Newcore Gold Announces Robust Pre-Feasibility Study for the Enchi Gold Project, Ghana

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Mining and ore transportation will be carried out using contract services, under the supervision of Newcore, using a conventional truck and shovel fleet, employing conventional drill, blast, load, and haul methods. Based on current lithological modelling, approximately 40% of the total tonnage mined will require blasting activities. A diesel-powered fleet has been selected based on the scale of operations and equipment requirements. The mine production schedule is based on two 12-hour shifts, seven days a week for a total of 360 days per year.

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Enchi Gold Project Opportunities
A number of opportunities that may improve the future economics of the Enchi Gold Project have been identified, including:

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Enchi Gold Project District Scale Exploration Opportunity
The district scale exploration opportunity at Enchi is still largely underexplored, providing for significant future growth potential in regard to the Project’s longer-term size and scale potential. All existing deposits and targets remain open along strike and at depth, with potential for resource growth in both shallow oxide and transition material as well as within the deeper fresh mineralization. Limited drilling has been completed beyond a vertical depth of 200 metres, with most drilling testing mineralization to an average depth of only 150 metres. Significant potential remains on the Project to continue to define additional resources which may increase the mine life with over 20 early-stage targets identified across the 248 km² property. Newcore has also identified higher-grade mineralization at depth with deeper drilling targeting the upper portions of the fresh mineralization highlighting the potential for longer-term resource growth through the delineation of high-grade resources at depth. Drilling completed at both the Boin and Nyam gold deposits has identified multiple plunging high-grade zones that have only been tested to a maximum vertical depth of 350 metres and remain open for expansion at depth. The district scale exploration opportunity at Enchi provides a path towards a longer mine life and future growth opportunity at Enchi.

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Enchi Work Program
An 80,000 metre drill program is underway at Enchi. The drill program is focused on resource conversion, resource growth and discovery. Reverse Circulation (“RC”) drilling is targeting near-surface mineralization (oxide, transition, and shallow fresh mineralization) focused on resource conversion and continuing to define the potential for resource growth along strike at existing deposits. Diamond drilling is targeting the high-grade potential at depth. The completed first phase of the drill program was infill drilling for resource conversion, with only the first 28,000 metres of the drill program incorporated into an updated Mineral Resource Estimate announced on March 18, 2026 that more than doubled the Indicated Mineral Resource. All deposit areas and pre-resource targets at Enchi remain open along strike and at depth, providing for future resource growth across the district-scale property.

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Drilling has highlighted strong potential for resource growth, with high-grade encountered at depth and mineralization delineated below the pits that constrain the current Mineral Resource Estimate. All drill results released in 2026 have yet to be included in the Mineral Resource Estimate. Select assay results from the drilling released in 2026 are below:

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^{Notes:
1.  See detailed table for complete results;
2.  Intervals reported are hole lengths with true width estimated to be 75 – 85%; and
3.  Length-weighted averages from uncut assays.}

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Presentation and Investor Webinar
Newcore will host an investor webinar to discuss the PFS on Thursday, June 25 at 8am PT / 11am ET. Shareholders, analysts, investors and media are invited to join the live webcast by registering using the following link:
https://6ix.com/event/newcore-gold-pre-feasibility-study-for-the-enchi-gold-project

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After registering, you will receive a confirmation email containing details to access the webinar. The replay will also be available on Newcore’s website.

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A presentation to accompany the webinar and PFS will be available on the Company’s website.

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Grant of Equity Incentive Awards
Newcore has granted 1,510,000 restricted share units (“RSUs”) to employees, consultants and executives of the Company. The RSUs are granted under the Company’s long-term incentive plan and will vest over a three-year period with one-third vesting after each 12-month period.

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Qualified Persons and PFS Technical Report
The PFS for the Enchi Gold Project was prepared for Newcore by personnel from Lycopodium and other industry consultants, each of whom is a “qualified person” within the meaning of NI 43-101 and considered to be “independent” of the Company under section 1.5 of NI 43-101. Each qualified person has reviewed and approved the scientific and technical information in this news release, confirmed that such information accurately reflects the summaries or extracts of the PFS technical report for which they are responsible, and verified the technical and scientific data disclosed herein.

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Mr. Gregory Smith, P. Geo, Vice President of Exploration at Newcore, is a Qualified Person within the meaning of NI 43-101. He has reviewed and approved scientific and technical information contained in this news release for which the independent qualified persons who prepared the PFS technical report are not responsible. For prior exploration and drilling results, Mr. Smith has verified the technical and scientific data disclosed herein and has conducted appropriate verification on the underlying data including confirmation of the drillhole data files against the original drillhole logs and assay certificates.

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A PFS technical report supporting the PFS will be filed under the Company’s SEDAR+ profile at www.sedarplus.ca, and on Newcore’s website, within 45 days of this news release.

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Newcore Gold Best Practice
Newcore is committed to best practice standards for all exploration, sampling and drilling activities. Drilling was completed by independent drilling firms using industry standard RC and Diamond Drill equipment. Analytical quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. Samples are placed in sealed bags and shipped directly to Intertek Labs located in Tarkwa, Ghana for 50 gram gold fire assay.

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Non-IFRS Financial Measures
The Company has included certain non-IFRS financial measures in this news release, such as initial capital cost, sustaining capital cost, total capital cost, cash costs and AISC, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other companies. Each of these measures used are intended to provide additional information to the reader and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. The data is intended to provide additional information to investors and are widely used in the gold mining industry as benchmarks. The Company discloses these measures because it understands that certain investors use this information to evaluate the Company’s potential operating performance and its potential ability to generate earnings and cash flows for use in investing and other activities. Non-IFRS financial measures used in this news release and common to the gold mining industry are defined below. These measures are based on the results of the PFS and are forward-looking in nature and subject to the assumptions, risks and uncertainties associated with such study.

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Cash Costs and Cash Costs per Ounce
Cash costs are reflective of the cost of production. Cash costs reported in the PFS consist of mining costs, processing costs, mine site G&A, treatment and refining charges and royalties. Cash costs per ounce is calculated as cash costs divided by payable gold ounces.

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AISC and AISC per Ounce
AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the PFS includes cash costs plus sustaining capital, but excludes closure costs, corporate general and administrative costs and taxes. AISC per ounce is calculated as AISC divided by payable gold ounces.

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About Newcore Gold Ltd.
Newcore Gold is advancing its Enchi Gold Project located in Ghana, Africa’s largest gold producer ⁽¹⁾. Newcore Gold offers investors a unique combination of top-tier leadership, who are aligned with shareholders through their 12% equity ownership, and prime district scale exploration opportunities. Enchi’s 248 km² land package covers 40 kilometres of Ghana’s prolific Bibiani Shear Zone, a gold belt which hosts several multi-million-ounce gold deposits, including the Chirano mine 50 kilometres to the north. Newcore’s vision is to build a responsive, creative and powerful gold enterprise that maximizes returns for shareholders.
^{(1) Source: Production volumes for 2025 as sourced from the World Gold Council.}

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About Lycopodium
Lycopodium brings extensive studies and project delivery experience in gold mineral processing plants in West Africa, including Ghana. Over the past 30+ years, the Company has participated or delivered over 30 greenfield projects in West Africa, and 13 within Ghana. Through its long-term project experience, Lycopodium has developed extensive knowledge of Ghanian and West African suppliers and contractors, as well as local capital and operating costs. Lycopodium has a demonstrated track record for the development and delivery of value-optimised, fit-for-purpose, fast to ramp up and easy to operate mineral processing plant projects, delivered to budget and schedule.

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About Fuse Advisors (Part of SLR)
Fuse Advisors, part of SLR Consulting, is a project management and advisory firm focused on the mining and resource sector. We help clients advance projects and improve performance through technical due diligence, strategic planning, technical and economic studies, project delivery, and operational improvement. Leveraging deep industry experience and integrated project management expertise, we partner with project owners to deliver complex, multidisciplinary projects across the full asset lifecycle. As part of SLR’s global mining platform, Fuse provides access to a team of approximately 2,000 mining professionals across 28 countries, offering advisory, technical, environmental, and sustainability services from exploration and development through operations and closure.

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About Knight Piésold Ghana
Knight Piésold Ghana Ltd is a specialist engineering and environmental consulting firm and part of the Knight Piésold group, which has been delivering technical excellence to the mining, water resources, and infrastructure sectors for over a century. With a strong and growing presence in West Africa, Knight Piésold Ghana brings together experienced local and international engineers to provide integrated, fit-for-purpose solutions tailored to the region’s unique geological, environmental, and social contexts. For this project, Knight Piésold Ghana served as the lead technical consultant responsible for the design and engineering of the Tailings Storage Facility (TSF), site-wide hydrogeological assessment and water management strategy, mine closure planning, environmental and resettlement action planning. The company has demonstrated experience in advancing mining projects from concept through closure, with due consideration for operational efficiency, sustainability, environmental stewardship and regulatory compliance.

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About DRA Americas
DRA Americas Inc. is a 100% owned subsidiary of DRA Limited (“DRA “), a global engineering, project delivery, and operations management group specializing in the mining, minerals, and metals sector. DRA has an extensive track record spanning four decades across a wide range of commodities, including battery elements. DRA provides comprehensive services across the project lifecycle – from concept development and feasibility studies to engineering, procurement, construction management, and ongoing operations and maintenance. With offices across key mining regions including North and South America, Africa, the Middle East, and Asia-Pacific, DRA delivers tailored solutions to meet the unique needs of its clients. In the Americas, DRA has been instrumental in delivering numerous successful mining projects, offering a blend of innovative design and a commitment to environmental sustainability.

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On Behalf of the Board of Directors of Newcore Gold Ltd.
Luke Alexander
President, CEO & Director

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For further information, please contact:
Mal Karwowska | Vice President, Corporate Development and Investor Relations
+1 604 484 4399
[email protected]
www.newcoregold.com 

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Cautionary Note Regarding Forward-Looking Statements
This news release includes statements that contain “forward-looking information” within the meaning of the applicable Canadian securities legislation (“forward-looking statements”). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: timing of completion of a technical report summarizing the results of the PFS; the development, operational and economic results of the PFS, including cash flows, capital expenditures, development costs, extraction rates, recovery rates and mining cost estimates; statements regarding net present value and payback periods; production and mine life estimates; statements regarding the results of the PFS; statements regarding the estimation and potential realization of mineral resources and mineral reserves; proposed development plans for the Company; results of metallurgical testwork; results of the Company’s ongoing drill campaign; the magnitude or quality of mineral deposits; anticipated advancement of mineral properties or programs; future operations; the completion and timing of future development studies; future exploration prospects and growth of mineral properties; the potential to incorporate additional mineralization into future mineral resource and mineral reserve estimates or future studies; the results of recent drilling not yet incorporated into the Mineral Resource Estimate or the PFS; the potential expansion or enhancement of mineralization; and the impact of future exploration and drilling on the Project .

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These forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made, including, without limitation, assumptions regarding: the accuracy of the PFS and the underlying technical and economic assumptions; commodity prices; exchange rates; capital and operating cost estimates; availability of financing; permitting and development timelines;  the ability of ongoing and future exploration programs to further define, expand or upgrade mineralization; the potential for additional mineralization identified through drilling to be incorporated into future mineral resource and mineral reserve estimates or mine plans; the ability of ongoing and future exploration programs to further define, expand or upgrade mineralization; the potential for additional mineralization identified through drilling to be incorporated into future mineral resource and mineral reserve estimates or mine plans; and the Company’s ability to execute its plans as currently contemplated. Although the Company believes these assumptions to be reasonable based on information currently available, they may prove to be incorrect.

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Forward-looking statements also involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: risks related to the speculative nature of Newcore’s business; Newcore’s stage of development; Newcore’s financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; fluctuations in general macroeconomic conditions and securities markets; fluctuations in the price of gold and other commodities; fluctuations in currency exchange rates; change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with mineral exploration, development and mining (including environmental hazards and unusual or unexpected geological formations); the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); uncertainties related to exploration results and the ability to convert mineralization into mineral resources or mineral reserves; the risk that additional mineralization identified through drilling may not be incorporated into future studies or may not have a material impact on the Project; and title to properties. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect the forward-looking statements. 

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Forward-looking statements contained herein are made as of the date of this news release and Newcore disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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