Eric Sprott Announces Holdings in New Found Gold Corp.

Toronto, Ontario--(Newsfile Corp. - August 8, 2022) - Eric Sprott announces that on August 5, 2022, 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired 6,750,000 common shares (Shares) of New Found Gold Corp. at $8.45 per Share for consideration of $57,037,500, in connection with the second tranche closing of the private agreement transaction announced by him on April 12, 2022. As previously disclosed, the Shares were purchased by way of private agreement with a single vendor at a price, including commissions, of less than 115% of the "market price" of the Shares in reliance on the "private agreement exemption" in Section 4.2 of National Instrument 62-104 - Take-Over Bids and Issuer Bids.

Concurrently with this transaction, Mr. Sprott indirectly transferred 6,750,000 Shares to two persons, acting independently for no consideration, as a result of which Mr. Sprott now beneficially owns and controls 32,848,700 Shares, representing approximately 19.7% of the outstanding Shares (being a decrease in holdings of approximately 0.3%, due to treasury issuances of Shares, since the date of the last early warning report). Prior to the above transfer of Shares and acquisition, Mr. Sprott beneficially owned and controlled the same number of Shares.

The 32,848,700 Shares are being held by Mr. Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of New Found Gold including on the open market or through private acquisitions or sell securities of New Found Gold including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

New Found Gold Corp. is located at Suite 1430 - 800 West Pender Street, Vancouver, BC V6C 2V6. A copy of Mr. Sprott's early warning report will appear on New Found Gold's profile on SEDAR and may also be obtained by calling (416) 945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).

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