Mr. Luke Alexander reports

NEWCORE GOLD ANNOUNCES ADDITION OF OMANPE PROSPECTING LICENSE AND COMPLETION OF AN UPDATED ENVIRONMENTAL AND SOCIAL BASELINE STUDY AT THE ENCHI GOLD PROJECT, GHANA

Newcore Gold Ltd. has provided an update on several positive developments at the company's 100-per-cent-owned Enchi gold project in Ghana. Newcore has increased the size of its district-scale project with the addition of the Omanpe licence. Omanpe covers 32.12 square kilometres and grows the size of the Enchi gold project to 248 square km. In addition, Newcore has completed an updated environmental and social baseline study for the project, an important milestone in continuing to derisk and advance the project toward production. As previously reported, an updated preliminary economic assessment (PEA) study for the project is under way, with completion on track for H1 2024.

Highlights from recent developments at Enchi:

• Addition of Omanpe licence increases size of Enchi gold project to 248 square km:
  • Licence covers 32.12 square km, located on the eastern edge of the project approximately five kilometres east of the Sewum gold deposit. Previously completed exploration work at the Omanpe gold target, including geophysical and geochemical surveys, generated gold-in-soil anomalies, adding several early-stage gold targets to the district-scale potential at Enchi.
• Completion of an updated environmental and social baseline study continues to derisk and advance development of the project:
  • Completed in late 2023 by Abbakus Geosocial Consult Ltd., based in Accra, Ghana, an independent group with extensive experience focused on mining projects in Ghana. The study concluded that there are no existing issues related to water, soil, noise or air quality for the proposed development of the project. The project is looked upon favourably by the local communities and stakeholders and is in an area with a long history of gold exploration, development and mining.
• Updated PEA on target for completion in H1 2024:
  • The PEA is being completed by independent engineering consultants Lycopodium, Micon International Ltd. and SEMS Exploration and will incorporate the 2023 mineral resource estimate, updated cost estimates and recent metallurgical test work.

Luke Alexander, president and chief executive officer of Newcore, stated: "We are excited to meaningfully increase the size of our Enchi gold project. Omanpe adds several early-stage gold targets to the project, building on the district-scale exploration opportunity at Enchi, which is located along a belt that hosts several multimillion-ounce gold mines. We also continue to complete important work to advance the development of our Enchi gold project in Ghana towards a construction decision. The recently completed updated environmental and social baseline study highlights the attractive location of the project for development, an area with a long history of both gold exploration and mining, along with local stakeholder support for the project. We look forward to continuing to derisk and advance Enchi in 2024 with completion of the updated PEA study in the first half of the year, providing an underpinning of value for Newcore while continuing to highlight the project's potential to become one of West Africa's next gold mines."

Omanpe prospecting licence

The Omanpe licence covers 32.12 square km, increasing the overall size of the Enchi gold project to 248 square km. Omanpe is located on the eastern edge of the Enchi gold project, approximately five kilometres east of the Sewum gold deposit. The Ministry of Lands and Natural Resources extended the prospecting licence in 2023 and the Environmental Protection Agency has issued the environmental permit. Newcore is in the process of obtaining the required operating permit to be able to complete fieldwork, which is expected to commence in Q1 2024.

Prior exploration completed at Omanpe included wide-spaced soil sampling which generated several target areas with anomalous results. The generated gold-in-soil anomalies at Omanpe are similar in size and strength to the initial gold-in-soil anomalies and outlined gold mineralization identified at the five deposits that make up the current mineral resource estimate at Enchi.

An airborne geophysical survey was completed in 2011 which outlined a series of strong, highly conductive electromagnetic anomalies crossing the Omanpe area which indicate several kilometres of potential pathways for gold mineralization. The geology is generally interpreted to be underlain by volcanic and volcaniclastic sedimentary rocks bordered by two large intrusives providing the alteration, and lithologies most often associated with gold mineralization within the Enchi gold project.

Prior exploration work completed at Omanpe consisted of 1,323 soil samples along 34 lines over an area of approximately 10 kilometres in length and varying between 0.5 and 3.5 kilometres in width. The soil sampling generated widely spaced moderately anomalous results often associated with select highly anomalous values distributed in a series of elongate northeast-to-southwest-trending zones. Follow-up work included 72 rock samples with a total of 19 rock samples returning anomalous values greater than 0.1 gram per tonne gold, with 11 greater than 0.3 g/t Au and ranging up to 5.03 g/t Au. Follow-up work also included 224 auger drill holes with a total of 28 auger samples returning anomalous values greater than 0.1 g/t Au, with 21 greater than 0.3 g/t Au, and 10 greater than 1.4 g/t Au ranging up to 7.10 g/t Au.

Updated environmental and social baseline study

The final report for the updated environmental and social baseline study was completed by independent consultants Abbakus Geosocial Consult, based in Accra, Ghana, an independent group with extensive experience focused on mining projects in Ghana. The results of the 2023 baseline study are being incorporated into the updated PEA that is under way.

The 2023 baseline study builds on the work previously completed in 2015. The study included a compilation of social baseline data, collection of physical environmental baseline data, engagement with relevant stakeholders, gathering of relevant supplementary data as well as recommendations for next steps.

Specific fieldwork included surface water quality and use, ground water quality testing, climate, air quality and noise, geology, soil sampling and analysis, terrestrial ecological survey, including flora and fauna, and an aquatic biology/biodiversity assessment. The socio-economic baseline survey included interviews with key stakeholders, focus group discussions, general community surveys, and stakeholder engagement and consultations. This is an important step in further advancing and de-risking the Enchi gold project toward future production.

The study concluded that there are no existing issues related to water, soil, noise or air quality for the proposed development of the Enchi gold project. The project occurs in an area with a long history of gold exploration, development and mining and is looked upon favourably by the local communities and other stakeholders.

Updated PEA study

Work continues on schedule and on budget for the updated PEA scheduled for completion in H1 2024. The PEA study will incorporate the mineral resource estimate completed in 2023, 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.

Newcore has engaged the independent engineering consultants Lycopodium, Micon International and SEMS Exploration to prepare the updated National Instrument 43-101 PEA technical report for the Enchi gold project. The study is being led by Lycopodium which is conducting a process plant and infrastructure evaluation for a heap leach gold facility using its knowledge on operating Ghanaian and West African gold mines. Micon is providing mine design and environmental services, with SEMS Exploration completing the mineral resource assessment. The combined study team has significant experience in not only completing economic studies but also in supporting companies with successful construction and operation of mines, specifically in Western Africa.

Enchi gold project mineral resource estimate

The Enchi gold project hosts an indicated mineral resource of 41.7 million tonnes grading 0.55 g/t Au 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 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 NI 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, 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 Simon are independent qualified persons as defined by NI 43-101.

Newcore Gold best practice

Newcore is committed to best practice standards for all exploration, sampling and drilling activities. Drilling was completed by an independent drilling firm using industry-standard reverse circulation and diamond drill equipment. Analytical quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. Samples are placed in sealed bags and shipped directly to Intertek Labs located in Tarkwa, Ghana, for 50-gram gold fire assay.

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. Gregory has verified the technical and scientific data disclosed herein and has conducted appropriate verification on the underlying data, including confirmation of the drill hole data files against the original drill hole logs and assay certificates.

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 g/t 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, who are aligned with shareholders through their 20-per-cent equity ownership, and prime district-scale exploration opportunities. Enchi's 248 square km 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.

We seek Safe Harbor.