New Found Gold Corp. has entered into an equity distribution agreement dated August 26, 2022 (the "Equity Distribution Agreement"), providing for an at-the-market equity offering program (the "ATM"), with BMO Nesbitt Burns Inc., Paradigm Capital Inc. (together, the "Canadian Agents") and BMO Capital Markets Corp. (the "U.S. Agent" and, together with the Canadian Agents, the "Agents").

The ATM will allow New Found, through the Agents, to, from time to time, offer and sell, in Canada and the United States through the facilities of the TSX Venture Exchange ("TSXV") and NYSE American, such number of common shares as would have an aggregate offering price of up to US$100 million.