Site Visit Notes: Leveraging an Existing Mill

Research evidence excerpt

Site Visit Notes: Leveraging an Existing Mill

June 19, 2026 | 05:00 ET~

New Found Gold Corp.

NFG-TSXV Rating Price: Jun-18 Target Total Rtn Precious Metals & Minerals

Outperform(S) $2.29 $5.00 118%

Andrew Mikitchook, P.Eng., CFA Analyst

andrew.mikitchook@bmo.com (416) 359-5782

Chris Ziger Associate

Site Visit Notes: Leveraging an Existing Mill chris.ziger@bmo.com (416) 276-3715

Legal Entity: BMO Nesbitt Burns Inc.

2YR Price Volume Chart

Bottom Line: 6.00

Our recent site visit highlighted New Found Gold's significant progress towards 5.00

becoming more visible to a larger investment audience later in 2026. In our opinion, 4.00

7the market will respond positively to the upcoming PEA/resource update and EA 6 3.00

approval at Queensway. Progress updates will continue through production at 54

2.00 3

Hammerdown this year, development at Queensway through 2027, and exploration 21

leverage on their prospective land packages. Queensway Phase 1 and Hammerdown 1.00 Dec Jun Dec Jun 0

are centered around the operating Pine Cove mill. LHS: Price (C$) / RHS: Volume (mm) Source: FactSet

Company Data in C$

Key Points Dividend $0.00 Shares O/S (mm) 345.2

Progress at Queensway and Hammerdown continues on schedule and remains Yield 0.0% Market Cap (mm) $791

fully funded. The delivery of an updated Q3 PEA and approval of the Queensway NAV 5.61 P/NAV 0.4x

EA should re-confirm project financing through commercial production at both BMO Estimates in C$

Hammerdown scheduled for H2 2026, and at Queensway scheduled for early 2028. (FY-Dec.) 2025A 2026E 2027E 2028E

The minister's response to New Found's Queensway EA is due June 21, and upon Revenue (mm) $7 $67 $303 $435

acceptance, will be followed with submittal of the early works permit to begin

EPS $(0.26) $(0.09) $0.24 $0.42

construction.