Mr. Luke Alexander reports

NEWCORE GOLD ANNOUNCES APPOINTMENT OF VICE PRESIDENT, PROJECTS

Newcore Gold Ltd. has appointed Branden Fraser, PEng, as vice-president, projects, effective Sept. 8, 2023. Newcore has commenced the process of engaging an independent engineering firm to prepare an updated National Instrument 43-101 preliminary economic assessment (PEA) study for the company's 100-per-cent-owned Enchi gold project in Ghana.

Luke Alexander, president and chief executive officer of Newcore, stated: "We are very excited to welcome Branden to our team. His significant experience in mine development, both with study management as well as in construction and operations, will be a significant benefit as we continue to advance the development of our Enchi gold project in Ghana. Concurrently we are excited to be kicking off the process to complete an updated PEA for the project, incorporating the updated mineral resource estimate that was announced earlier this year, along with the significant metallurgical test work that has been completed on the project since the last economic study was completed in 2021. We continue to advance and derisk the development of our Enchi gold project and look forward to creating significant value for our shareholders."

Mr. Fraser, PEng, has over 10 years of on-site experience in construction and operations in both mining and processing roles, as well as significant study management and consulting experience. His contributions span diverse regions including South America, Central America, Europe, Africa and subarctic Canada. Beginning with five years in trades roles within mining and milling operations, Mr. Fraser transitioned to project and field engineering positions with Canadian Northern Mining Corp. and JDS Mining and Energy Inc. in 2014. Notably, he acted as project, field and commissioning engineer for the construction and commissioning of JDS Silver's Silvertip mine in 2015 and Victoria Gold Corp.'s Eagle gold mine in 2017. Following the successful commissioning of the Eagle gold mine in 2019, Mr. Fraser assumed the role of the site's heap leach engineer. Simultaneously, he provided consulting support for preliminary and prefeasibility designs and assessments for several heap leach projects, including Newcore's 2021 PEA. Before joining Newcore Gold, Mr. Fraser was a process engineer and project manager at BBA. Mr. Fraser holds a bachelor of science in mining and mineral processing engineering from Montana Technological University and is a registered professional engineer with Engineers & Geoscientists British Columbia.

Newcore has granted 300,000 stock options at a price of 12 cents per share for a period of five years to Mr. Fraser. These options are subject to regulatory approval and are granted under the company's long-term incentive plan and include vesting provisions.

About Newcore Gold Ltd.

Newcore Gold is advancing its Enchi gold project located in Ghana, Africa's largest gold producer. The project currently hosts an indicated mineral resource of 743,500 ounces of gold at 0.55 gram per tonne and an inferred mineral resource of 972,000 ounces of gold at 0.65 g/t. Newcore Gold offers investors a unique combination of top-tier leadership, which is aligned with shareholders through its 20-per-cent equity ownership, and prime district-scale exploration opportunities. Enchi's 216-square-kilometre land package covers 40 kilometres of Ghana's prolific Bibiani shear zone, a gold belt which hosts several five-million-ounce gold deposits, including the Chirano mine 50 kilometres to the north. Newcore's vision is to build a responsive, creative and powerful gold enterprise that maximizes returns for shareholders.

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