TSX-V: GTG

Newfoundland Discovery Announces $1.5M Financing, with a Lead Order from Mr. Eric Sprott

Vancouver, BC, October 28th, 2021Newfoundland Discovery Corp. (CSE: NEWD, OTC: NEWDF, FSE: M4K-FF) (“Newfoundland Discovery” or the “Company”) is pleased to announce that it has arranged a financing, which will include Mr. Eric Sprott.

Newfoundland Discovery has arranged a non-brokered private placement of up to 1,000,000 flow-through units (“FT Unit”) at a price of $0.50 per unit and up to 2,500,000 non-flow-through (“NFT Unit”) at a price of $0.40 per unit. Gross proceeds will be $500,000 FT and $1,000,000 NFT for a total of up to $1,500,000. Mr. Eric Sprott has provided a lead order of $500,000 for NFT Units.

Each FT Unit will consist of one flow-through common share and one-half of a warrant. Each warrant will, in turn, allow the holder to purchase one non-flow-through share at $0.75 during the first year following the closing date and $1.00 during the second year. Each NFT Unit will consist of one non-flow-through common share and one-half of a warrant. Each full warrant, will, in turn, allow the holder to purchase one non-flow-through share at $0.60 during the first year following the closing date and $0.80 during the second year.

The proceeds from the offering will be used for exploration of the Company’s Newfoundland properties and for working capital. The securities will be subject to a hold period of four months following the closing date, except as permitted by applicable securities legislation and the Canadian Securities Exchange. The Company will pay a cash finder’s fee of up to 6% and warrants of up to 5% of the offering.

The Company will rely on subsections 5.5(b) and 5.7(1)(a) of Multilateral Instrument 61-101 to exempt the offering from the requirements for a formal valuation and minority shareholder approval. To the Company’s knowledge, neither it nor the purchasers have knowledge of any material information concerning the Company or its securities that has not been generally disclosed.

About Newfoundland Discovery Corp.

Newfoundland Discovery is a junior Canadian mining exploration company with a significant land position in Newfoundland, Canada. The Company is also one of the largest mineral claim holders in the Fenelon Gold Camp next to leading Wallbridge Mining. The Company is also focused on exploration and development along the Detour Gold trend, and the La Corne pegmatite field in Quebec.

On Behalf of the Board of Directors,

NEWFOUNDLAND DISCOVERY CORP.

Blair Naughty

President & CEO

Corporate Communications & Investor Relations

Email: info@newfoundlanddiscovery.ca

 Direct Line: (604) 440-8474

www.newfoundlanddiscovery.ca

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement

This news release may contain certain “forward-looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

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