Newcore Gold outlines deeper drilling, mid-2026 PFS, and 2029 production target at Enchi

## What the update covered

In a January 7 interview on The KE Report, Newcore Gold (TSXV: NCAU; OTCQX: NCAUF) CEO Luke Alexander laid out the company's 2026 workstreams: deeper drilling at the Boin deposit, a resource update tied to a Pre-Feasibility Study (PFS — an early-stage engineering and economic study) targeted for mid-2026, and roughly $10 million in incoming warrant proceeds that the company expects will fund an expanded program beyond 45,000 meters.

The Enchi Gold Project in Ghana currently hosts a **1.71 million ounce indicated-and-inferred gold resource**, last refreshed in mid-2024. Alexander described the project as one of the two most advanced development-stage assets in Ghana, a country he framed as Africa's largest gold producer and the world's sixth largest.

## Boin drill highlights

The release covers five holes totaling roughly 1,700 meters, concentrated across a 300-meter-wide zone. The standout intercept:

- **Hole 98: 173 g/t gold over 1 meter** — the fourth highest-grade meter the project has ever returned.

Other reported intercepts include 3.5 g/t over 23 meters, ~7 g/t over 8 meters, 2 g/t over 16 meters, and ~4 g/t over 4 meters. Alexander said these are Newcore's first diamond drill results reported to the market and that they support the geological model of plunging high-grade shoots at depth, comparable to the structures that have driven resource growth at Newmont's Ahafo mine and Asanko's Chirano mine, both on the Sefwi-Bibiani belt to the north.

## The 45,000-meter program

- **First 30,000m:** Resource conversion drilling — tightening drill spacing to move ounces from inferred to indicated. Alexander said this portion is essentially complete, with step-out success at targets like Kojina Hill (Q4 last year). - **Remaining 15,000m:** Focused on diamond drilling, targeting high-grade feeder zones, stepping out along strike, and revisiting earlier discoveries lacking drill density. - **Beyond 45,000m:** Likely. Roughly 20 million warrants carry a $0.50 strike against an $0.80–$0.85 share price; ~80% sit with five institutional holders. Alexander said the resulting ~$10 million in proceeds, expected by end of February, will likely allow drilling to continue aggressively through year-end 2026.

## A note on "deep"

Alexander pushed back on framing 200–300 meter holes as deep. Newcore's average vertical drilling depth to date is about 100 meters, so the new Boin holes are the deepest on the project — but still shallow relative to peers like Ahafo, which is mining underground at 800 meters and has drilled down to 1.1–1.2 kilometers. All deposits at Enchi remain open along strike.

## PFS → FS → 2029 production

The mid-2026 PFS will fold in the resource conversion drilling plus ongoing geotechnical, environmental, and baseline work. On the back of expected economics, Alexander outlined:

1. **PFS** — mid-2026 2. **Feasibility Study** — 12 to 18 months later, putting a construction decision around end of 2027 3. **Construction and production** — targeted for 2029

He pointed to Ghana's supportive permitting environment and a "dearth" of development-stage projects below the country's producing mid-caps and majors (Newmont, AngloGold Ashanti, Gold Fields, Zijin) as reasons Enchi can be fast-tracked. The 2024 PEA produced "very robust economics," he said, and the share price moved meaningfully higher on big volume at that release.

## Near-term catalysts

- Drill results expected every 4–6 weeks, with additional holes already at the assay lab. - Continued warrant proceeds funding an expanded program. - The PFS itself, which Alexander characterized as a potential "fundamental re-rate" event for shareholders.

## Resource growth precedent

Citing analyst work, Alexander noted that Newmont's Ahafo (~20 Moz today) and Chirano have grown their initial reserves by roughly 6.5x and 5.5x, respectively — with high-grade feeder zones supplying most of that growth. Newcore is explicitly positioning its deeper diamond drilling to chase the same pattern at Enchi.