Newcore Gold Ltd. · TSXV:NCAU
Newcore Gold — Investor Presentation (November 2025)
52 slides from Newcore Gold's investor presentation, November 2025
Slide 1: In the Business of Gold
IN THE BUSINESS OF GOLD TSX-V: NCAU OTCQX: NCAUF NOVEMBER 2025 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 statements and Newcore cautions against placing undue reliance thereon. Except as required by applicable securities Ltd.’s (“Newcore” or the “Company”) an
Slide 3: Newcore - Advancing the Enchi Gold Project in Ghana
| NEWCORE - ADVANCING THE ENCHI GOLD PROJECT IN GHANA PROVEN TEAM | 15% 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 Enchi Gold Project in Ghana Robust PEA - low
Slide 4: Newcore Gold - Top Tier Leadership Team
| NEWCORE GOLD - TOP TIER LEADERSHIP TEAM Management Team & Strategic Advisor Luke Alexander Danny Lee Greg Smith Mal Karwowska Dan Wilson Alan Pangbourne President, CEO & Director CFO VP, Exploration VP, Corporate Dev. & IR Country Manager Strategic Advisor (Technical) Board of Directors | Diverse
Slide 5: Newcore Gold - Corporate Snapshot
| NEWCORE GOLD - CORPORATE SNAPSHOT Share Structure and Market Valuation Share Ownership Basic Shares Outstanding 263.0M Warrants Outstanding 20.4M High Net Worth & Retail Investors 30% Exercise price of $0.50, expire Feb 27, 2026 Options Outstanding 9.5M RSUs/PSUs Outstanding 7.2M Fully Diluted Sha
Slide 6: 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 he
Slide 7: Ghana - Africa's Top Gold Jurisdiction
| GHANA - AFRICA’S TOP GOLD JURISDICTION GHANA 1 Ghana is Africa's largest gold producer, 6th largest worldwide 1) and produces more gold per square km than Nevada 2) 2 Ghana’s stable, democratic government supports mining 3) 3 Mining and gold are essential to Ghana’s economy and tax base 4) 4 Ghana
Slide 8: Ghana - Pro-Development with Production Growth
| GHANA - PRO-DEVELOPMENT WITH PRODUCTION GROWTH • Strong presence of senior gold producers, 4 of the top 10 operating in-country 1. China 2. Russia • Zijin acquisition of Akyem from Newmont added a fourth major gold producer 3. Australia 4. Canada 5. U.S. 6. Ghana 7. Mexico 8. Indonesia Top • Stron
Slide 9: Enchi Gold Project Work Program
Slide 10: Enchi - On Trend with Prominent Gold Mines in Ghana
| ENCHI - ON TREND WITH PROMINENT GOLD MINES IN GHANA • Enchi located on a prolific gold belt that hosts numerous multi-million-ounce operating gold mines Sefwi-Bibiani Belt Newmont - Ahafo 20.0Moz Asante - Bibiani 6.5Moz Asante - Chirano 5.5Moz Turaco - Afema 4.1Moz Newcore Gold - Enchi 743,500 ozs
Slide 11: 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 targe
Slide 12: 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 13: Exploration
Slide 14: Enchi Gold Project - 45,000-Metre Drill Program
| ENCHI GOLD PROJECT - 45,000-METRE DRILL PROGRAM • 45,000-metre resource growth and infill drill program underway • First phase focused on near-surface oxide and shallow fresh mineralization with a goal of infill drilling for resource conversion • Drilling on earlier-stage exploration targets along
Slide 15: Results from Drilling at Boin
| ENCHI GOLD PROJECT - RESULTS FROM DRILLING AT BOIN • Drilling encountering wide zones of gold mineralization with higher-grade sub-intervals, as well as mineralization outside of the current limits of the pit constrained Mineral Resource Estimate (KBRC352, KBRC357) TSX-V: NCAU | OTCQX: NCAUF | 15
Slide 16: Results from Drilling at Boin
| ENCHI GOLD PROJECT - RESULTS FROM DRILLING AT BOIN • Drilling encountering mineralization outside of the current limits of the pit constrained Mineral Resource Estimate, with a number of holes also ending in mineralization (KBRC288, KBRC294) TSX-V: NCAU | OTCQX: NCAUF | 16 Note: See Newcore Gold’s
Slide 17: Results from Drilling at Boin
| ENCHI GOLD PROJECT - RESULTS FROM DRILLING AT BOIN • Highest-grade gold interval to date intersected at Enchi, drilled on the central portion of Boin (KBRC301) • Drilling encountering wide zones of higher-grade mineralization in the fresh horizon (KBRC307A) TSX-V: NCAU | OTCQX: NCAUF | 17 Note: Se
Slide 18: Results from Drilling at Sewum
| ENCHI GOLD PROJECT - RESULTS FROM DRILLING AT SEWUM • Shallow drilling on main resource areas at Sewum (Checkerboard Hill, Extension Parallel Structure, Ridge Zone) • Encountering wide zones of gold mineralization within both the oxidized and fresh mineralization, and proving out the continuity of
Slide 19: Results from Drilling at Kojina Hill
| ENCHI GOLD PROJECT - RESULTS FROM DRILLING AT KOJINA HILL • Drilling at the earlier stage Kojina Hill Target intersected multiple zones of gold mineralization and continues to prove out the potential for resource growth at Enchi through the addition of new resource areas on the property • Higher-g
Slide 20: Exploration Upside
Slide 21: 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 22: Enchi 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 23: Enchi - Drilling to Define High-Grade Potential at Depth
| ENCHI - DRILLING TO DEFINE HIGH-GRADE POTENTIAL AT DEPTH • 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 where mineralization to date is defined to a vertica
Slide 24: Enchi Gold Project - Near-Term Development Path
| ENCHI GOLD PROJECT - NEAR-TERM DEVELOPMENT PATH • Development work underway to continue to advance and de-risk the Enchi Gold Project towards production • Post completion of a positive PEA study in 2024, near-term focus is on advancing Enchi to a Pre-Feasibility Study in H1 2026 • First phase of d
Slide 25: PEA
= Sey =S PEAR
Slide 26: 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 robust economics, a short payback period and strong leverage to the gold price • Study l
Slide 27: 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 28: 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 29: 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$2,350/oz and 0.7 years at a gold price of US$
Slide 30: 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 APRIL 2024 LEVERA
Slide 31: Newcore Gold
Slide 32: Newcore Gold - Unlocking the Value Potential at Enchi
| NEWCORE GOLD - UNLOCKING THE VALUE POTENTIAL AT ENCHI 45,000 METRE DRILLING PROGRAM Drilling Underway at Newcore’s Enchi Gold Project in Ghana focused on infill, resource expansion and exploration FUNDED FOR DRILLING & DEVELOPMENT ~$10 million cash and equivalents as of September 29 2025, funded t
Slide 33: Key Takeaways
KEY TAKEAWAYS Top-Tier Management & Board Own 15% 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 34: 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 Linkedin, logo icon Circle, facebook icon Channel, circle, logo, m
Slide 35: 2024 PEA Economics - Additional Information
2024 PEA ECONOMICS ADDITIONAL INFORMATION TSX-V: NCAU | OTCQX: NCAUF | 35
Slide 36: 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 37: 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 400 tests comp
Slide 38: 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 39: 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 40: 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 41: 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 42: 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 $4.2
Slide 43: PEA Operating Cost Details
| ENCHI GOLD PROJECT - PEA OPERATING COST DETAILS • Costs based on a detailed annual mining and processing OPERATING COST DETAILS (US$ 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
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Slide 46: 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 | 46 SEDAR+ profile for det
Slide 47: 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 | 47 SEDAR+ profil
Slide 48: 2023 Mineral Resource Estimate - Additional Information
2023 MINERAL RESOURCE ESTIMATE ADDITIONAL INFORMATION TSX-V: NCAU | OTCQX: NCAUF | 48
Slide 49: 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 50: 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 51: 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 52: 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