Eric Sprott Announces Investment in New Found Gold Corp.

Toronto, Ontario--(Newsfile Corp. - April 8, 2021) - Eric Sprott announces that today, both he and 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired ownership of 2,857,000 common shares (shares) of New Found Gold, through a concurrent private placement and share purchase, of which 1,900,000 shares were "flow-through" shares (at $5.25 per share) and 957,000 were shares (at $3.84 per share) for aggregate consideration of approximately $13,649,880.

Mr. Sprott now beneficially owns and controls 27,958,300 shares representing approximately 18.4% of the outstanding shares. Prior to this acquisition, Mr. Sprott beneficially owned and controlled 25,101,300 shares representing approximately 16.8% of the then outstanding shares.

The shares were acquired for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

New Found Gold is located at 800 West Pender Street, Suite 1430, Vancouver, BC V6C 2V6. A copy of 2176423 Ontario's early warning report will appear on New Found Gold's profile on SEDAR at www.sedar.com and may also be obtained by calling Mr. Sprott's office at (416) 362-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/79867