Newcore Gold Ltd. (TSX-V: NCAU) (OTCQX: NCAUF) is pleased to announce additional drill results from the 80,000-metre drill program underway at the Company’s Enchi Gold Project in Ghana. Diamond Drilling at the Nyam Gold Deposit encountered high-grade gold mineralization in the upper fresh mineralization, below the limits of the pits that constrain the Mineral Reserves. Hole NBDD093 intersected 2.16 grams per tonne gold over 37.0 metres from 205 m, including 5.10 g/t Au over 9.0 m from 233 m. Drilling continues to demonstrate the continuity of gold mineralization and potential for reserve and resource growth, as well as higher-grade mineralization, at Enchi. Results from drilling completed in 2026, including drilling targeting higher-grade mineralization at depth, are expected to be incorporated into future project economic studies and may support further mine plan optimization and resource growth.

Highlights from Diamond Drilling at the Nyam Gold Deposit at Enchi

• Drilling intersected high-grade gold mineralization above the mineral reserve grade and below the limits of the pits that constrain the Mineral Reserves.
  • Diamond drill hole NBDD093 intersected 2.16 g/t Au over 37.0 m from 205 m, including 5.10 g/t Au over 9.0 m from 233 m.
  • Drilling highlights the potential for resource conversion and future reserve growth.
• Diamond drilling tested the down dip and lateral extensions to high-grade gold mineralization previously identified at Nyam.
  • Hole NBDD094 intersected 1.51 g/t Au over 21.0 m from 221 m, including 5.37 g/t Au over 5.0 m from 231 m.
  • Hole NBDD095A intersected 0.82 g/t Au over 40.0 m from 296 m, including 2.12 g/t Au over 9.0 m from 296 m.
• Drill results not included in Mineral Resource Estimate and Pre-Feasibility Study, with drilling continuing to highlight Enchi’s longer-term prospectivity.
  • Drilling reported in this news release targeted mineralization to depth and reached a maximum vertical depth of 275 metres. The average vertical depth of all holes drilled to date at Nyam is only down to 100 metres.
  • All deposits at Enchi remain open for expansion along strike and to depth.

Greg Smith, VP Exploration of Newcore stated, “We continue to encounter high-grade gold mineralization at the Nyam Gold Deposit at our Enchi Gold Project in Ghana. Drilling targeted extensions to a southern high-grade shoot identified at Nyam, with strong results supporting the thesis that Enchi has the potential to grow in size and scale as we continue to define the high-grade potential at depth. This drilling intersected gold mineralization below the reserve pits, highlighting the opportunity for resource conversion and the potential for future mineral reserve growth to support future economic studies. We look forward to continuing to prove out Enchi’s value through the drill bit, with the on-going 80,000 metre drill program an important step in defining the Project’s longer-term potential.”

This release reports results for 4 DD holes totalling 1,192 m (NBDD092 to NBDD095A) targeting the Nyam Gold Deposit, with all holes intersecting gold mineralization. A total of 51,661 m in 323 holes has been reported to date as part of the ongoing drill program at Enchi, with 98% of holes intersecting gold mineralization.

Select assay results from the 4 holes of the drill program reported in this release are below:

^{Notes:
1.  See detailed table for complete results;
2.  Intervals reported are hole lengths with true width estimated to be 75 – 85%; and
3.  Length-weighted averages from uncut assays.}

A plan map showing the drill hole locations can be viewed at:
https://newcoregold.com/site/assets/files/6020/2026_10_28-ncau-nr-enchi-plan-map-nyam.pdf

Cross sections showing drill results and highlights for hole NBDD093 and NBDD095A can be viewed at:
https://newcoregold.com/site/assets/files/6020/2026_10-ncau-crosssections-nyam.pdf

A complete list of the drill results in this release, including hole details, can be viewed at:
https://newcoregold.com/site/assets/files/6020/2026_10_28-ncau-enchi-2024-2026-drill-results.pdf

Diamond Drilling at the Nyam Gold Deposit
NBDD092 to NBDD095A (4 DD holes totalling 1,192 m) were completed at Nyam, targeting high-grade mineralization within the fresh mineral horizon. The goal of this drilling was to continue to expand high-grade mineralization to depth and convert high-grade portions of the existing Inferred Mineral Resource to the Indicated category. The 4 holes focused on testing previously identified high-grade shoots at Nyam to depth. This drilling included some of the deepest holes completed to date at Nyam, reaching a maximum vertical depth of 275 metres. The holes reported in this news release were distributed across 4 separate sections spread along a 410 metre strike length.

Three diamond drill holes totalling 1,018 m (NBDD093 to NBDD095A) targeted extensions to a southern high-grade shoot identified at Nyam. Hole NBDD093 intersected 2.16 g/t Au over 37.0 m from 205 m, including 5.10 g/t Au over 9.0 m from 233 m. This hole filled a gap within prior drilling, targeting conversion of resources from Inferred to Indicated below the current reserve pit. Hole NBDD095A, drilled 60 metres north of NBDD093, also intersected above-reserve grade mineralization with 0.82 g/t Au over 40.0 m from 296 m, including 2.12 g/t Au over 9.0 m from 296 m. Hole NBDD094, collared 40 metres south of NBDD093, intersected 1.51 g/t Au over 21.0 m from 221 m, including 5.37 g/t Au over 5.0 m from 231 m.

One diamond drill hole totalling 174 m (NBDD092) targeted an apparent gap between two defined high-grade shoots at Nyam. The hole intersected multiple gold mineralized structures including 0.54 g/t Au over 1.8 m from 20.8 m, 0.32 g/t Au over 13.0 m from 94.0 m, and 0.52 g/t Au over 6.6 m from 144.4 m.

These holes were drilled in an area of known mineralization with a goal of continuing to define and grow the future reserve potential at Enchi, including a focus on higher-grade targets. Drilling continues to highlight the potential for future mine plan optimization. Diamond drilling completed at Nyam continues to intersect mineralization above the resource grade and continues to confirm continuity along strike and down dip, extending the principal structures which comprise the Nyam Gold Deposit.

Enchi Work Program
An 80,000 metre drill program is underway at Enchi. The drill program is focused on resource conversion, resource growth and discovery. RC drilling is targeting near-surface mineralization (oxide, transition, and shallow fresh mineralization) focused on resource conversion and continuing to define the potential for reserve and resource growth along strike at existing deposits. Diamond drilling is targeting the high-grade potential at depth. The completed first phase of the drill program was infill drilling for resource conversion, with only the first 28,000 metres of the drill program incorporated into an updated Mineral Resource Estimate announced on March 18, 2026 that formed the basis for a Pre-Feasibility Study. All deposit areas and pre-resource targets at Enchi remain open along strike and at depth, providing for future resource growth across the district-scale property.

Development work continues at Enchi, in support of project advancement, including metallurgical testwork, hydrogeological testing, geotechnical work, and environmental work. A Pre-Feasibility Study was completed in June 2026 (see news release dated June 24, 2026), outlining a base case assessment of developing an open pit, standard milling and carbon-in-leach operation using contract mining and processing 5.5 Mtpa. Recent drilling completed at Enchi has highlighted potential for resource growth, with high-grade encountered at depth and mineralization delineated below the pits that constrain the current Mineral Reserve and Mineral Resource Estimates. Drill results reported in 2026 have not been included in the Mineral Resource Estimate and PFS.

Nyam Gold Deposit
Nyam is one of the four deposits which comprise the Mineral Reserve Estimate and Mineral Resource Estimate at Enchi (Nyam has a Probable Mineral Reserve of 7.2 million tonnes grading 0.76 g/t Au containing 175,000 ounces; an Indicated Mineral Resource of 13.5 million tonnes grading 0.66 g/t Au containing 287,000 ounces; and an Inferred Mineral Resource of 5.5 million tonnes grading 0.68 g/t Au containing 120,000 ounces). Nyam is located 15 kilometres east of the town of Enchi, with nearby roads and power and further access provided by a series of drill roads. An airborne geophysical anomaly coincident with the Nyam Gold Deposit defines a complex series of linear high conductivity trends, reflective of the multiple sub-parallel gold-bearing structures. To date, approximately 30% of the gold-in-soil anomaly at Nyam is untested by drilling, with the average vertical depth of all holes drilled to date at Nyam only down to 100 metres.

Drill Hole Locations

Enchi Gold Project Mineral Reserve and Resource Estimates
The Enchi Gold Project hosts a Probable Mineral Reserve of 51.3 million tonnes grading 0.64 g/t Au containing 1,055,000 ounces gold; an Indicated Mineral Resource of 83.6 million tonnes grading 0.56 g/t Au containing 1,502,000 ounces gold; and an Inferred Mineral Resource of 40.1 million tonnes grading 0.49 g/t Au containing 626,000 ounces. The Indicated Mineral Resources are inclusive of the Mineral Reserves. Mineral resource and mineral reserve estimation practices are in accordance with CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines (November 29, 2019) and follow CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014), that are incorporated by reference into National Instrument 43-101. The Mineral Reserve and Mineral Resource Estimate is from the technical report titled “Enchi Gold Project, Pre-Feasibility Study, NI 43-101 Technical Report” dated August 7, 2026, with an effective date of June 23, 2026, in accordance with NI 43-101, and is available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The Mineral Reserve Estimate was prepared for Newcore by Grant Carlson, P. Eng. of Fuse Advisors (part of SLR); the Mineral Resource Estimate was prepared for Newcore by Ryan Wilson, P. Geo, Matthew Halliday, P. Geo, Schadrac Ibrango, P. Geo of DRA Americas Inc. These individuals are independent qualified persons within the meaning of NI 43-101.

Newcore Gold Best Practice
Newcore is committed to best practice standards for all exploration, sampling and drilling activities. Drilling was completed by independent drilling firms using industry standard RC and Diamond Drill equipment. Analytical quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. Samples are placed in sealed bags and shipped directly to Intertek Labs located in Tarkwa, Ghana for 50 gram gold fire assay.

Qualified Person
Mr. Gregory Smith, P. Geo, Vice President of Exploration at Newcore, is a Qualified Person within the meaning of NI 43-101. Mr. Smith has reviewed and approved the scientific and technical information contained in this news release and has conducted appropriate verification on the underlying data including confirmation of the drillhole data files against the original drillhole logs and assay certificates.

About Newcore Gold Ltd.
Newcore Gold is advancing its Enchi Gold Project located in Ghana, Africa’s largest gold producer ⁽¹⁾. Newcore Gold offers investors a unique combination of top-tier leadership, who are aligned with shareholders through their 12% equity ownership, and prime district scale exploration opportunities. Enchi’s 248 km² land package covers 40 kilometres of Ghana’s prolific Bibiani Shear Zone, a gold belt which hosts several multi-million-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.
^{(1) Source: Production volumes for 2025 as sourced from the World Gold Council.}

On Behalf of the Board of Directors of Newcore Gold Ltd.
Luke Alexander
President, CEO & Director

For further information, please contact:
Mal Karwowska | Senior Vice President, Corporate Development and Investor Relations
+1 604 484 4399
info@newcoregold.com
www.newcoregold.com

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