Mr. Luke Alexander reports

NEWCORE GOLD COMMISSIONS UPDATED PRELIMINARY ECONOMIC ASSESSMENT STUDY FOR THE ENCHI GOLD PROJECT, GHANA

Newcore Gold Ltd. has engaged the independent engineering consultants Lycopodium, Micon International Ltd. and SEMS Exploration to prepare an updated National Instrument 43-101 (NI 43-101) preliminary economic assessment (PEA) study for the company's 100-per-cent-owned Enchi gold project in Ghana. Newcore is targeting completion and announcement of the results of the study by the end of H1 2024.

Luke Alexander, president and chief executive officer of Newcore, stated: "We believe updating our PEA is an important step in continuing to advance the development of our Enchi gold project in Ghana. The update will incorporate the current mineral resource estimate that was announced earlier this year, updated cost estimates, as well as the significant metallurgical test work that has been completed on the project since the last economic study was completed in 2021. This low-cost derisking work will continue to advance the development of our district-scale Enchi gold project, showcase its potential as an open-pit, heap leach operation, while also providing an underpinning of value for Newcore Gold."

Updated PEA study

Newcore has engaged the independent engineering consultants Lycopodium, Micon International and SEMS Exploration to prepare an updated NI 43-101 PEA technical report for the Enchi gold project. The PEA will incorporate the mineral resource estimate completed in 2023, as well as the significant metallurgical test work completed since the last study in 2021. The study will be led by Lycopodium, who will conduct a process plant and infrastructure evaluation using its knowledge on operating Ghanaian gold projects. Micon is providing mine design and environmental services, with mineral resource assessment supplied by SEMS Exploration. The combined study team has significant experience in successful development of not only PEA studies, but also subsequent studies and services, including construction and operation.

Enchi gold project mineral resource estimate

The Enchi gold project hosts an indicated mineral resource of 41.7 million tonnes (Mt) grading 0.55 gram per tonne (g/t) Au (gold) containing 743,500 ounces gold and an inferred mineral resource of 46.6 million tonnes grading 0.65 g/t Au containing 972,000 ounces (see Newcore news release dated March 7, 2023). Mineral resource estimation practices are in accordance with CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines (Nov. 29, 2019), and follow CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014), that are incorporated by reference into National Instrument 43-101. The mineral resource estimate is from the technical report titled "Mineral Resource Estimate for the Enchi Gold Project," with an effective date of Jan. 25, 2023, which was prepared for Newcore by Todd McCracken, PGeo, of BBA E&C Inc., and Simon Meadows Smith, PGeo, of SEMS Exploration Services Ltd., in accordance with NI 43-101 -- Standards of Disclosure for Mineral Projects, and is available under the company's profile on SEDAR. Mr. McCracken and Mr. Meadows Smith are independent qualified persons (QPs) as defined by NI 43-101.

Qualified person

Gregory Smith, PGeo, vice-president of exploration at Newcore, is a qualified person as defined by NI 43-101, and has reviewed and approved the technical data and information contained in this news release.

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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