New Found Gold Has Entered Into $3.75M Settlement Agreement Concerning The Lawsuit Filed By ThreeD Capital And 1313366 Ontario In The Ontario Superior Court Of Justice, The Lawsuit Was Scheduled For Trial In January 2025

Pursuant to the Settlement Agreement, the Plaintiffs will receive a total of 3,750,000 common shares of New Found ("New Found Shares") from the Defendants. Palisades will transfer 2,607,434 New Found Shares that it currently owns to ThreeD and 772,566 New Found Shares that it currently owns to 131. New Found will issue 285,429 New Found Shares to ThreeD and 84,571 New Found Shares to 131, subject to the approval of the TSX Venture Exchange (the "TSXV") and the NYSE American.