Newcore Gold Ltd. · TSXV:NCAU
Newcore Gold — Investor Presentation (September 2024)
43 slides from Newcore Gold's investor presentation, September 2024
Slide 1: In the Business of Gold
IN THE BUSINESS OF GOLD TSX-V: NCAU OTCQX: NCAUF SEPTEMBER 2024 Investor Presentation
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 strategy as identified in the “Risks Factors” section of Newcore’s Annual Information Form filed on April 17, 2024 and 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 | 19% 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: Enchi Gold Project - 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: 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 14: PEA Proposed Site Layout
| ENCHI GOLD PROJECT - PEA PROPOSED SITE LAYOUT Existing Warehouse Facility • 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
Slide 15: 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 16: 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 $4.2
Slide 17: PEA Operating Cost Details
| ENCHI GOLD PROJECT - PEA OPERATING COST DETAILS • Costs based on a detailed annual mining and processing OPERATING COST DETAILS (US$ 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 18: 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 19: Enchi Gold Project Exploration
Slide 20: 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 21: Enchi - 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 targ
Slide 22: Enchi - 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 23: Enchi - 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 24: 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 25: 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 26: Corporate Snapshot Newcore Gold
Slide 27: Ghana - Africa's Top Gold Jurisdiction
| GHANA - AFRICA’S TOP GOLD JURISDICTION GHANA 1) Ghana is Africa's largest gold producer, 6th largest worldwide and produces more gold per square km than Nevada* 2) Ghana’s stable, democratic government supports mining 3) Mining and gold are essential to Ghana’s economy and tax base 4) Ghana featur
Slide 28: Ghana - Strong Investment Activity In-Country
| GHANA - STRONG INVESTMENT ACTIVITY IN-COUNTRY 1. China • Strong presence of senior producers in-country, with 2. Russia 3 of the top 10 major gold producers operating in Ghana 3. Australia 4. Canada 5. U.S. 6. Ghana 7. Indonesia Top 8. Peru 9. Mexico 10. Uzbekistan 10 Gold Producing Countries in 2
Slide 29: Newcore Gold - Strong Dedication to ESG
| NEWCORE GOLD - STRONG DEDICATION TO ESG • Strong commitment to the environment, good governance and community relations • Adding value for all stakeholder for sustainable growth long-term • Newcore Gold’s ESG is guided by nine of the U.N. Sustainable Development Goals* • Priority is ensuring the h
Slide 30: 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 31: Newcore Gold - Corporate Snapshot
| NEWCORE GOLD - CORPORATE SNAPSHOT Share Structure and Market Valuation Share Ownership Basic Shares Outstanding 189.5M Retail & Other Institutions Options Outstanding 13.0M Management & Board 36% Retail & Other RSUs/PSUs Outstanding 3.4M Fully Diluted Shares Outstanding 205.8M Market Cap (C$) ~$60
Slide 32: Key Takeaways
KEY TAKEAWAYS Top-Tier Management & Board Own 19% of Equity Strong Capital Structure Strong Institutional Investor Support Established Resource Base Multi-Million-Ounce Gold District Robust PEA with Low Capital Intensity Technically Simple, Open Pit, Heap Leach District-Scale Exploration Significant
Slide 33: In the Business of Gold - Contact Information
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 Linkedin, logo icon Circle, facebook icon Channel, circle, logo, m
Slide 34: 2024 PEA Economics - Additional Information
2024 PEA ECONOMICS ADDITIONAL INFORMATION TSX-V: NCAU | OTCQX: NCAUF | 34
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TSX-V: NCAU | OTCQX: NCAUF | 35
Slide 36: TSX-V: NCAU | OTCQX: NCAUF | 36
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Slide 37: PEA Process Flowsheet
| ENCHI GOLD PROJECT - PEA PROCESS FLOWSHEET Note: See news release dated April 25, 2024 and the technical report titled “NI 43-101 Technical Report, Preliminary Economic Assessment on the Enchi Gold Project, Ghana” available under the Company’s TSX-V: NCAU | OTCQX: NCAUF | 37 SEDAR+ profile for det
Slide 38: PEA Processing Facility Layout
| ENCHI GOLD PROJECT - PEA PROCESSING FACILITY LAYOUT Note: See news release dated April 25, 2024 and the technical report titled “NI 43-101 Technical Report, Preliminary Economic Assessment on the Enchi Gold Project, Ghana” available under the Company’s TSX-V: NCAU | OTCQX: NCAUF | 38 SEDAR+ profil
Slide 39: 2023 Mineral Resource Estimate - Additional Information
2023 MINERAL RESOURCE ESTIMATE ADDITIONAL INFORMATION TSX-V: NCAU | OTCQX: NCAUF | 39
Slide 40: Mineral Resource Estimate - Cut-Off Grade Sensitivity
| MINERAL RESOURCE ESTIMATE - CUT-OFF GRADE SENSITIVITY • The pit constrained, open pit, Mineral Resource Pit Constrained Indicated Mineral Resource Estimate Estimate for Enchi was evaluated at a range of Cut-Off Grade Tonnes Grade (g/t Au) Contained Au (oz) cut-off grades 0.1 47,702,000 0.50 768,20
Slide 41: Mineral Resource Estimate - Underground Resource
| MINERAL RESOURCE ESTIMATE - UNDERGROUND RESOURCE • Established first underground resource at Enchi Indicated Mineral Resource Estimate by Deposit and Mining Method Deposit Type Tonnes Grade (g/t Au) Contained Au (oz) • Highlights potential to define meaningful Sewum Open Pit 20,925,000 0.48 323,30
Slide 42: Mineral Resource Estimate - By Mineralization Type
| MINERAL RESOURCE ESTIMATE - BY MINERALIZATION TYPE • Weathering profile varies by area at Enchi Indicated Mineral Resource Estimate by Mineralisation Type Deposit Tonnes Grade (g/t Au) Contained Au (oz) • Depth of oxide mineralization typically 20 to Oxide 14,365,000 0.52 241,000 30 metres, can re
Slide 43: 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 was announced on April 25, 2024 and is based upon the Company’s
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