Newcore Gold Drilling Intersects 2.16 g/t Gold over 37.0 Metres, Including 5.10 g/t Gold over 9.0 Metres, at the Enchi Gold Project, Ghana

Newcore Gold Ltd. (NCAU) has released additional diamond drill results from the Nyam Gold Deposit at its Enchi Gold Project in Ghana, continuing its ongoing 80,000-metre drilling program. The latest release details four holes—NBDD092 through NBDD095A—that collectively total 1,192 metres and all intersected gold mineralization.

The specific intercepts reported are as follows:

• NBDD093: 2.16 g/t Au over 37.0 m from 205 m, including 5.10 g/t Au over 9.0 m from 233 m.
• NBDD094: 1.51 g/t Au over 21.0 m from 221 m, including 5.37 g/t Au over 5.0 m from 231 m.
• NBDD095A: 0.82 g/t Au over 40.0 m from 296 m, including 2.12 g/t Au over 9.0 m from 296 m.

Hole NBDD092 tested an apparent gap between two high-grade shoots and returned only low-grade intervals, consisting of 0.54 g/t over 1.8 m, 0.32 g/t over 13.0 m, and 0.52 g/t over 6.6 m.

According to the release, the reported intervals represent hole lengths, with true width estimated at 75-85% of the reported length. The grades cited are length-weighted averages derived from uncut assays, and no cutoff grade is disclosed. These results are not included in the current Mineral Resource Estimate or the June 2026 Preliminary Feasibility Study (PFS).

Cumulatively, the program has reported 51,661 metres in 323 holes, with 98% of those holes intersecting gold mineralization.

Newcore Gold Ltd. (NCAU) has transitioned from a grassroots explorer to a company with a completed pre-feasibility study (PFS), holding a 1.055 moz probable reserve at 0.64 g/t and 1.502 moz indicated at 0.56 g/t, with a market capitalization of roughly C$88 million. At this stage, drill results are significant primarily if they materially alter reserves, mine life, the mine plan, or net asset value (NAV).

The Nyam deposit represents a meaningful but not dominant component of the Enchi project, containing 175,000 oz of probable reserve, 287,000 oz of indicated resource, and 120,000 oz of inferred resource. While strong drilling at Nyam can support resource conversion and modest reserve growth, it does not re-rate the entire 1 moz reserve base.

Recent drill results from holes NBDD093 through NBDD095A have not been included in the current mineral resource estimate (MRE) or PFS. Consequently, these results do not change the base-case net present value (NPV), internal rate of return (IRR), mine life, or capital expenditure (capex) today. If these holes prove a continuous shoot, they could plausibly add or upgrade approximately 100,000 to 200,000 oz, though this is an inference rather than a disclosed tonnage. The release provides no volume, cutoff, updated resource, or mine-plan study, serving only as option value for a future study.

The stock has round-tripped from C$0.89 in March 2026 to C$0.28, near its 52-week low. The prior Nyam high-grade anchor, NBDD088 at 92.9 gram-metres, is not embedded in the current price, meaning a genuinely better result could have been material. However, this release is comparable to, or slightly weaker than, that anchor on grade and gram-metres, despite showing better width.

The results are not a material negative miss against an embedded expectation, as the market is not pricing in a repetition of the prior high-grade Nyam result. Nor is it a material positive surprise, as it does not materially exceed prior Nyam results, open a new zone, or change the PFS economics.

Newcore Gold Ltd. (TSX-V: NCAU, OTCQX: NCAU) is a gold developer focused on its 100%-owned Enchi Gold Project in Ghana. The Enchi property covers 248 km² along 40 km of the Bibiani Shear Zone, a prolific gold belt that hosts several multi-million-ounce deposits. Triple Flag Precious Metals holds a 2% NSR royalty on the project.

The Enchi project contains a probable reserve of 51.3 Mt at 0.64 g/t Au for 1,055,000 oz. The indicated resource stands at 83.6 Mt at 0.56 g/t Au for 1,502,000 oz, while the inferred resource is 40.1 Mt at 0.49 g/t Au for 626,000 oz.

The Nyam deposit, the subject of the current release, holds a probable reserve of 7.2 Mt at 0.76 g/t for 175,000 oz. Its indicated resources total 13.5 Mt at 0.66 g/t for 287,000 oz, and inferred resources are 5.5 Mt at 0.68 g/t for 120,000 oz.

A pre-feasibility study (PFS), completed in June 2026, outlines a 5.5 Mtpa open-pit CIL operation with a 9.3-year mine life. The project is expected to produce an average annual output of about 104,000 oz, with peak production in Year 2 reaching approximately 136,700 oz. The life-of-mine all-in sustaining cost (AISC) is estimated at US$2,290/oz.

Under base-case economics assuming US$3,800/oz gold, the project yields an after-tax NPV5% of US$496 million and an after-tax IRR of 37%. Initial capital expenditure is projected at US$351 million, resulting in a 1.6-year payback period.

In prior-period financial context not disclosed in today’s release, Newcore Gold reported cash of C$15.5 million and working capital of C$13.9 million at June 30, 2026. The company had no debt and recorded a H1 2026 net loss of C$3.81 million. Management stated that liquidity is sufficient for at least 12 months.

The company has 312.7 million basic shares and 335.1 million fully diluted shares outstanding. Management and board members own approximately 12% of the company.