New Found Gold Corp. has entered into an agreement with BMO Capital Markets, on behalf of itself and a syndicate of underwriters (collectively, the “Underwriters”) led by BMO Capital Markets and Canaccord Genuity Corp., under which the Underwriters have agreed to buy, on a bought deal basis, 7,725,000 charity flow-through common shares of the Company (the “Charity Flow-Through Common Shares”) at a price of $7.25 per Charity Flow-Through Common Share for aggregate gross proceeds of approximately $56 million.

Blakes acted as Canadian counsel to New Found Gold.

Paul, Weiss acted as US counsel to New Found Gold with a team that included corporate partner Christopher Cummings and tax partner David Mayo.