase I production.

The Company's portfolio is further strengthened by its district-scale land package at Queensway, covering more than 110 km of strike length across two highly prospective faults zones, and a strong shareholder base, including renowned mining investor and cornerstone shareholder, Eric Sprott.

On June 29, 2026, the Company announced it had received conditional approval to graduate to the Toronto Stock Exchange. The stock symbol "NFGC" has been reserved for use by the Company upon listing on the TSX, to align with its stock symbol on the NYSE American LLC.

Keith Boyle, P.Eng.
Chief Executive Officer
New Found Gold Corp.

Contact

For further information on New Found Gold contact us through our investor inquiry form at https://newfoundgold.ca/contact/contact-us/ or contact:

Fiona Childe, Ph.D., P.Geo.
Vice President, Communications and Corporate Development
Phone: +1 (416) 775-2700
Email: contact@newfoundgold.ca

Follow us on social media at https://www.linkedin.com/company/newfound-gold-corp and https://x.com/newfoundgold.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement Cautions

This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including relating to the Company's drill programs on its Queensway Gold Project in Newfoundland and Labrador, Canada, and the timing, results, interpretation and use of the results, including expected incorporation of data into future MRE for Queensway; continued refining and derisking of the Company's mine plan and geological model; advancement towards near-term production at Queensway; further testing and expansion of secondary veins; planned additional infill drilling to complete the conversion program at Lotto in H2/26; planned reporting of the remaining results from 2025 drilling; the excavation programs and the timing and results thereof; future drill and excavation programs and the timing and focus thereof; exploration, drilling and mineralization at Queensway; the extent of mineralization and the continuity of high-grade gold mineralization; the potential resource expansions; planned filing of an updated Technical Report for Queensway, including an updated MRE, in H2/26; and the Company's focus on bringing the Hammerdown deposit into commercial gold production in H2/26 while advancing its flagship Queensway toward Phase I production;. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "pending", "potential", "encouraging", "goal", "objective", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete exploration and drilling programs as expected, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results and the results of the metallurgical testing program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306002

FAQ

What did New Found Gold (NFGC) announce about new gold results at the Lotto Zone on July 21, 2026?

New Found Gold reported new Lotto channel and underground infill drill results, including high-grade gold over substantial widths. According to New Found Gold, these data support Phase 2 open pit and underground inferred mineral resource blocks at the Queensway project and inform mine planning.

What are the highest-grade gold intervals reported from Lotto in New Found Gold’s July 21, 2026 update?

The strongest reported Lotto results include 23.66 g/t Au over 15.88 m in channels and 43.52 g/t Au over 4.75 m in drilling. According to New Found Gold, several sub-intervals exceed 60–160 g/t Au, highlighting locally very high-grade quartz vein mineralization.

How do the new Lotto drill and channel results impact the Queensway mineral resource model for NFGC?

New Found Gold states that Lotto channel and infill drill results generally conform to the existing MRE block model, showing expected local variability. According to New Found Gold, these data will be incorporated in the next mineral resource estimate and help improve confidence in Phase 1 and later mine planning.

What work did New Found Gold complete at the Lotto excavation area within the Queensway project?

New Found Gold excavated shallow overburden to expose a 210 m by 70 m Lotto bedrock area, then collected 729 m of channel samples. According to New Found Gold, this work enabled detailed geological and structural mapping and identification of secondary quartz veins for potential further testing.

How much drilling has New Found Gold completed in the Queensway program leading up to the July 21, 2026 Lotto results?

New Found Gold reports that the 2025 Queensway program included 74,377 m of drilling in 614 holes, with about 75% focused on the AFZ Core area. For 2026, approximately 40,100 m of a planned 90,000 m program have been completed in 284 diamond drill holes.

What are New Found Gold’s next steps for Lotto and the Queensway project after the July 21, 2026 results?

New Found Gold plans additional Lotto infill drilling in H2 2026 to advance conversion of inferred blocks. According to New Found Gold, an updated Queensway Technical Report with a revised mineral resource estimate is also planned for filing later in H2 2026.

Did New Found Gold report any limitations or variability in the Lotto gold intervals for NFGC investors?

New Found Gold notes that Lotto host structures dip moderately to steeply and contain secondary vein sets, creating uncertainty in true widths. According to New Found Gold, results show local grade variability typical of coarse, free-gold quartz veins, and some channels and holes yielded no significant values.