Newcore Gold orders prefeasibility study for Enchi

Executive Summary

• Newcore Gold Ltd. has commissioned a Pre-Feasibility Study (PFS) for its Enchi gold project in Ghana, with Lycopodium Minerals Canada Ltd. appointed as the lead consultant.
• The PFS is targeted for completion by the end of the first half of 2026 and will build upon the 2024 Preliminary Economic Assessment (PEA).
• The study will incorporate approximately 30,000 meters of additional drilling and extensive metallurgical, hydrogeological, and geotechnical test work completed in 2024 and 2025.

Key Details

• Study Scope & Timeline: The PFS aims to technically derisk the project and advance it along the development path. It is fully funded by the company.
• Processing Methodology Change: Based on extensive metallurgical test work, the PFS will assume an open-pit mining approach with a standard milling and Carbon-In-Leach (CIL) processing flow sheet. This replaces the previously assumed heap-leach processing.
• Metallurgical Results: CIL test work has demonstrated gold recoveries of 89.4% to 97.7%, a significant improvement over the previously assumed 75% to 85% recoveries for heap-leach processing. The company determined that the added value from higher recoveries and lower processing risk outweighs the costs of mill-processing infrastructure.
• Consultants:
  • Lead Consultant: Lycopodium Minerals Canada Ltd. (responsible for process plant design, infrastructure, capital/operating cost estimation, and study integration).
  • Supporting Consultants: Fuse Advisors Inc. (mine engineering, open-pit optimization, mine planning, mineral reserve), Knight Piesold Ltd. (tailings storage facility design, hydrogeology, site water management), and DRA Global Ltd. (mineral resource and pit geotechnical/hydrogeological modeling).
• Fieldwork & Test Work (2024-2025):
  • Drilling: Approximately 30,000 meters of additional drilling completed.
  • Metallurgy: Samples from the three largest deposits (Sewum, Boin, and Nyam) were tested at Intertek Labs (Ghana) and Base Metallurgical Laboratories Ltd. (Canada). Tests included percolation tests, gold recovery tests in 3.5-meter-tall columns, and optimized CIL tests.
  • Geotechnical: Oriented diamond drill holes completed at Boin and Sewum deposits and the proposed process plant location to determine pit-slope angles and foundation conditions.
  • Hydrogeological: Diamond drill holes completed to understand groundwater conditions; two weather stations installed for continuous monitoring of temperature, humidity, rainfall, wind, solar radiation, and evaporation.
  • Environmental/Social: Baseline studies completed in dry and wet seasons of 2025, covering socio-economic conditions, climate, air quality, noise, water quality, ecology, and soil.
• Current Drill Program: A 45,000-meter drill program commenced in August 2024. Phase 1 focused on reverse circulation (RC) infill drilling for resource conversion at the Boin and Sewum deposits. Phase 2 focuses on discovery, resource growth along strike, and drilling for higher-grade potential at depth.
• Qualified Person: Gregory Smith, PGeo, Vice-President of Exploration, has reviewed and approved the technical data.

Notable Quotes

• Luke Alexander, President and CEO: "Advancing our Enchi gold project to the PFS stage represents an important milestone for the company as we continue to unlock the value of our district-scale project. We are fully funded to complete the PFS, which is supported by extensive technical fieldwork, test work and drilling completed in 2024 and 2025."
• Luke Alexander, President and CEO: "Metallurgical test work and optimization analysis focused on assessing processing alternatives to maximize gold recovery and value for shareholders. The additional test work completed highlighted the potential for higher recoveries with a standard milling and CIL processing flow sheet; given the positive impact of improved recoveries to the project value and economics and the lower processing risk, we have determined that this is the optimal development path."