Mr. Luke Alexander reports

NEWCORE GOLD INCREASES DRILL PROGRAM TO 80,000 METRES AT THE ENCHI GOLD PROJECT, GHANA

On the back of the success achieved to date with drilling at Newcore Gold Ltd.'s Enchi gold project in Ghana, and the completion of a $15-million equity financing, the company has expanded its continuing drill program to 80,000 metres. The expanded drill program, with four active drill rigs on site, will focus on resource conversion, resource growth and discovery drilling.

Luke Alexander, president and chief executive officer of Newcore, stated: "We are excited to be increasing the size of the drill program at our Enchi gold project in Ghana on the back of a successful equity financing that had strong support from both new and existing institutional shareholders, along with management and the board of directors. We would like to thank shareholders for their continued support. This expanded drill program also reflects the success of drilling which continues to highlight the potential for resource growth at Enchi, including most recently with drilling encountering high-grade gold mineralization within the structures at depth. We are well positioned to further accelerate development of the project, with the completion of a prefeasibility study on track for later this month, this expanded drill program will continue to advance and derisk the project through development and longer-term resource growth."

Greg Smith, vice-president of exploration of Newcore, stated: "Drilling completed to date at our Enchi gold project in Ghana continues to demonstrate strong continuity and wide zones of gold mineralization both along strike and at depth at all our existing deposits, while also highlighting the high-grade potential along with the broader district-scale potential of the project. I am excited to keep the drill rigs turning given the success we have had with this drill program, including some of our highest-grade intercepts to date on the project and the first visible gold encountered through drilling earlier this year. With four active drill rigs on site, we will continue to systematically advance multiple targets in parallel across the property through resource expansion and discovery with a focus on defining the longer-term resource growth potential that we believe exists on our district scale property."

Enchi work program

The 80,000-metre drill program underway at Enchi commenced August, 2024, is focused on resource conversion, resource growth and discovery. Reverse circulation (RC) drilling is targeting near-surface mineralization (oxide, transition and shallow fresh mineralization) focused on resource conversion and continuing to define the potential for resource growth along strike at existing deposits, with diamond drilling directed at the high-grade potential at depth. The completed first phase of the drill program was infill drilling for resource conversion, with the first 28,000 metres of the drill program incorporated into an updated mineral resource estimate announced on March 18, 2026, that more than doubled the indicated mineral resource. 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.

In addition to drilling, a prefeasibility study (PFS) is under way and targeted for completion by the end of June, 2026 (see news release dated Feb. 5, 2026), alongside continuing development work in support of project advancement at Enchi, which includes metallurgical testwork, hydrogeological testing, geotechnical work and environmental work.

Grant of equity incentive awards

Newcore has granted 1.34 million restricted share units (RSUs) to employees, consultants and executives of the company. The RSUs are granted under the company's long-term incentive plan and will vest over a three-year period with one-third vesting after each 12-month period.

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, who are aligned with shareholders through their 12-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 which hosts several multimillion-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.

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