Newcore Gold Increases Drill Program to 45,000 Metres at the Enchi Gold Project, Ghana

Executive Summary

• Newcore Gold expands its 2024‑2025 Enchi drill program to a total of 45,000 m, now entering Phase 2 focused on discovery and deeper resource growth.
• First‑phase RC drilling intersected several high‑grade zones, including 204.3 g/t Au over 1 m (KBRC301) and 184 g/t Au over 1 m (KJRC033), plus multiple intervals >2 g/t Au over tens of metres.
• The program supports conversion of inferred resources to indicated and underpins the Pre‑Feasibility Study slated for Q4 2025 (now targeted for 2026).

Key Details

• Cash Position: ~US$10 M after warrant exercise (Sept 26 2025), enabling full drill budget.
• Phase 1 Highlights (25,097 m RC):
• KBRC301 (Boin) – 204.27 g/t Au over 1 m @ 59‑60 m; 1.46 g/t Au over 2 m @ 60‑62 m.
• KJRC033 (Kojina Hill) – 184 g/t Au over 1 m @ 126‑127 m; contiguous 24 m zone of mineralization.
• KBRC352 (Boin) – 2.25 g/t Au over 56 m @ 96‑152 m; includes 3.83 g/t Au over 15 m @ 122‑137 m.
• SWRC194 (Sewum) – 1.85 g/t Au over 62 m @ 1‑63 m; high‑grade 8.36 g/t Au over 10 m @ 13‑23 m.
• Additional Notable Intercepts:
• KBRC288 (Boin) – 1.96 g/t Au over 62 m, with sub‑intervals of 2.31 g/t Au (25 m) and 2.23 g/t Au (28 m).
• KBRC357 (Boin) – 4.41 g/t Au over 24 m; includes 9.08 g/t Au over 10 m.
• KBRC307A (Boin) – 3.36 g/t Au over 28 m; includes 7.76 g/t Au over 11 m and 37.58 g/t Au over 2 m.
• Resource Context:
• First‑phase drilling aimed at converting inferred to indicated resources ahead of the Pre‑Feasibility Study (PFS).
• Phase 2 will target higher‑grade structures at depth via diamond drilling and continue strike extensions.
• Overall Drill Coverage: 25,097 m in 207 RC holes; 98.5% intersected gold. Holes completed across Sewum, Boin, Nyam, and Kojina Hill targets.
• Resource Estimates (as of Apr 2024):
• Enchi Project – Indicated: 41.7 Mt @ 0.55 g/t Au (743,500 oz); Inferred: 46.6 Mt @ 0.65 g/t Au (972,000 oz).
• Supporting Work: Ongoing metallurgical testwork, hydrogeology, geotechnical and environmental studies for the upcoming PFS.

Notable Quotes

“We are thrilled to be well funded to continue to unlock the district‑scale potential of our Enchi Gold Project… We are excited to be shifting to this next phase of drilling which will include diamond drilling targeting the higher‑grade potential at depth.” – Luke Alexander, President & CEO

“The drill results highlight strong continuity of mineralization, the potential for resource growth with gold mineralization encountered below the limits of the pits…” – Greg Smith, Vice President of Exploration

Materiality Assessment: Non‑Material – Positive (operational update with encouraging assay results but no immediate financial impact).