Gold Co. At an Attractive Entry Point, Analyst Says
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Disclosures for Roth Capital Partners, New Found Gold Corp., March 31, 2025

Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Disclosures: Shares of New Found Gold Corp. may be subject to the Securities and Exchange Commission's Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities. Shares of New Found Gold Corp., (NFGC) may be subject to the Securities and Exchange Commission's Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities Each box on the Rating and Price Target History chart above represents a date on which an analyst made a change to a rating or price target, except for the first box, which may only represent the first note written during the past three years. Distribution Ratings/IB Servicesshows the number of companies in each rating category from which Roth or an affiliate received compensation for investment banking services in the past 12 month.

Our rating system attempts to incorporate industry, company and/or overall market risk and volatility. Consequently, at any given point in time, our investment rating on a stock and its implied price movement may not correspond to the stated 12-month price target. Ratings System Definitions - ROTH Capital employs a rating system based on the following: Buy: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return of at least 10% over the next 12 months. Neutral: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return between negative 10% and 10% over the next 12 months. Sell: A rating, which at the time it is instituted and or reiterated, that indicates an expectation that the price will depreciate by more than 10% over the next 12 months. Under Review [UR]: A rating, which at the time it is instituted and or reiterated, indicates the temporary removal of the prior rating, price target and estimates for the security. Prior rating, price target and estimates should no longer be relied upon for UR-rated securities. Not Covered [NC]: ROTH Capital does not publish research or have an opinion about this security. ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2025. Member: FINRA/SIPC.

On March 31, 2025, Roth Capital Partners analyst Mike Niehuser maintained a Buy rating and US$5.00 price target on New Found Gold Corp. (NFG:TSX.V; NFGC:NYSE.American), emphasizing that the company's recently released initial mineral resource estimate (MRE) should be viewed as "the starting line" rather than the finish, and suggesting that investors' negative reaction to the MRE presents an attractive entry point.

New Found Gold recently released its initial MRE for the Queensway Project, which included indicated resources of 473,000 ounces of gold at 3.31 grams per tonne (g/t) and inferred resources of 1,444,000 ounces at a grade of 2.42 g/t, totaling 1.92 million ounces of gold. The resource estimate was based on a long-term gold price of US$2,200 per ounce, assumed metallurgical recoveries of 90%, open pit mining costs of CA$5.0/tonne, underground mining costs of CA$120/tonne, processing costs of CA$20/tonne, and general and administrative costs of CA$7.5/tonne.

The analyst explains that the MRE was completed using data collected primarily for exploration purposes rather than for mine development, which partially explains why the results disappointed investors. NFGC's management believes the current data may be sufficient to produce a preliminary economic assessment (PEA) by the end of Q2 2025, which could outline a profitable mine operation generating significant cash flow to help unlock the project's district-scale potential.

According to the analyst, investors may have overreacted to the MRE, failing to recognize that it represents just the beginning of the mine development process rather than the culmination of NFGC's work. The company plans to conduct infill drilling between identified high-grade structures and test vein extensions, which has the potential to improve resource estimation, boost overall grade and scale, and convert waste rock to ore at lower cut-off rates for open pit mining.

NFGC intends to launch an aggressive campaign throughout 2025, including target delineation, infill drilling, step-out drilling, and exploration drilling. Additionally, the company plans to continue metallurgical testwork and complete environmental baseline studies in anticipation of permits for production. The MRE covers only about 5% of the mineralized structures within the entire Queensway Project, suggesting significant potential for additional discoveries.

Based on the information available, the analyst estimates that the known resource could support annual gold production of approximately 120,000 ounces per year for 16 years, assuming that with greater drill density, inferred resources will be upgraded to indicated at an average gold grade of 2.5 g/t.

With the share price at the time of the report at US$1.19, the US$5.00 target price represents a potential return of approximately 320%, reflecting the analyst's confidence in the project's long-term potential despite the recent market reaction to the MRE.