This is a great piece of land in a great neighborhood. A long history of active exploration and mining has defined a prolific, regional structure that stretches hundreds of kilometers - and Enchi covers a significant part of it with district-scale, multi-million-ounce potential.

Greg Smith, VP Exploration

Overview: On Trend with Some of Ghana’s Most Successful Mines

The Enchi Gold Project currently hosts an Indicated Mineral Resource¹ of 1,502,000 ounces of gold at 0.56 g/t and an Inferred Mineral Resource¹ of 626,000 ounces of gold at 0.49 g/t in a district hosting several multi-million-ounce gold deposits. This 248 km² land package covers 40 kilometers of Ghana’s prolific Bibiani Shear Zone. The property remains substantially underexplored, with several high priority geochemical and geophysical anomalies yet to be tested by drilling.

On Structure with the Chirano Mine

The Chirano Mine, owned by Asante Gold, is located 50 kilometers to the north. Chirano produced ~155,000 ounces of gold in 2021 and ~165,000 ounces of gold in 2020. Enchi is situated on the same regional structure as Chirano with comparable geology, alteration and mineralization.

Depth Potential - Comparison with Chirano Mine

The multi-million-ounce Chirano Gold Mine (owned by Asante Gold) hosts plunging zones of high-grade gold mineralization (see diagram below). The Chirano zones are similar to those found at Enchi, including known zones Sewum, Boin, Nyam and Kwakyekrom. Like Chirano, the zones at Enchi have broad lower grade gold at surface with higher grade core structure extending to depth.

Current Mineral Resource Estimate

Newcore Gold announced the results of an updated, independent, Mineral Resource Estimate (the "Resource") prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) for the Enchi Gold Project on March 18, 2026. The Resource was completed by DRA Global Limited ("DRA") of Toronto, Ontario, Canada. A full technical report, which is being prepared in accordance with NI 43-101, will be filed and available under the Company’s SEDAR+ profile at www.sedarplus.ca, and on Newcore’s website, within 45 days of the news release. 

The Resource expanded the Indicated Mineral Resource at Enchi to 83.6 million tonnes at an average grade of 0.56 g/t Au containing 1,502,000 ounces gold, along with an Inferred Mineral Resource of 40.1 million tonnes at an average grade of 0.49 g/t Au containing 626,000 ounces gold. The Resource is reported using a constraining resource pit at a gold price of US$3,200 per ounce and has an effective date of October 6, 2025 (incorporating results from drilling completed up to October 6, 2025).

¹ Notes for Mineral Resource Estimate:

1. Canadian Institute of Mining Metallurgy and Petroleum ("CIM") definition standards were followed for the resource estimate.
2. The effective date of the Resource is October 6, 2025.
3. All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.
4. The resource models used ordinary kriging ("OK") grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids and constrained by pit shells for Sewum, Boin, Nyam and Kwakyekrom. Validations were completed using Inverse Distance squared ("ID2") for Sewum and Nearest Neighbour ("NN") for Boin, Nyam and Kwakyekrom.
5. Open pit cut-off grades varied from 0.1 to 0.2 g/t Au based on mining and processing costs as well as the recoveries in different weathered material.
6. A US$3,200 per ounce gold price was used to determine the cut-off grade.
7. Metallurgical recovery of 85% was applied to oxide and transition mineralization for heap leach recovery, and 91.7% for fresh mineralization using carbon-in-leach recovery.
8. The pit optimization considered the following costs: mining cost based on mineralization type of US$1.97/tonne for oxide, US$2.62/tonne for transition, and US$3.15/tonne for fresh; waste mining costs of US$1.64/tonne for oxide, US$2.34/tonne for transition, and US$2.87/tonne for fresh; processing and G&A costs assumed of US$8.74/tonne for oxide, US$8.49/tonne for transition, and US$19.29/tonne for fresh. 
9. Average densities of mineralized material varied between 1.53 and 2.15 g/cm3 for oxide, 1.86 and 2.38 g/cm3 for transition, and 2.48 and 2.74 g/cm3 for fresh rock. Average densities of waste rock varied between 1.45 and 1.77 g/cm3 for oxide, 1.81 and 2.15 g/cm3 for transition, and 2.45 and 2.74 g/cm3 for fresh rock.
10. Optimization pit slope angles varied by deposit and mineralized area, with an overall strip ratio including all pits of 3.35. 
11. Mineral Resources that are not mineral reserves do not have economic viability. Numbers may not add due to rounding.
12. The resource estimate was prepared by Ryan Wilson, P. Geo, Matthew Halliday, P. Geo, Schadrac Ibrango, P. Geo of DRA Global Limited in accordance with NI 43-101. These individuals are independent qualified persons ("QP") as defined by NI 43-101.

Read the March 18, 2026 news release for full details.

Excellent Resource Expansion Potential - Laterally and at Depth

Drilling completed at Enchi has averaged a depth of 100 metres to date, with a handful of holes testing a maximum vertical depth of 350 metres in one zone (Nyam). Most resources and reserves of mines on the Bibiani Trend lie below 200 metres.

Several high-priority gold targets have been identified to expand the already substantial, near-surface oxide resource with multi-million ounce opportunities. Considering the positive results of the latest resource update, the shallow drilling completed to date and number of untested anomalies, there is excellent potential to expand the current resource.

2020 - 2022 Enchi Drilling Program

A 90,000 metre discovery and resource expansion drilling program was completed at Enchi in Q2 2022. The program included both RC and diamond drilling and included the first deeper drilling to be completed on the Project. RC drilling focused on near-surface oxide gold targets while diamond drilling focused on targets at depth. Newcore’s multi-pronged exploration approach delivered on its goals: (i) Successfully outlined the potential resource growth along strike at all four deposits (Sewum, Boin, Nyam, Kwakyekrom); (ii) Encountered strong results at previously drilled zones outside of the resource area (Kojina Hill, Eradi); (iii) Intersected high-grade gold at depth, outlining the potential to delineate underground resources; and (iv) Identified new discoveries from successful first pass drilling on early-stage targets (Sewum South, Tokosea, Sewum Ext. Parallel Structure).

Highlights from the 2020 - 2022 Drill Program at Enchi:

• Largest drill program to ever be completed at Enchi (92,583 metres) with results highlighting the potential for significant resource growth across the Project.
  • All deposits and targets remain open along strike and at depth, with drill results highlighting the potential for resource growth in both shallow oxides and at depth.
• Drilling intersected the highest-grade gold interval to date, outside the limits of the pit-constrained mineral resource area.
  • RC hole KBRC250 at Boin intersected 95.16 g/t Au over 2.0 m from 109 m.
• Deepest Drilling to Date Completed on the Project, Intersected High-Grade Mineralization in the Sulphides.
  • Drilling at Nyam defined two northerly plunging high-grade zones down to a depth of 300 metres which remain open for further expansion. Results include hole NBDD048 which intersected 4.51 g/t Au over 13.0 m from 236 m.
• Three New Discoveries from First Pass Drilling on New Structures.
  • Drilling on a parallel structure at Sewum Extension, located 200 metres east of the Sewum Deposit, intersected 1.98 g/t Au over 25.0 m from 3.0 m in hole SWRC164.
  • Shallow drilling on two of the largest untested anomalies at Enchi, Sewum South and Tokosea, showcased the potential for additional resource areas across the property.

The 2020 - 2022 drill program consisted of 575 holes representing 92,583 metres. The current Mineral Resource Estimate (completed June 2021) incorporated 20,195 metres of this drilling. Select highlighted assay results from the drill program are below:

A complete list of the 2020 - 2022 drill results, including hole details, can be viewed at:
https://newcoregold.com/site/assets/files/5776/2022_07-ncau-enchi-2020-2022-drill-results-l.pdf 

See July 27, 2022 news release for a detailed overview of the drill program:
https://newcoregold.com/news/newcore-gold-completes-90-000-metre-drill-program-significantly-expanding-the-mineralized-footprint-at-the-enchi-gold-project/ 

The 2020 - 2022 drill program was the largest drill program to ever be completed on the Project and was successful in highlighting the district scale potential across the 248 km² property and the strong potential to delineate additional resources at Enchi.