Drilling Intersects Wide Zones of Near Surface Gold Mineralization at the Sewum Gold Deposit

Newcore Gold Ltd. (TSX-V: NCAU, OTCQX: NCAUF) is pleased to announce additional drill results from the 35,000-metre drill program underway at the Company’s 100% owned Enchi Gold Project in Ghana. Shallow Reverse Circulation drilling at the Sewum Gold Deposit intersected multiple zones of near-surface gold mineralization, including hole SWRC258 which intersected 0.89 grams per tonne gold over 33.0 metres from 1 m and hole SWRC269 which intersected 3.98 g/t Au over 6.0 m from 2 m, including a higher-grade interval of 22.62 g/t Au over 1.0 m from 7 m. Drilling continues to prove out the continuity of gold mineralization and potential for resource growth at Enchi.

Highlights from Drilling at the Sewum Gold Deposit at Enchi

• Drilling on the Ridge Zone at the Sewum Gold Deposit continues to define a series of stacked sub-parallel gold mineralized structures.
  • Structures occur across an average width of 250 m, with consistent gold mineralization defined over a length of 800 m within the oxide and transition horizons.
• Multiple sections of drilling at the Ridge Zone at Sewum encountered shallow gold mineralization within the oxide and transition horizons.
  • SWRC258 to SWRC264 drilled along the same section encountered several shallow gold mineralized structures:
    • SWRC258 intersected 0.89 g/t Au over 33.0 m from 1 m;
    • SWRC259 intersected 0.51 g/t Au over 40.0 m from 2 m; and
    • SWRC260 intersected 0.51 g/t Au over 41.0 m from 27 m, including a higher-grade interval of 1.66 g/t Au over 6.0 m from 55 m.
  • SWRC247 to SWRC251 drilled along the same section intersected multiple gold mineralized structures near surface:
    • SWRC247 intersected 0.61 g/t Au over 30.0 m from 2 m;
    • SWRC248 intersected 0.56 g/t Au over 41.0 m from 4 m;
    • SWRC249 intersected 0.80 g/t Au over 24.0 m from 15 m; and
    • SWRC251 intersected 0.51 g/t Au over 41.0 m from 59 m.

• Sewum is the largest of the five deposits which comprise the Mineral Resource Estimate at Enchi, remaining open along strike and to depth with the average vertical depth of all holes drilled to date at Sewum only down to 75 metres.
  • Sewum has an Indicated Mineral Resource of 20.9 million tonnes grading 0.48 g/t Au containing 323,300 ounces and Inferred Mineral Resource of 21.8 million tonnes grading 0.53 g/t Au containing 373,100 ounces.

The 35,000-metre drill program underway at Enchi is focused on resource growth and infill drilling designed to convert Inferred Resources to Indicated. The goal of the first phase of drilling is completion of drilling required for resource conversion in advance of commissioning a Pre-Feasibility Study later this year. The second phase of the drill program will focus on discovery and resource growth, including drilling targeting earlier-stage exploration targets along with drilling focused on defining the resource growth potential at depth and along strike.

Luke Alexander, President and CEO of Newcore stated, “These results from drilling at Sewum continue to confirm the continuity of gold mineralization at the largest deposit on the Enchi Gold Project. The drilling completed at Sewum targeted shallow mineralization in the oxide and transition horizon, within a maximum vertical depth of 120 metres, which is amenable to open pit mining and heap leach processing. As we continue to drill at Enchi, with a 35,000-metre drill program underway, we also continue to complete development work required to advance the Project to a Pre-Feasibility Study in 2026 including diamond drilling to support further metallurgical, geotechnical and hydrogeological testwork. Newcore has a busy year ahead as we continue to advance the development of Enchi while in tandem defining the longer-term potential of our district scale Enchi Gold Project through the drill bit.”

This release reports results for 47 RC holes totalling 4,493 m (SWRC225 to SWRC271) targeting the Sewum Gold Deposit, with 46 holes intersecting gold mineralization. A total of 24,127 m in 200 holes have been reported as part of the ongoing 2024 – 2025 drill program at Enchi, with 98% of holes intersecting gold mineralization.

Select assay results from the 47 holes of the drill program reported in this release are below:

A plan map showing the drill hole locations can be viewed at:

https://newcoregold.com/site/assets/files/5920/2025_07_16-ncau-nr-enchi-plan-map-sewum.pdf

Cross sections showing drill results and highlights for holes SWRC236 to SWRC241, SWRC247 to SWRC251, SWRC258 to SWRC264, and SWRC265 to SWRC271 can be viewed at:

https://newcoregold.com/site/assets/files/5920/2025_07_16-ncau-crosssections-sewum.pdf

A complete list of the drill results in this release, including hole details, can be viewed at:

https://newcoregold.com/site/assets/files/5920/2025_07_16-ncau-enchi-2024-2025-drill-results.pdf

Drilling at the Sewum Gold Deposit

SWRC225 to SWRC271 (47 RC holes totalling 4,493 m) were completed at Sewum, targeting three areas of the deposit: the Ridge Zone, the northern portion of Checkerboard Hill, and the Sewum Extension Parallel Structure. Drilling targeted near-surface oxidized and shallow transition mineralization with a goal of infill drilling for resource conversion to improve the confidence level as well as grow the existing Mineral Resource Estimate. RC drilling at Sewum consisted of 50-metre spaced sections with drill holes spaced every 25 metres along the sections. Drilling targeted shallow mineralization, with drill holes reaching a maximum vertical depth of 120 metres. The majority of the holes reported in this news release are distributed across 6 separate sections that are spread along a 700-metre strike length at the Ridge Zone area of Sewum.

36 RC holes totalling 3,157 m (SWRC236 to SWRC271) were drilled at the Ridge Zone at Sewum. The Ridge Zone is the largest and northernmost mineralized area currently defined at Sewum, consisting of a series of stacked sub-parallel gold mineralized structures which occur across an average width of 250 metres. Drilling intersected a series of stacked, shallow-dipping, sub-parallel structures hosted within the diorite intrusive which underlies the prominent ridge hosting the gold mineralization in this area. A series of holes drilling along the same section (SWRC258 to SWRC264) intersected multiple shallow mineralized structures; SWRC258 intersected 0.89 g/t Au over 33.0 m from 1 m, SWRC259 intersected 0.51 g/t Au over 40.0 m from 2 m, and SWRC260 intersected 0.51 g/t Au over 41.0 m from 27 m including a higher-grade interval of 1.66 g/t Au over 6.0 m from 55 m. A second section of drill holes (SWRC247 to SWRC251) also intersected multiple mineralized structures near surface; SWRC247 intersected 0.61 g/t Au over 30.0 m from 2 m, SWRC248 intersected 0.56 g/t Au over 41.0 m from 4 m including a higher-grade interval of 1.67 g/t Au over 7.0 m from 9 m, SWRC249 intersected 0.80 g/t Au over 24.0 m from 15 m, SWRC250 intersected 0.38 g/t Au over 51.0 m from 40 m, and SWRC251 intersected 0.51 g/t Au over 41.0 m from 59 m. A section of drill holes (SWRC265 to SWRC271) completed in the northernmost area of the Ridge Zone intersected multiple mineralized structures with higher-grade gold intervals; SWRC269 intersected 3.98 g/t Au over 6.0 m from 2 m with a higher-grade interval of 22.62 g/t Au over 1.0 m from 7 m and a second interval of 5.50 g/t Au over 2.0 m from 39 m including a higher-grade interval of 10.53 g/t Au over 1.0 m from 39 m, SWRC265 intersected 0.64 g/t Au over 21.0 m from 18 m, and SWRC271 intersected 1.10 g/t Au over 11.0 m from 19 m.

5 RC holes totaling 528 m (SWRC228 to SWRC232) were drilled on the north-eastern area of the Checkerboard Hill portion of the structure at Sewum, approximately 0.5 kilometres to the south of the Ridge Zone. Drilling in this area consisted of first pass step-out drilling targeting extensions of the mineralization to the northeast. SWRC229 intersected 0.65 g/t Au over 10.0 m from 83 m in the upper sulphide mineralization.

6 RC holes totalling 447 m (SWRC225 to SWRC227, SWRC233 to SWRC235) tested the Sewum Extension Parallel Structure, with drilling focused on both infill for resource conversion and step-out drilling for resource growth. The Sewum Extension Parallel Structure is an area near the southern portion of the structure identified at Sewum, approximately 2 kilometres to the south of the Checkerboard Hill area. SWRC234, the southernmost hole drilled on this structure and a 100-metre step out from prior drilling, intersected 0.63 g/t Au over 11.0 m from 64 m. Hole SWRC227, drilled 350 metres to the north of SWRC234 and targeting resource conversion, intersected 1.59 g/t Au over 4.0 m from 31 m. The results from drilling within this area of Sewum continue to highlight the potential for future resource growth across the property.

The recently completed drilling at Sewum continues to confirm continuity along strike and down dip for the principal structures which comprise the Sewum Gold Deposit. The width and gold grades within these drill results are consistent with prior wider-spaced drilling completed at Sewum. The drill results released to date from the 2024 – 2025 drill program are largely from the Boin and Sewum deposits where drilling was designed to improve the confidence level of the existing Mineral Resource Estimate. This recent drilling was completed in areas where the previous pit constrained Mineral Resource Estimate was classified as Inferred. The Company anticipates that the results of this recent drilling should allow for the conversion of a substantial portion of mineralization within these areas to the Indicated category.

2024 – 2025 Enchi Work Program

A 35,000-metre drill program is underway at Enchi, targeting near-surface oxide and shallow sulphide mineralization with a primary goal of infill drilling for resource conversion to improve the confidence level of the existing Mineral Resource Estimate. Most of the infill drilling is allocated to the two largest deposits at Enchi, Boin and Sewum. Improving the confidence level of the Mineral Resource Estimate at Enchi is a key component of the development work required to be completed in advance of commissioning a Pre-Feasibility Study for the Project. A subset of the drill program will also focus on outlining resource growth, with all deposit areas and pre-resource targets at Enchi remaining open along strike and at depth, providing for future resource growth across the district-scale property.

Additional exploration and development work is on-going at Enchi, including metallurgical testwork, trenching, hydrogeological testing, geotechnical work, and environmental work. Drone topographic surveys have been completed, expanding on previously completed work, at the Kwakyekrom and Tokosea deposit areas to provide detailed topographic information required to improve the confidence level of each deposit’s Mineral Resource Estimate. Additionally, the drone survey was completed across the proposed heap leach facility area to contribute additional data for future detailed engineering studies. An airborne magnetic survey tested grass roots targets related to a series of gold-in-soil anomalies and gold mineralization identified in trenching. Soil sampling was also completed on the Omanpe and Abotia licenses with a goal of further defining early-stage targets across Enchi for future trenching and drilling.

Sewum Gold Zone

Sewum is one of the five deposits which comprise the Mineral Resource Estimate at Enchi (Sewum has an Indicated Mineral Resource of 20.9 million tonnes grading 0.48 g/t Au containing 323,300 ounces and Inferred Mineral Resource of 21.8 million tonnes grading 0.53 g/t Au containing 373,100 ounces). Sewum is located 15 kilometres south of the town of Enchi, with nearby roads and power and further access provided by a series of drill roads. Sewum is outlined on surface by a greater than six-kilometre-long and one to two-kilometre-wide gold in soil anomaly. An airborne geophysical anomaly coincident with the Sewum Gold Deposit defines a series of sub parallel and intersecting structures. To date, approximately 45% of the gold-in-soil anomaly at Sewum is untested by drilling, with the average vertical depth of all holes drilled to date at Sewum only down to 75 metres.

Drill Hole Locations

Enchi Gold Project Mineral Resource Estimate

The Enchi Gold Project hosts an Indicated Mineral Resource of 41.7 million tonnes grading 0.55 g/t Au containing 743,500 ounces gold and an Inferred Mineral Resource of 46.6 million tonnes grading 0.65 g/t Au containing 972,000 ounces. Mineral resource 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 Resource Estimate is from the technical report titled “NI 43-101 Technical Report, Preliminary Economic Assessment on the Enchi Gold Project” dated June 7, 2024, with an effective date of April 24, 2024, prepared for Newcore by Preetham Nayak, P.Eng., Ryda Peung, P.Eng., and Zunedbhai Shaikh, P.Eng., of Lycopodium Minerals Canada Ltd.; Kerrine Azougarh, P.Eng., of Micon International Limited; and Simon Meadows Smith, P.Eng. / P.Geo., of SEMS Exploration in accordance with NI 43-101, and is available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Simon Meadows Smith is an independent qualified person (“QP”) as defined by 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 an independent drilling firm 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 as defined by NI 43-101, and has reviewed and approved the technical data and information contained in this news release. Mr. Smith has verified the technical and scientific data disclosed herein 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 15% 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 2023 as sourced from the World Gold Council.}