Newcore Gold Ltd. (TSXV:NCAU, OTCQX:NCAUF) has strengthened its financial position with $3.8M in proceeds from the recent exercise of 9.56M share purchase warrants, which expired on 26 September 2025. The warrants, originally issued as part of a 2024 private placement, were exercised at $0.40 per share, reflecting strong shareholder confidence in the company’s growth trajectory.
Management and board members also participated in the exercise, reinforcing their alignment with shareholders through a 15% equity ownership.
With a cash balance of approximately $10.1M, Newcore is well-funded to continue its 35,000m drill program at the Enchi Gold Project in Ghana. The program includes deeper exploration drilling and development work to support a Pre-Feasibility Study (PFS) targeted for H1 2026.
Luke Alexander, President and CEO of Newcore Gold commented, “We would like to thank our shareholders for their continued support and confidence in the Company through the exercise of the Warrants. Management and Board of Directors also exercised Warrants they held and continue to be strongly aligned with shareholders by way of an approximately 15% equity ownership. This funding, along with our cash-on-hand, supports Newcore’s continued advancement and de-risking of our Enchi Gold Project in Ghana. With a 35,000-metre drill program underway that will include exploration drilling to depth, alongside development work to support a Pre-Feasibility Study next year, we are excited for a busy year ahead as we continue to define the district scale potential of our Enchi Gold Project.”
Post-warrant exercise, Newcore’s share capital stands at 262.99M common shares issued and outstanding, with additional upside potential from 20.42M warrants (exercise price: $0.50, expiring February 2026), which could bring in a further $10.2M if fully exercised.
The Enchi Gold Project remains a cornerstone of Newcore’s strategy to build a leading West African gold development company, with ongoing drilling aimed at expanding resources and de-risking the asset ahead of the PFS.
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