Newcore Gold Increases Drill Program to 80,000 Metres at the Enchi Gold Project, Ghana

Executive Summary

• Newcore Gold Ltd. is expanding its ongoing drill program at the Enchi Gold Project in Ghana to 80,000 metres, deploying four active drill rigs to focus on resource conversion, resource growth, and discovery.
• The program expansion follows the successful completion of a $15 million equity financing and builds on recent high-grade drilling results that more than doubled the Indicated Mineral Resource in March 2026.
• The company is targeting completion of a Pre-Feasibility Study (PFS) by the end of June 2026, alongside ongoing metallurgical, hydrogeological, geotechnical, and environmental development work.

Key Details

• Drilling Program Expansion: Increased to 80,000 metres; commenced August 2024; four active drill rigs currently on site.
• Drilling Methodology & Focus: Reverse Circulation (RC) drilling targets near-surface mineralization (oxide, transition, and shallow fresh) for resource conversion and strike extension. Diamond drilling targets high-grade potential at depth.
• Recent Drilling Performance: The first phase (28,000 metres) was incorporated into an updated Mineral Resource Estimate (March 18, 2026) that more than doubled the Indicated Mineral Resource. Recent results include high-grade gold mineralization within structures at depth and the first visible gold encountered earlier this year.
• Equity Financing: Successfully closed a $15 million equity financing, backed by new and existing institutional shareholders, management, and the Board of Directors.
• Pre-Feasibility Study (PFS): Currently underway with a targeted completion date of June 30, 2026.
• Ancillary Development Work: Ongoing metallurgical testwork, hydrogeological testing, geotechnical work, and environmental studies are proceeding in parallel to advance project development.
• Equity Incentive Grant: Granted 1,340,000 restricted share units (RSUs) to employees, consultants, and executives under the long-term incentive plan, vesting over a three-year period (one-third annually).
• Project Scope: The Enchi Gold Project comprises a 248 km² land package covering 40 km of Ghana’s Bibiani Shear Zone. All deposit areas and pre-resource targets remain open along strike and at depth, offering significant district-scale exploration potential.

Notable Quotes

• Luke Alexander, President and CEO: "We are excited to be increasing the size of the drill program at our Enchi Gold Project in Ghana on the back of a successful equity financing that had strong support from both new and existing institutional shareholders, along with management and the Board of Directors... This expanded drill program also reflects the success of drilling which continues to highlight the potential for resource growth at Enchi, including most recently with drilling encountering high-grade gold mineralization within the structures at depth."
• Greg Smith, Vice President of Exploration: "Drilling completed to date at our Enchi Gold Project in Ghana continues to demonstrate strong continuity and wide zones of gold mineralization both along strike and at depth at all our existing deposits, while also highlighting the high-grade potential along with the broader district scale potential of the Project. I am excited to keep the drill rigs turning given the success we have had with this drill program, including some of our highest-grade intercepts to date on the Project and the first visible gold encountered through drilling earlier this year."