Newcore Gold completes pre-feasibility study for Enchi

After-Tax NPV 5% of $647 million, After-Tax IRR of 45% at $4,200/oz Spot Gold Price Average Annual Gold Production of ~130,000 ounces in Years 1 through 3 VANCOUVER, British Columbia, June 24, 2026 (GLOBE NEWSWIRE) -- Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU, OTCQX: NCAUF) is pleased to announce the results of the Pre-Feasibility Study ("PFS" or the "Study") completed for the Company’s Enchi Gold Project ("Enchi" or the "Project") in Ghana. The PFS provides a base case assessment of developing Enchi as a conventional open pit mining operation with standard milling and carbon-in-leach ("CIL") processing 5.5 million tonnes per annum ("Mtpa") utilizing contract mining. The PFS will be used as the basis on which to apply for a mining lease this year as the Company continues to de-risk and advance the Project.

The government of Ghana has shown strong support for the advancement of the Enchi Gold Project towards production. The PFS is based on a Mineral Resource Estimate announced by Newcore on March 18, 2026 which incorporated drilling completed through October 6, 2025, and excludes more than 50,000 of additional metres from the 80,000 metre drill program underway at Enchi. Current drilling has targeted high-grade potential at depth, intersecting mineralization above the resource grade and extending the limits of the pits that constrain the resource.

Resource growth will be incorporated into future studies. The PFS was prepared by Lycopodium (Americas) Limited ("Lycopodium") of Mississauga, Ontario, as the lead consultant in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). All currencies in this news release are reported in U.S. dollars.

Highlights from the Pre-Feasibility Study at Enchi Robust project economics with strong leverage to the gold price. $647 million after-tax net present value at a 5% discou