New Found Gold Corp.

Hammerdown Gold Project

Preliminary Economic Assessment

Newfoundland & Labrador, Canada

Authors:

Stephen Coates, P.Eng.

Christian Beaulieu, P.Geo.

Mike Levy, P.Eng.

Chafana Hamed Sako, P.Geo.

James Guiraud, P.Geo.

Stacy J. Freudigmann, P.Eng.

Sheldon H. Smith, P.Geo.

J. Alex Mcintyre, P.Eng.

Neil J. Lincoln, P.Eng.

Dachun (David) Jin, P.Eng.

William Richard McBride, P.Eng.

CA0063999.7786-001-R-Rev0

Effective Date: February 18, 2026

Issue Date: March 16, 2026

Prepared for

Maritime Resources, a wholly owned subsidiary of New Found Gold Corp. 2 Industrial Park, Springdale, Newfoundland, A0J 1T0, Canada

Prepared by

WSP Canada Inc.

36 Pippy Place, St. John's, Newfoundland, A1B 3X4, Canada

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	ii

Date and Signature Page

This Technical Report on Hammerdown Gold Project is submitted to Maritime Resources Corp., a wholly owned subsidiary of New Found Gold, and is effective as of February 18, 2026.

Qualified Person	Responsible for Parts
Original signed and stamped by Stephen Coates, P.Eng. Evomine Consulting Inc. Date signed: March 16, 2026	1.13.3, 1.21.2, 1.22.3, 1.23.2, 1.24.5, 16.1, 16.4, 16.5, 16.6, 16.7, 16.8, 18.9, 21.3.2, 21.4.1, 25.2, 26.3
Original signed and stamped by Christian Beaulieu, P.Geo. Minéralis Consulting Services Inc. Date signed: March 16, 2026	4.1 to 4.5, 5, 6, 7.1, 7.2, 8.1, 10.1, 10.2, 11.0, 11.1.1 to 11.1.6, 12.1, 14.0, 14.1, 23, 25.1.1, and 26.1.1, and relevant sub-sections pertaining to the Hammerdown deposit of Section 1.
Original signed and stamped by Mike Levy, P.Eng. JDS Energy & Mining Inc. Date signed: March 16, 2026	1.13.1 and 16.2
Original signed and stamped by Chafana Hamed Sako, P.Geo. Norda Stelo Inc. Date signed: March 16, 2026	1.5.2, 1.6.2, 1.8.2, 1.9.2, 1.10.2, 1.12.3, 1.22.1, 1.23.1, 10.3, 11.1.7, to 11.1.8, 14.2, 14.3, 25.1.2 and 26.1.2, and other relevant sub-sections pertaining to the Orion deposit of Section 1.
Original signed and stamped by James Guiraud, P.Geo. Norda Stelo Inc. Date signed: March 16, 2026	1.5.3, 1.6.3, 1.7, 1.8.3, 1.9.3, 1.10.3, 1.12.4, 1.22.1, 1.23.1, 7.2, 7.3, 8.1.2, 8.2, 8.3, 9, 10.4, 10.5, 11.2, 12.2, 25.1.3 and 26.1.3, and other relevant sub-sections pertaining to the Stog'er Tight deposit of Section 1.
Original signed and stamped by Stacy J. Freudigmann, P.Eng. Canenco Consulting Corp. Date signed: March 16, 2026	1.11, 1.18 (Crush & Sort), 1.24.4, 1.24.6, 13,17.2, 21.2.5, 21.2.8, 21.2.9, 21.4.4, 25.3, and 26.4

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	iii

Qualified Person	Responsible for Parts
Original signed and stamped by Sheldon H. Smith, P.Geo. Stantec Consulting Ltd. Date signed: March 16, 2026	4.6, 16.3, 20 and related disclosure in Sections 1, 21, 25, 26, and 27
Original signed and stamped by J. Alex Mcintyre, P.Eng. Knight Piésold Ltd. Date signed: March 16, 2026	18.8.3, 18.10, 20.7 (Pine Cove and Stog'er Tight), 21.2.1 (Tailings), and 21.4.7, and relevant sub-sections in Section 1.
Original signed and stamped by Neil J. Lincoln, P.Eng. Lincoln Metallurgical, Inc. Date signed: March 16, 2026	17.1, 17.3, 21.4.2, 21.4.5, 21.4.6 and 25.3, and other relevant sub-sections in Section 1.
Original signed and stamped by Dachun (David) Jin, P.Eng. WSP Canada Inc. Date signed: March 16, 2026	1.15, 1.24.7, 18.1 to 18.7, 18.8.1 to 18.8.2, 25.4 and 26.5, and other relevant sub-sections in Section 1.
Original signed and stamped by William Richard McBride, P.Eng. WSP Canada Inc. Date signed: March 16, 2026	1.1, 1.16, 1.18, 1.19, 1,21.1, 1.21.2, 2, 19, 21.1, 21.2.1, 21.2.2, 21.2.3, 21.3.1, 21.3.3, 21.3.4, 21.3.5, 21.3.6, 21.3.7, 21.3.8, 21.4.1, 21.4.3, 22, 25.6, 25.7

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	iv

Abbreviations

Units of Measure

above mean sea level	amsl	hours per week	h/wk
acre	ac	hours per year	h/a
ampere	A	inch	in
annum (year)	a	kilo (thousand)	k
billion	B	kilogram	kg
billion tonnes	Bt	kilograms per cubic metre	kg/m³
billion years ago	Ga	kilograms per hour	kg/h
British thermal unit	BTU	kilograms per square metre	kg/m²
Centimetre	cm	kilometre	km
cubic centimetre	cm³	kilometre	km
cubic feet per minute	cfm	kilometres per hour	km/h
cubic feet per second	ft³/s	kilopascal	kPa
cubic foot	ft³	kiloton	kt
cubic inch	in	kilovolt	kV
cubic metre	m3	kilovolt-ampere	kVa
cubic yard	yd³	kilowatt	kW
day	d	kilowatt hour	kWh
days per week	d/wk	kilowatt hours per tonne	kWh/t
days per year (annum)	d/a	kilowatt hours per year	kWh/a
dead weight tonnes	DWT	less than	<
decibel adjusted	Ba	litre	L
decibel	dB	litres per minute	L/m
degree	°	megabytes per second	Mb/s
degrees Celsius	°C	megapascal	Mpa
diameter	ø	megavolt-ampere	Mva
dollar (American)	US$	megawatt	MW
dollar (Canadian)	CAN$	metre	m
dry metric ton	mt	metres above sea level	masl
foot	ft	metres Baltic sea level	mbsl
gallon	gal	metres below ground surface	mbgs
gallons per minute	gpm	metres per minute	m/min
Gigajoule	GJ	metres per second	m/s
Gigapascal	GPA	microns	µm
Gigawatt	GW	milligram	mg
Gram	g	milligrams per litre	mg/L
grams per litre	g/L	millilitre	mL
grams per tonne	g/t	millimetre	mm
greater than	>	million	M
hectare (10,000 m²)	ha	million bank cubic metres	Mbm³
hertz	Hz	million bank cubic metres per annum	Mbm³/a
horsepower	hp	million tonnes	Mt
hour	h	minute (plane angle)	'
hours per day	h/d	minute (time)	min

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	v

month	mo	square centimetre	cm²
ounce	oz	square foot	ft²
pascal	Pa	square inch	in²
centipoise	mPa∙s	square kilometre	km²
parts per million	ppm	square metre	m2
parts per billion	ppb	three-dimensional	3D
percent	%	tonne (1,000 kg) (metric ton)	t
pound(s)	lb	tonnes per day	t/d
pounds per square inch	psi	tonnes per hour	t/h
revolutions per minute	rpm	tonnes per year	t/a
second (plane angle)	"	tonnes seconds per hour metre cubed	ts/hm³
second (time)	s	volt	V
short ton (2,000 lb)	st	week	wk
short tons per day	st/d	weight/weight	w/w
short tons per year	st/y	wet metric ton	wmt
specific gravity	SG

Acronyms

AA	Atomic Absorption
Ai	Abrasion Index
AIIP	Airborne Inductive Induced Polarization
Anaconda	Anaconda Ming Inc.
AP	Acid Potential
APS	Azimuth Point System
ARD	Acid Rock Drainage
BACT	Best Available Control Technologies
BTS	Brazilian Indirect Tensile Strength
BVL	Baie Verte - Brompton Line
BWi	Bond Work Index
CALA	Canadian Analytical Laboratories Association
Canenco	Canenco Consulting Corp.
CCME	Canadian Council of Ministers of the Environment
CDA	Canadian Dam Association
CIL	Carbon-in-Leach
CIM	Canadian Institute of Mining, Metallurgy and Petroleum
CNF	Captain Nemo Fault
CNWA	Canadian Navigable Waters Act
CNWAD	Cyanide Weak-Acid Dissociable
CoA	Certificate of Approval
CoG	Cut-off Grade
COSEWIC	Committee on the Status of Endangered Wildlife in Canada
COV	Coefficient of Variations
CRM	Certified Reference Materials
CWI	Crushing Work Index

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	vi

CWQG-FAL	Water Quality Guidelines for the Protection of Aquatic Life
DDH	Diamond Drill hole
DCF	Discounted Cash Flow
DEM	Digital Elevation Model
DFO	Department of Fisheries and Oceans
DGI	DGI Geoscience
DHS	Drill hole Spacing
EA	Environmental Assessment
EAL	Eastern Analytical Ltd.
EDMS	Environmental Data Management System
EEM	Environmental Effects Monitoring
EGL	Effective Grinding Length
EM	Electromagnetic
ESA	Endangered Species Act
ESA	Environmental Site Assessment
Evomine	Evomine Consulting Inc.
FEL	Front-End Loader
FireFly	FireFly Metals Canada Ltd.
FS	Feasibility Study
FW	Footwall
GCI	Geochemico Consulting Inc.
HADD	Harmful Alteration and Disruption or Destruction
HDZ	Hammerdown Deformation Zone
HGP	Hydrometallurgical Plant
HW	Hanging Wall
ID²	Inverse Distance Squared
ID³	Inverse Distance Cubed
IEC	International Electrotechnical Commission
IET	Department of Industry, Energy, and Technology
IP	Induced Polarization
IRR	Internal Rate of Return
ISO	International Organization for Standardization
JDS	JDS Energy and Mining Inc.
KNA	Kriging Neighbourhood Analysis
KP	Knight Piésold Consulting Ltd.
KPC	King's Point Complex
LG	Low Grade
LM	Lincoln Metallurgical Inc.
LOM	Life-of-Mine
LOMP	Life-of-Mine Plan

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	vii

Maritime	Maritime Resources Corp.
MDMER	Metal and Diamond Mining Effluent Regulations
MEA	Mineral Exploration Approval
MERS	Mine Effluent Reporting System
Minéralis	Minéralis Consulting Services Inc.
MinLAP	Mineral Lands Administration Portal
ML	Metal Leaching
MPC	Mine Plan Composite
MRE	Mineral Resource Estimate
MTM	Modified Transverse Mercator
MTO	Material Take-Off
New Found Gold	New Found Gold Corp.
NL	Newfoundland and Labrador
NLDECCC	NL Department of Environment, Conservation and Climate Change
NLDEM	NL Department of Energy and Mines
NLDFAL	NL Department of Forestry, Agriculture and Lands
NL EPA	NL Environmental Protection Act
NN	Nearest Neighbour
Norda	Norda Stelo Inc.
NP	Neutralization Potential
NPI	Net Profits Interest
NPV	Net Present Value
NSR	Net Smelter Return
OK	Ordinary Kriging
PAANL	Protected Areas Association of Newfoundland and Labrador
PAG	Potentially Acid Generating
PCM	Pine Cove Mill
PEA	Preliminary Economic Assessment
PFS	Prefeasibility Study
QA/QC	Quality Assurance / Quality Control
QFP	Quartz Feldspar Porphyry
QP	Qualified Person
RC	Reverse Circulation
RCP	Rehabilitation and Closure Plan
RDL	Reportable Detection Limit
RMR	Rock Mass Rating
ROM	Run of Mine
RPEEE	Reasonable Prospects of Eventual Economic Extraction
RQD	Rock Quality Designation
SAG	Semi-Autogenous Grinding

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	viii

SAR	Species at Risk
SARA	Species at Risk Act
Shoreline	Shoreline Aggregates Inc.
Signal Gold	Signal Gold Inc.
SLR	SLR Consulting (Canada) Ltd.
SOCC	Species of Conservation Concern
SPC	Starter Pit
SPT	Sprucy Pond Trend
Stantec	Stantec Consulting Ltd.
Terrane	Terrane Geoscience Inc.
TSF	Tailings Storage Facility
UCS	Unconfined Compressive Strength
USGS	United States Geological Survey
UTM	Universal Transverse Mercator
VC	Variability Composite
VMS	Volcanic Massive Sulphide
VTEM	Versatile Time Domain Electromagnetic
WiBM	Bond Ball Mill Work Index
WOL	Whole-Ore-Leach
WRSA	Waste Rock Storage Areas
WSP	WSP Canada Inc.
WRMD	Water Resources Management Division
XRT	X-Ray Transmission
ZTEM	Z-Axis Tipper Electromagnetic

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	ix

Table of Contents

1.	Summary	1
1.1	Introduction	1
1.2	Location/Property Description	1
1.2.1	Environmental Liabilities	2
1.2.2	Permits	2
1.3	Accessibility, Climate, Local Resources, Infrastructure and Physiography	2
1.4	History	3
1.5	Geological Setting and Mineralization	4
1.5.1	Hammerdown	4
1.5.2	Orion	5
1.5.3	Stog'er Tight	5
1.6	Deposit Types	6
1.6.1	Hammerdown Deposit	6
1.6.2	Orion Deposit	6
1.6.3	Stog'er Tight Deposit	7
1.7	Exploration	7
1.7.1	Hammerdown Property	7
1.7.2	Pine Cove Property	8
1.8	Drilling	9
1.8.1	Hammerdown Deposit	9
1.8.2	Orion Deposit	10
1.8.3	Stog'er Tight Deposit	10
1.9	Sample Preparation, Analyses and Security	11
1.9.1	Hammerdown Deposit	11
1.9.2	Orion Deposit	11
1.9.3	Stog'er Tight Deposit	12
1.10	Data Verification	13
1.10.1	Hammerdown Deposit	13
1.10.2	Orion Deposit	13
1.10.3	Stog'er Tight Deposit	13
1.11	Mineral Processing and Metallurgical Testing	14
1.12	Mineral Resource Estimates	15
1.12.1	Introduction	15
1.12.2	Hammerdown Deposit	16
1.12.3	Orion Deposit	17

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	x

1.12.4	Stog'er Tight Deposit	19
1.13	Mining Methods	20
1.13.1	Geotechnical Considerations	20
1.13.2	Hydrogeological Considerations	21
1.13.3	Mining	21
1.14	Recovery Methods	22
1.15	Project Infrastructure	23
1.16	Market Studies and Contracts	24
1.17	Environmental Studies, Permitting and Social or Community Impact	25
1.18	Capital and Operating Costs	26
1.18.1	Capital Costs	26
1.18.2	Operating Costs	28
1.19	Economic Analysis	29
1.20	Adjacent Properties	35
1.21	Interpretations and Conclusions	35
1.21.1	Geology and Mineral Resources	35
1.21.2	Mining Methods	36
1.21.3	Recovery Methods	37
1.21.4	Project Infrastructure	37
1.21.5	Environmental Studies, Permitting and Social and Community Engagement	37
1.21.6	Capital and Operating Cost Estimates	38
1.21.7	Economic Analysis	38
1.22	Opportunities	38
1.22.1	Mineral Resource	38
1.22.2	Mining	38
1.23	Risks	39
1.23.1	Mineral Resource	39
1.23.2	Mining	39
1.24	Recommendations	39
1.24.1	Mineral Resource	39
1.24.2	Mineral Processing and Metallurgical Testing	40
1.24.3	Mining Methods	41
1.24.4	Recovery Methods	41
1.24.5	Project Infrastructure	41
1.24.6	Environment, Permitting and Social and Community Engagement	42
2.	Introduction	43
2.1	Terms of Reference and Purpose of the Report	43
2.2	Qualifications of Consultants	45
2.3	Sources of Information	48

Hammerdown Gold Project
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2.4	Site Visit	48
2.5	List of Previous Relevant Technical Reports	51
2.6	Units of Measure	51
2.7	Effective Date	52
3.	Reliance on Other Experts	53
4.	Property Description and Location	54
4.1	Description and Location	54
4.1.1	Hammerdown Property - Green Bay, Whisker Valley, and Gull Ridge Blocks	55
4.1.2	Pine Cove Property	56
4.2	Property Ownership Summary	58
4.2.1	Hammerdown Property	59
4.2.2	Pine Cove Property	59
4.2.3	New Found Gold Acquisition	59
4.3	Mineral Tenure Information and Maintenance	59
4.4	Access and Surface Rights	61
4.4.1	Existing Mining Lease Infrastructure	65
4.5	Royalties	67
4.5.1	Hammerdown Property	67
4.5.2	Pine Cove Property	71
4.6	Environmental Liabilities	74
4.6.1	Hammerdown/Orion	74
4.6.2	Stog'er Tight	75
4.6.3	Pine Cove	75
4.7	Permits	76
5.	Accessibility, Climate, Local Resources, Infrastructure and Physiography	77
5.1	Access	77
5.1.1	Hammerdown Property	77
5.1.2	Pine Cove Property	77
5.2	Climate	78
5.3	Infrastructure	79
5.3.1	Hammerdown Property - Green Bay, Whisker Valley, and Gull Ridge Blocks	79
5.3.2	Pine Cove Property	79
5.4	Physiography	80
6.	History	81
6.1	Hammerdown Property History	81
6.1.1	Exploration History	81
6.1.2	Historical Resource Estimates	83

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xii

6.1.3	Past Production	83
6.2	Pine Cove Property History	83
6.2.1	Exploration History	83
6.2.2	Historical Resource Estimates	85
6.2.3	Past Production	86
7.	Geological Setting and Mineralization	88
7.1	Regional Geology	88
7.2	The Hammerdown Property	90
7.2.1	The Green Bay Block	90
7.2.2	The Whisker Valley and Gull Ridge Blocks	101
7.3	The Pine Cove Property	105
7.3.1	Geological Framework	105
7.3.2	The Scrape Trend	108
7.3.3	The Goldenville Trend	115
7.3.4	The Deer Cove Trend	116
8.	Deposit Types	117
8.1	Hammerdown Property Deposits	117
8.1.1	Hammerdown and Orion Deposits	118
8.1.2	Other Deposit Types	119
8.2	Pine Cove Property Deposits	120
8.2.1	Stog'er Tight Deposit	120
8.2.2	Other Deposit Types	121
8.3	Descriptive Model	121
8.3.1	Orogenic Gold Deposits Model	121
8.3.2	Volcanogenic Massive Sulphides (VMS) Deposits Model	124
8.3.3	Epithermal System Deposit Model	127
9.	Exploration	131
9.1	Hammerdown Property Exploration - Maritime Resources Corp.	131
9.1.1	Regional Exploration Overview	132
9.1.2	Surface Geochemical Exploration	136
9.1.3	Geophysical Survey	140
9.2	Pine Cove Property Exploration- Signal Gold Inc.	151
9.2.1	Exploration Overview	152
9.2.2	Surface Geochemical Exploration	154
9.2.3	Geophysical Surveys	157
9.3	Exploration Potential	172
9.3.1	Green Bay Block	172
9.3.2	Whisker Valley Block	174

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9.3.3	Gull Ridge Block	175
9.3.4	Pine Cove Property	175
10.	Drilling	177
10.1	Introduction	177
10.2	Hammerdown Property Drilling	180
10.3	Maritime Drilling Procedures and Core Sampling	183
10.3.1	Surveying: Collar and Downhole Surveys	184
10.3.2	Core Delivery	184
10.3.3	Core Sampling Procedures	184
10.3.4	Core Photography	185
10.3.5	Core Cutting	187
10.3.6	Core Storage	188
10.3.7	Channel Sampling Procedures	188
10.3.8	Drill Hole and Channel Sample Database	189
10.3.9	Drilling and Channel Sampling Results	189
10.4	Pine Cove Property Drilling	189
10.5	Signal Gold Drilling Procedures and Core Sampling	193
10.5.1	Diamond Drilling	193
10.5.2	Percussion Drilling	194
11.	Sample Preparation, Analyses and Security	196
11.1	Hammerdown Property	196
11.1.1	Sample Preparation - Pre-2012	196
11.1.2	Sample Preparation - Maritime Resources	197
11.1.3	Analytical Method	197
11.1.4	Sample Security	198
11.1.5	Quality Control & Quality Assurance (Hammerdown Deposit)	198
11.1.6	QP Comments and Recommendations (Hammerdown Deposit)	206
11.1.7	Quality Control & Quality Assurance (Orion Deposit)	206
11.1.8	QP Opinion (Orion Deposit	211
11.2	Pine Cove Property - Stog'er Tight Deposit	212
11.2.1	Sample Preparation	212
11.2.2	Analytical Method	213
11.2.3	Laboratories	213
11.2.4	Sample Security	214
11.2.5	Quality Control & Quality Assurance	214
11.2.6	QP Opinion	218
12.	Data Verification	220
12.1	Hammerdown Deposit	220
12.1.1	Site Visit	220

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Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xiv

12.1.2	Drill Hole Database Verification	226
12.1.3	Ancillary Data Verification	227
12.1.4	QP Comments and Conclusion	228
12.2	Stog'er Tight Deposit	228
12.2.1	Site Visit	228
12.2.2	Core Review	230
12.2.3	Independent Resampling	233
12.2.4	Database	235
12.2.5	Drill Hole Locations	235
12.2.6	Downhole Survey	236
12.2.7	Historical Holes Assays	236
12.2.8	Signal Holes Assays	237
12.2.9	Conclusion	237
13.	Mineral Processing and Metallurgical Testing	239
13.1	Introduction	239
13.2	Testing and Procedures	239
13.3	Mineralogical Evaluations	241
13.4	Test Work	241
13.4.1	Historical Metallurgical Testing	241
13.4.2	Comminution	242
13.4.3	Grinding and Leach Parameters - Test Program PJ5330	244
13.4.4	Dewatering	247
13.4.5	Detoxification	247
13.4.6	Recent Metallurgical Testing (2024-2025)	248
13.4.7	Comminution	248
13.4.8	Flotation	249
13.4.9	Concentrate Leaching	251
13.4.10	Gravity	252
13.4.11	Dewatering	253
13.4.12	Merrill Crowe	255
13.4.13	Detoxification Testing	255
13.4.14	Recovery Estimate	256
13.5	Recommendations	259
14.	Mineral Resource Estimates	260
14.1	Hammerdown Deposit - Minéralis	261
14.1.1	Mineral Resource Database	262
14.1.2	Geological Models	264
14.1.3	Mined Out Models and Reconciliation	269
14.1.4	Exploratory Data Analysis	272

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Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xv

14.1.5	High Grade Capping	273
14.1.6	High-Grade Restrictions	276
14.1.7	Compositing	277
14.1.8	Variography	279
14.1.9	Grade Contouring	281
14.1.10	Grade Interpolation	282
14.1.11	Bulk Density	285
14.1.12	Block Models	285
14.1.13	Reasonable Prospects of Eventual Economic Extraction Parameters	286
14.1.14	Resource Classification	287
14.1.15	Block Model Validation	293
14.1.16	Mineral Resource Reporting	301
14.1.17	Cut-Off Grade Sensitivities	303
14.1.18	Comparison with Previous Estimation	305
14.1.19	Exploration Potential	307
14.2	Orion Deposit- Norda	308
14.2.1	Methodology	309
14.2.2	Database	309
14.2.3	Geological Models	310
14.2.4	High Grade Capping	313
14.2.5	Compositing	316
14.2.6	Specific Gravity	318
14.2.7	Block Model	318
14.2.8	Variography and Search Ellipsoids	318
14.2.9	Grade Interpolation	322
14.2.10	Block Model Validation	322
14.2.11	Mineral Resource Classification	329
14.2.12	Reasonable Prospects of Eventual Economic Extraction Parameters	332
14.2.13	Optimized Open Pit Cut-Off Parameters	332
14.2.14	Underground Cut-Off Parameters	333
14.2.15	Mineral Resource Reporting	333
14.2.16	Comparison with Previous Estimation	337
14.3	Stog'er Tight Deposit - Norda	339
14.3.1	Methodology	340
14.3.2	Database	340
14.3.3	Geological Models	342
14.3.4	High Grade Capping	344
14.3.5	Compositing	346
14.3.6	Specific Gravity	348
14.3.7	Block Model	348

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xvi

14.3.8	Variography and Search Ellipsoids	348
14.3.9	Grade Interpolation	350
14.3.10	Block Model Validation	353
14.3.11	Mineral Resource Classification	359
14.3.12	Reasonable Prospects of Eventual Economic Extraction Parameters	362
14.3.13	Mineral Resource Reporting	362
14.3.14	Cut-Off Grade Sensitivities	364
14.3.15	Comparison with Previous Estimation	365
15.	Mineral Reserve Estimates	367
16.	Mining Methods	368
16.1	Overview	368
16.2	Geotechnical Analysis and Recommendations	368
16.2.1	Hammerdown and Orion Pit Slopes	368
16.2.2	Stog'er Tight Pit Slopes	376
16.2.3	Conclusions and Recommendations	380
16.3	Hydrogeological Considerations	381
16.3.1	Hammerdown/Orion	381
16.3.2	Stog'er Tight	382
16.3.3	Pine Cove	383
16.4	Open Pit Optimization	384
16.4.1	Optimization Parameters	385
16.4.2	Pit Shell Selection	386
16.5	Dilution	391
16.6	Pit Design	391
16.7	Production Schedule	396
16.8	Mining Operation	400
16.8.1	Drilling and Blasting	400
16.8.2	Loading and Hauling	400
16.8.3	Support Equipment	400
16.8.4	Overhead	400
17.	Recovery Methods	401
17.1	Introduction	401
17.2	Sorting and Crushing	401
17.2.1	Overview	401
17.2.2	Sorting Process Design Criteria	402
17.2.3	Sorting Plant Description	403
17.3	Pine Cove Process Plant	407
17.3.1	Overview	407
17.3.2	Pine Cove Process Description	408

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xvii

18.	Project Infrastructure	411
18.1	Site Access Road	411
18.2	Site Roads	411
18.3	General Site Arrangement	411
18.4	Hammerdown Buildings and Support Infrastructure	414
18.4.1	Stockpile Pads	414
18.4.2	Crusher/Ore Sorter Pad	414
18.4.3	Site Entrance, Gatehouse and Truck Scale	415
18.4.4	Office, Mine Dry and Maintenance	415
18.4.5	Fuel Station	416
18.4.6	Explosives Storage	416
18.5	Pine Cove Buildings and Support Infrastructure	416
18.6	Power	417
18.6.1	Hammerdown Power Distribution	417
18.6.2	Pine Cove Power Distribution	417
18.7	Utilities	418
18.7.1	Water	418
18.7.2	Sewage System	418
18.8	Water Management	418
18.8.1	Hammerdown Mine and Orion Gold Deposit	418
18.8.2	Stog'er Tight Mine	420
18.8.3	Pine Cove Water Management Infrastructure	421
18.9	Mine Haul Roads and Stockpiles	423
18.9.1	Haul Roads	423
18.9.2	Stockpiles	423
18.10	Tailings Storage Facility	427
19.	Market Studies and Contracts	430
19.1	Market Studies	430
19.2	Commodity Price	430
19.3	Contracts	432
20.	Environmental Studies, Permitting and Social or Community Impact	433
20.1	Introduction	433
20.2	Environmental Studies	434
20.2.1	Regional Environmental Setting	434
20.2.2	Site-Specific Environmental Setting	434
20.2.3	Terrestrial Environment	436
20.2.4	Aquatic Environment	438
20.2.5	Hydrology, Surface Water Quality, and Sediment Quality	440
20.2.6	Hydrogeology	443

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xviii

20.2.7	Air Quality	446
20.3	Regulatory Framework, Environmental Monitoring, and Permitting	447
20.3.1	Environmental Assessment	447
20.3.2	Federal Permitting/Approval Requirements	448
20.3.3	Provincial Permitting/Approval Requirements	451
20.3.4	Additional Federal and Provincial Permitting/Approval Requirements	454
20.3.5	Municipal Requirements	455
20.3.6	Environmental Monitoring and Compliance	456
20.4	Social, Cultural and Community Setting	458
20.4.1	Regional Communities and Land Use	458
20.4.2	Indigenous Groups	459
20.4.3	Historical Resources	460
20.5	Community, Indigenous, and Regulatory Relations and Engagement	460
20.5.1	Hammerdown/Orion	461
20.5.2	Stog'er Tight Deposit	461
20.5.3	Pine Cove	461
20.6	Metal Leaching/Acid Rock Drainage	461
20.6.1	Tailings	462
20.6.2	Waste Rock and Ore	463
20.7	Rehabilitation and Closure	464
20.7.1	Progressive Rehabilitation	465
20.7.2	Closure Measures	465
20.7.3	Post-Closure and Long-Term Monitoring	468
20.7.4	Closure Cost Estimates	469
20.7.5	Financial Assurance	470
21.	Capital and Operating Costs	471
21.1	Introduction	471
21.2	Capital Cost Estimate	472
21.2.1	Capital Cost Summary	472
21.2.2	Sustaining Capital	473
21.2.3	Closure and Rehabilitation	473
21.2.4	Major Assumptions - CAPEX	473
21.2.5	Sorter and Crushing Plant Capital	474
21.2.6	Quantity Basis	475
21.2.7	Direct Costs	476
21.2.8	Indirect Costs - Sorter and Crushing Plant	478
21.2.9	Exclusions and Qualifications - Sorter and Crushing Plant	480
21.3	Sustaining Capital	481
21.3.1	Sustaining Capital Costs Summary	481

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xix

21.3.2	Mine Sustaining Capital Costs	481
21.3.3	Processing Sustaining Capital	481
21.3.4	Water Management Sustaining Capital	481
21.3.5	Power, Electrical, and Instrumentation Sustaining Capital	482
21.3.6	Indirects - Sustaining Capital	482
21.3.7	Contingencies - Sustaining Capital	482
21.3.8	Exclusions and Qualifications - Sustaining Capital	483
21.4	Operating Costs	483
21.4.1	Mine Operating Costs	484
21.4.2	Mill Operation	485
21.4.3	Onsite Crushing	485
21.4.4	Sorter and Crushing Plant Operation	485
21.4.5	General and Administration Costs	486
21.4.6	Haulage Mine to Mill	486
21.4.7	TSF and Water Management	486
22.	Economic Analysis	487
22.1	Resultant Summary	487
22.2	General	487
22.3	Forward Looking Information	488
22.4	Economic Criteria	489
22.4.1	Production Decision	489
22.4.2	Metal Price	489
22.4.3	Production Schedule	489
22.4.4	Process Recoveries	489
22.4.5	Commercial Terms and Freight	489
22.4.6	Mineral Royalties	490
22.4.7	Capital and Operating Costs	490
22.4.8	Taxes	490
22.5	Base Case Cash Flow Analysis and Economic Results	491
22.6	Sensitivity Analysis	496
22.7	Scenarios	499
23.	Adjacent Properties	502
23.1	Hammerdown Gold Property Adjacent Properties	502
23.2	Pine Cove Gold Property Adjacent Properties	502
24.	Other Relevant Data and Information	504
25.	Interpretation and Conclusions	505
25.1	Geology and Mineral Resources	505
25.1.1	Hammerdown Deposit	505
25.1.2	Orion Deposit	506

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xx

25.1.3	Stog'er Tight Deposit	507
25.2	Mining Methods	509
25.2.1	Opportunities	510
25.2.2	Risks	510
25.3	Recovery Methods	510
25.4	Project Infrastructure	512
25.4.1	Risks	512
25.5	Environmental Studies, Permitting and Social or Community Impact	514
25.5.1	Environmental Liabilities	514
25.5.2	Environment, Permitting, and Social/Community Engagement	514
25.6	Capital and Operating Costs	516
25.7	Economic Analysis	516
26.	Recommendations	517
26.1	Geology and Mineral Resources	517
26.1.1	Hammerdown Deposit	517
26.1.2	Orion Deposit	518
26.1.3	Stog'er Tight Deposit	518
26.2	Mineral Processing and Metallurgical Testing	520
26.3	Mining Methods	520
26.4	Recovery Methods	520
26.5	Project Infrastructure	521
26.5.1	Water Management	521
26.6	Environment, Permitting and Social and Community Engagement	522
26.6.1	Water Management	522
26.6.2	Fisheries Act and Pond Interaction Considerations	522
26.6.3	Environmental Baseline and Geochemical Programs	522
26.6.4	Permitting and Regulatory Planning	522
26.6.5	Stakeholder, Indigenous, and Regulator Engagement	523
27.	References	524
28.	QP Certificates	539

Table 1.1: Hammerdown Gold Project Consolidated MRE (effective date January 22, 2026)		15
Table 1.2: Summary of Mineral Resources - January 22, 2026		16
Table 1.3: Summary of Orion Deposit Mineral Resources - January 22, 2026		18
Table 1.4: Summary of Stog'er Tight Deposit Mineral Resources - January 22, 2026		19
Table 1.5: Commercial terms for the sale of gold doré		24
Table 1.6: Commodity pricing		24

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xxi

Table 1.7: List of cost estimation by contributor firm	26
Table 1.8: Capital cost estimate by area	27
Table 1.9: Operating cost by area	28
Table 1.10: Hammerdown Gold Project PEA summary: key technical assumptions and cost inputs	30
Table 1.11: Economic results summary	31
Table 1.12: Economic metrics sensitivity to variations in the recovery	33
Table 1.13: Economic metrics sensitivity to variations in the gold price	33
Table 1.14: Economic metrics sensitivity to variations in the total OPEX	33
Table 1.15: Economic metrics sensitivity to variations in the total CAPEX (includes Sustaining Capital and Closure Costs)	33
Table 2.1: QP responsibilities	46
Table 2.2: QP site visits to Hammerdown and Pine Cove	49
Table 4.1: Hammerdown Property mineral licence description and status by blocks	57
Table 4.2: Pine Cove Property mineral license description and status	58
Table 4.3: Minimum expenditures for mineral claims in Newfoundland and Labrador	60
Table 4.4: Renewal fees for mineral claims in Newfoundland and Labrador	61
Table 4.5: Mining lease information	63
Table 4.6: Summary of the existing royalty agreements related to the Hammerdown Gold Property	69
Table 4.7: Summary of existing royalty agreements related to the Pine Cove Gold Property	72
Table 6.1: Property history summary	82
Table 6.2: Hammerdown production summary	83
Table 6.3: P&E Mining Consultants 2010 Resource estimate for the Deer Cove Project	86
Table 6.4: Point Rousse production summary	86
Table 9.1: Summary of surface geochemical soil sampling on the Hammerdown Property completed by Maritime and historic operators	137
Table 9.2: Summary of surface geochemical rock sampling on the Hammerdown Property completed by Maritime and historic operators	138
Table 9.3: Summary of geophysical programs completed on the Hammerdown Property by Maritime	141
Table 9.4: Summary of surface geochemical soil sampling on the Pine Cove Property completed by Signal Gold and historic operators	155
Table 9.5: Summary of surface geochemical rock sampling on the Pine Cove Property completed by Signal Gold and historic operators	156
Table 9.6: Summary of geophysical programs completed on the Pine Cove Property by Signal Gold	160
Table 10.1: Drilling and channel sampling on the Hammerdown Property as of June 16, 2025	178
Table 10.2: Drilling and channel sampling on the Pine Cove Property as of June 16, 2025	179
Table 10.3: Summary Table	179

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xxii

Table 11.1: Summary of major CRM performance results pertaining to the Hammerdown Deposit	200
Table 11.2: QA/QC Assays - Orion Gold (2011 and 2020-2022)	207
Table 11.3: Results of standards used in Orion Gold Project (2011 and 2020-2022)	208
Table 11.4: Results of standards used in the 2014-2021 drill programs	217
Table 12.1: Validation of drill collar coordinates (NAD 83, UTM Zone 21N)	222
Table 12.2: Independent sampling list	234
Table 13.1: Summary of test work completed	240
Table 13.2: Bond ball mill work index results	242
Table 13.3: Detoxification result summary	247
Table 13.4: Comminution summary	248
Table 13.5: Leach extraction lime and cyanide consumptions per tonne of concentrate	252
Table 13.6: Overall optimized average gold extraction comparing gravity	252
Table 13.7: Continuous detox test results	256
Table 13.8: Test work gold recovery estimates	256
Table 13.9: Operational gold recovery estimates	258
Table 14.1: Hammerdown Gold Project Consolidated MRE (effective date January 22, 2026)	261
Table 14.2: Summary of Mineral Resources - January 22, 2026	262
Table 14.3: Summary of drill holes used for the MRE	263
Table 14.4: Mineralization wireframes summary nomenclature, grouping, and type	266
Table 14.5: Summary of historical production at Hammerdown between 2001 and 2004 (excluding open pit mining)	271
Table 14.6: Summary of gold content from the current MRE model within the mined-out model	271
Table 14.7: Raw assay statistics - gold (length-weighted)	272
Table 14.8: Capping applied to Hammerdown domain groups	273
Table 14.9: Uncapped and capped assay statistics by domain group (length-weighted)	274
Table 14.10: High-grade search restriction thresholds	277
Table 14.11: Composited assays statistics by grouped domains	278
Table 14.12: Selected gold variogram parameters	279
Table 14.13: Search Restriction Thresholds	283
Table 14.14: Block model parameters	285
Table 14.15: Open pit optimization inputs	286
Table 14.16: Statistical comparison of gold assays (capped and uncapped), composites and blocks (ID³and Nearest Neighbour)	295
Table 14.17: Mineral Resource estimate by domain as January 22, 2026	302
Table 14.18: Hammerdown in-pit cut-off grade sensitivity - Measured and Indicated Mineral Resources	303
Table 14.19: Hammerdown in-pit cut-off grade sensitivity - Inferred Mineral Resources	304

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xxiii

Table 14.20: Mineral Resource estimate comparison with previous estimate	306
Table 14.21: Orion deposit MRE (effective date January 22, 2026)	308
Table 14.22: Summary statistics for raw assays - Orion	314
Table 14.23: Comparison of uncomposited and composited capped Au assays - Orion	318
Table 14.24: Variogram model parameters	321
Table 14.25: Search parameters used for interpolation	322
Table 14.26: Input parameters used to calculate the cut-off grade for the Orion Deposit open pit base case	332
Table 14.27: Input parameters used to calculate the cut-off grade for the Orion Deposit underground base case	333
Table 14.28: 2026 Mineral Resource Estimate Statement for the Orion Deposit	335
Table 14.29: 2026 Mineral Resource Estimate Sensitivity to Gold Price	336
Table 14.30: Mineral Resource estimate comparison with previous estimate (Orion)	338
Table 14.31: Stog'er Tight MRE (effective date January 22, 2026)	339
Table 14.32: Summary statistics for raw assays - Stog'er Tight	344
Table 14.33: Comparison of uncomposited and composited capped Au assays - Stog'er Tight	347
Table 14.34: Search parameters - Stog'er Tight	351
Table 14.35: Variogram model parameters for Zone East and Zone West	352
Table 14.36: Comparison between composite mean grades and block model mean grades for all estimation domains	356
Table 14.37: Input parameters used to calculate the cut-off grade for the Stog'er Tight deposit	362
Table 14.38 : 2025 Mineral Resource Estimate for the Stog'er Tight Deposit	364
Table 14.39: Sensitivity of the 2026 MRE to different gold prices (effective date of January 22, 2026)	365
Table 14.40: Mineral Resource estimate comparison with previous estimate (Stog'er Tight)	366
Table 16.1: Summary of rock mass characteristics by lithology	371
Table 16.2: Laboratory strength test results by lithology	378
Table 16.3: Open pit optimization parameters	385
Table 16.4: Open pit optimization results - Hammerdown (including Wisteria)	388
Table 16.5: Open pit optimization results - Orion	389
Table 16.6: Open pit optimization results - Stog'er Tight	390
Table 16.7: Pit slope configuration	393
Table 16.8: Pit physical quantities	396
Table 16.9: Mine and Mill Feed Schedule	399
Table 17.1: Process Design Criteria	402
Table 18.1: Stockpile slope configuration	424
Table 19.1: Commercial terms for the sale of gold doré	430
Table 19.2: Commodity pricing	432

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xxiv

Table 21.1: List of cost estimation by contributor firm	471
Table 21.2: Capital cost estimate by area	472
Table 21.3: Currency exchange	473
Table 21.4: Sorter and crushing plant scope of work	474
Table 21.5: Sorting plant CAPEX	475
Table 21.6: Quantity basis - crushing and sorting	476
Table 21.7: Water management SUSEX direct cost summary	481
Table 21.8: Water management SUSEX direct cost details	482
Table 21.9: Operating cost	483
Table 21.10: Mining operating costs	485
Table 21.11: Breakdown of process operating costs	486
Table 22.1: Commercial terms for the sale of gold doré	489
Table 22.2: Taxes estimation summary	491
Table 22.3: Economic results summary	491
Table 22.4: Hammerdown Gold Project PEA Summary: Key Technical Assumptions and Cost Inputs	492
Table 22.5: Summary of production schedule and cash flows - Base Case by year	495
Table 22.6: Economic metrics sensitivity to variations in the recovery	496
Table 22.7: Economic metrics sensitivity to variations in the gold price	496
Table 22.8: Economic metrics sensitivity to variations in the total OPEX	497
Table 22.9: Economic metrics sensitivity to variations in the total CAPEX (includes Sustaining Capital and Closure costs)	497
Table 22.10: Economic indicator - Base Case	499
Table 22.11: Scenarios evaluated using economic analysis model	500
Table 26.1: Recommended diamond drill hole budget for Hammerdown deposit	517
Table 26.2: Recommended diamond drill hole budget for Orion deposit	518
Table 26.3: Recommended diamond drill hole and resampling programs budget for Stog'er Tight deposit	520

Figure 1.1: Pine Cover overall flowsheet	23
Figure 1.2: Annual and cumulative cash flows	32
Figure 1.3: After-tax NPV 5%: sensitivity to recovery, price, CAPEX, and OPEX	34
Figure 1.4: After-tax percent variation in NPV 5%: sensitivity to recovery, price, CAPEX, and OPEX	34
Figure 4.1: Location map of the Hammerdown Gold Project, comprising the Hammerdown and Pine Cove properties in north-central Newfoundland; inset map of the Island of Newfoundland	55

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xxv

Figure 4.2: Hammerdown Property comprising the Green Bay, Whisker Valley and Gull Ridge blocks with mineral licenses and mining leases	56
Figure 4.3: Pine Cove Property mineral licences and mining leases	57
Figure 4.4: Hammerdown and Orion deposit pit shells relative to municipal boundaries, planning zones, and infrastructure	64
Figure 4.5: Stog'er Tight deposit pit shells relative to municipal boundaries, planning zones, and infrastructure	65
Figure 5.1: Access to the Hammerdown and Pine Cove properties	78
Figure 7.1: Generalized geologic map of the island of Newfoundland showing the distribution of geological terranes, fault zones, gold deposits, and selected gold prospects and showings	89
Figure 7.2: Geology map with historical mineral occurrences and prospects of the Green Bay, Whisker Valley, and Gull Ridge blocks	90
Figure 7.3: Property geology of the Green Bay Block and associated mineral occurrences	91
Figure 7.4: SW-NE cross-section A-A' emphasizing the regional structural disposition of the Indian Brook and Long Pond formations of the lower Catchers Pond Group and their interpreted relationship to rocks of the Western Arm and Lushs Bight groups.	92
Figure 7.5: NW-SE cross-section B-B' showing the structural disposition of the Catchers Pond Group around the Hammerdown-Orion belts	93
Figure 7.6: The Hammerdown-Rumbullion-Muddy Shag vein system observed in plan view	94
Figure 7.7: Cross section of the Hammerdown deposit- 5045 East	95
Figure 7.8: Example of veining and mineralization from the Hammerdown deposit	95
Figure 7.9: Detailed geological map of the Orion deposit	96
Figure 7.10: Cross-section of the Orion deposit looking towards the northeast	97
Figure 7.11: Interpretive map of the Lochinvar deposit and Beetle Pond prospect with intercepts from historical drilling	98
Figure 7.12: Cross section of the Lochinvar deposit depicting higher grade intercepts	99
Figure 7.13: Interpretive plan map and significant intersections on the Rendell-Jackman showing	100
Figure 7.14: Cross-section of the Rendell-Jackman showing outlining intercepts of interest	101
Figure 7.15: Geology of Whisker Valley Property	102
Figure 7.16: Local geology map of the Whisker Valley prospect	103
Figure 7.17: Typical mineralization and host rock lithologies at Whisker Valley	104
Figure 7.18: Core photograph of the typical alkaline gabbro at Gull Ridge with disseminated pyrrhotite + pentlandite + chalcopyrite ± pyrite	105
Figure 7.19: Geological map of the Pine Cove Property	106
Figure 7.20: Representative stratigraphic column of the Pine Cove Property	107
Figure 7.21: Regional geological cross section sketch at the Pine Cove property	108
Figure 7.22: Geological map of the Pine Cove mine area	109

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xxvi

Figure 7.23: Cross-section of the Pine Cove mine along 2950E (looking towards the west)	110
Figure 7.24: Typical lithologies exposed at Pine Cove	111
Figure 7.25: Typical high-grade ore - Pine Cove mine	111
Figure 7.26: A) Simplified geological map of the Stog'er Tight area after the unpublished geological map of Anaconda Mining (2018) and Pitman et al (2020); B, C ) Geological cross sections through the Stog'er Tight deposit from Copeland et al (2015); D) Representative section showing the ore zone and the alteration halos of the deposit after Ramezani (1992) and Ramezani et al (2000	112
Figure 7.27: Geological model constraining lithology and mineralization at the 278 and Gabbro zones, as well as the main pit area, of the Stog'er Tight deposit. (Grid: NAD 83 MTM Zone 2)	113
Figure 7.28: Coarse pyrite associated with quartz veined and strongly albitized gabbro from the Stog'er Tight deposit	113
Figure 7.29: Geological map of the Argyle mine	114
Figure 7.30: Geological Section 4+25E - Argyle deposit	115
Figure 7.31: Left: Typical ore from the Goldenville prospect. Right: Coarse gold marginal to quartz veining - Deer Cove deposit	116
Figure 8.1: Schematic illustration of the various types of gold deposits, shown at their inferred crustal level of formation	118
Figure 8.2: Tectonic setting of auriferous mineral systems	122
Figure 8.3: Schematic diagram of typical vein geometry and their relationship to shear zones and the local strain field	123
Figure 8.4: Schematic representation of geodynamic environments favorable to SMV formation, including divergent plate settings (mid-ocean ridge and back-arc basin) and convergent plate settings (oceanic and continental arc).	124
Figure 8.5: Classic cross-section showing the characteristic elements of a VMS deposit based on the modern TAG sulphide deposit on the Mid-Atlantic Ridge	125
Figure 8.6: Mineral zonation in a typical VMS deposit	126
Figure 8.7: Sketch diagrams showing the mineralogic zonation at two different scales around epithermal orebodies associated with the Low-sulphidation subtype (above) and High-sulphidation subtype (below)	128
Figure 9.1: Compilation map of geology and interpreted mineralized trends at Whisker Valley	133
Figure 9.2: Compilation map of trench channel samples, drill intercepts, soil sampling, IP from the Gary Vein Trend on the Whisker Valley claims	134
Figure 9.3: Compilation map of soil and rock samples collected at El Strato	135
Figure 9.4: Soil sample gold assay results for the Hammerdown Property	139
Figure 9.5: Rock sample gold assay results	140
Figure 9.6: 2019 Questor Total Magnetic Intensity Whisker Valley and Gull Ridge Properties	143
Figure 9.7: 2019 Questor total magnetic intensity Green Bay Property	144
Figure 9.8: 2021 Geotech VTEM - magnetic total magnetic intensity mapping Hammerdown Property	145

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xxvii

Figure 9.9: 2021 Whisker Valley, Gull Ridge and Green Bay blocks ZTEM map depicting shallow 30Hz channel	146
Figure 9.10: 2010-2016 Hammerdown ground magnetic CVG	147
Figure 9.11: 2017 Whisker Valley dipole-dipole IP chargeability 8 m and 50 m plan slices	148
Figure 9.12: 2020 Hammerdown Volterra 3D IP chargeability greater than 17mV/V	149
Figure 9.13: 2021 Whisker Valley Fluorite Zone IP chargeability	149
Figure 9.14: 2021 Whisker Valley Nest Zone IP Chargeability	150
Figure 9.15: 2021 Birchy Island Pond - IP chargeability	151
Figure 9.16: Map of claims showing interpreted gold trends and mapped alteration zones of the Pine Cove Property	153
Figure 9.17: Long section of the Pine Cove Property gold trends	154
Figure 9.18: Soil sample gold assay results for the Pine Cove Property	156
Figure 9.19: Rock sample gold assay results for the Pine Cove Property	157
Figure 9.20: LiDAR Survey, Pine Cove Property (formerly Point Rousse Project)	161
Figure 9.21: Ground magnetic survey Argyle	162
Figure 9.22: Ground IP survey Argyle	163
Figure 9.23: Ground magnetic survey Argyle East	164
Figure 9.24: Ground IP survey Argyle East	165
Figure 9.25: Magnetics survey Deer Cove	166
Figure 9.26: IP survey Deer Cove	167
Figure 9.27: Magnetics survey Pine Cove East	168
Figure 9.28: IP survey Pine Cove East	169
Figure 9.29: IP survey Animal Pond	170
Figure 9.30: IP survey Corkscrew-Big Bear	171
Figure 9.31: IP survey Goldenville	172
Figure 9.32: Hammerdown Gold Project with all historic and recent rock samples from drilling and prospecting	174
Figure 9.33: Pine Cove Depth extension, historic Pine Cove Mine cross section looking west	176
Figure 10.1: Drill hole locations from programs completed on the Hammerdown Property	182
Figure 10.2: Drill hole locations from programs completed on the Hammerdown and Orion deposits	183
Figure 10.3: Core photography set-up	186
Figure 10.4: Drill core photography set-up with tablet control	187
Figure 10.5: Maritime Resource cutting facility	188
Figure 10.6: Drill hole locations from programs completed on the Pine Cove Property	192
Figure 10.7: Map depicting drilling and channel sampling for the Stog'er Tight deposit	193
Figure 11.1: Drill core photograph depicting core intervals selected for analysis	197
Figure 11.2: Blank control chart - Hammerdown Deposit - 2018-2025 drilling campaign	199

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xxviii

Figure 11.3: Sample control chart of CRM OREAS 218	201
Figure 11.4: Sample Control Chart of CRM OREAS 2229b	201
Figure 11.5: Sample Control Chart of CRM OREAS 230	202
Figure 11.6: Sample Control Chart of CRM OREAS 231	202
Figure 11.7: Sample control chart of CRM OREAS 233	203
Figure 11.8: Sample control chart of CRM OREAS 237	203
Figure 11.9: Sample control chart of CRM OREAS 242	204
Figure 11.10: Diamond drill hole field duplicates - Hammerdown - 2018-2019 drilling campaigns (close-up of <1 g/t Au samples on the right	205
Figure 11.11: Diamond drill hole coarse duplicates - Hammerdown - 2018-2025 drilling campaigns (close-up of <1 g/t Au samples on the right)	206
Figure 11.12: Control chart of Orion OREAS-231	209
Figure 11.13: Distribution of blank assay values - Orion Gold (2011 and 2020-2022)	210
Figure 11.14: Chart detailing the reproducibility of the results after corrections for the Orion Gold's 2020-2022 campaign	211
Figure 11.15: Core logging/storage facility Stog'er Tight deposit	213
Figure 11.16: Graphic illustrating blank results from 2014-2021 drill programs	215
Figure 11.17: Stog'er Tight deposit, lab-lab duplicates gold (g/t)	218
Figure 12.1: RC drilling activities ongoing during the site visit	220
Figure 12.2: Example of drill hole collar	223
Figure 12.3: Example of an outcropping vein	224
Figure 12.4: Drill hole HDGC-24-006 (38.5 m depth) showing Hammerdown style mineralization	225
Figure 12.5: Drill hole HDGC-24-038 (8 m depth) showing Wisteria style mineralization	226
Figure 12.6: Example of historical stope (grey outline) and mineralization model	227
Figure 12.7: Differences in collar elevation	229
Figure 12.8: Site Visit of October 2025 to the project facilities	230
Figure 12.9: Drill core review	231
Figure 12.10: Under-sampling interval example observed in drill holes	232
Figure 12.11: Independent resampling cores 2025	233
Figure 12.12: Linear graphic comparing originals to Norda duplicates (6 samples)	235
Figure 12.13: Cumulative probability plot for gold in recent and historical assays (filter >=0.1 g/t Au, in mineralized zones of the 3D model)	237
Figure 13.1: Overall sorting circuit recovery for Hammerdown and Orion mineralization	241
Figure 13.2: IsaMill test graph	243
Figure 13.3: Overall average gold recovery on different mineralization under varying conditions	244
Figure 13.4: Overall average gold recovery on Orion with carbon-in-leach	245
Figure 13.5: Effect of pulp density on Hammerdown	245

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xxix

Figure 13.6: Effect of NaCN dose on Hammerdown	246
Figure 13.7: Effect of grind on rougher flotation performance	249
Figure 13.8: Effect of mass pull and grind on SPC and HAM rougher flotation performance	250
Figure 13.9: Effect of mass pull on deposit rougher flotation performance	250
Figure 13.10: Effect of regrind on rougher concentrate leach extraction	251
Figure 13.11: Effect of time on rougher concentrate leach extraction - (average all tests)	252
Figure 13.12: Thickening results	253
Figure 13.13: Variability vacuum and pressure filtration results	254
Figure 13.14: HD Merrill Crowe results	255
Figure 13.15: Head grade vs. overall recovery - HD/STO	257
Figure 13.16: Head grade vs. overall recovery - ORN/WIS	257
Figure 14.1: Hammerdown drill hole location	263
Figure 14.2: Example of excluded intervals (6 m viewing corridor - looking west)	264
Figure 14.3: Oblique view of the Muddy Shag, Wisteria, Hammerdown, and Rumbullion zones with Whittle pit shell, looking northeast	266
Figure 14.4: Hammerdown, Wisteria and Rumbullion domains - plan view (10 m viewing corridor)	268
Figure 14.5: Mineralization domains - vertical section 554830mE (10 m viewing corridor - looking west) mined-out models and reconciliation	269
Figure 14.6: Log probability plot for Hammerdown Central domain and applied capping threshold	275
Figure 14.7: Log probability plot for Rumbullion East and rp01 domains combined and applied capping threshold	276
Figure 14.8: Histogram of sampled interval lengths within mineralized intervals	278
Figure 14.9: Gold variogram model - m06	280
Figure 14.10: Gold variogram model - n03	280
Figure 14.11: Full thickness grade contours - m06 - Au g/t	281
Figure 14.12: Full thickness grade contours - m08 - Au g/t	282
Figure 14.13: Hammerdown drill spacing cumulative histogram for Measured Mineral Resources	289
Figure 14.14: Hammerdown drill spacing cumulative histogram for Indicated Mineral Resources	290
Figure 14.15: Hammerdown drill spacing cumulative histogram for Inferred Mineral Resources	291
Figure 14.16: Hammerdown block model plan view 150 EL (10 m viewing corridor)	292
Figure 14.17: Hammerdown block model cross section A-A' looking east (10 m viewing corridor - looking west)	293
Figure 14.18: Hammerdown block model and composites visual validation (vein m06)	294
Figure 14.19: X (east-west) block spacing swath plot for m06 domain	296
Figure 14.20: Y (north-south) axis block spacing swath plot for m06 domain	297

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xxx

Figure 14.21: Z (elevation) axis block spacing swath plot for m06 domain	298
Figure 14.22: X (east-west) block spacing swath plot for rl02 domain	299
Figure 14.23: Y (north-south) axis block spacing swath plot for rl02 domain	300
Figure 14.24: Z (elevation) axis block spacing swath plot for rl02 domain	301
Figure 14.25: Measured and Indicated grade-tonnage curves for in-pit resource	304
Figure 14.26: Inferred grade-tonnage curves for in-pit resource	305
Figure 14.27 Mineral Resource estimate waterfall chart	307
Figure 14.28: Surface plan view of the Orion database drill holes	310
Figure 14.29: Plan section view showing Orion lithological and fault models	311
Figure 14.30: Orion mineralization wireframes	313
Figure 14.31: Graphs supporting a capping value of 70 g/t Au for veins	315
Figure 14.32: Graphs supporting a capping value of 30 g/t Au for Discover Zone 1	316
Figure 14.33: Histogram of raw sample length - Orion	317
Figure 14.34: Veins normal scores variogram	319
Figure 14.35: Main Zone 1 normal scores variogram	320
Figure 14.36: Veins (yellow) and Main Zone 1 (purple) wireframes with associated search ellipsoids (1.0× variogram ranges)	320
Figure 14.37: (A) Plan view indicating the location of the vertical section, and (B) Vertical section displaying the raw assay values	323
Figure 14.38: Visualization validation of (A) Vein1 and (B) Main Zone 1	324
Figure 14.39: Distribution of relative differences (%) between composite mean grades and block model mean grades for all estimation domains	325
Figure 14.40: Grade discrepancies between block model and composites	326
Figure 14.41: Relationship between relative grade differences and Coefficient of Variation (COV)	327
Figure 14.42: Main Zone and Discover combined swath plot	328
Figure 14.43: Veins, EMS and VMS combined swath plot	329
Figure 14.44: Classification result for Main Zone 1	331
Figure 14.45: Longitudinal views showing the classified Mineral Resources constrained in optimized pit shells and DSO stope designs at the Orion deposit	334
Figure 14.46: Surface plan view of the Stog'er Tight database drill holes (Grid: NAD 83 MTM Zone 2)	341
Figure 14.47: Surface plan view of drill holes included and excluded in the 2025 MRE	342
Figure 14.48: Isometric view showing Stog'er Tight lithological and fault models (Grid: NAD 83 MTM Zone 2)	343
Figure 14.49: Stog'er Tight mineralization wireframes (Grid: NAD 83 MTM Zone 2)	344
Figure 14.50: Graphs supporting a capping value of 30 g/t Au for the Zone West	345
Figure 14.51: Graphs supporting a capping value of 30 g/t Au for the Zone East	346
Figure 14.52: Histogram of raw sample length - Stog'er Tight	347

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xxxi

Figure 14.53: Zone East (left) and Zone West (right) normal scores variogram	349
Figure 14.54: Zone East and Zone West wireframes and search ellipsoids (1.0x variography) (Grid: NAD 83 MTM Zone 2)	350
Figure 14.55: A) Plan view indicating the location of the vertical section, and (B) Vertical section displaying the raw assay values	353
Figure 14.56: Visualization validation of (A) FW Zone Gabbro 3 and (B) HW Zone Gabbro 8 veins (Grid: NAD 83 MTM Zone 2)	354
Figure 14.57: Grade discrepancies between block model and composites (Grid: NAD 83 MTM Zone 2)	357
Figure 14.58: Relationship between relative grade differences and Coefficient of Variation (COV)	358
Figure 14.59: Zone East deposit swath plot	358
Figure 14.60: Zone West deposit swath plot	359
Figure 14.61: Classification result for FW Zone Gabbro 3 (Grid: NAD 83 MTM Zone 2)	361
Figure 14.62: Longitudinal views showing the classified Mineral Resources and the interpolated grades constrained in optimized pit shells at the Stog'er Tight deposit (Grid: NAD 83 MTM Zone 2)	363
Figure 16.1: Location of Hammerdown geotechnical and televiewer drill holes and major faults	369
Figure 16.2: Location of Orion geotechnical and televiewer drill holes and major faults	370
Figure 16.3: Distribution of RMR for the Hammerdown mafic volcanics and dykes	371
Figure 16.4: Hammerdown geotechnical domains and discontinuity sets	372
Figure 16.5: Orion geotechnical domains and discontinuity data	373
Figure 16.6: Backbreak analysis results for North and East geotechnical domains	374
Figure 16.7: Hammerdown final pit slope design recommendations	375
Figure 16.8: Location of Stog'er Tight geotechnical drill holes and Main Fault	377
Figure 16.9: Discontinuity data and joint sets identified by Terrane (2022)	379
Figure 16.10: Open pit optimization results - Hammerdown (including Wisteria)	386
Figure 16.11: Open pit optimization results - Orion	387
Figure 16.12: Open pit optimization results - Stog'er Tight	387
Figure 16.13: Double-lane ramp configuration	392
Figure 16.14: Single-lane ramp configuration	392
Figure 16.15: Pit slope configuration	393
Figure 16.16: Hammerdown Phase 1 and Rumbullion Pit Design	394
Figure 16.17: Hammerdown Phase 2 Pit Design	394
Figure 16.18: Orion pit design	395
Figure 16.19: Stog'er Tight Pit Design	395
Figure 16.20: Mining schedule by material type	397
Figure 16.21: Mining schedule by zone	397

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xxxii

Figure 16.22: Ore Sorter Feed Schedule	398
Figure 16.23: Mill feed schedule	398
Figure 17.1: Overall crushing and sorting process flowsheet (placeholder)	404
Figure 17.2: Sorting facility and mineralized material storage layout (placeholder)	405
Figure 17.3: Pine Cove overall flowsheet	408
Figure 18.1: Hammerdown site general arrangement	412
Figure 18.2: Hammerdown site layout	413
Figure 18.3: Stog'er Tight site layout	414
Figure 18.4: Crushing and Ore sorting general arrangements	415
Figure 18.5: Site plan and water management infrastructure	422
Figure 18.6: Haul road configuration	423
Figure 18.7: Stockpile slope configuration	424
Figure 18.8: Hammerdown area stockpiles	425
Figure 18.9: Hammerdown and Orion area stockpiles	426
Figure 18.10: Stog'er Tight stockpiles	427
Figure 18.11: Pine Cove pit sections	428
Figure 18.12: Pine Cove pit tailings surface Nov 18, 2024	429
Figure 19.1: Consensus gold price forecasts - BMO capital markets	431
Figure 21.1: AISC and production by year	484
Figure 22.1: Annual and Cumulative Cash Flows	493
Figure 22.2: After-tax NPV 5%: sensitivity to recovery, price, CAPEX, and OPEX	498
Figure 22.3: After-tax percent variation in NPV 5%: sensitivity to recovery, price, CAPEX, and OPEX	498

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	xxxiii

1. Summary

1.1 Introduction

WSP Canada Inc. (WSP) was commissioned by Maritime Resources Corp. (Maritime), a wholly owned subsidiary of New Found Gold Corp. (New Found Gold), to complete a Preliminary Economic Assessment (PEA) and technical report of the “Hammerdown Gold Project” a project 100% owned by New Found Gold located in the province of Newfoundland and Labrador. The purpose of this report is to provide a technical report that documents all supporting work, methods used and results relevant to a PEA that fulfills the reporting requirements in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

1.2 Location/Property Description

The Hammerdown Gold Project comprises two 100%-owned mineral properties, the Hammerdown Property near Springdale and the Pine Cove Property on the Baie Verte Peninsula in north-central Newfoundland and Labrador, Canada. The properties are located approximately 40 km apart and share centralized processing infrastructure at the Pine Cove Mill. The Trans-Canada Highway runs along the southern boundary of the Hammerdown Property, and nearby communities include King's Point and Springdale (Hammerdown) and Ming's Bight and Baie Verte (Pine Cove).

The Hammerdown Property consists of 24 mineral licences comprising 1,595 claims and four mining leases covering approximately 39,875 ha. It includes the Green Bay, Whisker Valley, and Gull Ridge blocks, with the Hammerdown and Orion deposits located within the Green Bay block. The Pine Cove Property comprises nine mineral licences totaling 191 claims and eight mining leases covering approximately 4,775 ha and includes the Pine Cove Mill complex, the Stog'er Tight deposit, and the historic Argyle deposit.

All mineral licences and mining leases are held 100% by New Found Gold Corp., either directly or through its wholly owned subsidiary Maritime Resources Corp., following completion of a plan of arrangement in November 2025. Mineral tenure is administered by the Government of Newfoundland and Labrador, with licences maintained in good standing through required assessment expenditures and renewal fees. As of early 2026, the combined minimum exploration expenditure commitment for the properties is approximately $1.0 million.

The Project benefits from existing mining leases, surface rights, and established infrastructure. The Hammerdown Property contains active mining leases and associated surface leases supporting site infrastructure, while the Pine Cove Property hosts the permitted Pine Cove Mill complex (Pine Cove Mill) which includes the Pine Cove process plant, in-pit tailings storage facility, and access to the Port Rousse deep-water port. Certain areas of the properties are subject to net smelter return (NSR) royalties and other royalty interests, generally ranging from 1% to 3% NSR on applicable deposits.

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	1

To the best of the Qualified Person's knowledge, there are no significant legal, title, environmental, or access issues that would materially affect the Company's ability to conduct exploration, development, or mining activities on the Project.

1.2.1 Environmental Liabilities

Environmental liabilities have been documented at the Pine Cove, Hammerdown, and Stog'er Tight sites, including historical disturbances, localized exceedances in surface water, sediment, and groundwater, and performance considerations related to existing water management and tailings infrastructure. At Pine Cove, existing tailings and water management infrastructure includes High hazard and Significant hazard dams, with recent inspections noting nonfunctioning instrumentation and limitations in deformation monitoring. Baseline programs at Hammerdown have identified elevated aluminum and other metals in surface water, localized sediment exceedances downstream of historical workings, and dissolved metal exceedances in groundwater. Longterm monitoring at Stog'er Tight has recorded episodic exceedances of guideline values, and future development of the Gabbro Pit and Pit 278 will require management of pond water level changes and associated regulatory authorizations.

1.2.2 Permits

Hammerdown, Stog'er Tight, and Pine Cove have each completed provincial environmental assessment (EA) and were released from the process, and none have triggered federal EA requirements. Orion may require a new EA registration before development. Stog'er Tight, currently in care and maintenance, will require updated plans and approvals before mining resumes, including for Pit 278. Pine Cove is permitted to process ore and place tailings in the open pit, but modifications to Pine Cove require permitting updates. Future approvals remain subject to regulatory review and potential public or stakeholder input.

1.3 Accessibility, Climate, Local Resources, Infrastructure and Physiography

The Hammerdown Gold Project is located in north-central Newfoundland and Labrador, Canada, and comprises the Hammerdown Property (Green Bay, Gull Ridge and Whisker Valley blocks) near Springdale and the Pine Cove Property on the Baie Verte Peninsula. These properties collectively form the Hammerdown Gold Project (the Project). Both properties are serviced by the same regional transportation infrastructure, including paved provincial highways and a common regional airport. The Deer Lake Regional Airport located approximately 120-150 km southwest of the project area by road, provides year-round scheduled commercial air service and represents the primary air transportation hub for personnel and freight accessing the Project. Ground access to both property areas is provided via the Trans-Canada Highway and an interconnected network of provincial highways.

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	2

The Hammerdown Property is primarily serviced by the community of Springdale, located approximately 5 km east of the project area. Springdale has a population of approximately 2,800 people and is a well-established industrial service community with a long history supporting mining, forestry, and heavy industrial operations. The community provides essential services including healthcare and emergency response, in addition to municipal infrastructure. Regional air access is provided by the Deer Lake Regional Airport, located approximately 120 km southwest of Springdale.

The Town of Baie Verte serves as the primary regional service centre for the Pine Cove Property area and provides access to a regional hospital, accommodations, restaurants, banking services, vehicle maintenance, and heavy-equipment suppliers. Baie Verte and surrounding communities supply a well trained‑ and experienced workforce with direct familiarity in mining and industrial operations. New Found Gold holds the surface rights over the Pine Cove Mill complex (Pine Cove Mill) which includes the Pine Cove process plant and associated tailings storage facilities, as well as the surface rights within the Argyle and Stog’er Tight mining leases, all of which are located within the Pine Cove Property area. The historic mine site is connected to the provincial power grid and is equipped with limited backup power generation for essential services. The site also includes the Port Rousse deep-water port facility, capable of berthing Panamax-class vessels and supporting the shipment of ores, aggregates, concentrates, and providing direct marine access for bulk materials and equipment.

The region experiences a northern temperate climate with cool summers (average ~16°C) and moderately cold winters (average ~-8°C), and annual precipitation exceeding 1,000 mm. Climatic conditions permit year-round exploration and mining operations, with winter snowfall and reduced daylight representing typical but manageable seasonal factors.

The property areas are in north-central Newfoundland and share broadly similar physiographic characteristics. Topography is controlled by a northeast-trending plateau dissected by major valleys and fault-controlled escarpments, resulting in localized elevation contrasts. Vegetation is typical boreal forest with local bogs and ponds, and overburden thickness is variable.

1.4 History

The Hammerdown Property is located within the Baie Verte Mining District of Newfoundland and Labrador, a region with a long history of base and precious metal exploration and mining dating back to the mid-1800s. Modern gold exploration on the Green Bay block began in the mid-1980s, culminating in the discovery of the Hammerdown and Rumbullion deposits in 1988 by Noranda Exploration Company Ltd. and its joint venture partner, Major General Resources Ltd. Subsequent exploration programs through the 1990s included soil geochemistry, geophysics, trenching, and diamond drilling, which further defined the deposits and led to the discovery of additional zones, including Orion.

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	3

Between 1988 and 2004, multiple operators completed approximately 673 diamond drill holes totaling approximately 59,563 m on the property prior to Maritime Resources' involvement. Exploration and delineation drilling supported the advancement of the project to production under Richmont Mines Inc.

Richmont developed and operated the Hammerdown deposit between 2000 and 2004 using both open pit and underground mining methods. During this period, approximately 290,180 tonnes were milled at an average head grade of 15.74 g/t Au, resulting in total gold production of 142,998 ounces. Ore was transported for processing at the Nugget Pond mill located approximately 140 km from the site.

In 2025, Maritime recommenced development activities at the Hammerdown deposit, with ore processed at the Pine Cove Mill. Following the acquisition of Maritime by New Found Gold in November 2025, the project is being advanced toward renewed commercial production. The combination of historical production, extensive drilling, and modern technical studies provides a strong foundation for the current development program.

The Pine Cove Property (formerly the Point Rousse Project) has a long exploration and mining history dating back to the early 1900s, beginning with limited production at the Goldenville occurrence. Modern exploration intensified in the mid-1980s, leading to the discovery and delineation of the Pine Cove, Stog'er Tight, Argyle, and Deer Cove deposits. Multiple operators conducted geochemical surveys, trenching, drilling, bulk sampling, and technical studies prior to development.

Anaconda Mining Inc. (Anaconda) (later Signal Gold Inc. (Signal Gold)) advanced the Pine Cove deposit through feasibility studies, construction, and production beginning in 2008, achieving commercial production in 2009. Mining and processing operations between 2009 and 2023 included material from Pine Cove, Stog’er Tight, and Argyle. Over this period, approximately 3.99 Mt were milled at an average grade of 1.50 g/t Au at the Pine Cove Property (including Pine Cove, Stog’er Tight and Argyle deposits), resulting in total gold production of approximately 192,376 ounces. Ore from these deposits was processed at the Pine Cove Mill, which served as the central processing facility for the property.

In 2025, Maritime recommissioned the Pine Cove process plant, initially using stockpiled material before transitioning to primary Hammerdown run-of-mine ore later that year. Following the acquisition of Maritime by New Found Gold in November 2025, the Pine Cove infrastructure continues to support the broader Hammerdown Gold Project.

1.5 Geological Setting and Mineralization

1.5.1 Hammerdown

The Hammerdown Property is situated within the Notre Dame Subzone east of the Baie Verte line (BVL). It is transected by three significant fault zones that are spatially associated with gold and base metal mineralization in the project area. The property is subdivided into three blocks, Green Bay, Whisker Valley, and Gull Ridge, each characterized by distinct lithologies and mineralization styles. The Green Bay block hosts the Hammerdown and Orion deposits, which are the most significant gold zones defined on the property to date.

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	4

The Hammerdown deposit is hosted within the Hammerdown Deformation Zone (HDZ), a major high- strain structural corridor developed along the contact between mafic ophiolitic rocks and felsic volcanic rocks of the Catchers Pond Group. Gold mineralization occurs within the Hammerdown-Rumbullion- Muddy Shag vein system, comprising stacked quartz-sulphide veins localized over a ~250 m wide segment of the 1.8 km long HDZ. At depth, the vein system is truncated by the north-dipping Captain Nemo Fault, which is interpreted as a key structural control on mineralization and potential exploration targets.

Mineralization consists of quartz veins containing 5% to 20% pyrite with minor base metals, with gold occurring primarily as fine grains within sulphides. Gold grade correlates strongly with sulphide content. Quartz-feldspar porphyry dykes are closely associated with the main veins and locally host low-grade mineralization, while surrounding mafic volcanic rocks are generally barren.

The Hammerdown, Rumbullion and Muddy Shag zones comprise narrower, structurally controlled veins with good continuity, while the Wisteria Zone in the footwall hosts broader, lower grade disseminated mineralization associated with sericite and sulphide alteration.

1.5.2 Orion

The Orion deposit is hosted within the Hammerdown Deformation Zone (HDZ) and form a satellite deposit belonging to the same mineralized trend and style than the Hammerdown deposit. The Orion gold deposit is hosted by strongly deformed metavolcanics and metasedimentary units of the Ordovician Catchers Pond Group that have been thrust to the northwest along the Horsehead Fault. The intersection of the Horsehead Fault with the Orion vein system likely controls a NE plunging ore shoot in the lower part of the system. The mineralization is spatially associated with QFP dykes that correlate with those at the Hammerdown deposit and in mafic dykes and sills. Three principal mineral zones are recognized at Orion: Discovery, Main, and EMS. Mineralization consists of centimetric quartz-calcite veins systems with pyrite dissemination and minor amounts of other sulphides. The Discovery and Main zone extend for around 950 m along strike and are hosted within a sericitized felsic schist. The EMS Zone is smaller with a strike of 350 m and hosted in graphitic/cherty sedimentary unit.

1.5.3 Stog'er Tight

The Pine Cove Property, located approximately 6 km northeast of the town of Baie Verte, Newfoundland, is underlain by Cambro-Ordovician ophiolitic and volcano-sedimentary sequences belonging to the Point Rousse Complex and the Snooks Arm Group of the Notre Dame Subzone. These units occur east of the BVL, a regional first-order structure interpreted to exert primary control on gold mineralization.

Second-order ENE-trending thrust faults, including the Scrape, Goldenville, and Deer Cove thrusts, further localize mineralized corridors and associated prospects throughout the Property. Three principal mineralized corridors are present on the Property: the Scrape Trend, Goldenville Trend, and Deer Cove Trend and host orogenic type gold deposits and prospects. The Scrape Trend represents the principal mineralized corridor on the Pine Cove Property, containing the Pine Cove, Stog'er Tight, and Argyle deposits.

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	5

The Stog'er Tight deposit is hosted by Fe-Ti-oxide-rich gabbroic sills within volcanic and volcaniclastic rocks of the Bobby Cove Formation. The Stog'er Tight deposit consists of a dense and a complex vein system of several generations where their geometry has been affected by subsequent deformation phases. Gold mineralization is associated with a zoned alteration halo up to 40 m thick developed in the gabbroic sills with pyrite dissemination developed in the immediate veins wall rock. The highest gold grades at Stog'er Tight are associated with coarse, mottled pyrite. Mineralized sills contain at least three discontinuous mineralized zones 2-10 m thick, extending from 500 to 400 m along strike over 100 to 150 m down dip.

The Argyle deposit shares similar geological characteristics with the Stog'er Tight deposit including the gabbroic sill host rock, alteration type, and vein systems with pyritization in the immediate veins wall rock. The Pine Cove deposit occurs in a series of mineralized lenses situated 50-200 m above the Scrape Thrust and hosted primarily within altered basalts of the Venam's Bight Formation, greywackes of the Bobby Cove Formation, and gabbroic intrusions. Gold is predominantly present as microscopic inclusions within pyrite developed in multi-generational quartz-chlorite-calcite±albite breccia veins, with localized dissemination in porous sedimentary wall rocks.

The gold deposits at the Pine Cove Property are typical of orogenic gold deposits well represented by Stog'er Tight, Argyle and Pine Cove deposits and several prospects such as Anoroc, Animal Pond, Pumbly Point, Corkscrew-Big Bear, Goldenville and Deer Cove forming the three mineralized trends. Historically, the region has also the potential to host VMS style deposit (e.g. Rambler Deposit).

1.6 Deposit Types

1.6.1 Hammerdown Deposit

Gold mineralization at the Hammerdown deposit occurs as structurally controlled quartz veins hosted by Ordovician metavolcanic and metasedimentary rocks of the Catchers Pond Group. The style of veining, alteration, host rocks, and structural setting is characteristic of orogenic (historically termed mesothermal), volcanic hosted (greenstone belt) lode gold deposits.

1.6.2 Orion Deposit

Gold mineralization at the Orion deposit occurs as structurally controlled quartz veins hosted by Ordovician metavolcanic and metasedimentary rocks of the Catchers Pond Group. The style of veining, alteration, host rocks, and structural setting is characteristic of orogenic (historically termed mesothermal), volcanic hosted (greenstone belt) lode gold deposits.

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	6

1.6.3 Stog'er Tight Deposit

Mineralization at the Stog'er Tight deposit is structurally controlled by the rheological contrast between the gabbroic sills and the surrounding rocks, which favor vein formation and precipitation of gold-bearing pyrite due to their high Fe-Ti oxides content. Considering these characteristics, the type of alteration and the strong relationship between mineralization and highly deformed rocks, the Stog'er Tight deposit can be classified as a Paleozoic example of a subclass of orogenic gold deposit (historically referred to as mesothermal) hosted in layered gabbroic sills.

1.7 Exploration

Exploration across the Hammerdown Project area reflects the staged consolidation of multiple claim blocks and includes geological mapping, geochemical sampling, trenching, ground and airborne geophysics, and diamond drilling.

1.7.1 Hammerdown Property

Maritime has held the Hammerdown Property, including the Hammerdown and Orion deposits, since 2010 and has undertaken continuous systematic exploration focused on delineating mineralization along the Hammerdown Deformation Zone belonging to the Green Bay block and evaluating regional targets on the Whisker Valley and Gull Ridge blocks.

Since 2010, Maritime has focused on resource delineation and step-out drilling around the Hammerdown and Orion deposits. Programs included channel sampling, infill drilling, and drilling along strike extensions, reducing geological uncertainty and supporting updated Mineral Resource estimates. Step-out drilling delineated additional mineralized zones including Muddy Shag, Rumbullion, and Wisteria and expanded mineralization at advanced prospects northeast of Hammerdown, such as Golden Anchor, Lochinvar, Beetle Pond, and Harrys Brook.

Maritime's regional exploration programs were primarily focussed on the Whisker Valley and Gull Ridge blocks. Exploration in these areas included mapping, prospecting, soil and rock sampling, trenching, and ground geophysics.

Exploration on the Whisker Valley block, from 2015 to 2019 identified the Gary Vein system, a 1.1 km long vein system with mineralized trenches and quartz-sulphide veins and local visible gold. Soil anomalies and IP chargeability responses corroborate mineralization, and diamond drilling confirmed significant gold grades to depths of ~150 m. The system remains open along strike and at depth. On the El Strato and Middle Arm Fault Trend, the compilation and reinterpretation of geological data indicate mineralization is associated with the structural interaction of the BVL and the Middle Arm Fault. Soil sampling and trenching along the fault consistently identify anomalous gold values, indicating a broader structurally controlled mineralized corridor. In the Kings Point corridor, located within the Kings Point Volcanic Complex, early exploration identified the Fluorite Zone, interpreted as an alkaline-type epithermal system. Ground IP surveys and subsequent drilling (2023) returned anomalous molybdenum and gold values, warranting continued evaluation.

Hammerdown Gold Project
Newfoundland & Labrador, Canada
Effective Date: February 18, 2026 \| CA0063999.7786-001-R-Rev0	7

On the Gull Ridge block, the exploration was limited to the surface geochemical soil sampling and geophysical surveys followed by a limited drilling program returning positive but not economic values.

Maritime completed multiple soil and rock sampling surveys, supplemented by large legacy datasets at the Hammerdown Property scale. The consolidated database includes 35,058 soil samples and 4,888 rock samples. Soil sampling was conducted on reconnaissance grids with fire assay and multi-element ICP analysis, while rock sampling targeted mineralized or prospective material from outcrop, float, subcrop, and trenches.

Maritime conducted a range of airborne and ground geophysical programs to refine structural interpretations and support target generation: Ground magnetics over the Hammerdown-Orion corridor (2016); IP surveys at Whisker Valley on the Gary Vein prospect (2019); Volterra 3D IP survey targeting on the Hammerdown deposit extensions and an airborne magnetic-radiometric-VLF survey across Green Bay, Whisker Valley, and Gull Ridge blocks (2019); Property-scale VTEM, ZTEM, airborne IP, and magnetics and a multiple ground IP surveys and pulse EM follow-up on conductive anomalies (2021).

The Hammerdown Property hosts multiple areas with significant exploration potential across the Green Bay, Whisker Valley, Gull Ridge blocks. In the Green Bay block, the Orion Main Zone remains open down-plunge and represents a priority target for resource expansion. Additional potential exists within the Golden Anchor-Lochinvar-Beetle Pond corridor, with a favourable structural environment for gold and polymetallic mineralization. In the Whisker Valley block, the Gary Vein and Kings Point Corridor warrants additional drilling to assess continuity and to confirm the epithermal potential in this area. The El Strato and Middle Arm Fault remain underexplored. The Gull Ridge block has seen the least amount of exploration but based on current understanding, the area is prospective for magmatic Ni-Cu-Co-PGE mineralization and Fe-V-Ti systems. Further geophysical surveys, including gravity and electromagnetic methods, are suggested to refine targets.

1.7.2 Pine Cove Property

Signal Gold/Anaconda completed extensive exploration across the Pine Cove Property prior to its 2023 acquisition by Maritime, advancing multiple deposits and prospects along the Scrape, Goldenville, and Deer Cove trends. Work included geological mapping, surface geochemistry, trenching, extensive grid-based geophysics, and systematic drilling programs, later incorporated into Maritime's database following the 2023 acquisition.

From 2012 to 2015, work included airborne DIGHEM surveys, data compilation, and drilling at Pine Cove, Romeo and Juliet, Deer Cove, and Stog'er Tight. Between 2015 and 2017, exploration shifted to systematic evaluation of regional trends with rock sampling, trenching, ground IP, and drilling at key deposits. From 2019 to 2022, geophysical targeting and drilling focused on chargeability anomalies across Corkscrew-Big Bear, Animal Pond, and Goldenville, with mixed results but improved stratigraphic and structural interpretation.

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The Pine Cove database includes 32,953 soil samples and 11,009 rock samples. Soil surveys used reconnaissance spacings, B-horizon sampling, and fire assay/ICP analysis. Rock sampling was selective and included outcrop, channel, float, and subcrop media. These datasets support district-scale target generation.

Signal Gold completed extensive airborne and ground geophysics, including: DIGHEM airborne magnetic-EM survey (2012); LiDAR survey (2018); ground IP and magnetics surveys at Argyle, Deer Cove, and Pine Cove East (2016-2018); ground IP (OreVision®) surveys to targeting Animal Pond, Corkscrew-Big Bear, and Goldenville prospects (2021-2022).

The Deer Cove Trend includes one of the most extensive soil anomalies in the district, though historical datasets require modern validation. The historic Pine Cove Mine remains open at depth, supported by recent resampling that returned long intervals of gold mineralization. The Balcony Zone (Romeo and Juliet prospect) also remains untested since 2013 and is considered a priority target for trenching and drilling.

1.8 Drilling

1.8.1 Hammerdown Deposit

At the Hammerdown deposit and as of the Resource database closure on June 16, 2025, a total of 103,491 m of drilling and channel sampling has been completed in 1,362 drill holes and channels, of which Maritime completed 43,180 m in 666 drill holes. Since acquiring the Property in 2012, Maritime has conducted diamond drilling at the Hammerdown deposit using Springdale Forest as the drilling contractor. Drill collars were initially located using handheld or differential GPS and surveyed upon completion using NAD83 UTM coordinates. Drill holes follow historical naming conventions reflecting target areas (e.g., MP, MS, HDGC, BB). Drill pads were constructed using heavy equipment, and hole orientation (azimuth and dip) was established using compass, clinometer, and, where required, Reflex APS systems. Downhole surveys were completed at 30 m intervals using a Reflex multi-shot tool. Drill core was boxed, sealed, and transported daily to the core facility for logging and storage. Core was reconstructed, measured, and logged into the MX Deposit database, including recovery and RQD data. Sampling intervals (typically 0.20 m to 1.20 m) were selected and marked by the geologist, recorded digitally, and tagged prior to cutting. All core was photographed and securely stored, with aluminum identification tags affixed to each core box to ensure proper documentation and chain of custody.

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1.8.2 Orion Deposit

At the Orion deposit and as of the Resource database closure on June 16, 2025, a total of 38,244 m of drilling has been completed in 177 drill holes, including 23,818 m completed by Maritime in 121 drill holes. The first drilling campaign conducted by Maritime on the Hammerdown Property was at Orion. For the Orion deposit, Maritime used the same drilling protocols and chain of custody as those used for the Hammerdown deposit.

1.8.3 Stog'er Tight Deposit

At the Stog'er Tight deposit and as of the resource database closure on June 16, 2025, a total of 38,619 m of drilling has been completed in 707 drill holes, including 26,284 m drilled by Signal/Anaconda in

522 drill holes between 2014 and 2021. Drilling at Stog'er Tight included diamond drilling and percussion drilling programs designed to delineate the mineralized system, confirm its extents, and support mine planning and development.

Diamond drilling programs, as reported by Signal Gold, were completed using track- and skid-mounted diamond drill rigs, with core sizes varying by program and time period. Recent drilling programs were carried out using NQ-sized diamond drilling, with HQ core utilized locally under challenging ground conditions or for geotechnical purposes. Drill collars were surveyed using differential GPS and recorded using Newfoundland MTM Zone 2 and UTM Zone 21 (NAD83) coordinates. Downhole surveys were collected at regular intervals using Reflex E-Z Shot. Core was retrieved daily and transported to a centralized facility for detailed geological and geotechnical logging, including lithology, structure, alteration, mineralization, RQD, and recovery measurements. Sampling was completed using half-core methods over intervals typically ranging from 0.5 m to 1.0 m. Samples were placed in sealed bags, grouped into rice bags, and transported by Signal Gold personnel to Eastern Analytical Ltd. (Springdale, NL) for analysis. As part of the QA/QC program, certified reference material and crushed blank samples were inserted in the sampling stream at a nominal frequency of 1 in 25 for both types. After sampling and logging the remaining core is stored on metal racks at the exploration site.

Between 2016 and 2020, a total of 3,356.3 m of percussion drilling in 184 drill holes was completed by Signal/Anaconda are designated BNP-YY-###. Percussion holes were drilled vertically using dry drilling methods by NFLD Hard Rok Inc. of Corner Brook, NL. Drill rods measured 3.66 m in length, and samples were collected at 0.91 m intervals, yielding four samples per rod. At each interval, cuttings were discharged into a clean bucket, and a representative sample (~2.5 kg) was collected using a clean scoop and placed into a labelled sample bag. Drill hole identification and corresponding sample intervals were recorded in a sample log, and grouped into sealed, labelled rice bags for transport. Collar locations were marked with labelled stakes upon completion and later surveyed using the same GPS methodology applied to the diamond drilling programs. As part of the QA/QC program, certified reference materials and coarse blanks were inserted at approximately 1 in every 25 samples. All percussion samples were transported directly by Signal Gold personnel to Eastern Analytical Ltd. in Springdale, NL for assay.

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1.9 Sample Preparation, Analyses and Security

1.9.1 Hammerdown Deposit

Exploration data supporting the current Mineral Resource Estimates for the Hammerdown and Pine Cove properties were generated under multiple operators and consolidated following the acquisition of Maritime and its subsidiaries by New Found Gold. Historical and current analytical work was primarily conducted by Eastern Analytical Ltd., an ISO/IEC 17025 accredited and independent laboratory located in Springdale, Newfoundland. Based on a review of available certificates and documentation, sample preparation and analytical methodologies used by previous operators are consistent with those applied during Maritime's programs, supporting the comparability of historical and current assay data.

Drill core and channel samples were geologically logged, photographed, and securely transported to the laboratory by company personnel. Sample preparation procedures included crushing to 80% passing -10 mesh, splitting to 250 g, and pulverizing to 95% passing 150 mesh. Gold and silver analyses were conducted by 30 g fire assay with atomic absorption (AA) finish, with re-analysis of over-limit samples following dilution. Sample security protocols included sealed sample bags and rice sacks, with seal checks upon laboratory receipt. Drill core is stored in secure facilities in Newfoundland.

A formal QA/QC program has been in place for drilling completed from 2017 through database closure (June 16, 2025) for the Hammerdown deposit. The program includes systematic insertion of blanks, certified reference materials (CRMs), and duplicate samples at an overall rate of approximately one control sample per 10 routine samples. Blank results indicate minimal contamination, although recent elevated blank values warrant continued monitoring. CRM performance demonstrates generally acceptable accuracy, with minor negative bias observed in certain standards during specific periods; more recent data show improved performance. Duplicate sampling (field, coarse reject, and pulp) indicates acceptable precision, although most duplicates represent lower-grade material and the QP recommends targeting higher-grade mineralization in future programs.

The Qualified Person (QP) for the Hammerdown deposit considers the sample preparation, analytical procedures, security measures, and QA/QC results to be appropriate for use in Mineral Resource estimation. While minor issues such as recent blank elevated values and localized CRM bias have been identified, these are not considered material to the integrity of the database. Recommendations include continued QA/QC monitoring, incorporation of umpire laboratory analyses, and consideration of gravimetric finishes for high-grade gold samples to further strengthen analytical validation.

1.9.2 Orion Deposit

Since acquiring the Orion deposit, Maritime has completed the majority of drilling on the property and has applied sample preparation, analytical methods, and QA/QC procedures consistent with those used at the Hammerdown Deposit, utilizing the same laboratories and security protocols.

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The QA/QC protocols implemented during the 2011 and 2020-2022 drilling programs at the Orion deposit were reviewed by the Qualified Persons. The procedures for sample preparation, analytical work, and security were consistent with those applied historically on the project and remain compliant with the requirements of National Instrument 43-101 and accepted industry standards. The QA/QC program incorporated the routine insertion of certified reference materials (CRMs), coarse blank material, and duplicate samples at a nominal rate of one control sample per 10 core samples. A total of 2,477 QA/QC samples were submitted, representing approximately 10.8% of all assays. CRM performance during the 2020-2022 programs showed a generally acceptable accuracy with minor negative analytical bias and some isolated results above the limit. CRM datasets from 2011 were not statistically significant and were excluded from detailed interpretation. Overall, accuracy and precision were within acceptable limits for gold analysis. All blanks from the 2011 program returned values below detection limits, and only a single blank failure was recorded between 2020 and 2022. No evidence of sample contamination was identified. Duplicate sampling returns a high reproducibility with a small number of high-grade outliers were attributed to the nugget effect typical of gold mineralization. The QPs conclude that the QA/QC results demonstrate acceptable analytical accuracy and precision, with no significant issues affecting data quality. The database generated from the Orion drilling programs is considered reliable and suitable for use in Mineral Resource estimation.

1.9.3 Stog'er Tight Deposit

Since the publication of Signal Gold's 2022 NI 43-101 Technical Report, no new exploration, drilling, or sampling has been conducted at the Stog'er Tight deposit. The Qualified Persons have reviewed previously documented sample preparation, analytical methods, and QA/QC procedures and consider them fully compliant with NI 43-101 and appropriate for the style of mineralization. Diamond drill core was transported daily to the Stog'er Tight logging facility for detailed geological and geotechnical documentation, cut into half-core, and sampled over approximately 1 m intervals, with samples securely bagged and submitted to Eastern Analytical Ltd., an ISO-17025 accredited laboratory. Fire assays were performed on 30 g pulp samples using AA finish, with gravimetric re-assay for samples above 100 g/t Au. The program includes systematic insertion of certified reference material and blank samples at a nominal frequency of 1 in 25 for both types. A total of 316 standards and 316 blanks were inserted at the Stog'er Tight deposit, returning a high overall pass rate (standards: 99.2% within ±2SD; blanks: one minor anomaly). No field duplicates were performed, but an inter-laboratory pulp checks of 85 pulp duplicates were submitted to ALS and confirmed strong reproducibility of Eastern's results. The Qualified Persons conclude that sample handling, analytical procedures, and QA/QC performance demonstrate no significant issues and that the data are reliable and of sufficient quality for Mineral Resource estimation. The recommendation is to add field duplicates to the QA/QC routine at the same nominal frequency as the other QA/QC sample types.

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1.10 Data Verification

1.10.1 Hammerdown Deposit

The Hammerdown deposit Mineral Resource Estimate (MRE) QP completed two site visits in 2025 to inspect drilling activities, core logging, QA/QC procedures, and mineralization at the Hammerdown deposit. Selected drill collars were independently verified in the field and found to be within acceptable tolerance of database coordinates. Core inspections confirmed that geological logging, mineralization styles, and alteration are consistent with the geological model and support mineral continuity.

Approximately 10% of the assay database was verified against original certificates, and QA/QC data were reviewed in full. No material errors were identified in collar, assay, or survey data. Minor issues were non-material and largely outside the MRE footprint. Review of historical mined-out shapes identified localized stope misplacements; additional depletion adjustments and classification refinements were completed where warranted.

The QP considers the drilling, sampling, QA/QC, and database management procedures to be adequate to support the MRE, with recommendations for targeted infill drilling to further reduce uncertainty in selected areas.

1.10.2 Orion Deposit

The Orion deposit MRE, QP reviewed core logging, QA-QC procedures and mineralization. The geological description reported in the database are consistent with the geological model and mineralization type.

Around 5% of the holes used in the MRE were selected for assay validation against original certificates. The validation reveals no major issues in collar, assay, or survey data. Only minor inconsistencies were detected in the database management due to recent transition of owner and software system but not impacting the MRE.

The QP considers the drilling, sampling, QAQC and the database to be valid and of sufficient quality to support the MRE, with recommendations to conduct an infill sampling program on existing drill cores and to proceed to an independent surveyor to confirm collar coordinates.

1.10.3 Stog'er Tight Deposit

The Stog'er deposit MRE, QP completed on site visit in 2025 to inspect the Pine Cove site and Stog'er deposit area, core logging, QA-QC procedures, mineralization and a field review of geological and structural features observed on the outcrops. The geological description reported in the database correspond to the rocks observed during the site visit and are consistent with the geological model and mineralization type.

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Around 8% of the holes used in the MRE were selected for assay validation against original certificates. The validation reveals no major issues in collar, assay, or survey data. Only minor inconsistencies were detected in the database management due to recent transition of owner and software system but not impacting the MRE. An independent resampling was performed on 6 mineralized intervals, and the results indicate acceptable reproducibility and confirm the gold content. The validation comprises also historical holes by comparing the values recorded in the log with those in the database and revealed no major incongruities. A statistical comparison of the historical assays to the recent reveal a lower precision for high grades values in the historical assays.

1.11 Mineral Processing and Metallurgical Testing

Extensive metallurgical test work conducted from 1999 through 2025 has built a comprehensive understanding of the processing characteristics of the Hammerdown (HAM), Stog'er Tight (STO), Orion (ORN), and Wisteria (WIS) deposits and mineralised zones. Multiple reputable laboratories have carried out characterization, mineralogy, comminution, sorting, flotation, leaching, and detoxification studies, with more recent programs focused on evaluating performance through the Pine Cove Mill (PCM) flowsheet and optimising processing conditions for future operations. These programs incorporated both historical composite samples and recent variability composites selected to represent the grade, lithology, and spatial distribution within the deposits.

The results consistently demonstrate that the mineralization is amenable to conventional crushing, grinding, flotation, leaching, and Merrill-Crowe processing. Sorting tests achieved approximately 95% gold recovery in product streams while rejecting significant waste mass ((15% to 47%), particularly for Hammerdown material.

Comminution characteristics indicate medium hard ore with moderate abrasion, and flotation response across all deposits is strong, with rougher recoveries above 95% under optimized grind conditions. Concentrate leach test work shows that finer regrinds (~15-20 µm) and optimized cyanide dosing significantly improve gold extraction, with rapid leach kinetics under oxygenated conditions.

Optimized laboratory test work achieved excellent overall gold recoveries: approximately 96% for Hammerdown and Stog'er Tight, and 90% for Orion and Wisteria. Incorporating gravity concentration provides incremental recovery benefits, particularly for Wisteria, Orion and Stog'er Tight zones, and decreases the mass pull in flotation for similar overall recovery. This may help alleviate drum filter throughput bottle necks in the future. Detoxification studies confirmed that all mineralization can be effectively treated using the SO₂/air process, and filtration and thickening assessments established suitable operating parameters for concentrate and residue handling with floc dosages at approximately 30g/t. Merrill-Crowe tests under laboratory conditions achieved high metal precipitation efficiency, though additional work is recommended to validate performance at operational scale.

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Under operating conditions at Pine Cove, recoveries are adjusted due to coarser grinding, shorter flotation residence times, lower mass pulls, and reduced leach residence time. Operationally corrected gold recoveries average approximately 87.2% for Hammerdown/Stog'er Tight and 74.5% for Orion/Wisteria. Continued reconciliation between laboratory data and plant performance is recommended to refine the flowsheet, optimize reagent consumption, and improve gold recovery.

1.12 Mineral Resource Estimates

1.12.1 Introduction

This Technical Report presents updated Mineral Resource Estimates for the Hammerdown, Orion, and Stog'er Tight deposits, which are planned to supply the Pine Cove Mill. The Hammerdown estimate was prepared by SLR Consulting (Canada) Ltd. and reviewed by Minéralis Consulting Services Inc., with adjustments made to resource classification and depletion in areas influenced by historical underground workings. The Orion and Stog'er Tight estimates were prepared by Norda Stelo.

The effective date of the Mineral Resource Estimates is January 22, 2026. Combined Measured and Indicated Mineral Resources total 3.328 Mt at an average grade of 2.43 g/t Au for approximately 260,000 ounces of gold, with an additional 2.132 Mt at 2.34 g/t Au for 161,000 ounces classified as Inferred (Table 1.1). Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Table 1.1: Hammerdown Gold Project Consolidated MRE (effective date January 22, 2026)

Property	Deposit	Mining Method	Category	Tonnage (kt)	Grade (g/t Au)	Contained Oz (koz)³
Hammerdown	Hammerdown	Open Pit	Measured	271	8.24	72
			Indicated	1,823	1.96	115
			Measured & Indicated	2,094	2.77	187
			Inferred	973	2.59	81
Hammerdown	Orion	Open Pit	Indicated	598	1.75	33.6
		Open Pit	Inferred	91	1.92	5.6
		Underground	Indicated	636	1.92	39.3
		Underground	Inferred	523	2.16	36.2
Pine Cove	Stog'er Tight	Open Pit	Inferred	545	2.16	37.8
			Total
			Measured	271	8.24	72
			Indicated	3,057	1.91	188
			Measured & Indicated	3,328	2.43	260
			Inferred	2,132	2.34	161

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Notes:

1. Refer to the MRE notes below and data verification sections for each deposit.

2. The Mineral Resource database was closed on June 16, 2025, and contains 93,818 metres ("m") of drilling in 1,108 diamond drill holes ("DDH") and 310 m in 86 channels at Hammerdown, 46,017.34 m of drilling in 219 DDH at the Orion deposit and 35,246.42 m of drilling in 523 DDH at the Stog'er Tight deposit that were used to inform the MRE presented. The Qualified Person ("QP"), as defined by National Instrument 43-101 - Standards of Disclosure of Mineral Projects ("NI

43-101"), responsible for the MRE were Christian Beaulieu of Minéralis Consulting Services Inc. for the Hammerdown deposit, Chafana Sako of Norda Stelo Inc. for the Orion and Stog'er Tight deposits, and Stephen Coates of Evomine

Consulting Inc. for constraining volumes on all deposits.

3. Numbers may not total due to rounding.

1.12.2 Hammerdown Deposit

The Mineral Resource Estimate (MRE) for the Hammerdown deposit is based on a database closed on June 16, 2025 and includes 1,108 drill holes (surface and underground) totaling approximately 93,818 m, 310 m in 86 channels. The geological model comprises vein-hosted domains (Hammerdown, Rumbullion, Muddy Shag) and disseminated domains (Wisteria), constructed in Leapfrog Geo. Assays were composited to 1 m, capped by domain, and gold grades were interpolated into a sub-blocked model (2.5 m × 1 m × 4 m parent blocks) using inverse distance cubed (ID³) with high-grade restrictions and domain hard boundaries.

Mineral Resources are constrained within an optimized open pit shell and reported within mineable shapes to demonstrate reasonable prospects for eventual economic extraction. Cut-off grades of 0.35 g/t Au (Hammerdown) and 0.48 g/t Au (Wisteria) were applied, using a gold price of US$3,500/oz and supporting cost and recovery assumptions. Classification was based primarily on drill spacing and geological confidence: Measured (<15 m spacing), Indicated (<30 m), and Inferred (<60 m), with additional downgrading in areas adjacent to lower confidence historical stopes.

As of January 22, 2026, open pit Mineral Resources total 2.09 Mt at 2.77 g/t Au for 187 koz in the Measured and Indicated categories, and 0.97 Mt at 2.59 g/t Au for 81 koz in the Inferred category. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Mineral Resources are tabulated below by resource categories (Table 1.2).

Table 1.2: Summary of Hammerdown Deposit Mineral Resources – January 22, 2026

Resource Category	Tonnage (kt)	Grade (g/t Au)	Gold Content (koz)
Measured	271	8.24	72
Indicated	1,823	1.96	115
Total M&I	2,094	2.77	187
Inferred	973	2.59	81

Hammerdown MRE Notes:

1. The Mineral Resources described above have been prepared in accordance with the CIM Standards (Canadian Institute of Mining, Metallurgy and Petroleum, 2014).

2. The effective date of the MRE is January 22, 2026 with a database cut-off date of June 16, 2025 and using a depletion surface of December 31, 2025.

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3. The lower cut-offs used to report open pit Mineral Resources are 0.48 g/t Au for the Wisteria area and 0.35 g/t Au for all other areas within the Hammerdown deposit pit optimization.

4. The Hammerdown deposit has been classified as Measured, Indicated and Inferred Mineral Resources according to drill spacing and confidence in the historical stope placement.

5. Bulk density was assigned based on historical and recent specific gravity measurements. A single value of 2.81 g/cm³was used, and 1.9 g/cm³for backfill material within historical stopes.

6. The MRE is based on a sub-blocked model with a main block size of 2.5 m x 1 m x 4 m, and subblocks of 0.16 m x 0.06 m x 2 m. Gold grades were composited to 1-m length and estimated with ID³ and high-grade spatial restrictions.

7. The open pit MRE is reported inside mineable shapes constrained by an open pit optimization to respect Reasonable Prospect of Eventual Economic Extraction (RPEEE). No mining dilution and losses are added to the MRE; however, must take material is accounted for in open pit mineable shapes.

8. Open pit optimization and cut-off grade assume long-term gold price of US$ 3,500/oz, and a US$/C$ exchange rate of 1.40, slope angles of 50°, bench height of 4 m, minimum mining width of 1.5 m, metallurgical recoveries of 92%, mining costs of C$10/t mined, processing costs of C$40/t processed, transport costs of C$25/t processed and general and administrative costs of C$10/t processed.

9. Tonnage has been expressed in the metric system, and gold metal content has been expressed in troy ounces. The tonnages have been rounded to the nearest 1,000 tons, and the metal content has been rounded to the nearest 1,000 ounces. Totals may not add up due to rounding errors.

10. These Mineral Resources are not Mineral Reserves as they have not demonstrated economic viability. The quantity and grade of reported Inferred Mineral Resources in this report are uncertain in nature and there has been insufficient exploration to define these resources as Indicated or Measured; however, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

11. The QP is not aware of any factors or issues that materially affect the MRE other than normal risks faced by mining projects in the province in terms of environmental, permitting, taxation, socio-economic, marketing, and political factors, and additional risk factors regarding Indicated and Inferred resources.

1.12.3 Orion Deposit

The updated Mineral Resource Estimate for the Orion deposit (the "2026 MRE") was prepared by Chafana Hamed Sako (P.Geo.) and Simon Boudreau (P.Eng.) of Norda Stelo. The effective date is January 15, 2025.

The Mineral Resources herein are not Mineral Reserves as they do not have demonstrated economic viability.

The QPs consider the 2026 MRE reliable and based on quality data, reasonable assumptions and parameters that follow CIM Definition Standards.

The QPs have classified the Mineral Resources in the 2026 MRE as Indicated and Inferred based on data density, search ellipse criteria, drill hole spacing and interpolation parameters. The QPs also believe the requirement of 'reasonable prospects for eventual economic extraction' has been met by having resources constrained by optimized pit-shell and DSO stope designs and by applying a cut-off grade based on reasonable inputs amenable to potential in-pit and underground extraction scenarios. The following table displays the results of the 2026 MRE combining potential open pit and underground mining scenarios at cut-off grades of 0.48 g/t Au (in-pit) and 1.13 g/t Au (underground).

Table 1.3 displays the results of the 2026 MRE combining potential open pit and underground mining scenarios at cut-off grades of 0.48 g/t Au (in-pit) and 1.13 g/t Au (underground).

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Table 1.3: Summary of Orion Deposit Mineral Resources - January 22, 2026

Orion Deposit
Open pit Mineral Resource (at 0,47 g/t Au cut-off)
Classification	Tonnes	Grade	Ounces
Classification	(t)	(g/t Au)	(oz Troy Au)
Indicated	598,000	1.75	33,600
Inferred	91,000	1.92	5,600
Underground Mineral Resource (at 1,13 g/t Au cut-off)
Classification	Tonnes	Grade	Ounces
Classification	(t)	(g/t Au)	(oz Troy Au)
Indicated	636,000	1.92	39,300
Inferred	523,000	2.16	36,200
Orion Deposit
Classification	Tonnes	Grade	Ounces
Classification	(t)	(g/t Au)	(oz Troy Au)
Total Indicated	1,234,000	1.84	72,900
Total Inferred	614,000	2.12	41,800

Orion MRE notes:

1. TThese Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The MRE follows current CIM Definition Standards (2014) and CIM MRMR Best Practice Guidelines (2019)..

2. The independent and qualified persons (“QPs”) for the MRE, as defined by NI 43-101, are Chafana Sako, P.Geo. of Norda Stelo and Stephen Coates, P.Eng. of Evomine. The effective date is January 22, 2026.

3. The estimation encompasses thirty-seven (37) zones and a dilution envelope using Leapfrog Geo and interpolated using Leapfrog Edge.

4. 1.0-m composites were calculated within the mineralized zones using the grade of the adjacent material when assayed or a value of zero when not assayed. High-grade capping on composites (supported by statistical analysis) was set between 5.0 and 70.0 g/t Au for envelopes.

5. The estimate was completed using a sub-block model in Leapfrog Edge, with a parent block size of 5m x 5m x 5m (X,Y,Z) and a sub-block size of 0.625m x 0.625m x 0.625m (X,Y,Z).

6. Grade interpolation was obtained by the Ordinary Kriging (OK) method using hard boundaries.

7. Density values of 2.7 to 2.83 g/cm³were assigned to all mineralized zones.

8. Mineral Resources were classified as Indicated and Inferred Mineral Resources. Inferred category is defined for blocks estimated if the 1 to 5 holes closest to the block have an average distance < 35 to 55 m and if the block was estimated with pass 1 or 2 and there is reasonable geological and grade continuity.

9. The MRE is locally pit constrained. The pit-constrained results are presented undiluted and are considered to have reasonable prospects of economic viability. The pit-constrained MRE is reported at a 0.42 g/t Au cut-off grade. The cut-off was calculated using the following parameters: gold price = US$ 3,500/oz; USD:CAD exchange rate = 1.40; mining cost = CAN$10.00/t; processing + G&A costs = CAN$48.50/t; bedrock slope angle of 50°; and mill recovery = 92%.

10. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).

11. The number of metric tons (tonnes) was rounded to the nearest thousand, following the recommendations in NI 43-101. Any discrepancies in the totals are due to rounding effects. The metal contents are presented in troy ounces (tonnes x grade / 31.10348).

12. The QPs are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues or any other relevant issue not reported in the Technical Report that could materially affect the MRE.

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1.12.4 Stog'er Tight Deposit

The updated Mineral Resource Estimate for the Stog’er Tight deposit (the “2026 MRE”) was prepared by Chafana Hamed Sako (P.Geo.) of Norda Stelo and Stephen Coates (P.Eng.) of Evomine. The effective date is January 22, 2026.

The Mineral Resources herein are not Mineral Reserves as they do not have demonstrated economic viability.

The QPs consider the 2026 MRE reliable and based on quality data, reasonable assumptions and parameters that follow CIM Definition Standards.

The QPs have classified the Mineral Resources in the 2026 MRE as Inferred based on data density, search ellipse criteria, drill hole spacing and interpolation parameters. The QPs also believe the requirement of 'reasonable prospects for eventual economic extraction' has been met by having resources constrained by optimized pit-shell and by applying a cut-off grade based on reasonable inputs amenable to potential in-pit extraction scenario.

The following table displays the results of the 2026 MRE potential open pit scenario at cut-off grades of 0.42 g/t Au (in-pit).

Table 1.4: Summary of Stog'er Tight Deposit Mineral Resources - January 22, 2026

Stog'er Tight Deposit
Open Pit Mineral Resource (at 0,42 g/t Au cut-off)
Classification	Tonnes	Grade	Ounces
Classification	(t)	(g/t Au)	(oz Troy Au)
Inferred	545,000	2.16	37,800
Stog'er Tight Deposit
Classification	Tonnes	Grade	Ounces
Classification	(t)	(g/t Au)	(oz Troy Au)
Total Inferred	545,000	2.16	37,800

Stog’er Tight MRE Notes:

1. These Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The MRE follows current CIM Definition Standards (2014) and CIM MRMR Best Practice Guidelines (2019).

2. The independent and qualified persons (“QPs”) for the MRE, as defined by NI 43-101, are Chafana Sako, P.Geo. of Norda Stelo and Stephen Coates, P.Eng. of Evomine.. The effective date is January 22, 2026.

3. The estimation encompasses twelve (12) zones and a dilution envelope using Leapfrog Geo and interpolated using Leapfrog Edge.

5. The estimate was completed using a sub-block model in Leapfrog Edge, with a parent block size of 3m x 3m x 3m (X,Y,Z) and a sub-block size of 0.75m x 0.75m x 0.75m (X,Y,Z).

6. Grade interpolation was obtained by the Ordinary Kriging (OK) method using hard boundaries.

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7. Density values of 2.8 to 2.9 g/cm3 were assigned to all mineralized zones.

8. Mineral Resources were classified as Indicated and Inferred. Indicated Resources are defined for blocks were estimated if the 2 holes closest to the block have an average distance < 30 m with pass 1 or 2, and there is reasonable geological and grade continuity. The Inferred category is defined for blocks estimated if the 1 hole closest to the block have an average distance < 60 m and if the block was estimated with pass 3 and there is reasonable geological and grade continuity.

9. The MRE is locally pit constrained. The pit-constrained results are presented undiluted and are considered to have reasonable prospects of economic viability. The pit-constrained MRE is reported at a 0.48 g/t Au cut-off grade. The cut-off was calculated using the following parameters: gold price = US$ 3,500/oz; USD:CAD exchange rate = 1.40; mining cost = CAN$10.00/t; processing + G&A costs = CAN$82.02/t; bedrock slope angle of 50°; and mill recovery = 92%.

10. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).

1.13 Mining Methods

1.13.1 Geotechnical Considerations

Pit walls at Hammerdown and Orion deposit will be comprised primarily of mafic volcanic and felsic to mafic schist units with dominant sub-vertical, northeast-southwest trending foliation. The Stog'er Tight pits will be developed in Gabbro and Mafic Volcanics with a well-developed, shallow to moderately north- northeast dipping foliation. Secondary, shallow to moderately dipping joint sets have also been identified and incorporated into the geotechnical design at Hammerdown and Stog'er Tight deposits.

Rock mass quality at all three deposits generally classifies as "Good" geomechanical quality according to the Bieniawski (1989) rock mass rating (RMR) classification system. Intact rock strengths are typically "Strong" (50 to 100 MPa) to "Very Strong" (100 to 150 MPa) according to ISRM (1978) standards.

Based on rock mass the quality and structural characteristics described above along with the relatively shallow pit depths, kinematic (structurally controlled) failures are anticipated to be the primary mechanism of instability. Interramp slope angles recommended for the final Hammerdown pit range from for 49 to 55°, depending on wall orientation. An interramp slope angle of 55° is recommended for the final Orion and Stog'er Tight pit designs. Good quality wall control blasting and scaling practices will be required to achieve 55° interramp slopes while maintaining adequate catch bench widths.

The Captain Nemo Fault parallels the south wall of the Hammerdown pit and is considered critical to overall stability of final pit south wall. Pit designs should mine out the fault to avoid potential for multi-bench or overall slope failures.

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1.13.2 Hydrogeological Considerations

The Hammerdown/Orion area lies near a groundwater divide intersecting three surface watersheds. Analytical estimates indicate pit inflows of approximately 3,426 m³/d at Hammerdown and 1,124 m³/d at Orion at full development. Historical underground workings may currently act as a groundwater sump and could be integrated into future dewatering. Faults and fractures within the pit area may contribute to groundwater inflow and require further investigation. Existing hydrogeologic testing has been limited to shallow depths (≤30 m), and deeper drilling and hydraulic testing are required to characterize full-pit conditions. Water-management design must account for stockpile toe-seepage and seasonal groundwater elevations, including occasional artesian conditions.

Groundwater flows northwest toward Camp Pond, with water levels varying from artesian to ~6 m depth, driven by local topography and past pit development. Further testing is required to delineate potential faults/fractures that may influence inflows to the proposed Gabbro Pit and Pit 278. Development near Fox Pond and Camp Pond will require careful management of pond water levels to avoid unintended drawdown. If pond-level reductions cannot be avoided, a Fisheries Act authorization may be required. A 3-D groundwater model is recommended to integrate pit development, lithology, hydraulic conductivity, and pond interactions.

Groundwater levels surrounding the Pine Cove pit are higher than pit water levels, indicating continued groundwater inflow of ~500 m³/d. Groundwater contributions will remain an important factor in the evolution of the pit lake and long-term water quality. The in-pit tailings facility requires a minimum 10 m water cover, and ongoing monitoring indicates water levels near elevation 23.5 masl. Water-cover thickness will vary as tailings deposition progresses, and groundwater inflow should be incorporated into closure planning and modelling.

1.13.3 Mining

The Preliminary Economic Assessment (PEA) is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA would be realized.

Open pit optimization was conducted to determine the optimal economic shape of the open pit and guide the open pit design process, with cut-off grades ranging from 0.41 to 0.56 depending on the deposit. Revenue factor of 1.00 pit shells were selected to guide the pit designs for the Hammerdown, Orion and Stog'er Tight deposits. Mined physical quantities represent 4.3 Mt of mineralized material at an average grade of 2.19 g/t for 306.6 koz, 48.0 Mt of waste and 1.7 Mt of overburden. The pits' mining sequence is planned as follows: Hammerdown, Orion and Stog'er Tight. The Hammerdown pit will be mined in three phases: a Hammerdown Phase 1 pit, a Rumbullion area pit and a Hammerdown Phase 2 pushback joining the pits together. The 13-year life of mine incorporates 12 years of direct mill feed from open pit operations and 1 year of stockpile rehandling at a processing rate of 700 tpd. The mining rate is expected to peak at 18,300 t/d and average 12,300 t/d over the 12 years of mining. The Project is planned as a conventional truck-and-shovel open pit mining operation with mining executed by a contractor. Waste loading and haulage will be handled by 3 m³hydraulic excavators and 41-tonne payload articulated haul trucks. Mineralized material loading and hauling will be handled by a fleet of 2 m³hydraulic excavators with a 7 m³front end loader as backup and 38 tonne payload articulated haul trucks.

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1.14 Recovery Methods

The Pine Cove process plant currently treats material via a conventional grind-flotation-leach-Merrill Crowe flowsheet to nominally process 700 tpd material. Run-of-mine (ROM) material is currently processed via a two-stage crushing plant at the Hammerdown deposit and then hauled to the Pine Cove plant. It is proposed to install a three-stage crushing and screening plant with an ore sorting facility at the Hammerdown deposit and continue to haul crushed material to the Pine Cove plant.

Crushed material is processed via a ball mill followed by a flotation circuit. Flotation concentrate is thickened, reground, and then leached via cyanidation. Leach slurry is dewatered via drum filters and pregnant solution treated via a Merrill Crowe circuit to recover gold. Tailings are treated via a cyanide destruction circuit prior to in-pit tailings storage.

The process plant has operated since 2012 and was under care and maintenance from 2022 to 2025 when operations were resumed being commissioned on low-grade stockpiles. The Pine Cove process plant commenced treating material from the Hammerdown deposit in Q4 2025.

A simplified process flowsheet of the Pine Cove process plant is provided in Figure 1.1.

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Figure 1.1: Pine Cove overall flowsheet

Source: New Found Gold 2026.

1.15 Project Infrastructure

Hammerdown is an active pre-commercial production mine, and Pine Cove operates as an existing mill; therefore, site access will utilize the established roads, Route 391 to the Hammerdown Property and Route 418 to the Pine Cove Property. Most onsite roads already exist and require only minor upgrades or expansion as needed.

The Hammerdown Property’s surface infrastructure will include a new ore crushing and sorting plant, with modular buildings for office, dry, warehouse, and maintenance needs. The Pine Cove Property already has all major infrastructure, including a conventional mill and an in-pit tailings storage facility, which has been used since 2018 for secure, permanent tailings storage. Most infrastructure is either established or can be upgraded relatively easy due to ongoing operations.

Process water from the tailing slurry and meteoric water that accumulates in the pit above the settled tailings solids will be reclaimed for use as process water in the process plant.

The power required for the Hammerdown Property will be provided by Newfoundland and Labrador Hydro. Diesel generators will be used for pit dewatering, as well as to provide power at the explosives storage area and the security trailer.

The Project’s water management strategy integrates a combination of non-contact diversion, contact water containment, groundwater dewatering, and passive treatment systems to support effective control of runoff and mine influenced water throughout operations. Across all sites, the system is designed to minimize environmental impact, reduce sediment and contaminant loading, and adapt to operational changes through ongoing monitoring and treatment optimization.

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1.16 Market Studies and Contracts

The gold market is mature globally with numerous reputable refiners readily available. As such, a market study for the salability of gold products or for the expected price of gold was not undertaken.

The commercial terms for refining the doré to produce saleable gold and the doré shipping cost estimates (see Table 1.5) used in this analysis were provided by New Found Gold based upon current experiences with the doré product coming from the Pine Cove Mill.

Table 1.5: Commercial terms for the sale of gold doré

Description	Unit	Doré
Refining Cost (Gold)	US$/oz	5.0
Gold Payable	%	99.975
Doré Shipping Charge	US$/oz	15.0

The price projection for the PEA financial model base case is presented in Table 1.6. The pricing is representative of the 75th percentile of the consensus opinions of several financial institutions in December 2025 as documented by BMO Capital Markets and provided to New Found Gold.

Table 1.6: Commodity pricing

Element	Unit of Measure	Financial Model
Element	Year	2026	2027	2028	2029	2030	LT
Au	US$/oz	4,132	4,000	3,775	3,600	3,600	$3,475

The consensus price has a weighted average against recovered gold of US$3,656/oz Au over the LOM. The selected slate of gold prices is viewed as conservative compared to the February 18 EOB spot price of near US$5,000/oz. With the current gold market, three year trailing average pricing for establishing a fixed gold price for the economic analysis was considered not applicable to the Hammerdown project.

Contract terms and refining charges are in place with refining companies. It is expected that any future contract terms will be typical. Metal prices in the sales contracts are expected to reference prices similar to those published in the London Metal Exchange (LME).

Operational contracts are in place for:

• Mining

• Mines Engineering

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• Geological Services

• Crushing at Mine Site

• Haulage from Hammerdown to Pine Cove Mill

1.17 Environmental Studies, Permitting and Social or Community Impact

Maritime has compiled environmental, permitting, and socio‑community information for the Hammerdown/Orion, Stog’er Tight, and Pine Cove sites based on historical studies and recent baseline programs completed between 1992 and 2025. These programs address terrestrial and aquatic ecosystems, hydrology and water quality, hydrogeology, air quality, metal‑leaching and acid‑rock‑drainage (ML/ARD) characteristics, and site‑specific regulatory requirements. Environmental conditions across the sites are characteristic of the Central Newfoundland and North Shore Forest ecoregions. Recorded environmental considerations include occurrences of plant species of conservation concern (SOCC) at Hammerdown and Stog’er Tight deposits, the presence of brook trout and American eel in regional watercourses, and established fish‑habitat compensation works at Pine Cove. No federally designated critical habitat under the Species at Risk Act has been identified at any of the sites. Geochemical testing indicates that tailings and most waste rock are non‑acid generating (NAG), with tailings placed in the Pine Cove in‑pit storage facility under a permanent water cover of approximately 10 m.

Hammerdown, Stog'er Tight, and Pine Cove have been released from the provincial Environmental Assessment (EA) process for their current development phases, and related Certificates of Approval (CofA) govern construction, operation, discharge, and monitoring requirements. Development at Orion is expected to require provincial EA registration and subsequent permitting. Stog'er Tight is presently under care and maintenance, and updated permits and plans, including an updated Development Plan and Rehabilitation and Closure Plan (RCP), will be required before mining activities resume. Future modifications to the Pine Cove site that may be required could be subject to additional assessment and/or permitting requirements depending on the nature of the modifications required. Federal EAs were not required, as these projects did not meet the threshold under the current or previous federal EA legislation; the proposed milling rate at Pine Cove will remain below the 5,000 t/day federal threshold.

Federal oversight applies where applicable under the Fisheries Act and the Metal and Diamond Mining Effluent Regulations (MDMER), with Pine Cove being the only site currently subject to Environmental Effects Monitoring (EEM) due to its active final discharge point. All three sites have approved RCPs, each supported by financial assurance; closure cost estimates have been updated as part of the Technical Report.

Engagement with Indigenous groups, nearby municipalities, and community stakeholders has occurred through project-specific permitting processes and ongoing communication activities. This environmental and regulatory information has been incorporated into the Technical Report to support ongoing and future planning, permitting, and closure considerations.

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1.18 Capital and Operating Costs

The project capital cost estimate (CAPEX), sustaining capital estimate (SUSEX), and operating cost estimate (OPEX) were compiled by WSP; and are based on the Project and ongoing scope of work presented in this Report's Items.

WSP used the current contractor crushing agreement for that component of the OPEX and developed the SUSEX for the Water Management and Electrical portions of the scope. All contributors to the CAPEX, SUSEX, and OPEX are identified in Table 1.7.

Table 1.7: List of cost estimation by contributor firm

Description	Contributors
Mining	Evomine
Contractor Crushing	WSP
Sorting and Crushing Plant	Canenco
Haulage	Lincoln Metallurgical
Mineral Processing	Lincoln Metallurgical
General and Administrative (G&A)	Lincoln Metallurgical
Water Management	WSP
TSF Water Recirculation	Knight Piésold
Power and Electrical	WSP

Unless indicated otherwise, all CAPEX, SUSEX, and OPEX costs are expressed in Canadian Dollars (CAN$ or $) and are based on Q1 2026 pricing.

1.18.1 Capital Costs

The sole project capital (CAPEX) item identified as part of the Project scope and described in this Report is the Sorting and Crushing Plant that had its CAPEX and OPEX developed by Canenco.

The Sorting and Crushing Plant CAPEX was developed to deliver an overall accuracy range of -30% to +50%. Ranges could exceed those shown, if there are unusual risks.

For this PEA, the CAPEX reflects an EPCM-type execution model. Although some individual elements of the CAPEX may not achieve the target level of accuracy, the overall CAPEX should fall within the parameters of the intended accuracy.

The Sorter and Crushing Plant CAPEX consists of direct and indirect capital costs as well as contingency.

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Provisions for sustaining capital (SUSEX) are also included mainly for mining, water management, and electrics related to the mining. Amounts for the mine closure and rehabilitation of the site have been estimated as well. The $89.3 million of mining SUSEX is composed of $87.7 million for capitalized waste removal and $1.6 million for haul roads and laydown areas. Consistent with the mine operating costs, the capitalized waste removal has no indirects or contingency applied.

Table 1.8 presents a summary of the CAPEX and SUSEX distributed over the LOM indicated separately. Owner's costs, contingencies and risk amounts are included in these capital amounts.

The project capital cost totals $24.3 million and the sustaining capital cost totals $97.6 million. Closure and reclamation related costs are estimated at $18.0 million. The capital cost applies to the Hammerdown deposit, Wisteria, Orion, and Stog'er Tight. The capital expenditure by area forecast for the entire mine life is provided in Table 1.8.

Table 1.8: Capital cost estimate by area

Area	Description	CAPEX (CAN$ M)	SUSEX (CAN$ M)	Totals by Area (CAN$ M)
1000	Open Pit Mining	-	89.3	89.3
2000	Sorter and Crushing Plant	14.9	-	14.9
3000	Processing	-	-	0
4000	Water Management	-	4.1	4.1
4140	Tailing Management Facilities	-	-	0
5000	Power, electrical & instrumentation	-	1.3	1.3
6000	Off-site Infrastructure	-	-	0
7000 & 8000	Indirects	4.6	1.4	6.0
9000	Contingency	4.9	1.7	6.6
10000	Reclamation and Closure	-	18.0	18.0
	Total Major Area CAPEX*	24.3	115.7	140.0

*Numbers may not sum precisely due to rounding.

The exchange rate used for items quoted in US$ was 1.39 CAN$ : 1.00 US$.

The Pine Cove Mill commenced production of doré using Hammerdown mined material in November 2025 so most of the year 2026 capital expenditures are SUSEX and these capital expenditures continue throughout the mine life as SUSEX. The Sustaining costs are included in the overall Project CAPEX.

These sustaining capital costs cover several areas, including mining, water management, and electrics.

At the end of the mine life, it is required that all disturbed areas are rehabilitated, and equipment and buildings are disposed of. Closure costs are kept separate in the Cashflow analysis shown in Section 22 of this Report as Other Costs in that they provide no asset values and are treated different from equipment acquisitions in the tax assessment. They have been included in Table 1.8 as sustaining capital.

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1.18.2 Operating Costs

The estimated life-of-mine operating costs per tonne of material processed and per ounce of gold sold are summarized in Table 1.9.

Table 1.9: Operating cost by area

Description	$/t milled	US$/oz
Open Pit Mining	142.30	1,287
Processing	46.29	419
On-Site Crushing	1.09	10
Sorter and Crushing Plant	8.27	75
General & Administrative	9.58	87
Haulage	21.84	198
TFS and Water Management	0.41	4
Total	229.78	2,078

Mine operating costs have been estimated based on the 2026 Hammerdown operating budget, which is supported by firm contractor quotes for most material items.

The processing operating costs are estimated from operational historical information and budget costs. The processing costs include workforce, electrical power, wear parts, maintenance parts, grinding media, reagents, laboratory, and mill general.

The current contractor rate for on-site crushing provided the rate at the Hammerdown site for 2026 of $13.45 per tonne processed and a total cost for that year of CAN$3.4 million. The application of the LOM total tonnes processed against the 2026 cost leads to the $1.09/t milled in Table 1.9.

The same sorter and crushing plant will be used for both the Hammerdown and Orion sites. It has an operating cost of $7.29 per tonne sorted, which then provides an average cost of US$75/oz Au sold or $8.27 per tonne processed and a total cost over the LOM of CAN$26 million.

The crushing and sorting plant operating costs were compiled to loadout of the crushed product for trucking to the process facility. The crushing and sorting plant facility is designed to process 1,200 t/d at availabilities of 73%. Labour rates and benefit packages were based on industry information compiled by New Found Gold. Power costs were calculated from the total installed power assuming $0.116/kWh. Vendor recommended spare parts and pricing for one year of operation were used to estimate crusher wear costs. Equipment maintenance was calculated by applying a factor of 4% to major process equipment cost. Fuel pricing for mobile equipment was based on an internal source at a diesel cost of $1.71/litre.

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The annual G&A cost is estimated from historical information and budget costs. General and Administration (G&A) is a yearly CAN$2.3 million cost that then averages US$87/oz Au sold or $9.58 per tonne processed.

Haulage from the Hammerdown and Orion sites to the Pine Cove Mill is estimated from a current contractual price of $25.60 per tonne processed. Haulage from the Stog'er Tight site to the Pine Cove Mill is a lesser distance with the estimated cost factored at $2.50 per tonne processed. The weighted average between the sites using tonnes processed by site then provides the $21.84/t milled in Table 1.9.

TSF and water management cost is a $100K per year allowance that then averages US$4/oz Au sold or $0.41 per tonne processed.

1.19 Economic Analysis

The economic analysis presented in this Section contains forward-looking information under Canadian securities law. The results of the analysis rely on inputs that are subject to known and unknown risks, uncertainties, and other factors, which may cause actual results to differ materially from those presented here.

The economic analysis of the Hammerdown Gold Project is preliminary in nature and per allowances for PEA level of study, includes Inferred Mineral Resources, which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. As a result, there is no certainty that this 2026 PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The PEA production plan used for the economic analysis includes Inferred Mineral Resources. To advance the study beyond the PEA level, a Mineral Reserve Estimate would have to be made, and Inferred Resources would need to be upgraded or removed from the production plan.

The economic analysis is based on the discounted cash flow (DCF) method on a pre-tax and after-tax basis. Current Newfoundland tax regulations were used to assess corporate tax liabilities. The key metrics determined in the analysis are the Net Present Value (NPV) at a discount rate of 5%. With the initial years showing positive cashflows, the Internal Rate of Return (IRR) and the Payback Period do not apply. A sensitivity analysis was carried out to assess the impact of variations in Recoveries, Gold Price, CAPEX, and OPEX on the financial metrics. For the purposes of the evaluation, it is assumed that the operations are established within a single corporate entity. The Project has been evaluated on an unlevered, all-equity basis.

The cash flow model uses inputs from all elements of the Project to provide a comprehensive financial projection for the entire Project, on an annual basis, supporting a 14-year life of the Project with 13-year of processing period. All prices and costs are in Canadian dollars and accurate as of Q1 2026. No provisions have been made for the effects of inflation.

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Table 1.10 provides a summary of the key technical assumptions and inputs.

Table 1.10: Hammerdown Gold Project PEA summary: key technical assumptions and cost inputs

Description	Unit	Value
Gold Price (Average LOM Base Case)	US$/oz Au	3,656
Exchange Rate	CAN$/US$	1.39
Discount Rate	%	5
Project Parameters
LOM	years	13
Total Potential Mill Feed Tonnage	kt	3,159
Average Mined Grade	g/t Au	2.19
Mill Feed Head Grade (Post-Sorting)	g/t Au	2.89
Cut-off Grade (Range Depending on Deposit)	g/t Au	0.41-0.56
Process Plant Average Gold Recovery	%	85.5
Contained Gold	koz	306.6
Recovered Gold	koz	251.3
Average Annual Gold Production	koz/yr	19.3
Average Mineralized Material Mining Rate (Post Sorting)	tpd	700
Strip Ratio	Waste : ore	11.4:1
Capital Cost Estimate
Project Capital (with Contingency)	$M	24.3
Sustaining Capital (LOM with contingency)	$M	97.7
Reclamation and Closure Capital	$M	18.0
LOM Operating Costs
Open Pit Mining	$M	449.5
Processing	$M	146.2
Contractor Crushing 2026	$M	3.4
Sorting and Crushing Plant Operation	$M	26.1
Haulage to Pine Cove Mill	$M	69.0
TSF and Water Management	$M	1.3
General and Administrative (G&A)	$M	30.3
*Total Operating Costs*¹	$M	*725.9*
Revenue Related Costs
Selling Costs	$M	7.0
Royalty NSR	$M	17.4
LOM Operating Unit Costs
Open Pit Mining	$/t milled	142.30
Processing	$/t milled	46.29
Contractor Crushing 2026	$/t milled	1.09
Sorting and Crushing Plant Operation	$/t milled	8.27
Haulage to Pine Cove Mill	$/t milled	21.84
TSF and Water Management	$/t milled	0.41

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Description	Unit	Value
General and Administrative (G&A)	$/t milled	9.58
Total Operating Costs¹	$/t milled	299.78
Total Cash Cost²	US$/oz Au	2,149
AISC³(LOM)	US$/oz Au	2,429

1 Total operating costs refer to onsite charges that cover open pit mining, processing and material handling, and onsite general and administrative costs.

2 Total cash costs are calculated as the sum of doré transportation, treatment and refining charges, royalties, and total operating costs, divided by the quantity of ounces sold.

3 AISC is calculated as the sum of doré transportation, treatment and refining charges, royalties, total operating costs, and sustaining capital costs, divided by the quantity of ounces sold.

Numbers may not add up due to rounding

Table 1.11 depicts the financial results. At an assumed weighted average gold price of US$3,656 per ounce based on LOM gold ounces recovered, the financial results indicate a positive pre-tax NPV of $318.5 M and after-tax NPV of $199.2 M, both at a discount rate of 5%. With positive cashflows for the initial four years neither an IRR nor a Payback in years is applicable.

Table 1.11: Economic results summary

Description	Unit	Pre-Tax	After-Tax
NPV @ 5%	CAN$ M	318.5	199.2
IRR	%	n/a	n/a
Payback Period	Years	n/a	n/a

Numbers may not add due to rounding

Figure 1.2 graphically depicts the pre-tax cashflows along with the cumulative pre-tax and after-tax cashflows.

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Figure 1.2: Annual and cumulative cash flows

All years maintain a positive cashflow apart from 2030 and 2031.

A sensitivity analysis was conducted using the Section 22.4 economic analysis as the base case to assess the impact of changes in process recovery, in the price of gold, in total CAPEX and OPEX on the Project's NPV at a 5% discount rate and IRR. The after-tax results of the sensitivity analysis are shown in Table 1.12 to Table 1.15, and Figure 1.3 and Figure 1.4. The NPV of the Project is most sensitive to variations in the gold price and gold recovery projections, followed by OPEX and CAPEX. The Project NPV goes negative at the lower limit of the price interval tested. Although the intervals and increments assessed are different, the spider graphs show the NPV appears to be equally sensitive to variations in Recovery and Price. Overall, within the limits of accuracy of the cost estimates in this study, the Project's potential after-tax viability does not seem significantly vulnerable to the under-estimation of capital costs up to 20%, when taken individually. The sensitivity to OPEX indicates reductions in operating costs up to 20% would be of benefit.

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Table 1.12: Economic metrics sensitivity to variations in the recovery

Description	Units	After Tax Net Present Value @ 5%
Percent Variation	%	-7.6%	-3.8%	Base	+3.8%	+7.6%
Au Recovery	%	79.0	82.2	85.5	88.7	92.0
NPV @5.0%	CAN$ M	121.4	160.3	199.2	238.0	276.9
IRR	%	n/a	n/a	n/a	n/a	n/a
Payback	Years	n/a	n/a	n/a	n/a	n/a
Percent Variation in NPV	%	-39	-20	0	+20	+39

Table 1.13: Economic metrics sensitivity to variations in the gold price

Description	Units	After Tax Net Present Value @ 5%
Percent Variation	%	-20%	-10%	Base	+10%	+20%	+36.7%
Au Price	US$/oz	2,925	3,291	3,656	4,022	4,388	5,000
NPV @5.0%	CAN$ M	-6.5	96.3	199.2	302.0	404.9	415.1
IRR	%	n/a	n/a	n/a	n/a	n/a	-
Payback	Years	n/a	n/a	n/a	n/a	n/a	-
Percent Variation in NPV	%	-103	-52	0	+52	+103	+108

Table 1.14: Economic metrics sensitivity to variations in the total OPEX

Description	Units	After Tax Net Present Value @ 5%
Percent Variation	%	-20%	-10%	Base	+10%	+20%
Operating Cost	CAN$ M	580.8	653.3	725.9	798.5	871.1
NPV @5.0%	CAN$ M	313.7	256.4	199.2	141.9	84.7
IRR	%	n/a	n/a	n/a	n/a	n/a
Payback	Years	n/a	n/a	n/a	n/a	n/a
Percent Variation in NPV	%	+57	+29	0	-29	-57

Table 1.15: Economic metrics sensitivity to variations in the total CAPEX (includes Sustaining Capital and Closure Costs)

Description	Units	After Tax Net Present Value @ 5%
Percent Variation	%	-20%	-10%	Base	+10%	+20%
Capital Cost	CAN$ M	112.0	126.0	140.0	154.0	168.0
NPV @5.0%	CAN$ M	220.4	209.8	199.2	188.6	177.9
IRR	%	n/a	n/a	n/a	n/a	n/a
Payback	Years	n/a	n/a	n/a	n/a	n/a
Percent Variation in NPV	%	+11	+5	0	-5	-11

The following Figure 1.3 and Figure 1.4 graphically show the tabulated NPV @ 5% values as well as the percent variations in these NPV values from the base case NPV @ 5% value.

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Figure 1.3: After-tax NPV 5%: sensitivity to recovery, price, CAPEX, and OPEX

Figure 1.4: After-tax percent variation in NPV 5%: sensitivity to recovery, price, CAPEX, and OPEX

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1.20 Adjacent Properties

The Hammerdown Property is situated within the Green Bay area and is surrounded by mineral licences held by third parties, although New Found Gold controls a contiguous land package that includes the Whisker Valley and Gull Ridge blocks, providing a substantial exploration buffer around the deposit. Approximately 14 km from the Hammerdown deposit lies the Little Deer Deposit, owned by FireFly Metals Ltd., a high-grade copper-rich volcanogenic massive sulphide (VMS) system with reported Measured, Indicated, and Inferred Mineral Resources prepared under JORC (2012) and NI 43-101 standards.

The Pine Cove Gold Property is largely bordered by water, with its southern boundary adjoining third- party mineral licences, including the Ming Mine, also held by FireFly Metals Ltd. FireFly has reported a current Mineral Resource Estimate for Ming, a VMS deposit hosted in rocks of the Pacquet Harbour Group, which is geologically distinct from the gold mineralization at Pine Cove.

The Qualified Person has not independently verified the information related to adjacent properties, and such information is not necessarily indicative of mineralization on the Hammerdown or Pine Cove properties.

1.21 Interpretations and Conclusions

For complete details on interpretations and conclusions, please refer to Section 25 of the technical report.

1.21.1 Geology and Mineral Resources

Hammerdown Deposit

The Hammerdown deposit hosts structurally controlled quartz-vein gold mineralization typical of orogenic lode gold systems. Drilling data and QA/QC results from recent exploration programs are considered adequate for Mineral Resource estimation.

Open pit-constrained Mineral Resources include Measured Resources of 271 kt at 8.24 g/t Au (72 koz), Indicated resources of 1,823 kt at 1.96 g/t Au (115 koz), and Inferred Resources of 973 kt at 2.59 g/t Au (81 koz). No underground Mineral Resources are reported. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. Opportunities and risks for the Hammerdown deposit are summarized in Sections 1.22 and 1.23.

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Orion Deposit

The Orion gold deposit consists of a structurally controlled system, typical of orogenic, volcanic hosted lode gold deposits. The database and related QA/QC generated from the Orion drilling programs is considered reliable and suitable for use in Mineral Resource estimation.

The total open pit constrained Indicated Mineral Resource for the Orion deposit is estimated at 598 kt grading 1.75 g/t Au, (33.6 koz Au). The total open pit constrained Inferred Mineral Resource is estimated at 91 kt grading 1.92 g/t Au, (5.6 koz Au). The total underground Indicated Mineral Resource is estimated at 636 kt grading 1.92 g/t Au, (39.3 koz Au), while the underground Inferred Mineral Resource is estimated at 523 kt grading 2.16 g/t Au, (36.2 koz Au). Combined, the Orion Deposit hosts a total indicated mineral resource of 1,234 kt grading 1.84 g/t Au, (72.9 koz Au), and a total Inferred Mineral Resource of 614 kt grading 2.12 g/t Au, (41.8 koz Au). Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Opportunities and risks for the Orion deposit are summarized in Sections 1.22 and 1.23.

Stog'er Tight Deposit

At the Stog'er Tight deposit, the gold mineralization consists of a dense and a complex vein system structurally controlled with pyrite replacement typical of orogenic gold deposit. Drilling data and QA/QC data are reliable and of sufficient quality for Mineral Resource estimation.

The Stog'er Tight deposit hosts a total Inferred open pit constrained Mineral Resource of 545 kt grading

2.16 g/t Au, (37.8 koz Au). Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Opportunities and risks for the Stog'er Tight deposit are summarized in Sections 1.22 and 1.23.

1.21.2 Mining Methods

The PEA is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. No Mineral Reserves are defined for the Project.

The PEA has demonstrated the potential to extract the mineralized material at Hammerdown, Orion and Stog'er Tight using open pit mining methods. The Project is projected over a 13-year life of mine with a processing rate of 700 tpd. The average strip ratio over the LOM is 11.4 with an average mining rate of 12,300 tpd. Total extracted material equals 54.1 Mt including 4.4 Mt of mineralized material at an average grade of 2.19 g/t Au for 306.6 koz, 48.0 Mt of waste and 1.7 Mt of overburden.

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1.21.3 Recovery Methods

The Pine Cove process plant currently treats material via a conventional flotation-leach-Merrill Crowe flowsheet to nominally process 700 tpd material. Run-of-mine (ROM) material is currently processed via a two-stage crushing plant at the Hammerdown deposit and then hauled to the Pine Cove plant. It is proposed to install a three-stage crushing plant with an ore sorter at the Hammerdown deposit and continue to haul crushed material to the Pine Cove plant.

1.21.4 Project Infrastructure

The Hammerdown Project plans to use open-pit mining and processing ore at the existing Pine Cove Mill, with tailings stored nearby in an existing permitted in-pit facility. Most needed infrastructure is either already available or scheduled for upgrades that can meet the industry standards required for a PEA- level study.

1.21.5 Environmental Studies, Permitting and Social and Community Engagement

• Pine Cove, Hammerdown/Orion, and Stog'er Tight include legacy disturbances and localized water quality issues that guide monitoring and permitting needs.

• Pine Cove requires updates to dam safety instrumentation and water management infrastructure.

• Hammerdown, Stog'er Tight, and Pine Cove operate under existing provincial approvals, while Orion will require a new EA registration.

• All sites (Hammerdown/Orion, Stog'er Tight, and Pine Cove) are influenced by hydrogeological conditions that affect inflows, pit/pond interactions, and water handling needs.

• Hammerdown/Orion require deeper testing and groundwater modelling, while Stog'er Tight requires fracture zone delineation and 3D modelling.

• Pine Cove groundwater inflow influences pit lake evolution and closure planning.

• Hammerdown/Orion stockpile toe seepage should be incorporated into updated site wide water management plans.

• All sites require integrated water management plans that reflect inflows, groundwater behaviour, pond interactions, and seasonal variability.

• Hammerdown/Orion and Stog'er Tight require deeper testing and numerical modelling to refine inflow estimates, understand pit/pond interactions, and support updated water management and permitting needs.

• Stog'er Tight requires water level control strategies to support development, including Fisheries Act engagement and associated fish habitat considerations.

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1.21.6 Capital and Operating Cost Estimates

The estimated capital and operating costs are reasonable for a PEA level analysis.

1.21.7 Economic Analysis

Based on the available information, the project has an after-tax NPV of $199.2M at a discount rate of 5% and with positive cashflows for the initial four years neither an IRR nor a Payback in years is applicable. The sensitivity analysis indicates that the Project economics are most sensitive to the gold price and the gold recoveries. As an example, the previous Table 1.13 shows that with a US$2,925/oz gold price that is 20% below the base case of $3,656/oz, the Project NPV goes negative, while with a February 18^thnear spot US$5,000/oz gold price the Project NPV more than doubles.

1.22 Opportunities

1.22.1 Mineral Resource

The main Mineral Resource opportunities at the Hammerdown deposit are the upside potential to add Mineral Resources within the current MRE pit optimization or on its fringe, and the potential to add Mineral Resources contained within backfilled historical stopes.

The Orion deposit offers opportunities to increase Mineral Resources by converting the Inferred mineralized zones to the Indicated category within the pit shell, as well as the potential to define mineralization at depth, which remains open down plunge to the northeast.

The main opportunities at the Stog'er Tight deposit are the remaining gold in the stockpiles, the potential underestimation of mineralization due to under-sampled drill holes that created gaps in the MRE, and possible extensions, both laterally and particularly at depth.

1.22.2 Mining

The opportunities related to mining include:

• The processing of sorter rejects at the end of the mine life if economic conditions are favorable, which amount to 1,195 kt at 0.33 g/t for 12.6 koz.

• The inclusion in the mine plan of resources not currently considered; particularly the underground resources at the Orion deposit which include 636 kt at 1.92 g/t for 39.3 koz. in the Indicated category and 523 kt at 2.16 for 36.2 koz. in the Inferred category.

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1.23 Risks

1.23.1 Mineral Resource

The main Mineral Resource risks at the Hammerdown deposit are the uncertainty of the historically mined stopes and associated precision of the geological model, and the narrow vein style of mineralization that may lead to difficult dilution management. A derisking drilling program is recommended to alleviate the risk related to the stope placement, and a geological modelling using minimum thicknesses and monitoring of grade control model are recommended to mitigate the risk related to the width of mineralization.

The principal risk at the Orion deposit is the limited number of drill holes used in the MRE. Orion remains at an exploratory stage and requires infill drilling to increase confidence in the resource model.

The main Mineral Resource risks at the Stog'er Tight deposit are the uncertainty associated with mineralized zones defined by downdip diamond drilling, and the complex geometry and discontinuity of the vein system, which complicate mineralization delineation. An infill drilling program at appropriate orientations, including televiewer surveys, is recommended to improve delineation of mineralized zones, reduce uncertainty in the current geological model, and enhance understanding of the structural controls on mineralization.

1.23.2 Mining

The risks related to mining include:

• Differences in geological model versus what is mined.

• Mine dilution at Hammerdown considering the narrow nature of the veins being mined in an open pit environment.

• Geotechnical risks, particularly the possible impact related to the Captain Nemo Fault which is in the vicinity of the Hammerdown deposit.

1.24 Recommendations

1.24.1 Mineral Resource

Hammerdown

Based on the risks and opportunities identified, and general observations made on the Mineral Resource estimate, the Hammerdown deposit QP recommends a diamond drilling work program to target at-risk areas and Inferred Mineral Resource conversion, grade control block model reconciliation with the MRE model, as well as QA/QC monitoring for its diamond drilling programs.

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Orion Deposit

Diamond drilling recommendations at the Orion deposit can be summarized as follows:

• Carry out conversion drilling in Inferred mineral zones to upgrade those blocks to Indicated Mineral Resources.

• Consider using screen-metallic analysis with gravimetric finish, or AA with gravimetric finish, for samples containing coarse gold or for samples falling above the established coarse-gold threshold.

Stog'er Tight Deposit

The authors recommend additional work be carried out to continue exploring the Property and enhance the economic potential of the Project.

Diamond drilling recommendations at the Stog'er Tight deposit can be summarized as follows:

• To proceed to an independent surveyor to confirm collar coordinates for the majority of holes with remaining collar.

• To correct minor inconsistencies in the current merged database using raw data or corrected source files (e.g. final depth, lithological gap, project header, etc.)

• To record some geological features such as vein intervals, alteration and deformation in a specific table.

• To conduct an infill sampling program on existing drill cores.

• To add field duplicates to the QA/QC routine at the same nominal frequency as the other QA/QC sample types in further DDH programs

• To proceed with televiewer survey on a selection of drill holes to better understand mineralized vein system and structural framework on the deposit.

• Conduct an infill drilling program to better delineate mineralized zones such as the apparent ore shoots.

• To pursue exploration work in the Stog'er Tight deposit and test depth extensions of the mineralization as well as possible three subsidiary zones, in the north-western port of the 278 Zone, at depth below the Gabbro Zone and to the north of the Gabbro Zone.

1.24.2 Mineral Processing and Metallurgical Testing

Additional metallurgical and mineralogical characterisation studies are recommended as the mineralization is processed in order to further refine the process flowsheet variables through operations. The following is recommended:

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• Further study should be undertaken at site on the Merrill Crowe circuit with assay of the solutions prior and post precipitation.

• As operations continue to process the mineralization, comparison and corrections should be made to the data set to further build on the level of metallurgical understanding this project already owns.

1.24.3 Mining Methods

Several studies should be performed to further optimize and define the mine design and schedule as well as supporting mine infrastructure. The following work is recommended:

• Hammerdown Phase 2 pit design optimization considering the geotechnical constraints pertaining to the Captain Nemo Fault.

• Detailed planning of mine extraction schedule as well as infrastructure requirements.

• Condemnation drilling for supporting mine infrastructure; particularly the Hammerdown and Orion waste rock storage facility.

1.24.4 Recovery Methods

It is recommended that the sorting plant be constructed to allow for two sorters to maintain sorting efficiencies into operations.

The process plant resumed operations in 2025 and was commissioned on low grade stockpiles and then commenced treating material from the Hammerdown deposit in Q4 2025. It is recommended to continue to optimize plant operations.

1.24.5 Project Infrastructure

Water Management

• Advance design for future phases

• Enhance Hydrologic and Groundwater Monitoring

• Expand Water Quality Characterization

• Conduct Settling Pond Optimization Studies

• Evaluate Future Treatment Requirements

• Review and Integrate Legacy Infrastructure Performance

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1.24.6 Environment, Permitting and Social and Community Engagement

Water Management

• Integrate stockpile toe-seepage estimates

• Advance development of comprehensive water management plans

• Develop water-level management plans for Fox Pond and Camp Pond at Stog'er Tight

Fisheries Act and Pond Interaction Considerations

• Initiate engagement with Fisheries and Oceans Canada (DFO) regarding Stog'er Tight

• Maintain existing habitat offset measures at Pine Cove

Environment Baseline and Geochemical Programs

• Continue environmental baseline updates

• Expand geochemical testing

• Continue long-term monitoring at Pine Cove under the MDMER

• Monitor discharge volumes and effluent quality parameters for Hammerdown, Orion and Stog'er Tight to identify when sites approach/meet MDMER applicability criteria

Permitting and Regulatory Planning

• Confirm and implement provincial EA and permitting requirements for Orion

• Update and resubmit the development plan, operational plan, and RCP (including Pit 278) for Stog'er

Tight

• Maintain compliance with applicable legislation

Stakeholder, Indigenous, and Regulator Engagement

• Continue to engage with regulators, Indigenous groups, and local communities

• Provide regular opportunities for stakeholder input

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2. Introduction

2.1 Terms of Reference and Purpose of the Report

This independent report for the Hammerdown Gold Project (Project) has been prepared on behalf of Maritime Resources, a wholly owned subsidiary of New Found Gold Corp. (New Found Gold), as a Canadian Securities Administrators' National Instrument 43-101 Standards for Disclosure for Mineral Projects (NI 43-101) Technical Report by WSP Canada Inc. (WSP), Minéralis Consulting Services Inc. (Minéralis), Norda Stelo Inc. (Norda), Canenco Consulting Corp. (Canenco), EvoMine Consulting Inc. (EvoMine), JDS Energy & Mining Inc. (JDS), Stantec Consulting Ltd. (Stantec), Knight Piésold Consulting Ltd. (KP) and Lincoln Metallurgical Inc. (LM).

New Found Gold is a Vancouver, British Columbia, Canada based public company which was incorporated in 2016 and is publicly traded on the TSX Venture Exchange (TSXV: NFG) and the NYSE American (NFGC). New Found Gold is a mineral exploration and emerging gold production company with assets in Newfoundland and Labrador. The Project is 100% owned by New Found Gold following its acquisition of Maritime Resources Corp. (Maritime). New Found Gold is focused on growth and value creation.

The Project is divided into two properties consisting of the Hammerdown property and the Pine Cove property. The Hammerdown property is located approximately 15 km west of the Town of Springdale on the north coast of Newfoundland and Labrador and includes the Hammerdown and Orion deposits that will be mined by open pit method. The Pine Cove property is located approximately 40 km northwest of the upper most point of the Hammerdown property and includes the Stog'er Tight deposit that will be mined by open pit method. Certain infrastructure including the existing Pine Cove Mill and existing tailings storage facility will be shared between the two properties.

This report has been prepared in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) guidelines and NI 43-101, Form 43-101F1, and Companion Policy 43-101CP by the contributors identified in Section 2.2.

New Found Gold currently has mining leases that cover 710.9 ha and 371.4 ha of surface leases in the vicinity of the Project on the Hammerdown property. At the Pine Cove property, New Found Gold currently has mining leases that cover 1,177.4 ha and 491.1 ha of surface leases that encompass the historic Pine Cove Mine and Mill and Argyle deposit, and the Stog'er Tight deposit along with other advanced historic mineral prospects.

The purpose of this report was to provide a PEA and updated mineral resource estimate (MRE) on the Project which includes the Hammerdown and Pine Cove properties. The PEA highlights the regional deposits that will be processed at the Pine Cove Mill, with a milling rate of 700 tpd over the 13-year Life of Mine Plan (LoMP) and includes the addition of pre-concentration sorting for the mined mineral at the Hammerdown property.

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This PEA does not include any discussion on the company's flagship Queensway Project.

The study covers the following key activities:

• Updated Mineral Resource estimate (MRE) for the Hammerdown, Orion and Stog'er Tight deposits.

• Optimization of mine design, including an understanding of the geotechnical conditions of the operation for Hammerdown, Orion and Stog'er Tight deposits.

• Producing a new LoMP and production schedules for the mine operations.

• Updating of all supporting infrastructure including power, buildings, roads, etc.

• Incorporating the results of the pre-concentration sorters in the flowsheet.

• Updating flowsheet to be used for process design and costing.

• Summarizing the environmental permitting requirements.

• Compiling capital expenditure and operating expenditure estimates for the Project.

• Building a cash flow model for performance of an economic analysis of the Project.

• Providing New Found Gold with a Technical Report for public disclosure to potentially be used to raise funds for the further development of the Project.

Cautionary Statement

The quality of information, conclusions, and estimates contained herein is consistent with the level of effort involved in the consultants' services. The information, conclusions, and estimates contained herein are based on i) information available at the time of preparation, ii) data supplied by outside sources, and iii) the assumptions, conditions, and qualifications set forth in this report. This report is intended for use by New Found Gold, subject to the terms and conditions of its contract with New Found Gold's various consultants and relevant securities legislation. The contract permits New Found Gold to file this report as a Technical Report with Canadian securities regulatory authorities pursuant to NI 43-101. Except for the purposes legislated under provincial securities law, any other uses of this report by any third party is at that party's sole risk. It should be noted that the Hammerdown property is currently in an operating state and therefore any future decisions in this report may not be in place moving forward.

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2.2 Qualifications of Consultants

The Consultants preparing this technical report are specialists in the fields of geology, exploration, Mineral Resource and Mineral Reserve estimation and classification, mining, geotechnical, environmental, permitting, metallurgical testing, mineral processing, processing design, civil, mechanical, electrical, capital and operating cost estimation, and mineral economics.

None of the consultants or any associates employed in the preparation of this report has any beneficial interest in New Found Gold. The Consultants are not insiders, associates, or affiliates of New Found Gold. The results of this Technical Report are not dependent upon any prior agreements concerning the conclusions to be reached, nor are there any undisclosed understandings concerning any future business dealings between New Found Gold and the consultants. The consultants are being paid a fee for their services in accordance with normal professional consulting practice.

The following individuals, by virtue of their education, experience and professional association, are considered QPs as defined in the NI 43-101 and are members in good standing of appropriate professional institutions as seen in Table 2.1.

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Table 2.1: QP responsibilities

QP	Designation	Company	QP Responsibility/Role	Report Sections / Sub-sections
Stephen Coates	P.Eng.	Evomine Consulting Inc.	Mineral Reserve Estimate, Mining Methods, Haul roads and Stockpiles, LoMP, Mining Capital and Operating Costs	1.13.3, 1.22.3, 1.23.2, 1.24.5, 16.1, 16.4, 16.5, 16.6, 16.7, 16.8, 18.9, 21.3.2, 21.4.1, 25.2, 26.3
Christian Beaulieu	P.Geo.	Minéralis Consulting Services Inc.	Property Description and Location, Accessibility, Climate, Local Resources, Infrastructure, and Physiography, History, Geological Setting and Mineralization (Hammerdown), Deposit Types (Hammerdown) Exploration (Hammerdown), Drilling (Hammerdown), Sample Preparation, Analyses, and Security (Hammerdown), Data Verification (Hammerdown), Mineral Resource Estimate (Hammerdown), Adjacent Properties	4.1 to 4.5, 5, 6, 7.1, 7.2, 8.1, 10.1, 10.2, 11.0, 11.1.1 to 11.1.6, 12, 14.0, 14.1, 23, 25.1.1, and 26.1.1, and other relevant sub-sections pertaining to the Hammerdown deposit of Section 1
Michael Levy Chafana Hamed Sako	P.Eng. P.Geo.	JDS Energy & Mining Inc. Norda Stelo Inc.	Mining Methods - geotechnical subsection for Geological Setting and Mineralization (Orion), Deposit Types (Orion), Exploration (Orion), Drilling (Orion), Sample Preparation, Analyses, and Security (Orion), Data Verification (Orion), Mineral Resource Estimate (Orion and Stog'er Tight)	1.13.1 and 16.2 1.5.2, 1.6.2, 1.8.2, 1.9.2, 1.10.2, 1.12.3, 1.22.1, 1.23.1, 10.3, 11.1.7, to 11.1.8, 14.2, 14.3, 25.1.2 and 26.1.2, and other relevant sub-sections pertaining to the Orion deposit of Section 1.
James Guiraud	P.Geo.	Norda Stelo Inc.	Geological Setting and Mineralization (Stog'er Tight), Deposit Types (Stog'er Tight), Exploration (Stog'er Tight), Drilling (Stog'er Tight), Sample Preparation, Analyses, and Security (Stog'er Tight), Data Verification (Stog'er Tight)	1.5.3, 1.6.3, 1.7, 1.8.3, 1.9.3, 1.10.3, 1.12.4, 1.22.1, 1.23.1, 7.2, 7.3, 8.1.2, 8.2, 8.3, 9, 10.4, 10.5, 11.2, 12.2, 25.1.3 and 26.1.3, and other relevant sub-sections pertaining to the Stog'er Tight deposit of Section 1.
Stacy J. Freudigmann	P.Eng.	Canenco Consulting Corp.	Mineral Processing and Metallurgical Testing, Recovery Methods, Sorting and Crushing Plant Capital and Operating Costs	1.11, 1.18 (Crush & Sort), 1.24.4, 1.24.6, 13,17.2, 21.2.5, 21.2.8, 21.2.9, 21.4.4, 25.3, and 26.4.

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QP	Designation	Company	QP Responsibility/Role	Report Sections / Sub-sections
Sheldon H. Smith	P.Geo.	Stantec Consulting Ltd.	Property Description and Location - Subsection for environmental risks and liabilities, Mining Methods - Subsection for hydrogeology and geochemistry, Environmental Studies, Permitting, and Social or Community Impact, Closure Costs	4.6, 16.3, 20 and related disclosure in Sections 1, 21, 25, 26, and 27
J. Alex Mcintyre	P.Eng.	Knight Piésold Ltd.	Project Infrastructure - Subsection for tailings, Environmental Studies, Permitting, and Social or Community Impact - Subsection for closure, TSF Operating Costs	18.8.3, 18.10, 20.7 (Pine Cove and Stog'er Tight), 21.2.1 (Tailings), and 21.4.7, and other relevant sub-sections in Section 1.
Neil J. Lincoln	P.Eng.	Lincoln Metallurgical, Inc.	Recovery Methods - input, Mill Operating Costs, G&A costs, Haulage Costs	17.1, 17.3, 21.4.2, 21.4.5, 21.4.6 and 25.3, and other relevant sub- sections in Section 1.
Dachun (David) Jin	P.Eng.	WSP Canada Inc.	Project Infrastructure, Electrical and Water Management Capital Costs	1.15, 1.24.7, 18.1 to 18.7, 18.8.1 to 18.8.2, 25.4 and 26.5, and other relevant sub-sections in Section 1.
William Richard McBride	P.Eng.	WSP Canada Inc.	Introduction, Market Studies and Contracts, compiling of Capital and Operating Costs, Economic Analysis	Sections 1.1, 1.16, 1.18, 1.19, 1,21.1, 1.21.2, 2, 19, 21.1, 21.2.1, 21.2.2, 21.2.3, 21.3.1, 21.3.3, 21.3.4, 21.3.5, 21.3.6, 21.3.7, 21.3.8, 21.4.1, 21.4.3, 22, 25.6, 25.7.

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2.3 Sources of Information

The sources of information included data and previous reports supplied by New Found Gold personnel as well as documents cited throughout the report and referenced in Section 27. New Found Gold's electronic database "Maritime Data Room" was compiled and transmitted by New Found Gold.

The report is also based on information collected by the QPs during site visits performed per Table 2.2

2.4 Site Visit

QP site visits were conducted as shown in Table 2.2.

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Table 2.2: QP site visits to Hammerdown and Pine Cove

QP	Company	Date	Accompanied by	Description of Inspection
Dachun (David) Jin	WSP Canada Inc.	January 7- 9, 2026	Amit Dadhania (WSP) Michael Larter (New Found Gold)	Conducted site visit to Hammerdown mine and Pine Cove Mill.
Neil J. Lincoln	Lincoln Metallurgical Inc.	October 15 & 16, 2025	Alexandra Squires (New Found Gold)	Conducted site visit to Hammerdown mine and Pine Cove Mill
J. Alex Mcintyre	Knight Piésold Ltd.	October 28, 2025	Tony Decker	Conducted site visit to Pine Cove Tailings Storage Facilities.
Sheldon H. Smith	Stantec Consulting Ltd.	October 15 & 16, 2025	Alexandra Squires (New Found Gold)	Conducted site visit to Hammerdown Mine, Nugget Pond mine and Pine Cove mine.
Christian Beaulieu	Minéralis Consulting Services Inc.	May 12 & 13, 2025 and October 15 & 16, 2025	Larry Pilgrim, Jason Flight and Paul LeGrow (Maritime), and Robert Assabgui (New Found Gold)	Conducted site visit to Hammerdown core logging installations, core storage, and mine site. Discussions with Maritime geologists.
Mike Levy	JDS Energy & Mining Inc.	November 9, 2025	Larry Pilgrim & Jason Flight (Maritime)	Inspected the Hammerdown site including the historic pit and reviewed core for geotechnical properties
Stacy Freudigmann James Guiraud	Canenco Consulting Corp. Norda Stelo Inc.	April 15 & 16, 2019 October 4-10, 2025	- Jason Flight (Maritime)	Conducted site visit to Pine Cove Mill Conducted site visit to Stog'er Tight core logging installations, core storage, core review, field visit and mine site. Discussions with Maritime geologists.
Chafana Hamed Sako	Norda Stelo Inc.	-	-	No current Qualified Person site visit has been completed for the Orion deposit. The most recent visit was conducted by Norda in 2022; however, this inspection does not meet the requirements of NI 43-101 for a compliant site visit by the Qualified Person responsible for this Technical Report as it fell outside the acceptable timeframe for a site visit.

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QP	Company	Date	Accompanied by	Description of Inspection
Stephen Coates	Evomine Consulting Inc.	February 3-6, 2026	-	Conducted site visit to Hammerdown mine.
William Richard McBride	WSP Canada Inc.	June 2 to 3, 2016	Larry Pilgrim	Conducted site visit to Hammerdown property as part of the Green Bay study. The Green Bay property, 100% owned by Maritime Resources, comprised the past producing Hammerdown Gold Mine including the Rumbullion and Muddy Shag deposit and, separately, the Orion deposit.

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2.5 List of Previous Relevant Technical Reports

The previous Technical Report, "Hammerdown Gold Project, Newfoundland, Feasibility Study Technical Report", October 6, 2022, JDS Energy & Mining Inc. et al. (JDS 2022) was the most recent Technical Report.

Prior to the JDS (2022) Technical Report were the ""Hammerdown Gold Project, Newfoundland and Labrador Preliminary Economic Assessment", April 15, 2020, WSP Canada Inc. et al. (WSP 2020), the NI 43-101 Technical Report, "Mineral Resource and Mineral Reserve Update on the Point Rousse Project", December 20, 2022, Signal Gold Inc. et al. (Signal Gold 2022), and the "King's Point Polymetallic Project, Green Bay Area, Newfoundland", September 18, 2016, Inovert Capital Inc. et al (Inovert 2016)

The reports are no longer valid; however, site descriptions and basic project information were used in this report after verification and/or editing by the PEA QPs.

2.6 Units of Measure

In this report quantities are stated in Système International d'Unités (SI) metric units, the standard Canadian and international practice including metrics tons (tonnes, t), and kilograms (kg) for weight, kilometers (km) or metres (m) for distance, hectares (ha) for area, grams (g) and grams per tonne (g/t) for precious metal grades. Gold values for work performed by New Found Gold and previous operators are reported as grams per tonne (g/t) or parts per billion (ppb). A conversion factor of 31.1035 was used by Evomine to convert grams to troy ounces (oz) as part of documenting the contained and recovered gold. Per Wikipedia, "Troy weight is a system of units of mass whose origin is uncertain. By far the most common troy unit is the troy ounce (oz t), the standard mass unit for precious metals in industry and in trade; it equals 31.1034768 grams."

All currency is in Canadian dollars (CAN$), and referenced as '$', unless otherwise stated. Map coordinates are given as Universal Transverse Mercator (UTM) projection, North American Datum 1983 (NAD83), Zone 21 coordinates, although some information is given with respect to local field grid coordinates. Abbreviations used in this report are listed under the heading Abbreviations.

This report may include technical information that requires subsequent calculations to derive subtotals, totals, and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, WSP does not consider them to be material.

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2.7 Effective Date

The issue date of this report is March 16, 2026. The effective date of the PEA is February 18, 2026.

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3. Reliance on Other Experts

The Qualified Persons (QPs) who prepared this report relied on information provided by experts who are not QPs. The relevant QPs believe that it is reasonable to rely on these experts, based on the assumption that the experts have the necessary education, professional designations, and relevant experience on matters relevant to this technical report.

In preparing this Technical Report, the Qualified Person has relied upon information provided by New Found Gold regarding property ownership, applicable royalty interests, and surface access and rights. The information provided to the QP was used for Section 4 of this report and included the following:

• From Stewart McKelvey: File SM060399-0023, Mineral Licence - Due Diligence Report - New Found Gold Corp.'s Transaction with Maritime Resources Corp., an excel spreadsheet summarizing the royalty agreements encumbrances, and summary tables for property access and rights.

The water management assessment in Section 18 relies on information, data, and interpretations provided by qualified third party experts, including hydrological modelling, groundwater inflow estimates, water quality characterization, waste rock geochemistry, and site infrastructure details sourced from the Hammerdown Water Management Plan (GEMTEC 2022), the Stog’er Tight Development Plan Update (Signal Gold 2022), and the Pine Cove Mine Development Plan (MRC 2025). These inputs were assumed to be accurate, complete, and prepared using accepted industry methodologies; no independent verification of external datasets was performed. Consequently, the water management conclusions are dependent on the validity of these external sources, and any errors or revisions may influence the findings of this PEA.

William Richard McBride, P.Eng., relied upon New Found Gold's Third Party Tax Accountants for guidance on applicable taxes and relied upon information provided by New Found Gold for applicable consensus commodity pricing, royalties, selling costs, payability factor, and existing operational contracts applied to the economic analysis described in Section 22.

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4. Property Description and Location

4.1 Description and Location

The project area encompasses two 100% owned mineral properties, the Hammerdown and Pine Cove (formerly the Point Rousse) properties, which are located in the north-central portion of the Island of Newfoundland in the Province of Newfoundland and Labrador (NL) on the east coast of Canada. The two properties are situated approximately 40 km apart via highway NL-410 N and share certain project infrastructure including the Pine Cove Mill and tailings storage facility located on the western side of the Pine Cove Property. Collectively, these properties comprise the Hammerdown Gold Project (the Project). The three resource areas described in this Technical Report are planned to provide mill feed to this centralized processing facility at Pine Cove. These areas comprise the Hammerdown and Orion deposits, both located on the Hammerdown Property, and the Stog’er Tight deposit situated on the Pine Cove Property. The Trans-Canada Highway, a transcontinental federal–provincial highway system that travels through all 10 southern provinces of Canada, runs along the southern edge of the Hammerdown Gold Property. The nearest communities to the Hammerdown deposit are the towns of King’s Point and Springdale, situated approximately 3 km and 7 km away, respectively. The Pine Cove Property is located within the historic Baie Verte mining district with the nearest community of Ming’s Bight, located immediately adjacent to the eastern boundary of the property (Figure 4.1). New Found Gold’s flagship Queensway Project is located approximately 270 km from the Pine Cove Property and approximately 15 km west of the town of Gander.

On November 13, 2025, New Found Gold announced that the Company had acquired 100% of the issued and outstanding common shares of Maritime that it did not already own pursuant to a court- approved plan of arrangement under the Business Corporations Act (British Columbia). Mineral licences and mining leases remain registered in Maritime's name as a wholly owned subsidiary of New Found Gold.

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Figure 4.1: Location map of the Hammerdown Gold Project, comprising the Hammerdown and Pine Cove properties in north-central Newfoundland; inset map of the Island of Newfoundland

4.1.1 Hammerdown Property - Green Bay, Whisker Valley, and Gull Ridge Blocks

The Hammerdown Property is divided into three geologically distinctive blocks, Green Bay, which contains the Hammerdown and Orion deposits, Whisker Valley and Gull Ridge, each having their own unique gold trends and mineralization styles. The Hammerdown Property consists of 24 mineral licences comprising 1,595 mineral claims, and four mining leases covering an area of 39,875 ha.

The Hammerdown Property is situated within National Topographic System (NTS) map sheets 12H/08 and 12H/09. The approximate centre of the property is located at UTM coordinates 547,665 mE and 5,488,750 mN (NAD83, Zone 21). The geographic position of the various contiguous licence groupings, and the licence descriptions, and mining leases are presented in Figure 4.2 and Table 4.5.

Springdale, the primary service centre for the project area, is located approximately 15 km by road from the Hammerdown deposit via provincial highways. The remainder of the Hammerdown Property is accessible by a combination of provincial highways and forest access roads extending from the town of Springdale, with the most distal portion of the exploration project, the Whisker Valley block, located approximately 55 km from Springdale by provincial highway.

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Figure 4.2: Hammerdown Property comprising the Green Bay, Whisker Valley and Gull Ridge blocks with mineral licenses and mining leases

4.1.2 Pine Cove Property

The Pine Cove Property (formerly the Point Rousse Project) is located on the northeastern tip of the Baie Verte Peninsula and encompasses the entirety of the Point Rousse Peninsula. Located on the western coast of the Pine Cove Property is the Pine Cove Mill which includes the permitted and operational Pine Cove gold processing plant (Pine Cove Mill), large capacity in-pit tailings storage facility and access to a deep-water port in addition to the Stog’er Tight deposit, the historic Argyle deposit, and numerous well advanced gold prospects.

The Pine Cove Property consists of nine mineral licences comprising 191 mineral claims, and 8 mining leases covering an area of approximately 4,775 ha. The Pine Cove Property occupies portions of NTS map sheets 12H/16 and 12I/01 with the approximate center of the Pine Cove Gold Property at UTM coordinates 566,050 mE and 5,537,680 mN (NAD83, Zone 21). The geographic position of the various contiguous licence groupings, and the licence descriptions, and mining leases are presented in Figure 4.3, as well as Table 4.1, Table 4.2, and Table 4.5.

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Baie Verte, the primary service centre for the project, lies approximately 5 km southwest of the project area and approximately 25 km by road from the Stog'er Tight deposit.

Figure 4.3: Pine Cove Property mineral licences and mining leases

Table 4.1: Hammerdown Property mineral licence description and status by blocks

Block	Licence No.	License Holder	No. Claims	Area (ha)	Issue Date	Renewal Date	Expenditure Due in 2026
Green Bay	015580M	Maritime Resources Corp.	4	100	2006-11-02	2026-11-02	$5,417.58
	024055M	Maritime Resources Corp.	10	250	2016-08-01	2026-08-01	-
	024057M	Maritime Resources Corp.	2	50	2016-08-01	2026-08-01	-
	024058M	Maritime Resources Corp.	1	25	2016-08-01	2026-08-01	-
	031858M	Maritime Resources Corp.	92	2300	2021-01-14	2031-01-14	-
	034273M	Maritime Resources Corp.	6	150	2022-04-14	2027-04-14	-
	034928M	Maritime Resources Corp.	88	2200	2013-06-24	2028-06-24	$66,013.20

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Block	Licence	License Holder	No.	Area	Issue Date	Renewal Date	Expenditure
Block	No.	License Holder	Claims	(ha)	Issue Date	Renewal Date	Due in 2026
	034984M	Maritime Resources Corp.	76	1900	2019-11-07	2029-11-07	-
	036218M	Maritime Resources Corp.	99	2475	2015-10-22	2030-10-22	$140,927.63
	036393M	Maritime Resources Corp.	55	1375	2006-11-02	2026-11-02	-
	038139M	Maritime Resources Corp.	11	275	2016-08-01	2026-08-01	$10,900.10
	038140M	Maritime Resources Corp.	46	1150	2016-05-05	2026-05-05	$14,224.71
Gull Ridge	032151M	Maritime Resources Corp.	82	2050	2021-03-13	2026-03-13	$42,815.50
	032291M	Maritime Resources Corp.	41	1025	2021-04-04	2026-04-04	$13,202.00
	036865M	Maritime Resources Corp.	6	150	2023-12-14	2028-12-14	-
	038116M	Maritime Resources Corp.	2	50	2019-02-05	2029-02-05	-
	038117M	Maritime Resources Corp.	256	6400	2019-02-05	2029-02-05	-
Whisker	023006M	Maritime Resources Corp.	61	1525	2005-01-21	2027-01-21	$122,000.00
Valley	026547M	Maritime Resources Corp.	1	25	2018-10-29	2028-10-29	-
	025040M	Maritime Resources Corp.	5	125	2017-05-11	2027-05-11	$441.50
	038141M	Maritime Resources Corp.	199	4975	2015-06-30	2030-06-30	-
	038142M	Maritime Resources Corp.	219	5475	2015-03-06	2030-03-06	-
	038143M	Maritime Resources Corp.	213	5325	2019-09-11	2029-09-11	$243,668.84
	039435M	Maritime Resources Corp.	20	500	2025-08-02	2030-08-02	$4,000.00

Table 4.2: Pine Cove Property mineral license description and status

Property	License No.	License Holder	No. Claims	Area (ha)	Issue Date	Renewal Date	Expenditure Due in 2026
Pine Cove	007513M	Maritime Resources Corp.	3	75	2000-06-05	2026-06-05	$13,322.99
	008014M	Maritime Resources Corp.	10	250	2001-05-28	2026-05-28	-
	013261M	Maritime Resources Corp.	3	75	2007-03-29	2027-03-29	-
	015523M	Maritime Resources Corp.	4	100	2002-08-02	2026-08-02	-
	019308M	Maritime Resources Corp.	1	25	2011-09-12	2026-09-12	-
	020405M	Maritime Resources Corp.	1	25	2012-09-03	2027-09-03	$587.72
	023292M	New Found Gold Corp.	9	225	2015-09-10	2030-09-10	-
	040022M	Maritime Resources Corp.	63	1575	2005-12-22	2025-12-22	$126,000.00
	040023M	Maritime Resources Corp.	97	2425	2005-12-22	2025-12-22	$194,000.00

4.2 Property Ownership Summary

All mineral licences were obtained either through staking or through option agreements with other parties. All option agreements have been completed, and the Company maintains a 100% interest in all mineral licences. The mineral licences and mining leases comprising the Hammerdown Gold Project are held either directly by New Found Gold or by Maritime, a wholly owned subsidiary of New Found Gold.

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4.2.1 Hammerdown Property

The Green Bay block is the principal land holding of the Hammerdown Property and the location of the Hammerdown deposit, which Maritime acquired from Commander Resources Ltd. in 2012 through a series of transactions resulting in 100% interest.

Following the acquisition of the Green Bay block land holdings, Maritime expanded the Hammerdown Property footprint through additional option agreements and claim-staking activities, resulting in the consolidation of exploration lands contiguous with the Green Bay block. These expansion activities ultimately incorporated the Whisker Valley and Gull Ridge claim blocks into the broader Hammerdown Property land position.

4.2.2 Pine Cove Property

The Pine Cove Property land package was assembled over several years by Anaconda Mining Inc. (Anaconda), which later renamed itself Signal Gold Inc. (Signal Gold) through acquisition and claim staking focused on the Baie Verte Peninsula. These efforts resulted in the consolidation of mineral licences covering the historic Pine Cove and Argyle deposits and the Stog'er Tight deposit in addition to numerous associated exploration prospects distributed across the Point Rousse Peninsula. Signal Gold ultimately moved the Pine Cove Property land holdings under the entity Point Rousse Mining Inc., a wholly owned subsidiary of Signal Gold.

In 2023, Maritime acquired 100% interest in the Pine Cove Property through its acquisition of Point Rousse Mining Inc., thereby consolidating ownership of all mineral licences comprising the Pine Cove Property.

4.2.3 New Found Gold Acquisition

On November 13, 2025, New Found Gold acquired the remaining issued and outstanding common shares of Maritime pursuant to a court-approved plan of arrangement under the Business Corporations Act (British Columbia), resulting in Maritime becoming a wholly owned subsidiary of New Found Gold.

4.3 Mineral Tenure Information and Maintenance

Mineral rights in NL are managed by the Mineral Lands Division of the Department of Industry, Energy, and Technology (IET), which coordinates map-staking of Crown mineral licences through the online Mineral Lands Administration Portal (MinLAP). Within the area of a mineral licence, there are separate mineral claims, up to 256 coterminous claims per licence area.

With respect to mineral licence maintenance in NL, New Found Gold must abide by two financial obligations to maintain the licences in good standing:

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1. Minimum expenditures for ongoing assessment, in which the province requires licence-holders to spend a minimum amount on their exploration activities each year. These minimum expenditure commitments increase with time, as summarized in Table 4.3.

New Found Gold's minimum combined exploration expenditure obligation for the Hammerdown and Pine Cove properties as of January 12, 2026 is $997,521.77 in 2026.

In each year of a mineral licence being issued, the minimum annual assessment work must be completed by the anniversary, unless there are excess exploration expenditures reported. After an expenditures due date, an assessment report must be submitted within 60 days of the anniversary date. Excess assessment work expenditures are credited to the licence and can be carried forward to satisfy the expenditure requirements in future years except for the transition to Year 20 when all expenditures are defaulted to Year 20 dues.

Any mineral licence holder who intends to conduct an exploration program must obtain mineral exploration approval (MEA) from the NL IET before the activity can commence.

2. Licence renewal fees are required every five years to Year 20 and every year after that, if kept in good standing. The renewal date for each licence is determined by the original staking date of the mineral claims. Mineral licence renewal fees in Newfoundland and Labrador are structured based on the age of the licence. Mineral licence renewal date is distinct from the anniversary date, which governs annual exploration expenditures and assessment work.

Table 4.4 shows the renewal fee per claim for each of the five-year intervals. These fees are due every five years from Year 5 through Year 20, and then annually from Year 21 onward.

Table 4.3: Minimum expenditures for mineral claims in Newfoundland and Labrador

Year	Required Expenditure
1	$200.00/Claim
2	$250.00/Claim
3	$300.00/Claim
4	$350.00/Claim
5	$400.00/Claim
6 to 10	$600.00/Claim
11 to 15	$900.00/Claim
16 to 20	$1,200.00/Claim
21 to 25	$2,000.00/Claim
26 to 30	$2,500.00/Claim
31 Onward	$3,000.00/Claim

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Table 4.4: Renewal fees for mineral claims in Newfoundland and Labrador

Year	Renewal Fee
5	$25.00/Claim
10	$50.00/Claim
15	$100.00/Claim
20 Onward	$200.00/Claim

4.4 Access and Surface Rights

New Found Gold currently has mining leases that cover 710.9 ha and 371.4 ha of surface leases in the vicinity of the Hammerdown deposit on the Hammerdown Property. Across the Pine Cove Property, New Found Gold currently has mining leases that cover 1,177.4 ha and 491.1 ha of surface leases that encompass the historic Pine Cove Mine and Mill and Argyle deposit, and the Stog'er Tight deposit along with other advanced historic mineral prospects on the Pine Cove Property.

On an as-needed basis, New Found Gold negotiates agreements that allow exploration activities to be conducted on property owned and administered by others:

• The Province of Newfoundland and Labrador, which administers Crown Lands.

• The municipalities of King's Point, Springdale, and Baie Verte and the community of Ming's Bight.

• Portions of the Project area include Crown lands subject to surface use by third parties, including residential properties within municipalities and cottages or cabins located outside municipal boundaries under licence or lease. Where Project activities intersect with such surface uses, access and surface disturbance are managed in accordance with provincial legislation and standard consultation practices. Portions of the Project area are designated for agricultural use, including regional pastures, agricultural properties, and agricultural development areas. These areas comprise less than approximately 5% of the total Project land position and, to date, have not been the focus of extensive exploration activities.

• Portions of the Project area overlap with established recreational uses, including snowmobile trails maintained by third parties and licensed outfitting areas. Such surface uses commonly coexist with mineral exploration and development in Newfoundland and Labrador, and where Project activities intersect with these uses, access and potential disturbances are managed through coordination with relevant stakeholders in accordance with provincial regulations and standard operating practices.

• Portions of the Project area overlap with Crown timber licences held by third-party forestry operators. In Newfoundland and Labrador, forestry and mineral rights commonly coexist, with surface access managed through shared-use provisions. Where exploration or mining activities require the removal or disturbance of merchantable timber, compensation is provided in accordance with provincial regulations and applicable agreements. In addition to stipulating the times when the company can conduct work, and the nature of the work that is permitted, these agreements also specify the company's responsibility for restoring land to an acceptable condition following field activities.

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For exploration activities on Crown Lands, approval is required from the Mineral Lands Division of the IET. The primary focus of these applications and approvals is to prevent or minimize adverse impacts on the environment, fish, and wildlife; Section 4.7 of this report summarizes New Found Gold's environmental permitting activities and the approvals it currently holds.

To the best of the QP's knowledge, there are no significant factors, or risks that may affect access, or the right or ability of New Found Gold to perform exploration work on the Project (Figure 4.4 and Figure 4.5).

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Table 4.5: Mining lease information

Property	Mining Lease	Lessee	Effective Date	Term	Expiry Date	Area (ha)
Hammerdown	Lochinvar ML #191 (11294M)	Maritime Resources Corp.	August 18, 2021	5 yrs	August 18, 2026	31.654
	Orion ML #227 (9813M)	Maritime Resources Corp.	April 28, 2020	10 yrs	April 28, 2030	307.828
	Hammerdown ML #237 (15579M)	Maritime Resources Corp.	November 1, 2016	10 yrs	November 1, 2026	111.694
	Surface Lease # 167	Maritime Resources Corp.	September 22, 2021	5 yrs	September 22, 2026	259.748
Pine Cove	Pine Cove ML #149 (2263M)	Maritime Resources Corp.	December 23, 2021	5 yrs	December 23, 2026	15.578
	Pine Cove ML #189 (11299M)	Maritime Resources Corp.	April 3, 2016	10 yrs	April 3, 2026	659.742
	Stog'er Tight ML #193-B	Maritime Resources Corp.	December 6, 2021	5 yrs	December 6, 2026	34.895
	*Penny Cove ML #226 (10238M)	Maritime Resources Corp.	March 31, 2022	5 yrs	March 31, 2027	346.414
	Argyle ML #240 (26993M)	Maritime Resources Corp.	June 29, 2020	10 yrs	June 29, 2030	10.690
	Argyle ML #243 (26993M)	Maritime Resources Corp.	May 12, 2021	5 yrs	May 12, 2026	2.182
	Deer Cove ML #244 (8014M)	Maritime Resources Corp.	March 3, 2023	5 yrs	March 3, 2028	12.096
	Stog'er Tight ML #245 (26693M)	Maritime Resources Corp.	April 13, 2022	5 yrs	April 13, 2027	95.770

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Figure 4.4: Hammerdown and Orion deposit pit shells relative to municipal boundaries, planning zones, and infrastructure

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Figure 4.5: Stog'er Tight deposit pit shells relative to municipal boundaries, planning zones, and infrastructure

4.4.1 Existing Mining Lease Infrastructure

Hammerdown Gold Property

Hammerdown Mining Lease 191 infrastructure has been progressively established to support early-stage pre-commercial mining and construction activities. By the end of 2025, early-stage pre-commercial mining and construction were underway, and permanent site infrastructure had been installed, including electrical power supply, communications infrastructure (internet and mobile connectivity), site access roads, and mobile office facilities, along with a completed polishing pond, internal roads and laydown areas, a temporary crushing spread, a weigh scale, and established haulage routes.

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Pine Cove Property

Mining Leases 149 and 189 form the core infrastructure area of the Pine Cove Property. These leases contain the Pine Cove processing plant (Pine Cove Mill), associated site facilities, and the in-pit tailings storage facility. The Pine Cove facilities have historically supported mineral processing and materials handling activities associated with the broader project area and represent the primary concentration of legacy infrastructure on the Project.

In addition to the mining lease, surface rights, and site infrastructure, the Pine Cove Project benefits from access to a deep-water port facility known as the Port Rousse facility, which provides marine access for materials handling and logistics.

The Port Rousse facility was acquired pursuant to the Point Rousse Mining Purchase Agreement, under which Maritime Resources Corp., Guy J. Bailey Ltd., and Shoreline Aggregates Inc. collectively purchased the asset from Signal Gold Inc. Under the terms of the Agreement, and in consideration for certain cash payments, Maritime granted Guy J. Bailey Ltd. and Shoreline Aggregates free and uninterrupted passage over the Property for the following purposes:

• Conducting Aggregate Operations (as defined in the Agreement);

• Use of roads developed by Shoreline on the Property;

• Accessing rock on the Property for Aggregate Operations; and

• Bringing services and supplies onto the Property in connection with the foregoing activities.

Pursuant to the related shared use agreement, Maritime caused its subsidiary, Point Rousse Mining Inc., to:

• Grant Guy J. Bailey Ltd. access to water within the licensed tailings management facility and the right, subject to Maritime approval and regulatory authorization, to deposit tailings generated from wash plant processes into the tailings pond;

• Grant Guy J. Bailey Ltd. a right of first refusal to access and market Waste Material (as defined in the Agreement); and

• Transfer all right, title, and interest in the Causeways to Guy J. Bailey Ltd., while retaining reasonable access across the Causeways to the barge loading area for the import and export of ore and concentrates.

In addition, Maritime granted FireFly Metals Ltd. a non-exclusive licence for passage across certain mining and surface rights for the purpose of transporting up to 1,000,000 tonnes per year of mineral concentrate to a barge for storage and export. These rights include the construction and use of a storage shed and access to the barge loading area. The presence of shared-use infrastructure and port facilities reflects the historical and ongoing multi-user nature of the Port Rousse industrial area. Any future use of port or associated surface infrastructure by the Company would be subject to the terms of existing agreements, coordination with other users, and applicable regulatory approvals.

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Newfoundland & Labrador, Canada	66
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Mining Leases 193-B and 245 encompass the Stog'er Tight deposit. Infrastructure within these leases includes access roads, historical open pits, waste rock piles, a core storage facility, and onsite office facilities that historically supported exploration and mining activities. Mining Lease 245, issued in April 2022, was granted to accommodate expansion of surface infrastructure, including waste storage areas and access roads.

Mining Leases 240 and 243, associated with the historic Argyle deposit, encompass historical surface disturbances and mine-related infrastructure.

4.5 Royalties

A summary of all royalties applicable to the Hammerdown and Pine Cove Properties is provided in Table 4.6 and Table 4.7. Net smelter return ("NSR") royalties applicable to licences subject to gold production in this PEA range from 1% to 3.0%. Royalties as they related to mining leases only are summarized in the text that follows.

4.5.1 Hammerdown Property

Commander Resources Ltd. originally held a 2% net smelter return (“NSR”) royalty on the Hammerdown deposit and a series of surrounding claims, excluding the Orion Mining Lease. Maritime held the right to acquire a 50% interest in this royalty prior to the commencement of commercial production. On September 17, 2020, Maritime exercised this early buy-down right at a mutually agreed reduced consideration of $750,000, resulting in Commander retaining a 1% NSR royalty.

In 2024, Commander Resources Ltd. sold its royalty portfolio, including the remaining 1% NSR royalty applicable to the Hammerdown Deposit and broader Green Bay assets, to TMRF Canada Inc. As a result of this transaction, TMRF Canada Inc. is the sole holder of the Commander-originated NSR royalty interests affecting the Hammerdown Deposit and associated Commander Claims.

During 2016, there were 21,070,000 royalty units sold for $0.01 per unit for gross proceeds of $210,700 in connection with project financing activities. The purchasers of the 2016 offerings were provided the option to purchase royalty units that would return 100% of the original investment made by the purchasers paid out of production from the Company's Green Bay project ("the Project"). Total royalties payable from the Royalty Units ("Royalty Payment") are capped at $3,160,500, an amount equal to the total equity units and royalty units purchased. Royalty payments will be made annually beginning on the first anniversary of the date of commencement of commercial production for the Project. Royalty Payments will be funded solely from 10% of annual net cash flow from the Project, with net cash flow representing net production revenues realized from the Project after deduction of all Project operating and debt servicing costs.

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In summary, the Hammerdown deposit is subject to a 1% NSR royalty and the Orion deposit is not subject to any royalty payment.

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Table 4.6: Summary of the existing royalty agreements related to the Hammerdown Gold Property

Deposit/ Property	Parties	Mining leases/licenses	Royalty details	AOI	Payable To
Green Bay	Inomin Mines Inc. ("Optionor", formerly, Inovent Capital Inc.), Maritime Resources Corp. ("Optionee"), and Dean Fraser ("Existing Royalty Holder")	This relates to current active mineral licences: 36393M (predecessor mineral licences: 15847M and 25391M), 34928M (predecessor mineral licence: 21789M), 38140M (predecessor mineral licences: 23899M, 23904M, 23953M, 23958M, 23959M, and 24037M), 38139M (predecessor mineral licence: 24056M), 24057M and 24058M, And AOI licences (as confirmed by Unregistered Addendum dated September 15, 2011, and made between Inomin Mines Inc., and Maritime Resources Corp.): 038143M (predecessor mineral licence: 31227M), 38117M (predecessor mineral licence: 26826M), 34984M (predecessor mineral licences: 27455M, 27458M, and 27452M), and 31858M.	Royalty Details: 1% NSR ("Inomin NSR") Buyback Provisions: The Optionee may, in its sole discretion, purchase the Inomin NSR from the Optionor by giving notice to the Optionor of its decision to so acquire the NSR and, coincident with giving such notice, delivering a payment to the Optionor in the amount of $500,000. Additional Information: After-acquired Properties are subject to the Inomin NSR, but not the Existing Royalty.	Being within 3km of the perimeter of the Property (as defined therein) as constituted on the date of the Option exercise, but excluding the Rambler Property (as defined therein)	Inomin Mines
Green Bay	Inovent Capital Inc. ("Inovent"), and Dean Fraser ("Fraser")	Relates to current active mineral licences 36393M (predecessor mineral licences: 12676M, 12677M, 12678M, 15847M, and 19770M), 24055M, 38139M (predecessor mineral licence: 24056M), 24057M, 24058M, 34928M (predecessor mineral licence: 21789M), 38140M (predecessor mineral licences: 23899M, 23958M, 23904M, 23953M, 24037M, and 23959M)	Royalty Details: 2.5% NSR ("Fraser NSR") Buyback Provisions: Inovent may, at any time by providing Fraser with notice in writing, purchase 1.5% of the right, title and interest of Fraser in and to the NSR, leaving Fraser with 1% of the NSR. Inovent to pay Fraser $1,000,000 for same.	Nil	Dean Fraser
Hammerdown / Green Bay	BMB Capital Corp. ("Optionee") and Commander Resources Ltd. ("Optionor")	Option and Royalty Agreement over current active mineral licence 36393M (predecessor mineral licences: 15579M and 15581M), 15580M, and current active mining lease 191 (11294M), and current active mining lease 227 (9813M), and current active mining lease 237 (15579M)	Royalty Details: 1% NSR over property at the date of grants and area of AOI, but does not apply to the Orion Gold deposit, as such term is defined in the technical report dated April 15, 2010, prepared by Larry R. Pilgrim. Note: Royalty originally 2%, but 1% repurchased in 2020	2km of the outermost boundary of the Property as at the date of execution of the Agreement	Royalty transferred to TMRF Canada Limited (see: Vol. 38, Fol. 220, dated 2024 05 07)
Sprucy Pond	United Gold Inc. ("Optionor"), G2B Gold Inc. ("Optionor", and together with United Gold Inc., the "Optionors"), and Maritime Resources Corp. ("Optionee")	This relates to current active mineral licence: 34984M (predecessor mineral licence: 27452M)	Royalty Details: 1% NSR ("Sprucy Pond NSR") Buyback Provision The Optionee may elect to purchase from the Optionors, at any time up to 2-years after the commencement of the Commercial Production of the Property, or any portion thereof, one-half of the Sprucy Pond NSR (0.5%) upon the payment of $500,000 to the Optionors	Nil	Payable To: 50% United Gold Inc. 50% G2B Gold Inc.
El Strato	United Gold Inc. ("Optionor"), and Maritime Resources Corp. ("Optionee")	This relates to current active mineral licence: 38141M (predecessor mineral licences: 25038M, 25075M, and 24917M)	Royalty Details: 2% NSR ("United Gold NSR") Buyback Provision N/A	Nil	United Gold Inc.
Strugglers Pond	Chris Pilgrim ("Optionor"), and Maritime Resources Corp. ("Optionee")	This relates to current active mineral licence: 38142M (predecessor mineral licence: 23130M)	Royalty Details: 2% NSR ("Pilgrim NSR") Buyback Provision The Optionee may elect to purchase from the Optionor at any time up to 2-years after the commencement of Commercial Production of the Property, or any portion thereof, one-half of the NSR (1%), upon payment to the Optionor of $1,000,000	Nil	Chris Pilgrim

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Deposit/ Property	Parties	Mining leases/licenses	Royalty details	AOI	Payable To
Whisker Valley	Maritime Resources Corp. (the "Optionee"), and Daniel Jacobs, Wayne Hurley, Kenneth Lewis, Jason Flight, Cathy Earle (Estate of Frank Pollett), Frank Gill, and Peter Hurley (collectively, the "Optionors")	This relates to current active mineral licences: 38141M (predecessor mineral licences: 23184M, 23185M, 24586M, 24585M, 24005M, 24518M, 24006M, and 24007M) 38142M (predecessor mineral licences: 23519M, 23186M, 22986M, 23508M, 24519M, 24516M) 23006M	Royalty Details: 2.5% NSR ("Whisker NSR") BuyBack Provisions: The Optionee may elect to purchase 1% of the Whisker NSR for $1,000,000 on or before the 2nd anniversary of Commercial Mining. Additional Information: The Optionee to make additional payments to the Optionors in the amount of $50,000 on each first, second and third anniversary of the Option Exercise Date ("Additional Payments"). Such Additional Payments shall be credited towards the Whisker NSR royalty payable, or to the NSR repurchase price.	"Property" (including "After-Acquired Property" (as defined therein)) within 3km of the perimeter of the Property on the date of Option exercise.	Daniel Jacobs, Wayne Hurley, Kenneth Lewis, Jason Flight, Cathy Earle (Estate of Frank Pollett), Frank Gill, Peter Hurley
Whisker Valley	Jason D. White ("Optionor"), and Maritime Resources Corp. ("Optionee")	This relates to current active mineral licence 25040M.	Royalty Details: 2% NSR ("White NSR") Buyback Provision The Optionee may elect to purchase from the Optionor at any time up to 2-years after the commencement of the Commercial Production of the Property, or any portion thereof, one-half of the NSR (1%) upon the payment to the Optionor of $500,000	Nil	Jason D. White
Whisker Valley	Maritime Resources Corp. ("Purchaser"), and William Stockley, Mark Stockley, and Stephen Stockley (collectively, the "Vendors")	This relates to current active mineral licence: 38142M (predecessor mineral licence: 23128M).	Royalty Details: 2% NSR ("Stockley NSR") Buyback Provision Purchaser may elect to purchase 50% of the Stockley NSR (or 1.0% of the 2.0%) from the Vendors at any time upon the payment to the Vendors of $1,000,000	Nil	William Stockley (1/3rd), Mark Stockley (1/3rd) & Stephen Stockley (1/3rd)
Green Bay	Maritime Resources Corp. and Multiple Investors	ML# 191 (11294M), ML# 227(9813M), 011182M, 015579M -> Lease 237, 015580M, 015581M, 021169M, 021170M, 021171M, 023417M, 023418M, 023419M, 023420M, 023421M, 023422M	Royalty Payments will be funded solely from 10% of annual net cash flow from the Green Bay Project, with net cash flow representing net production revenues realized from the Project after deduction of all Project operating and debt servicing costs. Total royalties payable from the Royalty Units are capped at $3,160,500 .	Nil

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4.5.2 Pine Cove Property

Mining Lease 193-B, associated with the Stog’er Tight historic mine area, is subject to a 3% net smelter return (“NSR”) royalty payable to 1512513 Alberta Ltd., with an option to purchase 1.8% of the NSR for $1,000,000.

Mining leases associated with the historic Argyle deposit, including Mining Leases 240 and 243, are subject to a 3% NSR royalty payable to Herb Froude and Tenacity Gold Mining Company Ltd.

A Net Profits Interest ("NPI") agreement over the Pine Cove mining Leases 149 and 189 with Royal Gold Inc. whereby the Company is required to pay Royal Gold Inc. 7.5% of net profits, calculated as the gross receipts generated from the claims less all cumulative development and operating expenses.

A $3,000,000 capped NSR on two mineral exploration licences in the Pine Cove Property, which forms part of the historic Argyle deposit, is calculated at 3% when the average price of gold is less than US$2,000 per ounce for the calendar quarter and is 4% when the average price of gold is more than US$2,000 per ounce for the calendar quarter.

A $3,000,000 capped NSR of 3% on a property that forms part of the historic Argyle deposit. Once the aggregate limit has been met and 200,000 ounces of gold has been sold from the property, the NSR decreases to 1%.

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Table 4.7: Summary of existing royalty agreements related to the Pine Cove Gold Property

Deposit/ Property	Parties	Mining Leases/Licenses	Royalty Details	AOI	Payable To
Argyle	Anaconda Mining Inc. ("ANX") Alexander S. Duffitt ("Duffitt") Paul E. Strong ("Strong")	Relates to current active mineral licence 26993M (predecessor mineral licence: 15582M and 18617M), and current active mining leases: 240 (26993M), 243 (26993M), and 245 (26993M).	Royalty Details: 3% NSR ("Duffitt Strong NSR") Buyback Provisions: Once the Payor has paid the aggregate sum of $3,000,000 to the Payees as and by way of the Duffitt Strong NSR, if the Payor subsequently produces and sells more than 200,000 Oz of gold from the Licences, then the Duffitt Strong NSR shall be reduced to 1% of Net Smelter Returns payable to the Payee for the incremental Oz of gold produced and sold from the Licences over and above the said 200,000 Oz of gold from the Licences Additional Information: While the Duffitt Strong NSR is in effect, the Payor to provide the Payee an annual summary report of the on-going exploration and development work and the status of the Licences.	Nil	Alex (Sandy) Duffitt & Paul Strong
Argyle	Anaconda Mining Inc. ("ANX"), Fair Haven Resources Inc. ("FH"), and Fair Haven Shareholders ("FHS")	Relates to current active mineral licences 26993M (predecessor mineral licences: 16477M, 18621M, 18664M, 18925M, 18926M, 18927M, and 15100M) and 29308M, and current active mining leases: 240 (26993M), 243 (26993M), and 245 (26993M).	Royalty Details: 2% NSR ("FH NSR") Buyback Provisions: Once the Payor has paid the aggregate sum of $3,000,000 to FH as and byway of the NSR, if the Payor produces and sells more than 200,000 Oz from the Licences, then the FH NSR shall be reduced to 1% of Net Smelter Returns from the Licences after the Cap has been met, or the Payor has sold more than 200,000 Oz of gold from the Licences, whichever occurs later.	Nil	Fair Haven Resources Inc.
Argyle	Anaconda Mining Inc. ("ANX") Herb M. Froude ("Froude")	Relates to current active mineral licence 26993M (predecessor mineral licence: 20060M), and current active mining leases: 240 (26993M), 243 (26993M), and 245 (26993M).	Royalty Details: 3% NSR ("Froude NSR") Buyback Provisions: Once the Payor has paid the aggregate sum of $3,000,000 to Froude as and byway of the Froude NSR, if the Payor subsequently produces and sells more than 200,000 Oz from the Licenses, then the Froude NSR shall be reduced to 1% of Net Smelter Returns payable to the Payee for the incremental Oz of gold produced and sold from the Licenses over and above 200,000 Oz of gold from the Licenses Additional Information: While the Froude NSR is in full force, the Payor to provide the Payee an annual summary report of the on-going exploration and development work and the status of the Licences.	Nil	Herb Froude
Argyle	Anaconda Mining Inc. ("ANX") & Tenacity Gold Mining Company Ltd. ("Tenacity")	Mineral licenses 7513M, 15523M, and 26993M (predecessor mineral licences: 12433M, and 15808M), and current active mining leases 240(26993M), 243(26993M), and 245(26993M)	Royalty Details: 3% NSR increased to 4% if average gold price exceeds $2,000 USD/Oz. Buyback Provisions: Royalty is capped at CDN$3,000,000	Nil	Tenacity Gold Mining Company Ltd.
	Victor A. French ("French"), and Fair Haven Resources Inc. ("FH")	Relates to current active mineral licences 26993M (predecessor mineral licences 16477M, 18621M, and 18664M), and current active mining leases: 240 (26993M), 243 (26993M), and 245 (26993M)	Royalty Details: 0.5% NSR on the Property (as defined therein) (the "VAFrench NSR")	Nil	Victor A. French
	Triple Nine Resources Ltd. ("Triple Nine"), and Fair Haven Resources Inc. ("FH")	Relates to current active mineral licence 26993M (predecessor mineral licence: 20060M), and current active mining leases: 240 (26993M), 243 (26993M), and 245 (26993M).	Royalty Details: 0.5% NSR on the Property	Nil	Triple Nine Resources Inc.

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Deposit/ Property	Parties	Mining Leases/Licenses	Royalty Details	AOI	Payable To
Corkscrew / Big Bear	Anaconda Mining Inc. ("ANX") & Seaside Realty Ltd. ("Seaside")	Relates to current active ML #226 (10238M).	Royalty Details: 2% NSR ("Seaside NSR") Buyback Provisions: Royalty Capped at $2,000,000 Additional Information: While the Seaside NSR is in full force, the Payor must provide to the Payee an annual summary report of the on- going exploration and development work and the status of the Licences.	Nil	Seaside Realty
Deer Cove	Anaconda Mining Inc. ("ANX") & 1512513 Alberta Ltd. ("Alberta")	Relates to current active mineral licences 8014M, 26993M (predecessor mineral licence: 20509M), and current active mining leases: 240 (26993M), 243 (26993M), 244 (8014M), and 245 (26993M)	Royalty Details: 3% NSR ("Alberta Deer Cove NSR") Buyback Provisions: ANX has the right to buyback up to 1.8% for up to $1,000,000. Royalty owner will maintain a 1.2% NSR. The NSR buyback provision can be exercised in multiple transactions.	Nil	1512513 Alberta Ltd.
Pine Cove	International Corona Corporation ("Vendor"), and Novagold Resources Inc. ("Purchaser")	ML 149(2663M) & ML 189(11299M)	Royalty Details: 7.5% NPI ("International Corona NPR") Additional Information: Should the Property holder wish to dispose of its interest thereunder, the Vendor has a right of first refusal to acquire the interest of the Purchaser on the terms of sale offered by the Purchaser for 30-days from the date of notice of such offer to the Vendor, and the right to consent to any transfer of the Property	Nil	Transferred to RGLD Gold Canada, Inc. via Vol. 26, Folio 42 Registered 2008 11 27, see also Vol. 38, Folio 182 Registered 2023 11 22 wherein a declaration was registered confirming that RGLD Gold Canada Inc., RG Exchangeco Inc., and 7550359 Canada Inc. amalgamated resulting in RG Exchangeco Inc., which continued under the CBCA as RG Exchangeco ULC, which then amalgamated with International Royalty Corporation under the CBCA under the same name. As such, International Royalty Corporation is now the holder of the International Corona NPR
	Varna Gold Inc. ("Varna"), Dearin Geological Consulting Ltd. ("Dearin"), Zagora Resources Inc. ("Zagora"), 327884 Alberta Ltd. ("327884"), South Coast Resources Inc. ("South Coast")	Relates to current active mining lease 149 (2633), and mining lease 189 (11299M)	Royalty Details: 3% NSR on the Property (the "South Coast Royalty") Buyback Provisions: Property holder has the right to purchase the NSR for $3,000,000 at any time, and the right of first refusal to purchase in the event of South Coast desiring to sell, transfer, or assign same in any manner to another party. Once South Coast or Dearin, or their successors, assignees, or nominees, have recovered a total aggregate of $3,000,000 in the NSR, Varna not liable to pay any further amounts of NSR and it shall forthwith cease	1km radially distant of any boundary or property listed in Schedule "C" which is developed by Varna, Dearin, Zagora, 327884, or their successors, assigns, or nominees	Tenacity Holdings Inc.
Stog'er Tight East Mining Lease	Anaconda Mining Inc. ("ANX") & 1512513 Alberta Ltd. ("Alberta")	Mining lease 193-B	Royalty Details: 3% NSR (the "Alberta 193-B NSR") Buyback Provisions: Anaconda has the right to buyback up to 1.8% for up to $1,000,000. Royalty owner will maintain a 1.2% NSR. The NSR buyback provision can be exercised in multiple transactions.	Nil	1512513 Alberta Ltd.

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New Found Gold Corp.	Section 9
Hammerdown PEA Technical Report	EXPLORATION
	Page 74 of 584

4.6 Environmental Liabilities

This section summarizes environmental liabilities identified for the Hammerdown/Orion, Stog'er Tight, and Pine Cove sites, based on available baseline reporting, compliance history, incidents, and tailings/water management documentation.

Environmental liabilities identified in the available documentation include: legacy disturbances associated with historical mining activity at Hammerdown/Orion, Stog’er Tight and Pine Cove; localized exceedances reported in baseline surface water, sediment, and groundwater quality datasets for Hammerdown; long term surface water monitoring results for Stog’er Tight that include isolated exceedances of cited guideline values in individual events; and Pine Cove tailings and water management infrastructure liabilities and compliance history items, including reported instrumentation limitations and recorded compliance correspondence/incidents.

4.6.1 Hammerdown/Orion

The Hammerdown/Orion site is on previously developed lands with a history of mining activity, with disturbed areas associated with historical mining operations.

As described in Chapter 20, baseline hydrology and surface water programs for the Hammerdown area report elevated aluminum concentrations at multiple monitoring locations (frequently exceeding cited freshwater aquatic life guideline values) and exceedances for iron and mercury at two locations. Sediment sampling reported localized exceedances of freshwater sediment quality guideline values for arsenic, cadmium, and zinc at one monitoring location downstream of the Hammerdown project area (GEMTEC 2019b).

Baseline groundwater quality reporting for Hammerdown describes calcium bicarbonate groundwater chemistry and reports that multiple dissolved metals (including aluminum, arsenic, cadmium, cobalt, copper, iron, lead, manganese, silver, vanadium, and zinc) exceeded cited guideline values in at least one sample (GEMTEC 2022a). During the QP site visit on October 15, 2025, a flowing well was observed north of the Hammerdown pit area thought to connect to historic underground workings. This flowing well/pipe should be captured and discharge pumped to the Hammerdown sedimentation pond. The presence of such historic underground working drainage infrastructure presents a potential opportunity to drain the Hammerdown open pit to underground workings and take advantage of inherent underground working storage capacity.

Expansion of the Hammerdown site to account for increased open pit size and to incorporate the Orion deposit as an additional open pit may require potential expansion of the Hammerdown waste rock storage area and associated sedimentation pond. However, depending on the timing of the Orion open pit, its waste rock may potentially be deposited in the Hammerdown pit. Nonetheless, the expansion of the Hammerdown pit and incorporation of the Orion deposit into the larger Hammerdown site is expected to require some modifications to the Hammerdown site.

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4.6.2 Stog'er Tight

The Stog'er Tight site is previously developed land and includes Camp Pond and Fox Pond within the local watershed. Aquatic baseline reporting (see Section 20.2.4) documents fish presence in Fox Pond and Camp Pond and reports that American eel (Anguilla rostrata), a fish species at risk, was documented downstream of Camp Pond during freshwater sampling in 2021 (Stantec 2022a).

Long-term surface water monitoring at Stog'er Tight has been conducted since 2009, including a long- term sampling station at Camp Pond. Some parameters have exceeded cited guideline values during individual sampling events (including aluminum, copper, and lead exceedances). See Section 20.2.8.2 for details.

During development of the Stog'er Tight open pit, Fox Pond was affected and its water level lowered. Plans for the development of the Gabbro pit anticipate effects on Fox Pond water levels as occurred previously during Stog'er Tight pit development. Gabbro pit expansion Pit 278 is proposed to extend into the footprint of Camp Pond and would also require lowering of Camp pond water levels. Such local pond water level changes will require regulatory approval and authorization. For example, development of Pit 278 requires a fish relocation program in order for Camp Pond to be entirely dewatered and maintained in a dewatered state until project completion. A Fisheries Act Authorization is required prior to fish relocation and dewatering, including an offsetting plan to compensate for habitat loss (Signal Gold 2022).

4.6.3 Pine Cove

The Pine Cove site includes mine and mill infrastructure and tailings and water management. Ore from Maritime satellite source sites will be processed at the Pine Cove Mill with the intent of tailings deposition in the Pine Cove open pit.

Pine Cove Brook and associated tributaries were modified during mine development, including a tributary realignment during construction of Polishing Pond II (2015) (P2PP) and partial watershed redirection toward South Brook (2016). Fish habitat loss associated with these modifications was addressed through fish habitat offsetting measures (Signal Gold 2022).

Two tailings storage facilities (Phase 1 [TSF-1]) and Phase 2 [TSF-2]) and the polishing pond (P2PP) are part of the Pine Cove site infrastructure. TSF-2 has been repurposed for aggregate washing activities by a third-party operator (Shoreline Aggregates Inc.), including construction of internal berms to form washing/settling cells within the TSF-2 footprint.

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TSF-1 and TSF-2 are classified as High hazard dams (Knight Piésold 2014a; Knight Piésold 2015a) and P2PP is classified as a Significant hazard dam (Knight Piésold 2015a).

The 2024 dam safety inspection reports that none of the piezometers were functioning at the tailings and polishing pond structures (Knight Piésold 2024a). The inspection report also describes limitations of crest movement surveying where survey markers are located on HDPE liner surfaces (Knight Piésold 2024a).

4.7 Permits

Mining projects in Newfoundland and Labrador fall under the Environmental Protection Act and the Environmental Assessment Regulations, which require registration of new mines and expansions (depending on the nature of the expansion).

Hammerdown, Stog'er Tight, and Pine Cove have each undergone provincial environmental assessment (EA) as standalone developments and were released from the EA process. Past expansions for these sites were also subject to provincial assessment and were released. None of the projects triggered a federal assessment, as they did not meet federal thresholds under current or previous federal EA legislation.

Hammerdown has completed provincial assessment and is in early development. Developing the Orion deposit is expected to require EA registration and additional permits.

Pine Cove and Stog'er Tight are permitted facilities. The Gabbro Pit at Stog'er Tight is permitted, and Pit 278 was released from the provincial EA process in 2022, though additional permitting remains. As Stog'er Tight is currently in care and maintenance and scheduled for future mining beginning in 2034, updates to the Development Plan, Rehabilitation and Closure Plan (RCP), and related approvals will be required.

Pine Cove is permitted to receive ore, process material, and place tailings within the open pit, and is presently processing Hammerdown ore. Modifications to the Pine Cove site that may be required to process ore from Orion and expansions to Stog'er Tight could be subject to additional assessment and/or permitting requirements depending on the nature of the modifications required.

While the projects have advanced through EA and permitting processes to date, there is no assurance that additionally required permits and approvals will be granted in a timely manner. The permitting process is subject to detailed regulatory review and may be influenced by public and stakeholder input. Further regulatory and permitting detail is provided in Section 20.

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5. Accessibility, Climate, Local Resources, Infrastructure and Physiography

5.1 Access

The Project is located on the Island of Newfoundland in the province of Newfoundland and Labrador, Canada (Figure 5.1). The mineral tenure comprises two geographically distinct but regionally proximal properties in north-central Newfoundland: the Hammerdown Property, which is divided into the Green Bay, Gull Ridge and Whisker Valley blocks located in the Springdale-Green Bay area, and the Pine Cove Property, located in the Baie Verte District on the Baie Verte Peninsula. These properties collectively form the Hammerdown Gold Project (the Project).

Both properties are serviced by the same regional transportation infrastructure, including paved provincial highways and a common regional airport. The Deer Lake Regional Airport located approximately 120-150 km southwest of the project area by road, provides year-round scheduled commercial air service and represents the primary air transportation hub for personnel and freight accessing the Project. Ground access to both property areas is provided via the Trans-Canada Highway and an interconnected network of provincial highways.

5.1.1 Hammerdown Property

The Hammerdown Property, which is divided into the Green Bay, Gull Ridge and Whisker Valley blocks, contains the Hammerdown and Orion deposits. Access to this portion of the Project area is via Highway 390 north from the Trans-Canada Highway at the Springdale Junction toward the town of Springdale.

Approximately 2.6 km north of the junction, access continues via a left turn onto Highway 391 at the King's Point Junction. Highway 391 is followed for approximately 7 km to the Shoal Pond Road, an all- weather gravel road that provides access to the interior of the property, including the Hammerdown and Orion deposits.

The western portion the Hammerdown Property comprises the Whisker Valley and Gull Ridge blocks. This area is accessed from Provincial Highway 410, which trends northeast toward Baie Verte and passes along the western extent of both project areas. Access to the Gull Ridge Project is provided by the Gull Ridge Resource Road, located approximately 5 km north of the Highway 410 junction, while access to the Whisker Valley Project is provided by the Pastureland Resource Road, located approximately 20 km north of the same junction. Both access routes are seasonal forest access roads.

5.1.2 Pine Cove Property

Access to the Pine Cove Property is via Route 410, a paved highway extending approximately 65 km northeast from the Trans-Canada Highway to the Town of Baie Verte. The La Scie Highway (Route 414) extends east from Route 410 for approximately 17 km to its junction with the Ming’s Bight Highway (Route 418). Approximately 8 km north of this junction, the Pine Cove Road—an all-weather gravel road—extends westward for approximately 5.5 km to the Pine Cove Mill (Figure 5.1). Access to the Argyle Mine is via a 2.5 km access road through the Stog’er Tight area to the historic Argyle mine site.

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The central and northern portions of the property area, including the Corkscrew, Big Bear, and Deer Cove prospects, are accessed by a network of forest access roads and seasonal gravel roads. Route 418 provides limited access to the eastern portion of the Pine Cove Property. Coastal sections and more remote areas are most readily accessed by boat from the communities of Baie Verte or Ming's Bight.

Figure 5.1: Access to the Hammerdown and Pine Cove properties

5.2 Climate

The north coast of Newfoundland experiences a northern temperate climate characterized by cool summers and relatively mild but snowy winters. Mean summer and winter temperatures in the Project area are approximately 16°C and −8°C, respectively. Annual precipitation generally exceeds 1,000 mm and occurs throughout the year, with snowfall contributing significantly during the winter months.

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Climatic conditions permit mining, development, and exploration activities to be conducted year-round. While winter weather may result in seasonal snowfall and reduced daylight hours, these conditions are typical for the region and do not present unusual or prohibitive constraints on operations.

5.3 Infrastructure

5.3.1 Hammerdown Property - Green Bay, Whisker Valley, and Gull Ridge Blocks

The Hammerdown Property, which includes the Green Bay, Whisker Valley, and Gull Ridge blocks, is primarily serviced by the communities of Kings point and f Springdale, located approximately 5 km east of the project area. Kings Point has a population of 600 people and Springdale has a population of approximately 2,800 people and are well-established industrial service communities with a long history supporting mining, forestry, and heavy industrial operations. Springdale provides essential services including healthcare and emergency response, in addition to municipal infrastructure.

Springdale provides a skilled local workforce and a range of services relevant to mineral exploration and mine development, including diamond drilling contractors, analytical laboratory services, welding and fabrication, electrical services, heavy equipment support, trucking contractors, and general construction services.

The property area is serviced by a network of paved provincial highways. Public Highway 391 passes within approximately 1 km of the Hammerdown site and approximately 3 km of the Orion deposit. Electrical power and internet connectivity are available at the Hammerdown site.

Regional air access is provided by the Deer Lake Regional Airport, located approximately 120 km southwest of Springdale.

5.3.2 Pine Cove Property

The Baie Verte Peninsula has a long history of mining and forestry, with mining activity dating back to the early 1860s. The Town of Baie Verte serves as the primary regional service centre for the Pine Cove Property area and provides access to a regional hospital, accommodations, restaurants, banking services, vehicle maintenance, and heavy-equipment suppliers. Baie Verte and surrounding communities supply a well-trained and experienced workforce with direct familiarity in mining and industrial operations.

The Pine Cove Property area is serviced by a network of paved roads and is connected to the Trans-Canada Highway. Regional air access is provided by the Deer Lake Regional Airport, located approximately 160 km southwest of Baie Verte. An analytical laboratory and diamond drilling contractors are located in the town of Springdale, approximately 93 km southeast of Baie Verte.

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New Found Gold holds the surface rights over the Pine Cove Mill and associated tailings storage facilities, as well as the surface rights within the Argyle and Stog'er Tight mining leases, all of which are located within the Pine Cove Property area. The historic mine site is connected to the provincial power grid and is equipped with limited backup power generation for essential services. The site also includes the Port Rousse deep-water port facility, capable of berthing Panamax-class vessels and supporting the shipment of ores, aggregates, concentrates, and providing direct marine access for bulk materials and equipment.

Mill infrastructure within the Pine Cove Property includes the Pine Cove concentrator, which comprises crushing, grinding, flotation, and leaching circuits, with gold recovery by the Merrill-Crowe process. Gold precipitate collected through a filter press is refined on site into doré bars.

Tailings management infrastructure includes a primary in-pit tailings storage facility and supports active tailings deposition from the Hammerdown pre-commercial operation. In addition, the project holds the past producing Stog’er Tight and Argyle mines and related mine infrastructure including waste stockpiles.

Fresh water for mill operations is sourced from Decker's Pond, located approximately 0.7 km southeast of the Pine Cove mill facility.

5.4 Physiography

The Green Bay block occupies a lower-elevation domain that generally slopes toward the coast, whereas the Whisker Valley and Gull Ridge blocks are situated at higher elevations on an inland plateau above a prominent fault escarpment. Maximum elevations in the inland plateau areas are approximately 250 m above sea level (masl), while elevations for much of the project area generally range from approximately 50 m to 150 masl.

The region is covered by boreal forest with numerous bogs and ponds, particularly in poorly drained plateau areas. Overburden is variable, ranging from less than 0.5 m to greater than 5 m in linear valleys, and soils are generally poorly developed. Bedrock exposure is variable, ranging from less than 5% in inland areas to locally 100% in coastal sections, with typical summer exposure of approximately 5% to 10%, which is favourable for geological mapping and prospecting.

The area experiences seasonal snow cover for approximately 3 to 5 months of the year.

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6. History

The Baie Verte Mining District has a long and well-documented history of copper, asbestos, and gold mining dating back to the mid-1800s. Copper mineralization was discovered near Baie Verte, Tilt Cove, and Betts Cove in the mid-19th century and was mined intermittently until the early 20th century. Subsequent periods of mining occurred at Tilt Cove between 1957 and 1967, at the Rambler Mine from 1961 to 1982, and at the Ming Mine from 1995 to 1996 and again from 2011 to the present.

Gold mineralization in the district was first reported in the Ming's Bight area prior to 1867, with sporadic production from the Goldenville Mine between 1904 and 1906. More recent gold production in the district includes the Nugget Pond Mine, which operated from 1997 to 2000, followed by the discovery and mining of the Hammerdown deposit between 2000 and 2004. This long standing and intermittent record of exploration and mining activity highlights the mineral potential of the region and provides the foundation for modern exploration and development efforts in the Baie Verte Mining District.

6.1 Hammerdown Property History

6.1.1 Exploration History

The Green Bay block has been the focus of mineral exploration for more than a century; however, significant gold exploration activity did not commence until the mid-1980s. Early systematic gold exploration was conducted primarily by Noranda Exploration Company Ltd. (Noranda), both independently and through joint venture partnerships. A joint venture between Noranda and Major General Resources Ltd. (Major General) resulted in the discovery of the Hammerdown and Rumbullion gold deposits in 1988, along with several additional gold prospects including Muddy Shag and Wisteria.

The following reports provide detailed accounts of historical exploration, mining, and technical work completed within the Hammerdown Property area and serve as primary sources of historical information for this Technical Report.

Key references include, but are not limited to:

• 2022 Maritime Resources Corp. Hammerdown Gold Project Feasibility Study

• 2020 Maritime Resources Corp. Hammerdown Gold Project Preliminary Economic Assessment

• 2016 Inovent Capital Inc. NI 43-101 Technical Report on the King's Point Polymetallic Project

Noranda acquired the ground surrounding the Rendell-Jackman property through a combination of staking and an option agreement with Shear Exploration Pty Ltd. in 1986 (Huard, 1987). In joint ventures with White Bay Resources and later Springer Resources, Noranda carried out extensive soil geochemical surveys, ground geophysics, trenching, and diamond drilling programs (Andrews, 1988; Tuach, 1991). This work outlined a cluster of eight gold-in-soil anomalies ranging from 10 ppb to 125 ppb gold over a strike length of approximately 200 m in the area that would later host the Hammerdown and Rumbullion deposits. More isolated anomalies elsewhere in the survey area were followed up with limited success.

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In 1991, Hemlo Gold Mines Inc. acquired Noranda's Newfoundland assets, including the Rendell- Jackman property. Major General subsequently acquired the remaining interest in the property from Hemlo Gold in 1993 and conducted additional drill programs on several existing prospects during 1993 and 1994. Encouraging results led Major General to expand its land holdings, primarily to the southwest. During this period, exploration focus shifted toward base metals following the expansion of zinc-rich massive sulphide mineralization at Lochinvar, although gold exploration continued at a reduced level.

High-density check soil sampling completed in August and September 1995 confirmed and expanded the previously identified gold-in-soil anomaly cluster on the former Shear option area, returning values of up to 135 ppb gold. Diamond drilling of this anomaly in October 1995 (hole BB-95-06) resulted in the discovery of the central portion of the Orion deposit. In November 1995, an additional cluster of five gold-in-soil anomalies, with values up to 85 ppb gold, was identified approximately 250 m along strike to the southwest. This anomaly was drill-tested in February 1996 (hole BB-96-32), leading to the discovery of the western portion of the Orion deposit (Orion West).

Exploration records are limited for the periods spanning work by Les Mines McWatters and Richmont Mines; however, a summary of drilling completed during these years is provided in Table 6.1.

Table 6.1: Property history summary

Year	Company	Program	Holes Drilled	Metres Drilled	Notes
1987	Noranda	Soil Sampling	-	-	Discovered Muddy Shag Zone
1988	Noranda	Diamond Drilling	3	369.4	MS-88-01 TO MS-88-03 on Hammerdown along with concurrent Trenching program
1989	Noranda	Diamond Drilling	22	4,064.5	MS-88-04 TO MS-88-25 on Hammerdown along with concurrent Trenching program
1990	Noranda	Diamond Drilling	26	6,721.5	MS-90-26 to MS-90-49 on Hammerdown along with trenching lead to discovery of Rumbullion zone
1993	Major General	Diamond Drilling	34	6,698.3	MS-93-50 to MS-93-83 on Hammerdown / Rumbullion
1994	Major General	Diamond Drilling	10	1,550.7	MS-94-84 to MS-94-93 on Hammerdown / Rumbullion
1995- 2002	Commander Resources (formerly Major General)	Diamond Drilling	45	11,634.9	Orion Drilling
1998	Les Mines McWatters Inc	Due Diligence	5	779.5	MS94-MS98 on Hammerdown / Rumbullion
1999	Abiting Inc.	Diamond Drilling	47	4,512.7	MS101-MS147 "Abiting" was a front for Richmont when purchasing the property
1999- 2004	Richmont	Drilling/Mining	531	35,645.5	Drilling/Mining on Hammerdown / Rumbullion
	Total	Diamond Drilling	673	59,562.60	Prior to Maritime Resources

Source: Maritime Resources 2022.

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6.1.2 Historical Resource Estimates

The QP is not aware of any historical or noncompliant Mineral Resource estimates prepared by previous operators that may contain Mineral Resources that have not been depleted by mining.

6.1.3 Past Production

Richmont Mines Inc. developed and operated the Hammerdown deposit between 2000 and 2004 as both an open pit and underground mining operation. Ore produced from the Hammerdown mine was processed off-site at the Nugget Pond mill, located approximately 140 km from the Project area.

Production records for the Hammerdown mine are summarized in Table 6.2 (Tully, 2004).

Table 6.2: Hammerdown production summary

Year	Production Source	Tonnes Milled	Head Grade (g/t)	Total Gold Produced (oz)
2000	Open Pit	17,504	15.85	8,597
2001	Underground	53,818	20.72	34,209
2002	Underground	93,451	16.02	47,470
2003	Underground	90,125	13.47	37,797
2004	Underground	35,282	13.52	14,922
	Total	290,180	15.74	142,998

Source: Tully 2004.

In early 2025, Maritime initiated recommissioning activities at the Pine Cove Mill, with commissioning completed using stockpiled material generated from historical Pine Cove mining operations. During 2025, the Company commenced mine construction, development, and early-stage mining at the Hammerdown site, with ore hauled to and processed at the Pine Cove Mill. In November 2025, Maritime was acquired by New Found Gold and is continuing to progress the Hammerdown Gold Project towards commercial production.

6.2 Pine Cove Property History

6.2.1 Exploration History

The Pine Cove Property (formerly the Point Rousse Project) has an expansive and intermittent exploration history dating back to the early 1900s, beginning with limited production at the Goldenville Mine between 1904 and 1906. Exploration activity intensified in the mid 1980s, leading to the discovery of multiple showings and prospects, including the Pine Cove and Stog'er Tight deposits, as well as several advanced prospects such as Romeo and Juliet and Deer Cove. A comprehensive review of historical ownership, exploration activities, development history, previous Mineral Resource estimates, and production is presented in earlier technical reports prepared for the Hammerdown and Pine Cove properties.

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Key references include, but are not limited to:

• 2022 Signal Gold Inc. NI 43-101 Technical Report, Mineral Resource and Mineral Reserve Update on the Point Rousse Project.

• 2018 NI 43-101 Technical Report, Mineral Resource and Reserve Update on the Point Rousse Project.

• 2015 Anaconda Mines Inc. Ni-41-101 Technical Report, Mineral Resource and Reserve update on the Pine Cove Mine and Mineral Resource Estimate on the Stog'er Tight Deposit, Point Rousse

Project.

These reports as well as the Newfoundland Government Mineral Occurrence Database provide detailed accounts of historical exploration, mining, and technical work completed within the Project area and serve as primary sources of historical information for this Technical Report.

Exploration and limited production at the Goldenville occurrence began in the early 1900s, with recovery of fine-grained gold from surface gravels in 1902-1903 and shallow underground development completed between 1902 and 1906, yielding a reported total of approximately 153 oz of gold (Snelgrove, 1935; Watson, 1947). Intermittent follow-up work included shaft dewatering and sampling in 1935, trenching in 1937, and geophysical and geological surveys in 1961 (Snelgrove, 1935; Watson, 1947). The most recent exploration was completed in the 1980s, when Granges Exploration Ltd. conducted regional geochemical and prospecting surveys and tested the Goldenville Horizon with eleven diamond drillholes totalling 1,201.4 m (O'Donnell, 1988; Evans and Wells, 1998).

Exploration at the Deer Cove Main Zone began in 1986 which included prospecting and trenching of gold-in-till anomalies near Deer Cove Pond by Noranda Exploration Company Limited. A Noranda- Galveston Resources Limited joint venture (1987-1989) subsequently completed an extensive exploration and development program that included geological, geochemical, and geophysical surveys, trenching, 138 diamond drillholes, construction of a 7.2 km access road, and approximately 507 m of underground exploration (Gower, 1988; Anaconda press release dated May 7, 2014). Following the cessation of this work, the property reverted to Crown Land in 1998, and despite subsequent tenure assignments, no significant additional exploration was completed. Between 2001-2002 and 2005-2006, South Coast Ventures Incorporated restaked the area and digitized much of the historic surface and underground exploration data. In 2010, P&E Mining Consultants completed a mining and economic analysis that included an historical Mineral Resource estimate, which has not been verified by Anaconda. In November 2013, Anaconda optioned the Deer Cove lease and surrounding mineral licences, marking the most recent phase of exploration activity.

The Pine Cove Mining Lease 189 was originally staked in 1985, and the historic Pine Cove gold deposit (formerly Thunder and Lightning Zones) was discovered in June 1987 by South Coast Resources Ltd. In 1988, Corona Corp. optioned the property from Varna Resources Inc. and completed geological, geophysical, and soil geochemical surveys, followed by trenching and diamond drilling. In 1991, NovaGold Resources Inc. optioned Corona's interest with the objective of advancing the project toward open-pit mining. Additional exploration and resource definition work was completed by Electra Mining Consolidated/Electra Gold/Raymo Processing in 1996 and by New Island Resources Inc. in 2000.

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In 2003, Anaconda acquired an exclusive option from New Island to earn up to a 60% interest in the Pine Cove Property. A successful 5,000-tonne bulk sampling program was completed in 2004, followed by the release of a NI 43-101-compliant technical report and feasibility study in 2005. A production decision was made, construction commenced in 2007, and gold production began in 2008. Following initial start-up challenges, the Pine Cove Mill was reconfigured to include a flotation circuit producing a gold-pyrite concentrate. Commercial production was achieved in 2009, enabling Anaconda to earn its 60% interest, and in January 2011 Anaconda acquired New Island's remaining 40% interest.

The Stog'er Tight area was staked in 1986 by Pearce Bradley and subsequently optioned to International Impala, which formed a joint venture with Noranda Exploration Company Ltd. Noranda conducted extensive geochemical, geological, and geophysical surveys, trenching, and diamond drilling, resulting in the identification of multiple mineralized zones. In 1996, Ming Minerals Inc. acquired the property and extracted a 30,735-tonne bulk sample, which was processed at the former Consolidated Rambler mill. Due to lower-than-anticipated head grades and recoveries, the project was suspended.

In 2006, Tenacity Gold Mining Company Ltd. completed additional drilling and trenching and estimated mineral resources and reserves, followed by limited mining and toll milling at the Nugget Pond mill. Actual mill head grades were significantly lower than estimated, largely attributed to mining dilution, and no further work was undertaken. The Stog'er Tight Mining Lease was subsequently acquired by 1512513 Alberta Ltd. and optioned to Anaconda in 2012.

6.2.2 Historical Resource Estimates

In April of 2010, P&E Mining Consultants was contracted by Tenacity Gold Mining Company Limited and completed a mining and economic analysis of the Deer Cove Project which produced an indicated reserve outlined in Table 6.3. A qualified person has not done sufficient work to classify the historical estimate as current Mineral Resources or Mineral Reserves. The issuer is not treating the historical estimate as current Mineral Resources. A complete review of the data integrity, geological context, mineralization interpretation and potentially validation drilling is necessary to verify the accuracy of this historical, non-NI43-101 Resource Estimate. The report states this estimate as a Mineral Reserve, but the QP believes it refers to Mineral Resources according to CIM Definition Standards (CIM 2014).

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Table 6.3: P&E Mining Consultants 2010 Resource estimate for the Deer Cove Project

	Indicated Resource
Cut-Off	Tonnes	Au g/t	Au oz.
6.0 g/t Au	12,900	10.45	4,300

Source: P&E Mining 2010.

Notes: Open Pit Au Cut-Off Grade Calculation

1. Au Price $US 1,100/oz (6 mo. trailing avg. Mar 31/10)

2. $C/$US 0.98

3. grams/troy oz 31.1035

4. Mining Costs C$117.66/tonne

5. Ore Loading & Haulage Cost C$14.33/tonne

6. Process Cost (1,000tpd) C$47.00/tonne

7. G/A Cost C$23.41/tonne

8. Process Recovery 92%

6.2.3 Past Production

Mining and gold production at the Pine Cove Property were carried out by Anaconda., later known as Signal Gold. Production occurred between 2009 and 2023 and included operations at the Pine Cove, Stog'er Tight, and Argyle historic deposits. Pine Cove served as the primary mining and processing hub for the Project, with supplemental ore sourced from the Stog'er Tight and Argyle deposits during later stages of operation. Ore from all deposits was processed at the Pine Cove Mill, and mill feed commonly comprised of blended material from multiple sources.

Commercial production at the Pine Cove Mine commenced in September 2010, following initial development activities in 2009. Mining at Pine Cove halted in Q3 2019 and resumed briefly in 2020 with the Pine Cove Pond Expansion after which commercial mining operations halted at Pine Cove by the end of 2020. Mining at the Stog'er Tight Deposit occurred between 2016 and 2019 and provided supplemental mill feed during that period. Development and mining at the Argyle Deposit commenced in late 2020 and concluded in 2022, with final processing of material completed in early 2023.

Table 6.4: Point Rousse production summary

Year	Production Source	Tonnes Milled	Head Grade (g/t)	Total Gold Produced (oz)
2009	Pine Cove	39,407	1.33	1,683.62
2010	Pine Cove	112,993	2.92	12,093.88
2011	Pine Cove	135,669	1.23	5,346.64
2012	Pine Cove	272,854	1.37	11,977.62
2013	Pine Cove	289,743	1.60	14,879.46
2014	Pine Cove	296,152	1.53	14,577.33
2015	Pine Cove	321,532	1.53	15,820.80
2016	Pine Cove	370,561	1.35	16,080.45
	Stog'er Tight	30,078	2.95	2,788.91

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Year	Production Source	Tonnes Milled	Head Grade (g/t)	Total Gold Produced (oz)
2017	Pine Cove Stog'er Tight	432,08 1,496	1.23 2.58	15,310.00 120.96
2018	Pine Cove Stog'er Tight	382,111 197,275	1.64 1.76	20,160.00 11,180.06
2019	Pine Cove Stog'er Tight	259,202 195,712	1.84 2.1	15,5341.00 6,292.99
2020	Pine Cove Argyle	56,991 103,557	1.19 1.09	2,186.56 3,645.10
2021	Argyle	103,518	1.10	3,669.92
2022	Argyle	328,033	1.79	18,876.72
2023	Argyle	20,572	0.52	344,18
	Total	3,985,919.93	1.50	192,376.21

Source: Compiled from Signal Gold Internal Reports.

In the spring of 2025, Maritime re-initiated processing operations at the Pine Cove processing plant. The plant was initially commissioned using remaining Pine Cove stockpile material, supplemented by limited quantities of ore-grade material sourced from existing stockpiles at the Argyle, Stog'er Tight, Pine Cove, and Hammerdown sites. Processing subsequently transitioned to primary Hammerdown run-of-mine ore in Q4 2025, prior to the acquisition of Maritime by New Found Gold.

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7. Geological Setting and Mineralization

7.1 Regional Geology

The Newfoundland Appalachians record a complex history involving the collision of multiple outboard exotic terranes to the Laurentian margin from the Ordovician to Devonian during the closure of the Iapetus and Rheic oceans and the assembly of Pangea (Figure 7.1; Williams 1979,1995; Zagorevski et al. 2008; van Staal and Barr 2012). Based on distinct lithological, structural, geochronological, fauna and metallogenic characteristics, the island of Newfoundland is divided into four tectonostratigraphic zones: Humber, Dunnage, Gander, and Avalon zones (Williams 1979,1995), separated from one another by major faults.

The Dunnage Zone comprises vestiges of oceanic and continental arc terranes developed within the ancient Iapetus Ocean and is further subdivided into the peri-Laurentian Notre Dame subzone and peri- Gondwanan Exploits subzone, to distinguish between terranes formed on opposite sides of Iapetus (Williams 1979; Williams et al. 1988). The Humber Zone represents the ancient North American passive continental margin onto which subsequent terranes were accreted (Williams et al.1999). The different properties are located mainly in the Notre Dame Subzone of the Dunnage Zone (Figure 7.1) and in part the Humber Zone to west.

The accretion of the oceanic and continental elements of the Dunnage Zone (Baie Verte Oceanic Tract, Lushs Bight Oceanic Tract, Lloyds River Oceanic Tract and Victoria Arc) to the Laurentian margin are referred to as the Taconic orogeny. Subsequent Silurian accretion of the leading edge of Ganderia to composite Laurentia initiated the Salinic orogeny, followed by Devonian collision of Avalonia with composite Laurentia during the Acadian orogeny and closure of the Acadian Seaway (van Staal et al. 2007; van Staal and Barr 2012). Systematic geochronological data define two broad episodes of orogenic gold mineralization in the central and western Newfoundland Appalachians during the Late Silurian to Early Devonian (Sandeman et al. 2022). The initial gold event is likely related to Acadian Orogenesis, followed by a second event that may correlate with the Neoacadian orogeny during the docking of the Meguma Terrane to the Appalachian Orogen (Sandeman et al. 2022).

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Figure 7.1: Generalized geologic map of the island of Newfoundland showing the distribution of geological terranes, fault zones, gold deposits, and selected gold prospects and showings

Modified from Honsberger et al 2022.

Rocks of the Humber Zone and the Dunnage Zone are sutured along the Baie Verte line (BVL), a regional-scale brittle-ductile shear zone (Williams and St-Julien 1982; Castonguay et al. 2014). Mineralization at the Hammerdown Property is controlled by the Green Bay Fault and subsidiary high strain zones. In contrast, the BVL and associated subsidiary faults (e.g., Scrape Trust) control gold mineralization at the Pine Cove Property of the Baie Verte Gold Belt. These structures served as conduits for the advection of fluids from deeper crustal levels during Acadian and/or Neoacadian Orogenesis (Ritcey et al. 1995; Gaboury et al. 1996; Sandeman et al. 2022).

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7.2 The Hammerdown Property

The Hammerdown Property is situated within the Notre Dame Subzone east of the BVL. It is transected by three significant fault zones that are spatially associated with gold and base-metal mineralization in the project area. The property is subdivided into three blocks, Green Bay, Whisker Valley, and Gull Ridge, each characterized by distinct lithologies and mineralization styles (Figure 7.2). The Green Bay block hosts the Hammerdown and Orion deposits, which are the most significant gold zones defined on the property to date.

Figure 7.2: Geology map with historical mineral occurrences and prospects of the Green Bay, Whisker Valley, and Gull Ridge blocks

7.2.1 The Green Bay Block

Geological Framework

The Green Bay Block is underlain by Ordovician volcanic rocks of the Catchers Pond and Lushs Bight Groups (Figure 7.3). Peripheral areas dominated by younger Ordovician to Silurian volcanic, intrusive, and sedimentary assemblages. The Catchers Pond Group forms a north-facing, lower Ordovician conformable submarine volcanic sequence characterized by felsic volcanics intercalated with mafic flows, tuffs, and minor sediments. It is stratigraphically subdivided into the Indian Brook Formation, Long Pond Formation, and the lower felsic member of the West Waters Pond Formation.

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The Indian Brook Formation comprises pillowed basalts, pillow breccias, interflow cherts, and subvolcanic intrusions, including gabbroic sills and diabase dykes. Minor pyrite-chalcopyrite mineralization occurs locally along contacts between mafic breccias and massive flows. The overlying Long Pond Formation consists of mafic extrusive rocks and intermediate to felsic pyroclastic units, locally jasperitized and sulphidic, with stratabound jasper horizons and hematite-bearing quartz veinlets in its upper part. The West Waters Pond Formation is the most extensive felsic volcanic package. Its composed mainly of fine-grained felsic pyroclastic strata, including crystal-lithic tuffs, ash and lapilli tuffs, siliceous argillite, and quartz-phyric units commonly affected by carbonate alteration. The Catchers Pond Group is intruded by several Late Ordovician to early Silurian intrusions of the Rainy Lake Complex. The intrusive rocks occur mainly as folded intrusive sheets of medium grained, equigranular to porphyritic gabbro's and diorites.

Figure 7.3: Property geology of the Green Bay Block and associated mineral occurrences

The Early Ordovician Lushs Bight Group is an ophiolite sequence that outcrops in the northeastern portion of the property (Figure 7.4). It is composed of sheeted diabase dykes, pillow basalts, pillow breccias, basaltic tuffs and cherty argillites. These rocks host chalcopyrite-rich gossans and alteration zones marked by polymetallic veins and host the historical Rendell-Jackman volcanogenic massive sulphide (VMS) deposit. The Lushs Bight Group is flanked to the west by the Cambrian to Early Ordovician Western Arm Group, composed of tholeiitic basalts and gabbro sills with widespread epidote alteration and local chalcopyrite-bearing horizons.

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Contacts between the Ordovician volcanics and the peripheral elements to the north and west of the property are cut by the NW-SE trending Green Bay Fault. Rocks west of the Green Bay Fault include the Ordovician calc-alkaline Burlington granodiorite, voluminous Silurian A-type flow-banded rhyolitic volcanic rocks of the King's Point Complex, and A-type hornblende-bearing microgranites, biotite-bearing granophyre's, feldspar and quartz porphyries of the Topsails Igneous Suite (Figure 7.3).

In the southeast and south the Catchers Pond Group is in contact with the Silurian subaerial A-type rhyolites and terrestrial sedimentary rocks of the Springdale Group. These rocks are interpreted to be in structural contact along the Lobster Cove Fault, though an unconformity may be preserved where conglomerates of the Springdale Group overlie rocks of the Catchers Pond Group.

Volcanic rocks of the Catchers Pond and Lushs Bight Groups have undergone greenschist or sub- greenschist facies metamorphism, with widespread development of carbonate, chlorite, and epidote, and lesser actinolite and white mica. Mafic volcanic rocks are predominantly green to gray epidote altered tuff and pillowed or massive flows (Ritcey et al. 1995). In contrast, the younger rocks of the Springdale Group remain unmetamorphosed.

Figure 7.4: SW-NE cross-section A-A' emphasizing the regional structural disposition of the Indian Brook and Long Pond formations of the lower Catchers Pond Group and their interpreted relationship to rocks of the Western Arm and Lushs Bight groups.

Modified after O'Brien and Dunning 2014.

Rocks of the Hammerdown Property record five deformation phases (D1-D5; Gaboury et al. 1996). D1 and D2 define a single progressive Taconian deformation event that folded rocks of the Catchers Pond Group into a broad northeast-plunging antiform (Figure 7.5). D1 was also responsible for the development of a 250 m wide high strain zone (HSZ1) at the interface of the Catchers Pond and Lushs Bight groups defined by a penetrative S1 schistosity. The HSZ1 was progressively folded around F2 fold axes. D1-D2 deformation resulted in ground preparation for the younger gold mineralizing event. Overprinting D3 deformation is defined by the S3 cleavage and shear zones (HSZ3) that host gold- bearing veins at the Hammerdown Deposit. D3 deformation likely occurred during the Silurian or possibly younger. Subsequent D4 and D5 deformation is post mineral and modified the deposit into open F4 and F5 folds.

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Figure 7.5: NW-SE cross-section B-B' showing the structural disposition of the Catchers Pond Group around the Hammerdown-Orion belts.

Modified after O'Brien 2010.

Abbreviations: Cbc=Indian Brook Formation; Cmi=Long Pond Formation; Cfr=West Waters Pond Formation; Tm=Topsails Igneous Suite. Modified after O'Brien and Dunning 2014.

Hammerdown Deposit

The Hammerdown deposit is hosted along the Hammerdown Deformation Zone (HDZ) which is localized along the contact of ophiolitic mafic rocks and island-arc felsic rocks of the Catchers Pond Group. The HDZ represents a high-strain dextral strike-slip system with en-echelon faults forming a contractional duplex geometry (Szybinsky 2003). It was intruded by early Silurian quartz feldspar porphyry (QFP) dykes which also host gold mineralization. The deposit is defined by the Hammerdown-Rumbullion- Muddy Shag vein system which is characterized by stacked gold-bearing quartz-sulphide veins hosted within a ~250 m segment of the 1.8 km long HDZ (Figure 7.6). At ~150 m to 250 m depth the NNW dipping Captain Nemo Fault truncates the vein system (Figure 7.7).

The structural role of the Captain Nemo Fault remains a subject of debate. One interpretation considers the fault to be a late, post-mineralization structure that truncates the deposit, implying the potential for a displaced or undiscovered continuation of mineralization within the footwall block (Dubé et al. 1992). An alternative interpretation suggests that the system is a D3 extension vein array controlled by the Captain Nemo Fault. This suggests that exploration is better focused along strike of the Captain Nemo Fault and at depth beneath the deposit, rather than targeting a displaced mineralized block within the footwall.

The more robust veins of the HDZ are closely associated with quartz feldspar porphyry (QFP) dykes in a sequence of overturned mafic rocks in its hanging wall. The veins dip predominantly to the north. However, at depth they are drag folded into steeply south dipping orientations near the Captain Nemo Fault. The intersection lineation defined by the Captain Nemo Fault and the vein system plunges gently to the west and may control the broader distribution of gold mineralization. F3 conjugate folds are likely a secondary control that define localized steeply east-plunging high-grade domains in the overall ore shoot (Dubé et al. 1992). This vein system was mostly mined out by Richmont from 2000 to 2004. However, the updated wireframes have determined that some veins remain at the peripheral edges of the historical mining.

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The Rumbullion and Muddy Shag zones veins are less abundant and narrower, possibly due to a decrease in the intensity of QFP intrusions. The Rumbullion veins are contained in shear zones developed along the limbs of tight, F2 folds in mafic volcanics and leucoxene-bearing mafic dykes. Some veins are preferentially localized along dyke contacts. Along the north-easterly trend of the Rumbullion zone, the Captain Nemo Fault appears to splay into multiple fault panels which may or not contain QFP dykes and or mineralized veins. At Muddy Shag, mineralization is hosted in cherty sedimentary rocks assigned to the Ordovician Lush's Bight Group. Veins in this zone show significant vertical and lateral geological continuity and are intimately associated with quartz-feldspar porphyry (QFP) dykes.

Figure 7.6: The Hammerdown-Rumbullion-Muddy Shag vein system observed in plan view

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Figure 7.7: Cross section of the Hammerdown deposit- 5045 East

Veins throughout the system consist of quartz with 5% to 20% pyrite and minor base metals (~1%). Gold typically occurs as discrete grains (~20-100 μm) within sulphides, at sulphide grain boundaries and occasionally in quartz-filled fractures near sulphide grains (Figure 7.8). Gold grade strongly correlates with sulphide content and visible gold is rare. The quartz feldspar porphyry (QFP) dykes host low-grade gold mineralization, whereas the surrounding mafic volcanic host rocks are essentially barren. Hydrothermal alteration of mafic wall rocks consists mainly of muscovite/sericite and calcite, with minor rutile, creating a light bleaching halo similar in thickness to the gold-bearing veins.

Figure 7.8: Example of veining and mineralization from the Hammerdown deposit

Top: Mineralized quartz vein. Bottom: Sheared mafic wall rocks.

One other vein system was intercepted in the footwall of the HDZ known as the Wisteria Gold Zone. Mineralization is hosted in an intensely deformed fault bound sliver of felsic volcanics with discontinuous quartz veinlets and widespread sericite and pyrite alteration. Gold grade is proportional to sulphide and base metal content. The highest grades are associated with accumulations of pyrite, galena, and sphalerite. Grades are low to moderate, but much broader, when compared to other vein systems of the Hammerdown deposit. High-grade ore shoots are less common.

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Orion Deposit

The Orion deposit is hosted within Ordovician metavolcanic and metasedimentary rocks of the Catchers Pond Group. These rocks were thrust to the northwest along the Horsehead Fault and structurally overly rocks of probable Silurian age. The fault dips moderately to the southeast and truncates the westernmost part of the vein system. The intersection of the Horsehead Fault with the Orion vein system likely controls a NE plunging ore shoot in the lower part of the system. Mineralized vein emplacement occurred within a Silurian or younger D3 high strain zone (HSZ3) (Gaboury et al. 1996). Mineralization is spatially associated with QFP dykes up to 6 m thick as well as leucoxene-bearing mafic dykes and sills up to 10 m thick. The QFPs at Orion correlate with those at the Hammerdown deposit.

Three principal mineral zones are recognized at Orion: Discovery, Main, and EMS Figure 7.9). The Discovery and Main zones extend for ~950 m along strike and consists of single to multiple 1 to 30 cm quartz-calcite veins (mainly 2 to 5 cm) with 1 to 3% pyrite (locally 10%) and minor amounts of light- coloured sphalerite and chalcopyrite. The veins are hosted within a felsic schist with a distinct yellow ochre sericite alteration halo along vein margins (Figure 7.10). Silicification is also commonly associated with mineralization. The EMS Zone is smaller and contained within graphitic/cherty sedimentary rocks and a volcanic-derived turbidite unit. The zone has a strike of 350 m, though the best mineralization is confined to a 50 m strike between 50 m and 100 m below surface. The zone occurs approximately 100 m southeast of the Discovery Zone.

Figure 7.9: Detailed geological map of the Orion deposit

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Figure 7.10: Cross-section of the Orion deposit looking towards the northeast

Other Deposits of the Green Bay Block

The Green Bay area has been explored intermittently since the 1950s, initially for base metals and later for gold. It is predominantly underlain by the Catchers Pond Group, which hosts numerous VMS-style base metal prospects and stringer feeder zones comparable to the Buchans camp (Zn+Pb >20%, Zn:Pb ≈2:1). The Lushs Bight Group to the northeast is similarly prospective for ophiolitic VMS mineralization and shear-hosted mesothermal gold.

Gold- and base-metal occurrences are widespread and commonly associated with high-strain shear zones, felsic volcanic horizons, and correlate with chargeability anomalies. The Golden Anchor prospect is the most advanced gold target, where quartz-sulphide veins occur within and proximal to the hanging wall of the Lochinvar VMS deposit. The Golden Anchor prospect has a historical and non-compliant resource of 30,312 tonnes at 10.26 g/t Au or 10,000 ounces of contained Au.

The historical zinc-rich Lochinvar VMS deposit is located approximately 800 m northeast from the Hammerdown deposit (Figure 7.11). Massive sulphide lenses have been traced from surface to approximately 200 m depth where they remain open, though they are likely truncated at depth along the late Captain Nemo Fault (Figure 7.12). The mineralization has a relatively short strike length and an overall easterly plunge. It has historical, non-compliant resource of 588,000 tonnes with an average grade of 3.9% Zn, 1.4% Pb, 0.4% Cu, 60g/t Ag, and 0.45 g/t Au.

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Additional Cu-Au prospects, including Rendell-Jackman and Whiskey Bravo, are characterized by massive to semi-massive sulphides within sheared mafic volcanics that correlate with strong IP anomalies (Figure 7.13 and Figure 7.14). Numerous smaller gold showings (e.g., Sprucy Pond Trend, Timber Pond, Rendell-Jackman Southeast, Bishops Pond) consist of quartz-carbonate veins with disseminated sulphides in sheared mafic or felsic volcanics. Local surface grab samples returned high- grade gold values though it remains poorly assessed at depth. Several VMS-style zinc-dominant prospects (e.g., Beetle Pond, Muir Pond, Goldfish, Indian Brook, Catchers Valley) are defined by strong geochemical and geophysical anomalies, limited drilling, and local high-grade grab samples.

Figure 7.11: Interpretive map of the Lochinvar deposit and Beetle Pond prospect with intercepts from historical drilling

Modified from Maritime Resources 2022.

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New Found Gold Corp. 6-K