Newcore Gold Ltd. reported it has filed the technical report supporting the positive results from the independent, updated Preliminary Economic Assessment ("PEA") completed for the Company's 100%-owned Enchi Gold Project ("Enchi" or the "Project") in Ghana. The PEA was led by Lycopodium Minerals Canada Limited ("Lycopodium") of Toronto, Canada and was prepared in accordance with National Instrument 43-101 ("NI 43-101") Standards of Disclosure for Mineral Projects. The positive PEA, the results of which were announced on April 25, 2024, provides a base case assessment of developing Enchi as a low capital intensity, open pit, heap leach operation, processing 8.1 million tonnes per annum ("mtpa") utilizing contract mining.

The PEA incorporated updated costing as well as development work completed on the Project since 2021 including a larger Mineral Resource Estimate completed in 2023, a significant amount of bench-scale and bulk sample metallurgical testwork and an updated environmental and social baseline study. Highlights from the PEA at Enchi. 1.1 million ounces gold recovered over a 9-year life of mine ("LOM").

LOM strip ratio of 2.67 to 1, mined grade of 0.60 g/t Au and gold recovery of 81.8%. LOM operating costs (1) estimated at $801/oz of gold, cash costs (2) estimated at $934/oz of gold, LOM all-in sustaining costs (AISC) estimated at $1,018/oz of gold. Economics incorporate significant development work completed since 2021.

The PEA incorporated the Mineral Resource Estimate completed in2023 which reflected the addition of approximately 34,000 metres of Reverse Circulation ("RC") and diamond drilling completed in 2021 and 2022. Significant metallurgical testwork completed to date, highlighting the Project's amenability to heap leach processing. Advanced metallurgical testwork consists of more than 390 tests including bottle rolls, column tests and two bulk-scale pilot heap tests.

(3) AISC consists of cash costs plus sustaining capital (excluding closure costs). The PEA is preliminary in nature, includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that PEA results will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.