Newcore Gold Ltd.

Newcore Gold Ltd. (TSX-V: NCAU, OTCQX: NCAUF) is advancing its 100%-owned Enchi Gold Project in southwest Ghana. The project’s 248 sq km land package covers 40 kms of Ghana’s Bibiani Shear Zone, a gold belt which hosts several large, multi-million-ounce gold mines. A PEA completed in 2024 highlighted the robust economics of developing an open pit, heap leach mine at Enchi, with low capital intensity and strong leverage to the gold price. Enchi’s longer-term potential benefits from the district-scale exploration opportunity that is largely underexplored to date with both resource growth potential along strike and at depth. Drilling is underway at Enchi focused on resource growth and infill drilling designed to improve the confidence level of the existing Mineral Resource Estimate, along with exploration drilling to define the longer-term resource growth potential across the district scale property. Newcore’s top-tier leadership is aligned with shareholders through their 15% equity ownership and is backed by one of the strongest boards in the sector. Our vision is to build a responsive, creative and powerful gold enterprise that maximizes returns for shareholders.

Management Profile

Luke Alexander, President and CEO

Mr. Alexander joined Newcore Gold as President, CEO & Director in May 2020. He brings extensive resource sector experience, knowledge and contacts to Newcore, particularly in West Africa. He has raised billions of dollars and structured deals for major mining companies while advising some of the world’s top institutional investment funds. Mr. Alexander began his investment banking career in the private client group at BMO Nesbitt Burns in Toronto, then started up an equity trading desk for Toronto Dominion in London before doing the same for National Bank. In 2008, he became senior partner at GMP Securities in London. Throughout his investment banking career, he helped fund many major resource projects in West Africa. In 2018, Mr. Alexander founded Park Road Capital, a Vancouver-based, natural resource focused consulting company where he focused on leveraging his investment banking expertise.

Mal Karwowska, VP - Corporate Development % IR

Ms. Karwowska has over 15 years of experience in the mining sector, spanning both corporate development and investor relations roles within publicly listed mining companies, as well as corporate finance and principal investing. She spent the first five years of her career in investment banking, focused on the mining sector, before transitioning to investment roles for mining focused funds. Her most recent experience also includes working with corporates in a business development and investor relations capacity. She holds a Bachelor of Commerce in Finance and Accounting from the Sauder School of Business at the University of British Columbia.

What are your key goals for the next 3, 6 and 12 months?

3 Months

Continue to advance the development of the Enchi Gold Project in Ghana. A 45,000-metre drill program is underway at Enchi focused on resource growth and infill drilling designed to convert Inferred Resources to Indicated. The goal of the first phase of drilling, which is now complete, was to complete the drilling required for resource conversion for a Pre-Feasibility Study which is targeted for completion in H1 2026. The second phase of the drill program which is now underway is focused on discovery and resource growth, including drilling targeting earlier-stage exploration targets along with drilling focused on defining the resource growth potential at depth.

6 Months

Continue to advance our Enchi Gold Project towards a Pre-Feasibility Study. This will include continued drilling, as well as continued de-risking of the Project with additional metallurgical testwork as well as hydrological and geotechnical work. Targeting completion of a PFS in H1 2026.

12 Months

Continue to unlock the significant value of our Enchi Gold Project by advancing the district scale exploration opportunity in tandem with advancing the development of the project. Targeting results of a PFS Study in H1 2026.

What do you think makes your company such a compelling investment?

Team, Asset, and Capital Markets Support. We have a top-tier team with a track-record of creating value for stakeholders, and a team that has strong alignment with its shareholders through 15% equity ownership. We have an asset with significant potential given the district scale opportunity and one that is underpinned by robust economics outlined in a PEA. We have strong capital markets support with ~55% institutional ownership. We are also well funded with ~C$10.9 million of cash at the end of September 2025 to continue to advance the development of our Enchi Gold Project.