Slide 1: In the Business of Gold: Enchi Gold Project - Updated PEA
IN THE BUSINESS OF GOLD TSX-V: NCAU OTCQX: NCAUF Enchi Gold Project - Updated PEA APRIL 2024
Slide 2: Forward Looking Statements
| FORWARD LOOKING STATEMENTS This presentation is provided for informational purposes only and the opinions expressed are based upon Newcore Gold authorities); title to properties; and other risks and uncertainties related to our prospects, properties and business Ltd.’s (“Newcore” or the “Company”)
Slide 3: Newcore - Advancing the Enchi Gold Project in Ghana
| NEWCORE - ADVANCING THE ENCHI GOLD PROJECT IN GHANA PROVEN TEAM | 22% Equity Ownership Top-tier leadership with a successful track record in the industry and strong institutional investor support GOLD ASSET | Resource Underpinned with PEA Advancing the 100%-owned Enchi Gold Project in Ghana, locat
Slide 4: Enchi Gold Project PEA Results
Slide 5: Simple, Open Pit, Heap Leach Project
| ENCHI GOLD PROJECT - SIMPLE, OPEN PIT, HEAP LEACH PROJECT • Results for the 2024 PEA at Enchi highlight the potential for a technically straightforward, low capital intense, open pit, heap leach operation with strong economics, a short payback period and leverage to the gold price • Study led by L
Slide 6: PEA Led by Lycopodium
| ENCHI GOLD PROJECT - PEA LED BY LYCOPODIUM • Lycopodium lead study manager for the PEA - Engineering group recognized globally for being a partner of choice • One of the strongest track records in both studies and project execution for West African projects • Noteworthy experience in Ghana RECENT
Slide 7: PEA Overview
| ENCHI GOLD PROJECT - PEA OVERVIEW 2024 PEA KEY PARAMETERS (All Currencies in US$) • Technically straightforward, open pit, heap leach operation Key Assumptions • Processing 8.1 mtpa, contract mining Base Case Gold Price $1,850/oz • Low LOM strip ratio of 2.67, no pre-stripping required Production
Slide 8: PEA Production & Cost Profile
| ENCHI GOLD PROJECT - PEA PRODUCTION & COST PROFILE • Robust production profile with a low-cost structure driven by a technically straightforward, open pit, heap leach operation with a low strip ratio utilizing contract mining Crusher Installation ANNUAL GOLD PRODUCTION 160,000 Years 4 & 5 155,188
Slide 9: PEA After-Tax Cash Flow Profile
| ENCHI GOLD PROJECT - PEA AFTER-TAX CASH FLOW PROFILE • Robust cash flow profile with short after-tax payback period of 1.6 years at a gold price of US$1,850/oz • Strong leverage to gold prices, after-tax payback drops to 1.1 years at a gold price of US$2,350/oz Cumulative After-Tax Cash Flow (US$M
Slide 10: PEA Leverage to Gold Price
| ENCHI GOLD PROJECT - PEA LEVERAGE TO GOLD PRICE • Robust project economics provide strong leverage to the gold price with a quick payback period • As a result of low capital intensity, economics also remain robust in a lower gold price environment (US$ where applicable) BASE CASE RECENT Gold Price
Slide 11: Metallurgy
| ENCHI GOLD PROJECT - METALLURGY • Metallurgical testwork indicates strong recoveries, amenability to heap leach processing Column Tests • Average gold recovery of 81.8% used in PEA economics • Extensive testwork completed, projected overall recoveries estimated at 90-95% • More than 390 tests comp
Slide 12: Bulk-Scale Pilot Heap Tests
| ENCHI GOLD PROJECT - BULK-SCALE PILOT HEAP TESTS • Two bulk-scale pilot heap tests completed in 2023 • 15-tonne composite samples of oxide mineralization from each of Sewum and Boin leached for 60-days • Average gold recovery of 91.9% • Sewum: average gold recovery of 93.5%, head assay grade of 0.
Slide 13: PEA Process Flowsheet
| ENCHI GOLD PROJECT - PEA PROCESS FLOWSHEET TSX-V: NCAU | OTCQX: NCAUF | 13 Note: See news release dated April 25, 2024 for details.
Slide 14: Location & Infrastructure
| ENCHI GOLD PROJECT - LOCATION & INFRASTRUCTURE • Location: Town of Enchi located ~10 km west of the Project TOWN OF ENCHI • Paved road and powerline crosses the central portion of the Project leading to the town of Enchi • Fuel, accommodations, food, supplies available • Labour: Region has a long
Slide 15: PEA Proposed Site Layout
| ENCHI GOLD PROJECT - PEA PROPOSED SITE LAYOUT • The Enchi Gold Project is accessible from Accra, the capital of Ghana, on sealed roads with paved and gravel roads providing access to the deposit areas • Mineralized material to be trucked from five deposits to a central crushing and heap leach faci
Slide 16: PEA Processing Facility Layout
| ENCHI GOLD PROJECT - PEA PROCESSING FACILITY LAYOUT TSX-V: NCAU | OTCQX: NCAUF | 16 Note: See news release dated April 25, 2024 for details.
Slide 17: PEA Mining Schedule
| ENCHI GOLD PROJECT - PEA MINING SCHEDULE SUBSET OF MINERAL RESOURCES WITHIN PEA • Contractor mining planned Tonnes Grade Avg. Recovery Gold Produced • Conventional truck and shovel operation Deposit (Mt) (g/t Au) (%) (payable ozs) Strip Ratio Sewum 36.6 0.52 82.1% 499,768 1.80:1 • Mining to occur
Slide 18: PEA Capital Cost Details
| ENCHI GOLD PROJECT - PEA CAPITAL COST DETAILS • Capital cost estimate based on open pit mining utilizing CAPITAL COST DETAILS (US$ where applicable) contract mining and heap leach processing at 8.1 mtpa Capital Cost Items Initial Sustaining Closure Life-of-Mine Mining Areas & Road Development $4.2
Slide 19: PEA Operating Cost Details
| ENCHI GOLD PROJECT - PEA OPERATING COST DETAILS • Costs based on a detailed annual mining and processing OPERATING COST DETAILS (US$ where applicable) schedule, including variations in haulage profiles Operating Cost Items LOM (US$M) US$/tonne leached US$/oz Au Mining $546 $7.83 $498 • Mining Cost
Slide 20: De-Risking Towards Construction
| ENCHI GOLD PROJECT - DE-RISKING TOWARDS CONSTRUCTION • Expanded Production Profile • An increase in average annual gold production to ~120,000 ounces (versus ~90,000 ounces in 2021) • Larger Mineral Resource Estimate • 2023 Mineral Resource included ~34,000 metres of additional infill and resource
Slide 21: Exploration
Slide 22: Enchi - On Trend with Prominent Gold Mines in Ghana
| ENCHI - ON TREND WITH PROMINENT GOLD MINES IN GHANA Sefwi-Bibiani Belt Newmont - Ahafo 20.0Moz Asante - Bibiani 6.5Moz Asante - Chirano 5.5Moz Afema 2.0Moz Newcore Gold - Enchi* 743,500 ozs Indicated 972,000 ozs Inferred Pelangio - Manfo 500koz Ashanti Belt ENCHI AngloGold - Obuasi 66Moz Gold Fiel
Slide 23: Gold Project with Size and Scale Potential
| ENCHI - GOLD PROJECT WITH SIZE AND SCALE POTENTIAL • Established Gold Resource, shallow oxide resources open for expansion along strike and at depth • 743,500 ozs Indicated resource at 0.55 g/t, 972,000 ozs Inferred resource at 0.65 g/t* • District Scale Exploration, 248 km2 property with 25 targe
Slide 24: Mineral Resource Estimate
| ENCHI - MINERAL RESOURCE ESTIMATE • Pit constrained Mineral Resource Estimate for Enchi Indicated Mineral Resource Estimate completed in 2023 at a gold price of US$1,650/oz: Deposit Tonnes Grade (g/t Au) Contained Au (oz) • Outlined an inaugural Indicated resource, Sewum 20,925,000 0.48 323,300 Bo
Slide 25: District Scale Exploration Opportunity
| ENCHI - DISTRICT SCALE EXPLORATION OPPORTUNITY • Exploration opportunity largely underexplored and untested • Drilling on earlier stage targets has demonstrated the strong ERDD020: 0.89 g/t Au over 47.8 m from 41.2 m, including 6.44 g/t Au over 2.5 m from 41.2 m potential to delineate additional r
Slide 26: Depth Potential - Chirano Comparable
| ENCHI DEPTH POTENTIAL - CHIRANO COMPARABLE • Asante’s Chirano Gold Mine, located ~50 km northeast of Enchi, hosts plunging zones of high-grade gold mineralization with gold zones and geology comparable to Enchi • Chirano has been in production since 2004, both open pit and underground operations,
Slide 27: Depth Potential - Deeper Drilling at Nyam
| ENCHI DEPTH POTENTIAL - DEEPER DRILLING AT NYAM • Drilling at Enchi has intersected wide zones of gold mineralization containing higher grade core structures • Most deeper drilling to date at Enchi has been completed at the Nyam deposit • Mineralization defined to a vertical depth of 350 metres, w
Slide 28: Corporate Snapshot
Slide 29: Newcore Gold - Top Tier Leadership Team
| NEWCORE GOLD - TOP TIER LEADERSHIP TEAM Management Team Luke Alexander Danny Lee Greg Smith Mal Karwowska Branden Fraser Dan Wilson President, CEO & Director CFO VP, Exploration VP, Corporate Dev. & IR VP, Projects Country Manager Track Record Board of Directors Doug Forster Omaya Elguindi Ryan Ki
Slide 30: Newcore Gold - Corporate Snapshot
| NEWCORE GOLD - CORPORATE SNAPSHOT Share Structure and Market Valuation Share Ownership Basic Shares Outstanding 172.8M Retail & Other Institutions Warrants Outstanding Management & Board 16.7M (exercise price of $0.20, expire June 28, 2024) 33% Retail & Other Options Outstanding 11.3M RSUs/PSUs Ou
Slide 31: Learn More About the Newcore Opportunity
IN THE LEARN MORE ABOUT THE NEWCORE OPPORTUNITY BUSINESS OF GOLD CONTACT INFORMATION Mal Karwowska, VP, Corporate Development & IR TSX-V: NCAU Office: +1 (604) - 484 - 4399 Email: info@newcoregold.com OTCQX: NCAUF www.newcoregold.com
Slide 32: TSX-V: NCAU | OTCQX: NCAUF | 32
TSX-V: NCAU | OTCQX: NCAUF | 32
Slide 33: 2024 PEA Summary of Cash Flow
Newcore Gold Ld. | Enchi Gold Project 2024 PEA Summary of Cash Flow . REVENUES (USS,850/0r Gola Pie) Gold Proauation oe Tose ss Tiss) tase) loapos isos imiooa 155168 Er FOXIN Gol Dove (Gross Revenue) Tas 00s #.025,625 $7,089 $911500___F198080 «SaaS ——gna2s7 me.I : : Tester &Retnng Charger sso «$8386
Slide 34: Technical Disclosure
| ENCHI GOLD PROJECT TECHNICAL DISCLOSURE 2023 Mineral Resource Estimate 2024 Preliminary Economic Assessment (“PEA”) 1. Canadian Institute of Mining Metallurgy and Petroleum ("CIM") definition standards were followed for the 1. The PEA is based upon the Company’s 2023 Mineral Resource Estimate for