Newcore Gold Ltd. (TSX-V: NCAU) (OTCQX: NCAUF) is pleased to announce that it has received total proceeds of approximately $3.8 million from the exercise of 9,558,578 common share purchase warrants of the Company which expired on September 26, 2025. The Warrants had an exercise price of $0.40 and were originally issued on September 26, 2024 following the completion of private placement financings.

Luke Alexander, President and CEO of Newcore stated, “We would like to thank our shareholders for their continued support and confidence in the Company through the exercise of the Warrants. Management and Board of Directors also exercised Warrants they held and continue to be strongly aligned with shareholders by way of an approximately 15% equity ownership. This funding, along with our cash-on-hand, supports Newcore’s continued advancement and de-risking of our Enchi Gold Project in Ghana. With a 35,000-metre drill program underway that will include exploration drilling to depth, alongside development work to support a Pre-Feasibility Study next year, we are excited for a busy year ahead as we continue to define the district scale potential of our Enchi Gold Project.”

The Company is well funded with a cash balance of approximately $10.1 million to continue to advance a 35,000-metre drill program, along with development work required to advance the Enchi Gold Project to a Pre-Feasibility Study in H1 2026. Post exercise and expiry of the Warrants, the Company’s share capital consisted of 262,986,096 common shares issued and outstanding and dilutive securities consisting of 9,475,000 stock options, 7,171,000 RSUs and PSUs, and one additional tranche of warrants consisting of 20,423,000 common share purchase warrants of the Company at an exercise price of $0.50 expiring February 27, 2026. If fully exercised, this tranche of warrants would provide additional funding of approximately $10.2 million to continue to support drilling and development at Enchi.

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 2024 as sourced from the World Gold Council.}