Newcore Gold Closes $15 Million Bought Deal Financing

• Newcore Gold Ltd. closed a previously announced bought deal financing on May 28, 2026.
• Aggregate gross proceeds raised were $15,004,300 CAD.
• The company issued 28,310,000 common shares at a price of $0.53 per share.
• Net proceeds are designated for exploration and development at the Enchi Gold Project in Ghana, plus general corporate and working capital purposes.
• Underwriters were Haywood Securities Inc., Canaccord Genuity Corp., and SCP Resource Finance LP.
• Management and board ownership stands at 12% of total shares post-offering.
• This follows an upsizing announcement on May 15, 2026, which increased the offering from $10 million to $15 million.

• The financing closes a previously announced transaction, removing uncertainty regarding funding for the Pre-Feasibility Study (PFS) targeted for completion by end-June 2026.
• While positive for liquidity, the issuance of 28.3 million shares represents approximately 9-10% dilution on the pre-offering share base (~284M).
• The financing price ($0.53) aligns closely with recent market lows ($0.52-$0.54), suggesting the market had already priced in the dilution risk during the downtrend from February highs.
• No new strategic investors or major discoveries were announced alongside this closing, limiting the upside surprise factor relative to previous resource updates.
• The capital raise is necessary for project advancement but does not fundamentally alter the asset's valuation profile beyond extending the runway to PFS completion.

• Company: Newcore Gold Ltd. (TSX-V: NCAU).
• Flagship Project: Enchi Gold Project, Ghana.
• Location: 10 km west of the town of Enchi, within the Bibiani Shear Zone.
• Status: Development stage with a Pre-Feasibility Study underway.
• Resource Estimate (May 2026): Indicated Mineral Resource of 83.6 million tonnes @ 0.56 g/t Au (1.5M oz); Inferred Resource of 40.1 million tonnes @ 0.49 g/t Au (626k oz).
• Mining Method: Open-pit mining with heap leach processing for oxide/transition material and Carbon-in-Leach (CIL) for fresh mineralization.
• Land Package: District-scale 248 km² land package with multiple targets including Boin, Sewum, Nyam, and Kwakyekrom deposits.