Newcore Gold Drilling Intersects 1.16 g/t Gold over 41.0 Metres, Including 2.54 g/t Gold over 13.0 Metres, at the Enchi Gold Project, Ghana

Newcore Gold Ltd. (NCAU) released results from 24 reverse circulation holes totaling 3,370 meters (KBRC373–KBRC390, KBRC405–KBRC410) at the Boin deposit, with 22 of those holes intersecting gold. The program to date comprises 50,470 meters in 319 holes, achieving a 98% hit rate.

The stated purpose of the drilling was to conduct shallow step-out and conversion holes in the north sector and between reserve pits to convert Inferred resources to Indicated and expand the future reserve pit. These results are explicitly not included in the Mineral Resource Estimate or the June 2026 Preliminary Feasibility Study (PFS).

Key intercepts include:

• KBRC407: 1.16 g/t Au over 41.0 m from 2 m, including 2.54 g/t over 13.0 m from 25 m (oxide).
• KBRC373: 0.57 g/t Au over 59.0 m from 119 m, including 0.94 g/t over 16.0 m from 120 m.
• KBRC379: 0.47 g/t Au over 55.0 m from 52 m, including 1.27 g/t over 10.0 m from 59 m.
• KBRC380: 1.57 g/t Au over 14.0 m from 102 m.
• KBRC385: 0.96 g/t Au over 13.0 m from surface.
• KBRC389: 1.66 g/t Au over 8.0 m from 6 m.
• KBRC409: 0.56 g/t Au over 22.0 m from 78 m (within existing reserve pit).

At Boin, the Probable Reserve stands at 15.9 Mt @ 0.84 g/t (429 koz), the Indicated resource at 23.5 Mt @ 0.73 g/t (550 koz), and the Inferred resource at 9.2 Mt @ 0.60 g/t (178 koz). The maximum vertical depth is 184 m, with an average hole depth at Boin of approximately 100 m.

Newcore Gold Ltd. (NCAU) is a developer with a completed June 2026 PFS and a 1.055 moz Probable Reserve, distinguishing it from grassroots explorers. For a company in this stage, an infill or conversion RC batch rarely alters the investment thesis because the deposit is already defined and drilled. The recent results are explicitly not incorporated into the MRE or PFS, representing no new zone, discovery, or step change in scale. This drilling serves as confirmation along the path already assumed.

That result lifted shares from $0.28 to $0.37–$0.39 (+~30%) before fading to $0.34–$0.35. On a pure delta basis, this batch’s best result of 47.6 g.m at 1.16 g/t carries roughly 27% of the anchor's gram-metres at less than half the grade.

Because these are conversion, infill, and local step-out holes, they are judged against the reserve grade of 0.84 g/t rather than the headline best previous hole. Several holes, including KBRC407, KBRC389, KBRC380, and KBRC385, returned at or above reserve grade, serving as confirmations. However, roughly half the reported metreage is at or below reserve grade. The market, which recently paid up for the 178.7 g.m Boin hole, is likely to read the 47.6 g.m best hole as incremental at best.

The stock sits at $0.34, near the $0.28 low, suggesting the price assumes little and there is no embedded downside to punish.

Newcore Gold Ltd. (TSX-V: NCAU; OTCQX: NCAUF) is advancing its 100%-owned Enchi Gold Project in southwest Ghana, a 248 km² package covering approximately 40 km of the Bibiani Shear Zone. The project holds a Probable Reserve of 51.3 million tonnes at 0.64 g/t for 1,055,000 ounces, an Indicated resource of 83.6 million tonnes at 0.56 g/t for 1,502,000 ounces, and an Inferred resource of 40.1 million tonnes at 0.49 g/t for 626,000 ounces across four deposits: Boin, Sewum, Nyam, and Kwakyekrom. This release focuses on the Boin deposit.

A June 2026 Preliminary Feasibility Study (PFS) under a base case gold price of US$3,800/oz projects an after-tax NPV5% of US$496 million, a 37% internal rate of return (IRR), and a 1.6-year payback period. The project requires US$351 million in initial capital expenditure, features a 9.3-year mine life, and produces an average of approximately 104,000 ounces per year with a peak of 136,700 ounces. Life-of-mine all-in sustaining costs (AISC) are estimated at US$2,290/oz with a 90.5% recovery rate, utilizing a 5.5 million tonnes per year carbon-in-leach (CIL) open-pit operation with contract mining. At a gold price of US$4,200/oz, the NPV5% rises to US$647 million with a 45% IRR.

The company has 312.7 million shares outstanding, approximately 10.1 million options, and approximately 12.3 million restricted share units (RSUs) and performance share units (PSUs), resulting in approximately 335 million fully diluted shares. As of June 30, 2026, Newcore Gold held approximately $15.5 million in cash and $13.9 million in working capital, with no debt. Management and the board hold approximately 12% aligned interest. Royalty and carry obligations include a 2% net smelter return (NSR) to Triple Flag, a 10% free carry and sliding-scale royalty (5–12%) from the Ghana government, and a 35% corporate tax.