Newcore Gold increases Enchi drill program to 60,000 m

Executive Summary

• Newcore Gold Ltd. has increased its drill program at the Enchi Gold Project in Ghana to 60,000 metres, supported by three active drill rigs on site.
• The expansion is funded by approximately $10 million in cash proceeds from the exercise of warrants prior to their expiry on Feb. 27, 2026.
• The company is advancing a prefeasibility study targeted for completion by the end of June 2026, while shifting drilling focus to define longer-term growth potential and higher-grade mineralization at depth.

Key Details

• Drill Program Expansion: The current drill program has been increased to 60,000 metres.
• Active Resources: There are three active drill rigs currently on site at the Enchi project.
• Funding Source: The expansion is backed by approximately $10 million in cash proceeds generated from the exercise of warrants that expired on Feb. 27, 2026.
• Drilling Phases:
  • Phase 1 (Completed): Focused on reverse circulation (RC) infill drilling for resource conversion to improve confidence in the existing mineral resource estimate, primarily targeting the Boin and Sewum deposits. Results highlighted strong continuity and wide zones of mineralization within the first 100 vertical metres.
  • Phase 2 (Current): Focused on discovery and resource growth, including drilling along strike at existing deposits and diamond drilling targeting higher-grade potential at depth (below a vertical depth of 200 metres).
• Prefeasibility Study (PFS): The PFS is well under way and on track for completion by the end of June 2026.
• Additional Technical Work: Ongoing work includes metallurgical test work, hydrogeological testing, geotechnical work, and environmental work to advance the technical merits of the project.
• Project Scope: The Enchi project covers a 248-square-kilometre land package along 40 kilometres of Ghana's Bibiani shear zone. All deposit areas and preresource targets remain open along strike and at depth.
• Quality Assurance: Drilling is conducted by an independent firm using industry-standard RC and diamond equipment. Samples are analyzed via 50-gram gold fire assay at Intertek Labs in Tarkwa, Ghana, with systematic insertion of blanks, standards, and duplicates.

Notable Quotes

• Luke Alexander, President and CEO: "We are excited to be in a strong cash position to continue to advance the development of our Enchi gold project while unlocking the district-scale potential through the drill bit. With the prefeasibility study well under way and on track for completion by the end of June, 2026, our drilling has shifted focus to defining the longer-term growth potential at Enchi within the high-grade structures that extend at depth."
• Greg Smith, VP of Exploration: "We have an active year ahead as drilling continues at Enchi with a focus on resource growth, with an expanded 60,000-metre drill program under way and three drill rigs active on site... With the drill program now in its second phase at Enchi, targeting mineralization below a vertical depth of 200 metres, we look forward to building on the exciting first diamond drill results as we prove out the higher-grade potential at depth."