Positive Updated Preliminary Economic Assessment For Enchi Gold Project

VANCOUVER - Newcore Gold Ltd. announced an updated Preliminary Economic Assessment (PEA) completed for the Enchi Gold Project in Ghana. The PEA provides a base case assessment of developing Enchi as a low capital intense, open pit, heap leach operation, processing 8.1 million tonnes per annum (mtpa) utilizing contract mining. The PEA incorporated updated costing as well as development work completed on the Project since 2021 including a larger Mineral Resource Estimate completed in 2023, a significant

Highlights from the PEA at Enchi: 1) Strong project economics with low capital intensity - a At a gold price of $1,850/oz: $586 million pre-tax net present value discounted at 5% ("NPV5%") and a 77% pre-tax internal rate of return ("IRR"), $371 million after-tax NPV5% and a 58% after-tax IRR. b) At a gold price of $2,350/oz: $987 million pre-tax NPV5% and a 127% pre-tax IRR, $632 million after-tax NPV5% and a 92% after-tax IRR. c) Initial capital costs estimated at $106 million (including a 20% contingency), with a short after-tax payback of 1.6 years. 2) Robust production profile with a low-cost structure driven by a technically straightforward, open pit, heap leach operation and low strip ratio - a) Average annual gold production of 121,839 ounces; peak gold production in year 6 of 155,188 ounces; 1.1 million ounces gold recovered over a 9-year life of mine ("LOM"). b) LOM strip ratio of 2.67 to 1, mined grade of 0.60 g/t Au and gold recovery of 81.8%. c) LOM operating costs (1) estimated at $801/oz of gold, cash costs (2) estimated at $934/oz of gold, LOM all-in sustaining costs (AISC) (3) estimated at $1,018/oz of gold. 3) Economics incorporate significant development work completed since 2021 - a) The PEA incorporated the Mineral Resource Estimate completed in 2023 which reflected the addition of approximately 34,000 metres of Reverse Circulation (RC) and diamond drilling completed in 2021 and 2022. b) Significant metallurgical testwork completed to date, highlighting the Project’s amenability to heap leach processing. Advanced metallurgical testwork consists of more than 390 tests including bottle rolls, column tests and two bulk-scale pilot heap tests. 4) Significant longer-term growth potential from the district-scale exploration opportunity at Enchi - a) Enchi’s property covers 248 km2 along a prolific gold belt that hosts multi-million-ounce gold mines. Newcore has identified more than 20 pre-resource targets across the property and with less than 10% of the property explored. The district scale exploration opportunity at Enchi remains largely underexplored and untested. b) All deposits and targets remain open along strike and at depth, with potential for resource growth in both shallow oxides and within the sulphide mineralization.

Luke Alexander, President and CEO, said, "The PEA confirms the opportunity at Enchi to develop an open pit, heap leach operation with robust economics. This is a notable milestone and an important step in advancing the development of our Enchi Gold Project in Ghana towards a construction decision. The PEA is a culmination of several years of de-risking work that included an updated Mineral Resource Estimate completed in 2023 and significant metallurgical testwork on the Project. Having Lycopodium on-board as the lead consultant also continues to support the development of Enchi as they are a partner of choice given their strong operational experience in West Africa. Our emphasis moving forward is to continue to drive development of the Project towards production, while not losing focus on the district scale exploration opportunity that will drive the size and scale opportunity at Enchi longer-term. The economics within the PEA support advancing Enchi towards production while also providing a strong underpinning of value for Newcore as we look to continue to unlock the Project’s significant potential.”