Newcore receives $10.3-million from warrant exercise

Executive Summary

• Newcore Gold Ltd. received approximately $10.3 million in gross proceeds from the exercise of 20,548,000 common share purchase warrants.
• The warrants, originally issued on February 27, 2025, had an exercise price of $0.50 and expired on February 27, 2026.
• The company states that these proceeds, combined with existing cash, will support the advancement of the Enchi gold project in Ghana, specifically targeting the completion of a prefeasibility study by June 2026 and potentially expanding its ongoing 45,000-metre drill program.

Key Details

• Gross Proceeds: Approximately $10.3 million.
• Warrants Exercised: 20,548,000 common share purchase warrants.
• Exercise Price: $0.50 per warrant.
• Warrant Issuance Date: February 27, 2025.
• Warrant Expiration Date: February 27, 2026.
• Post-Exercise Share Capital:
  • Common Shares: 284,385,640 issued.
  • Stock Options: 9,000,000.
  • Restricted Share Units (RSUs) and Performance Share Units (PSUs): 6,742,665.
• Use of Proceeds: Advancing and derisking the Enchi gold project toward a prefeasibility study (targeted for end of June 2026) and evaluating opportunities to expand the scope of the ongoing 45,000-metre exploration drill program.
• Management Ownership: CEO Luke Alexander notes that management and the board collectively hold approximately 13% equity ownership.

Notable Quotes

• "We would like to thank our shareholders for their continued support and confidence in the company, demonstrated through the exercise of the warrants. Management and the board of directors remain strongly aligned with shareholders, collectively holding approximately 13-per-cent equity ownership. The proceeds from the warrant exercises, together with our existing cash on hand, position Newcore to continue advancing and derisking our Enchi gold project toward completion of a prefeasibility study by the end of June, 2026." — Luke Alexander, President and CEO