Newcore Gold Announces Proceeds of $10.3 Million from Warrant Exercises
Newcore cashes in on warrant overhang to fuel shift from heap leach to high-recovery milling at Enchi
The most recent news (March 2, 2026) announces the receipt of C$10.3 million in proceeds from the exercise of 20,548,000 common share purchase warrants at a price of $0.50. This follows a series of high-grade drill results (up to 147.5 g/t Au over 1.0m) and a strategic pivot announced in February 2026 to transition the Enchi Gold Project from a heap leach model to a standard milling and Carbon-in-Leach (CIL) flowsheet. The company is now fully funded to complete its 45,000-metre drill program and deliver a Pre-Feasibility Study (PFS) by June 2026.
The impact is Routine - Positive. While the dollar amount is significant (C$10.3M), the exercise of these warrants was expected given the expiry date (February 27, 2026) and the positive momentum from recent drill results. - Liquidity Boost: The capital injection removes the immediate need for a dilutive equity raise in the open market. - Strategic Validation: The exercise at $0.50 suggests strong shareholder support and confidence in the new CIL processing route, which boasts recoveries of 89.4% to 97.7%. - Execution De-risking: The funds are specifically earmarked for the PFS and the remainder of the 45,000m drill program, ensuring no pause in development activity through H1 2026.
Newcore Gold is focused on the Enchi Gold Project in Ghana, located on the prolific Sefwi-Bibiani Gold Belt. - Flagship: Enchi Gold Project (100% owned). - Current Resource: 743,500 oz Indicated (0.55 g/t) and 972,000 oz Inferred (0.65 g/t). - Development Shift: Moving from a low-grade heap leach concept to a higher-recovery CIL milling operation to capture value from high-grade intercepts found at depth.