Can you provide a brief overview of Newcore Gold, the Enchi Gold Project, and your current strategy?
Newcore Gold is advancing the Enchi Gold Project in Ghana. Our project is underpinned by a Preliminary Economic Assessment (PEA) study with robust economics, benefi ts from a district scale exploration opportunity, and is located in a top-tier mining jurisdiction that hosts numerous multi-million-ounce gold mines. Newcore Gold’s strategy is to unlock the size and scale potential of the project through exploration, while in tandem advancing the development of the project towards a construction decision, and ultimately production.
The PEA completed in mid-2024 highlighted the robust economics at Enchi and the opportunity to build a mine with strong cash fl ow leverage to the rising gold price environment. The PEA provided a base case assessment of developing Enchi as an open pit, heap leach operation processing 8.1Mtpa utilizing contract mining. At a gold price of US$3,000oz/ the PEA generated an after-tax NPV5% of US$971M and after-tax IRR of 136%. Initial capital costs were estimated at US$106M, including a 20% contingency. The PEA also highlighted an average annual gold production profile of ~122,000oz over a 9 year mine life.
Our Enchi Gold Project further benefits from significant exploration potential. Enchi covers 248km2 along a prolific gold belt that hosts multi-million-ounce gold mines, with the district scale exploration opportunity at Enchi largely underexplored and untested.
Importantly, Newcore Gold is backed by a management and board of directors that have a proven track record in the mining sector and are aligned with shareholders through an ~15% equity ownership.
Newcore Gold’s Enchi Gold Project is located in Ghana, which also has an attractive group of majors operating in-country including Newmont, AngloGold, Gold Fields, and Zijin. Why is Ghana such a favourable jurisdiction?
Ghana has become a preferred mining jurisdiction within Africa for major gold miners, and has also been referred to as the “Gold Coast” given its very long history of gold mining with evidence that gold mining dates back centuries. It is Africa’s largest gold producer and the sixth largest globally, having produced approximately 5 million ounces of gold in 2024.
Ghana differentiates itself from its neighbours due to the stable political environment, safety in-country, a legal system that is based on English common law and strong infrastructure in-country. It has a pro-development and democratically elected government with mining an essential part of Ghana’s economy and tax base. This has been highlighted by a stable history of mining tenure, royalty, and tax laws. Ghana has modern infrastructure when compared to its African counterparts, including a strong network of roads and highways as well as electricity and mobile networks across the country. The country is a primary hub for many mining contractors, and also has a highly skilled and trained mining workforce at all levels of operations with the industry being supported by two mining schools in-country.
Ghana is pro-development and continues to grow its gold production base with two meaningful projects advanced to production in the last year: Shandong’s Namdini mine was commissioned in November 2024, anticipated to add approximately 370,000 ounces of annual gold production; and Newmont’s Ahafo North expansion poured first gold in September 2025, and will add approximately 300,000 ounces of gold per year.
The strong presence of senior miners, along with large-scale gold mines in-country and a pro-development government all continue to highlight why Ghana is a star amongst its country-peers on the continent.
What are the key milestones achieved by Newcore Gold over the past 12 months? How are these shaping your priorities moving forward?
The past 12-months have been very busy for Newcore Gold: ~C$24M in funding backed by institutional investors, strong drill results from a 45,000-metre drill program that is underway targeting both resource conversion, resource growth and new discoveries, along with development work underway focused on de-risking and advancing the Enchi Gold Project to a Pre-Feasibility Study (PFS) in H1 2026. The company has also had strong share price performance and was recognized as one of the top 50 performing companies for 2024 on the TSX Venture Exchange.
Newcore is focused on unlocking the value of Enchi with a goal of advancing the development of the Project towards a production decision in-tandem with exploration drilling focused on proving out the larger-scale potential that exists across the district scale property.
You have a 45,000-metre drill program underway at the Enchi Gold Project. What are the most significant results and what have been the key takeaways from the drill program?
The 45,000-metre drill program commenced summer 2024 at Enchi, with the initial phase of drilling focused on infill and resource expansion drilling to support the continued advancement of the project. This initial phase targeted near-surface oxide and shallow fresh mineralization with the goal of infill drilling for resource conversion to improve the confidence level of the existing Mineral Resource Estimate (MRE). Drilling is the next critical path item for advancing Enchi towards a PFS.
As of the beginning of October 2025, a total of 25,097 metres in 207 holes had been completed and reported from drilling on the Boin, Sewum, Nyam Gold Deposits as well as the Kojina Hill Gold Target at Enchi. Key takeaways from this drilling include:
- Drilling has encountered wide zones of gold mineralization within both the oxidized and fresh mineralization, with higher-grade intervals;
- Intervals of high-grade gold continue to be encountered within broader zones of mineralization, with the highest-grade gold interval to date intersected at Enchi (KBRC301 at Boin intersected 204 g/t Au over 1m);
- ~98.5% of drill holes intersected gold mineralization, proving out the continuity of mineralization; and
- Mineralization encountered outside of the current limits of the pit constrained MRE, highlighting the potential for future resource growth.
The next phase of the drill program at Enchi includes a subset of drilling to continue to define the resource growth potential across the district scale property. Enchi covers 248km2 along a prolific gold belt that hosts multi-million-ounce gold mines, with the district scale exploration opportunity at Enchi largely underexplored and untested. All deposits and pre-resource targets remain open along strike and at depth. We believe that not only is there a strong opportunity to grow the resource base from the near surface potential at Enchi which would extend the heap leach mine life, but longer-term there is substantial potential to grow the resource base from exploration of the fresh mineralization at depth. Enchi is still underexplored with the average vertical depth of the pits contained in the PEA only defined down to an approximate depth of 80m and the majority of drilling to date testing an average depth of only 125m. The gold mines that are located along trend with Enchi – including Asante Gold’s Chirano and Bibiani mines, as well as Newmont’s Ahafo mine – are defined in excess of 1km below surface, highlighting the strong longer-term potential to define additional resources at Enchi to depth.
With drilling underway, alongside a focus on further de-risking and moving Enchi towards a PFS, we haven’t lost sight of defining the larger potential that exists across the property with the opportunity to continue to explore the deeper fresh mineralization potential while also drilling and growing the earlier stage near-surface targets across the property.
With a PFS targeted for completion in the first half of 2026, what are the key development steps currently underway at Enchi?
Alongside the drilling, which is a key component of the work to be completed for a PFS, the team has been focused on the additional technical work required to be completed in advance of commissioning a PFS. This includes diamond drilling for additional geotechnical, hydrogeological, and metallurgical testwork. Alongside this, we continue to advance our environmental and social baseline studies that will be required for the permitting process. The target is to commission a PFS in Q4 2025, with the results of the study completed in H1 2026. The drilling completed in 2024 and 2025 will also be incorporated into an updated MRE. This is a key next milestone for the project and key next step in advancing the Enchi Gold Project towards production.
You completed a C$15M equity financing in February 2025, with a further C$3.8M in cash proceeds received from the exercise of warrants in September. What is your funding position and are you funded for the current work program?
Newcore is well positioned with ~C$10M of cash after the exercise of warrants that expired on September 26, 2025. This provides funding to complete the 45,000-metre drill program that is underway at our Enchi Gold Project, as well as a PFS for the Enchi Gold Project which we are targeting for completion in H1 2026. With the potential for an additional ~C$10M in proceeds from additional warrant exercises that expire in February 2026, Newcore is well funded to advance our Enchi Gold Project towards a construction decision while also continuing to define the exploration potential across the district scale property.
Importantly, the majority of funding from the past five years has been from institutional, long-term value focused funds. Newcore has grown its institutional shareholder base to approximately 55% since mid-2020, highlighting the strong value potential that our institutional investors see in continuing to unlock the value of our Enchi Gold Project through advancing the development path at Enchi while concurrently continuing to advance the exploration.
The strong presence of senior miners, along with large-scale gold mines in-country and a predevelopment government all continue to highlight why Ghana is a star amongst its country-peers on the continent.
Luke Alexander, President, CEO, & Director, Newcore Gold
What are the key catalysts investors should be mindful of near-term as you continue to advance Enchi?
Newcore continues to focus on de-risking the development of its Enchi Gold Project. With a strong cash position of approximately C$10 million after the exercise of warrants that expired on September 26, 2025, and the potential for a further C$10M in cash proceeds from the exercise of warrants by the end of February 2026, the company is funded to aggressively drill the Enchi Gold Project while concurrently advancing the Project towards completion of a Pre-Feasibility Study in H1 2026. Newcore is focused on creating value through both exploration and development in tandem. The drill bit is focused on the longer-term exploration potential while the team concurrently drives development forward with key-derisking work being completed as part of the PFS – hydrological, baseline, geotechnical, and engineering studies that are crucial to advancing the development of the project.
The company continues to be well supported by long-term value focused institutional investors, along with its management and board of directors that hold a 15% equity interest in the company. We are excited to be drilling, and over the course of 2025 and into 2026 investors can expect steady results from the drill program that is underway as well as the results of a PFS in H1 2026.
Our Enchi Gold Project is a gold project with district scale exploration potential, underpinned by a PEA Study with robust economics, and located in a top-tier mining jurisdiction that hosts numerous multi-million-ounce gold mines. We are excited about not only the development potential of the project, in a pro-development jurisdiction, but also the longer-term district scale potential that exists across the property. We look forward to continuing to unlock that value with advancement of the project towards a construction decision while also continuing to unlock value through concurrent exploration.
