press release

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

2026-07-21

TSX - Toronto Stock Exchange

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.

[](https://images.newsfilecorp.com/files/7337/306002_f1b98386d4757a1c_001full.jpg)

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.

[](https://images.newsfilecorp.com/files/7337/306002_f1b98386d4757a1c_002full.jpg)

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.

[](https://images.newsfilecorp.com/files/7337/306002_f1b98386d4757a1c_003full.jpg)

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

[](https://images.newsfilecorp.com/files/7337/306002_figurefour.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 |

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.