Newcore Gold Files Technical Report on Updated Mineral Resource Estimate for Enchi Gold Project, Ghana

Newcore Gold Ltd. has filed the technical report supporting an updated, independent Mineral Resource Estimate for its Enchi Gold Project in Ghana, prepared in accordance with National Instrument 43-101. The report, titled “Technical Report Mineral Resource Estimate Update, Enchi Gold Project, Ghana,” was completed by DRA Americas Inc. of Toronto, Ontario, and is available under the company’s SEDAR+ profile.

Resource update and key figures

The updated Mineral Resource expanded the Indicated Mineral Resource at Enchi to 83.6 million tonnes at an average grade of 0.56 grams per tonne gold (g/t Au), containing 1,502,000 ounces of gold. It also includes an Inferred Mineral Resource of 40.1 million tonnes at an average grade of 0.49 g/t Au, containing 626,000 ounces of gold.

The Resource is reported using a constraining resource pit at a gold price of US$3,200 per ounce, with an effective date of October 6, 2025 (incorporating drilling results completed up to that date). Since October 2025, approximately 12,500 metres of additional drilling have been completed that are not included in the Resource.

Next steps: Pre-Feasibility Study

Newcore said the Indicated Mineral Resource will form the basis for a Pre-Feasibility Study (PFS) that is underway and targeted for completion by the end of June 2026. The company previously stated the PFS timeline in a news release dated February 5, 2026.

Luke Alexander, President and CEO of Newcore, said delivering the technical report is an important step toward advancing Enchi to the PFS stage, adding that the updated Resource continues to demonstrate Enchi’s multi-million-ounce potential and supports further value creation through exploration and development at the district scale project.

Highlights from the Mineral Resource Estimate

• Indicated Resource more than doubled: 1,502,000 ounces of gold at an average grade of 0.56 g/t Au within 83.6 million tonnes. The update incorporated only 28,000 metres of drilling completed in 2024 and 2025 as part of an ongoing 60,000 metre drill program.
• Additional Inferred Resource: 626,000 ounces of gold at an average grade of 0.49 g/t Au within 40.1 million tonnes. The Resource includes four pit-constrained deposits—Sewum, Boin, Nyam and Kwakyekrom—with deposits open along strike and at depth, including potential growth in shallow oxide and transition mineralization and in deeper fresh mineralization.
• Shallow resource pits, deeper drilling still limited: Average depth of resource pits is 85 metres. Most drilling to date has tested shallow mineralization down to an average depth of 125 metres, with limited drilling to depths of 200 to 350 metres.
• District-scale exploration opportunity: The company said the Enchi district remains largely underexplored, with more than 25 targets identified across a 248 km2 property. A 60,000 metre drill program is underway, focused on demonstrating and defining resource expansion in high-grade shoots within fresh mineralization to depth.

Mineral Resource Estimate details (Table 1)

The following table summarizes the Mineral Resource Estimate for the Enchi Gold Project:

Table 1 - Mineral Resource Estimate for the Enchi Gold Project

• Boin
  • Indicated: 23,477,000 tonnes; 0.73 g/t Au; 550,000 ounces
  • Inferred: 9,237,000 tonnes; 0.60 g/t Au; 178,000 ounces
• Sewum
  • Indicated: 41,233,000 tonnes; 0.43 g/t Au; 573,000 ounces
  • Inferred: 24,246,000 tonnes; 0.39 g/t Au; 308,000 ounces
• Nyam
  • Indicated: 13,458,000 tonnes; 0.66 g/t Au; 287,000 ounces
  • Inferred: 5,471,000 tonnes; 0.68 g/t Au; 120,000 ounces
• Kwakyekrom
  • Indicated: 5,447,000 tonnes; 0.52 g/t Au; 92,000 ounces
  • Inferred: 1,156,000 tonnes; 0.52 g/t Au; 19,000 ounces
• Total Indicated: 83,615,000 tonnes; 0.56 g/t Au; 1,502,000 ounces
• Total Inferred: 40,111,000 tonnes; 0.49 g/t Au; 626,000 ounces

Model inputs and technical notes

The Resource update builds on the prior Mineral Resource Estimate completed and released in 2023 and incorporates approximately 28,000 metres of infill Reverse Circulation (RC) drilling, along with 3,450 metres of diamond drilling completed for metallurgical, geotechnical and hydrogeological purposes in 2024 and 2025.

Key technical assumptions and notes provided with the estimate include:

• CIM definition standards were followed, and the effective date is October 6, 2025.
• Open pit cut-off grades varied from 0.1 to 0.2 g/t Au, based on mining and processing costs and recoveries in different weathered material.
• A gold price of US$3,200 per ounce was used to determine the cut-off grade.
• Metallurgical recovery assumptions were 85% for oxide and transition mineralization using heap leach recovery, and 91.7% for fresh mineralization using carbon-in-leach recovery.
• Pit optimization costs included mining costs by material type (oxide, transition, fresh), waste mining costs by material type, and processing and general and administrative costs by material type.
• Optimization stripping ratio including all pits was 3.35.
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• The estimate was prepared by independent qualified persons from DRA Americas Inc. in compliance with NI 43-101.

Additional context and availability

Further detail regarding the Resource for the Project is summarized in the company’s news release dated March 18, 2026, and in the technical report available on Newcore’s website and on SEDAR+.

About Newcore Gold Ltd.

Newcore Gold is advancing its Enchi Gold Project in Ghana. The company describes Enchi as a 248 km2 land package covering significant mineralized structures and multiple multi-million-ounce deposits, and says it is focused on building a responsible, value-focused gold enterprise.

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

For further information: Mal Karwowska, Vice President, Corporate Development and Investor Relations, +1 604 484 4399, info@newcoregold.com.

The release includes forward-looking statements subject to risks and uncertainties, reflecting management’s expectations as of the date of the release.