Newcore Gold Develops the Promising Enchi Gold Project in Ghana - PFS to be Completed by Summer

New Core Gold Limited: Anki Gold Project Overview

Key Concepts:

• Anki Gold Project: New Core Gold Limited’s primary gold exploration and development project located in Ghana.
• Bibiana Shield Zone: A highly prolific gold-bearing geological region in Ghana.
• Preliminary Economic Assessment (PA): An initial study evaluating the economic viability of a mining project.
• Pre-Feasibility Study (PFS): A more detailed study building upon the PA, incorporating further data and analysis.
• CIL (Carbon-in-Leach): A gold extraction process involving the use of carbon to adsorb gold from a cyanide solution.
• Heap Leach: A gold extraction process where ore is stacked in heaps and leached with a cyanide solution.
• Indicated Mineral Resource: A category of mineral resources with a higher degree of geological confidence.
• Inferred Mineral Resource: A category of mineral resources with a lower degree of geological confidence.
• NPV (Net Present Value): A metric used in capital budgeting to analyze the profitability of a projected investment.
• IRR (Internal Rate of Return): A metric used in capital budgeting to estimate the profitability of a potential investment.

1. Ghana’s Gold Production & Anki Project Location

Ghana is currently the leading gold producer in Africa, with approximately 5 million ounces produced in 2024. Globally, it ranks sixth. New Core Gold Limited is developing its Anki gold project within Ghana’s prolific Bibiana Shield Zone, a 248 square kilometer land package spanning 40 kilometers. This location is strategically significant due to its proximity to operating gold mines like Asante Gold’s Bibiani and Chirano mines, and Newmont’s Ahafof mine.

2. Mineral Resource Estimate

The Anki project boasts a substantial mineral resource estimate:

• Indicated Mineral Resource: 41.7 million tons at 0.55 g/t gold, containing 743,500 ounces of gold.
• Inferred Mineral Resource: 46.6 million tons at 0.65 g/t gold, containing 972,000 ounces of gold. (g/t refers to grams per tonne, a unit of concentration)

3. Preliminary Economic Assessment (PA) Results (Mid-2024)

The PA completed in mid-2024 yielded highly encouraging results:

• NPV: $371 million USD
• IRR: 58% (based on a conservative gold price of $1,850 USD/ounce)
• Production: 1.1 million ounces of gold over a 9-year mine life (approximately 122,000 ounces annually).
• Initial Investment: $16 million USD
• All-in Costs: $1,18 per ounce
• Payback Period: 1.6 years (post-tax)

4. Pre-Feasibility Study (PFS) – Current Focus & Methodology

New Core Gold is currently advancing the project to the PFS stage, expected to be completed in the first half of the current year. The PFS will build upon the 2024 PA and incorporate data from:

• Approximately 30,000 meters of drilling (completed and ongoing).
• Metallurgical test work at the PFS level.
• Hydrogeological testing.
• Geotechnical work.
• Environmental studies.

The PFS is now focused on open-pit mining utilizing a standard milling and CIL (Carbon-in-Leach) processing flowheet.

5. Processing Method: CIL vs. Heap Leach

The decision to prioritize CIL processing over heap leach was based on superior gold recovery rates. CIL tests demonstrated gold recoveries of 89.4% to 97.7%, significantly higher than the 75% to 85% achieved with heap leach processing. This higher recovery rate, coupled with faster recovery times and reduced processing risk, outweighs the increased infrastructure costs associated with milling. Higher gold extraction rates translate to increased throughput and yield.

6. Exploration Program & Catalysts for 2026

Beyond the PFS, New Core Gold has several catalysts planned for 2026:

• Drill Program: A 45,000-meter drill program is underway. The first phase focused on near-surface mineralization, while the second phase prioritizes high-grade structures at depth.
• Additional Results: Release of further results from the ongoing drill program.

7. Financial Position & Funding

As of September 30, 2025, New Core Gold holds 10.9 million Canadian dollars in cash. The company anticipates receiving approximately 10 million Canadian dollars from the exercise of 20 million outstanding warrants expiring at the end of February, with an exercise price of 0.50 Canadian dollars per warrant.

8. Management Team & Shareholder Alignment

The company is led by a highly experienced management team:

• Luke Alexander (President & CEO): Possesses extensive experience in financing large commodity projects in West Africa, having raised billions of dollars and structured deals for major mining companies.
• Board of Directors: Comprises industry veterans with a proven track record of creating shareholder value (Duck Foster, Blaine Johnson, Mike Vind, Ryan King, and George Salamis). Luke Alexander noted that it is “rare to find such a board in the junior sector.”

Management and the board collectively hold approximately 15% of the outstanding shares, while institutional investors hold 55%, demonstrating strong alignment with shareholder interests.

9. Conclusion & Value Proposition

New Core Gold is systematically advancing the Anki gold project, reducing risk, and unlocking its multi-million ounce potential. The project’s location within the Bibiana Shear Zone, coupled with its robust economics (as demonstrated by the PA), experienced leadership, and strong shareholder alignment, positions the company for significant growth. As stated, New Core Gold is “advancing towards its vision of unlocking [a] multi-million ounce potential.”

Disclaimer: The video includes a disclaimer stating that the discussed stock is or will be part of the SEC mining special situation certificate and SRCIG and/or SSC employees may hold shares in the company.