Mr. Luke Alexander reports

NEWCORE GOLD COMMISSIONS PRE-FEASIBILITY STUDY FOR ITS ENCHI GOLD PROJECT, GHANA

Newcore Gold Ltd. has commissioned a prefeasibility study (PFS) for the company's Enchi gold project in Ghana. Newcore has engaged Lycopodium Minerals Canada Ltd. of Toronto, Canada, as lead consultant for the study, with support from Fuse Advisors Inc. (part of SLR Consulting), Knight Piesold Ltd. and DRA Global Ltd. The company is targeting completion of the PFS by the end of the first half of 2026.

The PFS will build on the 2024 preliminary economic assessment (PEA) and will incorporate the results of fieldwork and test work completed at Enchi during 2024 and 2025, including approximately 30,000 metres of additional drilling, PFS-level metallurgical test work, hydrogeological testing, geotechnical work and environmental work. As a result of extensive metallurgical test work completed since 2024 and a gold price environment that has strengthened substantially in the past several years, open-pit mining with a standard milling and carbon-in-leach (CIL) processing flow sheet will be assumed for the PFS to maximize the economic value of the project. CIL test work completed to date has returned recoveries of 89.4 per cent to 97.7 per cent relative to previously assumed recoveries of 75 per cent to 85 per cent for heap-leach processing. The added value from maximizing gold recoveries, accelerating gold recovery rates and lowering processing risk outweighs the additional cost of mill-processing infrastructure requirements.

Luke Alexander, president and chief executive officer of Newcore, stated: "Advancing our Enchi gold project to the PFS stage represents an important milestone for the company as we continue to unlock the value of our district-scale project. We are fully funded to complete the PFS, which is supported by extensive technical fieldwork, test work and drilling completed in 2024 and 2025. A key component of the work completed in advance of commissioning the PFS was optimization work aimed at identifying the best processing path that maximizes project value and economics in a gold price environment that has strengthened significantly since completion of the 2024 PEA. Metallurgical test work and optimization analysis focused on assessing processing alternatives to maximize gold recovery and value for shareholders. The additional test work completed highlighted the potential for higher recoveries with a standard milling and CIL processing flow sheet; given the positive impact of improved recoveries to the project value and economics and the lower processing risk, we have determined that this is the optimal development path. This next stage will continue to technically derisk the project and advance the project along the development path, as we look to unlock and maximize the value of our Enchi gold project in Ghana."

Prefeasibility study commissioned

A PFS has been commissioned for the company's Enchi gold project, targeted for completion by the end of H1 2026. Lycopodium has been appointed as the lead engineering consultant, responsible for process plant design, infrastructure, capital and operating cost estimation, and overall study integration. Lycopodium led the company's 2024 PEA, and, with its re-engagement for the PFS, this continuity preserves detailed project knowledge between study phases. The PFS is supported by a strong group of consultants including Fuse Advisors (part of SLR Consulting) (mine engineering, open-pit optimization and design, mine planning, and mineral reserve), Knight Piesold (tailings storage facility design, project-wide hydrogeology and site water management) and DRA Global (mineral resource and pit geotechnical and hydrogeological model).

Metallurgical test work completed in support of the PFS

Metallurgical test work completed since the 2024 PEA determined that the optimal processing flowsheet for the project is standard milling and CIL based on recoveries from test work of 89.4 per cent to 97.7 per cent.

Metallurgical samples consisted of oxide, transition and fresh material from the three largest deposits at Enchi (Sewum, Boin and Nyam), with work completed at Intertek Labs in Tarkwa, Ghana, and Base Metallurgical Laboratories Ltd. (Base Met Labs) in Kamloops, Canada. Test work completed in 2025 included percolation tests at various cement levels on all material types, gold recovery tests on agglomerated material in 3.5-metre-tall columns and a series of optimized CIL tests. Column tests were completed at Intertek on all three material types and at various conditions. Oxide and upper diggable transition material continued to have strong recoveries, highlighting amenability to heap-leach processing. The harder transition and fresh mineralization, however, encountered lower recoveries, leading to further test work at Base Met Labs to better understand the optimal conditions for all material types. Results of test work led to maximum recoveries using a standard milling and CIL processing flow sheet.

This recent metallurgical test work focused on understanding the optimal processing methodology to achieve the maximum gold recoveries for all material types and deposits. With a much higher gold price environment and a focus on higher recoveries with lower processing risk, the company has determined that the optimal processing methodology for Enchi is a standard milling and CIL flow sheet to maximize the economic value of the project.

Fieldwork completed in support of the PFS

Additional fieldwork and test work completed to support the PFS included geotechnical, hydrogeological, environmental and social baseline studies.

Geotechnical: Oriented diamond drill holes were completed for geotechnical purposes. These holes are drilled to investigate subsurface soil, rock and groundwater conditions to better understand the physical properties of the relevant area to confirm pit-slope angles and ensure appropriate conditions for construction foundations. Holes were drilled within the proposed open-pit areas at the Boin and Sewum gold deposits, along with holes drilled in the proposed process plant location.

Hydrogeological: Diamond drill holes were completed for hydrogeological purposes. These holes are drilled to better understand groundwater conditions. Measurements of groundwater recharge continue at all deposits and advanced targets at Enchi. Additionally, two weather stations have been installed to continuously measure temperature, relative humidity, rainfall, wind speed and direction, solar radiation and evaporation rates.

Environmental and social baseline: Additional environmental and social baseline field work is under way, with studies completed in both the dry and wet seasons in 2025. This work builds on prior studies completed in 2024, 2022 and 2015 and comprises environmental and social monitoring acceptable for both national and international standards. Work completed in 2025 included a series of baseline and technical studies focused on socio-economic conditions, climate, ambient air quality, noise, surface water, sediment, groundwater quality, terrestrial fauna, aquatic ecology, flora and soil.

Additional development work completed at Enchi includes early-stage exploration, drone topographic surveys, expanded community programs, and a continued strong focus on health and safety. Grassroots exploration on earlier-stage targets includes soil sampling, geophysical surveying and trenching designed to prioritize additional exploration targets for future drilling.

Enchi current drill program

The 45,000-metre drill program under way at Enchi commenced August, 2024, targeting near-surface oxide and shallow fresh mineralization. The drill program is in its second phase and is focused on discovery and resource growth, including drilling targeting the potential for resource growth along strike at existing deposits, along with diamond drilling targeting the higher-grade potential at depth. The primary goal of the completed first phase of the drill program was reverse circulation (RC) infill drilling for resource conversion to improve the confidence level of the existing mineral resource estimate, with most of the first phase of the drill program allocated to the two largest deposits at Enchi, Boin and Sewum. All deposit areas and preresource targets at Enchi remain open along strike and at depth, providing for future resource growth across the district-scale property.

Newcore Gold best practice

Newcore is committed to best-practice standards for all exploration, sampling and drilling activities. Drilling was completed by independent drilling firms using industry-standard RC and diamond drill equipment. Quality assurance and quality control procedures for the metallurgical results include the confirmation that samples are representative of the mineralized deposits and material types. Laboratory procedures were documented, including sample preparation and splitting procedures. The program included tests at various independent accredited facilities, with no QA/QC issues encountered. The metallurgical program did not have any sample recovery problems and did not identify any deleterious elements or procedural issues that could affect the reliability of the metallurgical results.

Qualified person

Gregory Smith, PGeo, vice-president of exploration at Newcore, is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical data and information contained in this news release. Mr. Smith has verified the technical and scientific data disclosed herein and has conducted appropriate verification on the underlying data, including confirmation of the metallurgical data files against the raw data generated by the independent laboratories.

About Newcore Gold Ltd.

Newcore Gold is advancing its Enchi gold project, located in Ghana, Africa's largest gold producer. Newcore Gold offers investors a unique combination of top-tier leadership, which is aligned with shareholders through its 15-per-cent equity ownership, and prime district-scale exploration opportunities. Enchi's 248-square-kilometre land package covers 40 kilometres of Ghana's prolific Bibiani shear zone, a gold belt that hosts several operating gold mines, 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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