New Found Gold Files Preliminary Prospectus for Initial Public Offering

June 24, 2020

/NOT FOR DISTRIBUTION IN THE UNITED STATES./

VANCOUVER, BCJune 24, 2020 /CNW/ – New Found Gold Corp. (“NFG” or the “Company“) is pleased to announce that it has filed a preliminary prospectus in connection with a proposed initial public offering (the “IPO“) of its common shares (the “Shares“). Pursuant to the IPO, the Company intends to raise minimum gross proceeds of $15,000,000 and maximum gross proceeds of $25,000,000. The number of Shares to be sold and the per Share price for the IPO have not yet been determined.

Canaccord Genuity Corp. and BMO Capital Markets are acting as co-lead agents for the IPO with respect to a syndicate that includes Desjardins Securities Inc.

The preliminary prospectus has been filed with the securities commissions in the provinces of British ColumbiaAlberta and Ontario and contains important information relating to the Company, the IPO and the Shares. The preliminary prospectus remains subject to completion or amendment. There will not be any sale or any acceptance of an offer to buy the Shares until a receipt for the final prospectus has been issued by the relevant securities commissions in Canada.

A copy of the preliminary prospectus may be obtained under the Company’s profile at www.sedar.com.

No securities regulatory authority has either approved or disapproved of the contents of this press release. The Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws. Accordingly, the Shares may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward Looking Statements

This press release contains certain forward-looking information and forward-looking statements within the meaning of Canadian securities legislation (collectively, “Forward-looking Statements“). All statements, other than statements of historical fact, constitute Forward-looking Statements. Words such as “will”, “intends”, “proposed” and “expects” or similar expressions are intended to identify Forward-looking Statements. Forward looking Statements in this press release include statements related to the completion of the IPO, the proceeds to be raised pursuant to the IPO, the Company obtaining a receipt for a final prospectus, the Company’s resource properties, and the Company’s plans, focus and objectives.

Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include uncertainties related to fluctuations in gold and other commodity prices, uncertainties inherent in the exploration of mineral properties, the Company’s ability to complete the IPO, the impact and progression of the COVID-19 pandemic and other risk factors set forth in the Company’s preliminary prospectus under the heading “Risk Factors”. The Company undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for NFG to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement.

For further information: Craig Roberts, Chief Executive Officer & Director, 604.562.9664, croberts@newfoundgold.ca