Newcore Gold Ltd. · TSXV:NCAU
Newcore Gold — Investor Presentation (October 2026)
41 slides from Newcore Gold's investor presentation, October 2026
Slide 1: In the Business of Gold
IN THE BUSINESS OF GOLD TSX-V: NCAU OTCQX: NCAUF OCTOBER 2026 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 government authorities); title to properties; and other risks and uncertainties related to our prospects, properties and Ltd.’s (“Newcore” or the “Company
Slide 3: Newcore Gold - Advancing the Enchi Gold Project in Ghana
| NEWCORE GOLD - ADVANCING THE ENCHI GOLD PROJECT IN GHANA PROVEN TEAM | 12% Equity Ownership Top-tier leadership with a successful track record in the industry and strong institutional investor support GOLD ASSET | Robust Pre-Feasibility Economics De-risking the technical merits of the Enchi Gold P
Slide 4: Newcore Gold - Top Tier Leadership Team
| NEWCORE GOLD - TOP TIER LEADERSHIP TEAM Management Team Luke Alexander Danny Lee Mal Karwowska Greg Smith Ben Collins Dan Wilson President, CEO & Director CFO SVP, Corporate Dev. & IR VP, Exploration VP, Projects Country Manager Board of Directors & Advisor | Diverse Skillset with a Strong Track-R
Slide 5: Newcore Gold - Corporate Snapshot
| NEWCORE GOLD - CORPORATE SNAPSHOT Share Structure and Market Valuation Share Ownership Basic Shares Outstanding 312.8M High Net Worth & Options Outstanding 10.1M Retail Investors 33% RSUs/PSUs Outstanding 12.3M Fully Diluted Shares Outstanding 335.1M Share Price (C$) (October 13, 2026) $0.325 Mana
Slide 6: Strong Dedication to ESG & CSR
| NEWCORE GOLD - STRONG DEDICATION TO ESG & CSR • Strong commitment to the environment, good governance and community relations • Adding value for all stakeholder for sustainable growth long-term • Newcore Gold’s ESG is guided by nine of the U.N. Sustainable Development Goals • Priority is ensuring
Slide 7: Ghana - Africa's Top Gold Jurisdiction
| GHANA - AFRICA’S TOP GOLD JURISDICTION GHANA 1 Ghana is Africa's largest gold producer, 6th largest worldwide 1) and produces more gold per square km than Nevada 2) 2 Ghana’s stable, democratic government supports mining 3) 3 Mining and gold are essential to Ghana’s economy and tax base 4) 4 Ghana
Slide 8: Ghana - Pro-Development with Production Growth
| GHANA - PRO-DEVELOPMENT WITH PRODUCTION GROWTH • Strong presence of senior gold producers, 4 of the top 10 operating in-country 1. China 2. Russia • Zijin acquisition of Akyem from Newmont added a fourth major gold producer 3. Australia 4. Canada 5. Peru 6. Ghana 7. USA 8. Uzbekistan Top • Strong
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Slide 10: Enchi Pre-Feasibility Study - Open Pit, Milling Operation
| ENCHI PRE-FEASIBILITY STUDY - OPEN PIT, MILLING OPERATION • Pre-Feasibility Study at Enchi highlights the potential for a conventional open pit mining with standard milling and carbon-in-leach (“CIL”) processing operation with robust economics and strong leverage to the gold price • Study led by L
Slide 11: Pre-Feasibility Study - Led by Lycopodium
| ENCHI PRE-FEASIBILITY STUDY - LED BY LYCOPODIUM • Lycopodium lead study manager for the PFS - Engineering group recognized globally for being a partner of choice • One of the strongest track records in both studies and project execution for West African projects RECENT LYCOPODIUM PROJECTS IN WEST
Slide 12: Pre-Feasibility Study - Overview
| ENCHI PRE-FEASIBILITY STUDY - OVERVIEW PRE-FEASIBILITY KEY PARAMETERS (All Currencies in US$) • Technically straightforward, open pit and milling operation Key Assumptions • Processing 5.5 Mtpa, contract mining Base Case Gold Price $3,800/oz • Low LOM strip ratio of 4.3, minimal pre-stripping requ
Slide 13: Pre-Feasibility Study - Exploration Upside
| ENCHI PRE-FEASIBILITY STUDY - EXPLORATION UPSIDE PFS YEARS 1 TO 3 HIGHLIGHTS (All Currencies in US$) • Early production years in the Pre-Feasibility Study demonstrate Production Profile the value upside from continued exploration success Average Gold Grade Processed 0.80 g/t Au • Average annual go
Slide 14: 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 15: Depth Potential - Drilling Success at Boin
| ENCHI DEPTH POTENTIAL - DRILLING SUCCESS AT BOIN • Drilling at Enchi has intersected wide zones of gold mineralization containing higher grade core structures • Recent limited deeper drilling completed at the Boin Gold Deposit has intercepted gold mineralization down to a vertical depth of 200 to
Slide 16: Pre-Feasibility Study - Production & Cost Profile
| ENCHI PRE-FEASIBILITY STUDY - PRODUCTION & COST PROFILE • Early production years demonstrate the value from continued exploration success, with ongoing drilling focused on delineating Enchi’s higher-grade potential and success from recent drilling not incorporated into Pre-Feasibility Study Avg. A
Slide 17: Pre-Feasibility Study - After-Tax Cash Flow Profile
| ENCHI PRE-FEASIBILITY STUDY - 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$3,800/oz • Strong leverage to the gold price, after-tax payback drops to 1.4 years at a spot gold price of US$4,200/oz Cumulative After-Tax Ca
Slide 18: Pre-Feasibility Study - Leverage to the Gold Price
| ENCHI PRE-FEASIBILITY STUDY - LEVERAGE TO THE GOLD PRICE • Project economics provide strong leverage to the gold price with a quick payback period • Development strategy optimized via transition to open pit mining and standard milling and CIL processing • Pre-Feasibility Study an important technic
Slide 19: Pre-Feasibility Study - Process Flowsheet
| ENCHI PRE-FEASIBILITY STUDY - PROCESS FLOWSHEET • Standard milling and CIL processing flowsheet selected due to higher gold recoveries from testwork • Processing throughput of 5.5 Mtpa • Process design includes: • Mineral sizer for oxide ore, crushed feed with P80 of 40-50 mm • Jaw crusher for fre
Slide 20: Pre-Feasibility Study - Location & Infrastructure
| ENCHI PRE-FEASIBILITY STUDY - 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 ha
Slide 21: Pre-Feasibility Study - Proposed Site Layout
| ENCHI PRE-FEASIBILITY STUDY - PROPOSED SITE LAYOUT • Project accessible from Accra (capital of Ghana) on sealed roads with paved and gravel roads providing access to deposits • Relatively flat terrain with rolling hills, existing road access to all deposits • Ore to be trucked from four deposits t
Slide 22: Pre-Feasibility Study - Mining Schedule
| ENCHI PRE-FEASIBILITY STUDY - MINING SCHEDULE PRODUCTION DETAILS BY DEPOSIT • Open pit mining utilizing contract mining Tonnes Grade Avg. Recovery Gold Produced • Conventional truck and shovel operation Deposit (Mt) (g/t Au) (%) (payable ozs) Strip Ratio Boin 15.9 0.84 89.7% 384,615 6.5 • Mining t
Slide 23: Pre-Feasibility Study - Capital Cost Details
| ENCHI PRE-FEASIBILITY STUDY - CAPITAL COST DETAILS • Capital cost estimate based on open pit mining utilizing CAPITAL COST DETAILS (All Currencies in US$) contract mining and mill processing at 5.5 Mtpa Capital Cost Items Initial Sustaining Closure Life-of-Mine Construction Distributables $34.3 -
Slide 24: Pre-Feasibility Study - Operating Cost Details
| ENCHI PRE-FEASIBILITY STUDY - OPERATING COST DETAILS • Costs based on a detailed annual mining and processing OPERATING COST DETAILS (All Currencies in US$) schedule, including variations in haulage profiles Operating Cost Items LOM (US$M) US$/tonne ore US$/oz Au Mining $880 $17.15 $923 • Mining C
Slide 25: Enchi - Mineral Reserve and Resource Estimate
| ENCHI - MINERAL RESERVE AND RESOURCE ESTIMATE • The Mineral Reserves are based on the conversion of MINERAL RESERVE & RESOURCE DETAILS Indicated Mineral Resources within the current pit design Deposit Tonnes Grade (g/t Au) Contained Au (oz) Probable Mineral Reserve Estimate • Inaugural reserves at
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Slide 27: 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 4.6Moz Newcore Gold - Enchi 1,502,000 o
Slide 28: Enchi - Gold Project with Size and Scale Potential
| ENCHI - GOLD PROJECT WITH SIZE AND SCALE POTENTIAL • Established Gold Resource, shallow resources open for expansion along strike and at depth • 1,502,000 ozs Indicated resource at 0.56 g/t, 626,000 ozs Inferred resource at 0.49 g/t • District Scale Exploration, 248 km2 property with +25 targets i
Slide 29: Enchi Gold Project - 80,000-Metre Drill Program
| ENCHI GOLD PROJECT - 80,000-METRE DRILL PROGRAM • 80,000-metre resource growth and infill drill program underway 80,000 METRE DRILL PROGRAM • 1st phase (28,000 metres) completed - focused on near-surface infill 28,000 ~22,000 ~30,000 metres metres metres drilling for resource conversion, included
Slide 30: Enchi - Results from RC Drilling at Boin
| ENCHI - RESULTS FROM RC DRILLING AT BOIN Drill Results Not Included in Mineral Resource Estimate and Pre-Feasibility Study • Reverse Circulation drilling at Enchi’s Boin Gold Deposit encountered a wide zone of higher-grade gold mineralization within the central portion of the deposit, in shallow m
Slide 31: Enchi - Results from RC Drilling at Boin
| ENCHI - RESULTS FROM RC DRILLING AT BOIN Drill Results Not Included in Mineral Resource Estimate and Pre-Feasibility Study • Reverse Circulation drilling at Enchi’s Boin Gold Deposit, focused on the northern zone, intersected shallow gold mineralization outside the reserve pits and above the miner
Slide 32: Enchi - Results from Diamond Drilling at Boin
| ENCHI - RESULTS FROM DIAMOND DRILLING AT BOIN Drill Results Not Included in Mineral Resource Estimate and Pre-Feasibility Study • Diamond drilling at Enchi’s Boin Gold Deposit intersected high-grade mineralization in the upper portions of the fresh mineralization within three high-grade zones, tar
Slide 33: Enchi - Visible Gold in Diamond Drilling at Boin
| ENCHI - VISIBLE GOLD IN DIAMOND DRILLING AT BOIN Drill Results Not Included in Mineral Resource Estimate and Pre-Feasibility Study • Diamond drilling intersecting high-grade gold mineralization, encountered first visible gold by drilling on the Project • Drilling in 2026 includes some of the stron
Slide 34: Enchi - Results from Diamond Drilling at Sewum
| ENCHI - RESULTS FROM DIAMOND DRILLING AT SEWUM Drill Results Not Included in Mineral Resource Estimate and Pre-Feasibility Study • Diamond drilling at Enchi’s Sewum Gold Deposit continues to intersect wide zones of shallow gold mineralization • Drilling encountered gold mineralization above the mi
Slide 35: Enchi - Results from Diamond Drilling at Nyam
| ENCHI - RESULTS FROM DIAMOND DRILLING AT NYAM Drill Results Not Included in Mineral Resource Estimate and Pre-Feasibility Study • Diamond drilling at Enchi’s Nyam Gold Deposit intersected gold mineralization above the mineral reserve grade and below the limits of the pits that constrain the Minera
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Slide 37: Newcore Gold - Unlocking the Value Potential at Enchi
| NEWCORE GOLD - UNLOCKING THE VALUE POTENTIAL AT ENCHI 80,000 METRE DRILLING PROGRAM Drilling Underway at Newcore’s Enchi Gold Project in Ghana focused on resource expansion and exploration FUNDED FOR DRILLING & DEVELOPMENT ~$15.5 million cash as of June 30, 2026 Funded for drilling and development
Slide 38: Key Takeaways
KEY TAKEAWAYS Top-Tier Management & Board Own 12% of Equity Strong Capital Structure Strong Institutional Investor Support Established Resource Base Multi-Million-Ounce Gold District Advancing Development Strong Economics in Pre-Feasibility Study District-Scale Exploration - Drilling Underway Signif
Slide 39: In the Business of Gold
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 40: Enchi Gold Project Technical Disclosure
| ENCHI GOLD PROJECT TECHNICAL DISCLOSURE 2026 Pre-Feasibility Study (“PFS”) Non-IFRS Financial Measures 1. The PFS was announced on June 24, 2026 and is based upon the Company’s Mineral Resource Estimate for The Company has included certain non-IFRS financial measures in this presentation, such as
Slide 41: Enchi Gold Project Technical Disclosure (Continued)
| ENCHI GOLD PROJECT TECHNICAL DISCLOSURE (CONTINUED) Mineral Resource Estimate Mineral Reserve Estimate 1. Canadian Institute of Mining Metallurgy and Petroleum ("CIM") definition standards were followed for the 1. Canadian Institute of Mining Metallurgy and Petroleum ("CIM") definition standards w