Newcore Gold Ltd

4 days ago 18:38

Key Highlights

The CEO argues the shares are disconnected from fundamentals: an approximately US$80 million market cap (about C$100 million) as of 2026-10-09 against a post-tax PFS NPV of roughly US$650 million using a gold price near US$4,200/oz.
Drill program status: 28,000 m of the 80,000 m program fed the mineral resource estimate completed earlier in 2026 and underpinning the PFS, while roughly 30,000 m of results from the remaining 52,000 m are still outstanding; none of the 2026 results are yet in the resource or the mine plan, and the CEO cites a 98% hole-hit rate as evidence that gold is widespread across the property.
Recent Boin assays are both shallow and oxide-hosted: 2.59 g/t over 69 m including about 6.4 g/t over 24 m starting just under 60 m depth on September 17, 2026, which the CEO calls nearly four times the average grade of the global resource and which lifted the stock almost 30% that day, and 1.16 g/t over 41 m starting about 2 m below surface on October 6, 2026, roughly double the project average grade.
Mine plan optimization is a stated focus: adding higher-grade near-surface oxide and converting 0.7-0.9 g/t material around and inside existing pits into the first six years of the schedule, which the CEO expects to lift NPV, IRR and payback and lower AISC in a future study; Boin is described as the highest-grade of the four deposits and open along strike over about 6 km.
The company is funded for the full 80,000 m program and into 2027, with hydrological, geotechnical, metallurgical, environmental and trade-off studies running in the background toward a construction decision; the March resource stands at over 2.1 million ounces indicated plus inferred, with existing pits constraining resource depth to only about 100 m.

About 30,000 meters of results are still pending from Newcore Gold's 80,000-meter program, keeping drill news flow heavy. A 98% drill hit rate points to gold being pervasive across the Enchi property, not confined to a few shoots. Shallow oxide intercepts averaging nearly four times resource grade could strengthen the earliest years of the mine plan. Alexander says an $80M US market cap sits well below the ~$650M US NPV (net present value) from the June study. The full program is funded, with cash visibility into 2027 and geotechnical, metallurgical and environmental work underway.

Newcore Gold: Growing a Multi-Million-Ounce Gold Project in Ghana

CEO.CA

14 days ago 10:59

Key Highlights

The guest's central claim is a valuation gap: the Enchi pre-feasibility study puts after-tax NPV at roughly $650 million at a $4,200/oz gold price, while he puts the company's market capitalisation at around $85 million US, and says closing that gap is now the focus.
The guest says the pre-feasibility study was published in June 2026 and the full technical report in August 2026, calling the work real de-risking; the study uses a $3,800/oz base case he considers conservative and shows a 45% after-tax IRR, a 1.4-year payback and just over 100,000 ounces of production over a nine-year mine life.
The guest describes an 80,000 metre drill program under way at Enchi, with 47,000 metres released after roughly a year of monthly results; the most recent intercept he cites is 2.7 grams over 69 metres, including a high-grade core of 6.5 grams over 24 metres, which he says moved the stock 25 to 30%.
On Ghana's policy changes, the guest says the country's new sliding-scale royalty of 5 to 12% depending on the gold price is already reflected in the project's economics, and that the project already contemplated contract mining, which is how he answers the recent negative press about Ghana.
The guest states that management and the board own about 12% of the company and that the shares were bought alongside shareholders rather than issued cheaply, which he presents as a shareholder-alignment check for investors.

The guest argues a pre-feasibility study can expose a valuation gap: Enchi's after-tax NPV (net present value) of $650 million against an $85 million market cap. Jurisdiction selection deserves country-level analysis: the guest warns investors not to lump African countries together, citing Ghana's mining culture and stable governance. Management ownership is a checkable green flag: Newcore's management and board hold about 12%, in shares bought alongside shareholders rather than issued cheaply. Exploration can be effectively free once a study anchors value: the guest argues drill results still create value, citing a 2.7 grams over 69 meters intercept. At gold prices near all-time highs the guest expects governments to take a larger fiscal share, noting Ghana's sliding-scale royalty is already in project economics.

Greg Smith of Newcore Gold Ltd. talks to Jeff Clark | Metals Investor Forum Sept. 2026

18 days ago 10:48

Key Highlights

Smith lays out a 6-12 month catalyst pipeline at the forum: ongoing 80,000m drill results to feed an updated mineral resource estimate, then a new mine plan, targeting an updated feasibility study before end-2027.
Smith says the stock jumped about 30% on the just-released drill hole from the Boeing deposit, which he calls 'one of the best holes we ever drilled,' and frames it as confirmation that investors still reward strong drill results.
Smith pegs Enchi at 1.5 Moz indicated and more than 600 Koz inferred, says the company began the quarter with about $15M in cash, and is fully funded to complete the 80,000m program (47,000m already released, ~16,000m still to drill plus ~17,000m in the assay queue).
Citing the Toronto mine 40 km away, now mining roughly 800m below surface versus Enchi's average pit depth of about 150m, Smith argues the deep underground potential at Enchi is still 'enormous' over the longer term.
Smith puts ownership at about 12% with management (their own cash, not free stock) and about 55% institutionally held, with three analysts currently covering the stock.

Newcore is fully funded through its 80,000-metre Enchi drill program; 47,000 metres released and 16,000 metres remain by year-end. Enchi's current resource base is 1.5Moz indicated and 600koz inferred; Greg cites a nearby mine as a deep-mining analogue. Greg argues Ghana is overlooked despite being Africa's largest and the world's sixth-largest gold producer, with majors operating successfully there. Management and the board hold ~12% of equity bought with their own cash while institutions hold ~55%, a structure Greg calls a conviction signal. Near-term catalysts are ongoing drill releases feeding an updated mineral resource estimate and a feasibility study targeted before end-2027.

Mal Karwowska of Newcore Gold Ltd. presents at Metals Investor Forum in Vancouver | Sep 2026

18 days ago 11:01

Key Highlights

The speaker argues the June 2026 PFS points to a major valuation gap: after-tax NPV of US$496M (37% IRR) at the $3,800 base case rises to US$775M at the ~$4,500 gold price as of late September 2026, against a current ~US$85M market cap.
Fully funded for an 80,000-metre drill program with $15.5M cash at end-June 2026; ~47,000m reported to date, including high-grade Boeing deposit intercepts of 2.6 g/t over 69m (with 6.4 g/t over 24m) and other 2026 hits like 3.5 g/t over 23m, 1.7 g/t over 25m and 1.2 g/t over 33m.
Project base is the March 2026 resource of 1.5M oz indicated plus 626k oz inferred across four deposits on a 248 sq km, 40-km-long land package in southwest Ghana — the PFS excludes all 2026 drilling and most drilling has only tested to ~350–400m vertical, versus comparable systems on the belt mined to ~800m.
PFS production profile of 104,000 oz/year steps up to ~130,000 oz/year in the first three years, driven by grade optimization; aligned shareholder base with management/board holding 12% and long-term funds roughly 55% of the register, plus three covering analysts.

Newcore's June 2026 PFS values the project at US$496M NPV at $3,800 gold and US$775M at $4,500 spot, versus a US$85M market cap. Newcore is fully funded with $15.5M cash to complete an 80,000-meter drill program; 12% insider ownership and roughly 55% institutional ownership signal strong alignment. All 2026 drill results released after the March 2026 resource cutoff are excluded from the PFS, representing growth upside not yet captured in study economics. The Ghana project sits on a belt hosting Newmont's Ahafo mine and currently holds 1.5M oz indicated plus 626,000 oz inferred across four open deposits.

This Gold Project Got Way More Expensive | Newcore Gold PFS

The Deep Dive

3 months ago

Key Highlights

The host argues the new Enchi prefeasibility study is effectively a resetting of the company: Newcore abandoned the 2024 PEA's cheap heap-leach plan for a far costlier carbon-in-leach operation, and shareholders were sold a case the study did not deliver — the stock fell 24% in the session after the release, from 48.5 cents to 37 cents, and later sank as low as 30 cents.
Initial capital jumps to $351 million from the $106 million in the 2024 PEA, including $114 million for the treatment plant, $39 million in engineering and $38 million in contingencies; sustaining capital rises to $135 million from $92 million.
Cash costs more than double from $934 to $2,149 an ounce and all-in sustaining costs rise from $1,018 to $2,290 an ounce, with royalties explaining only part of the increase, while average output falls to about 104,000 ounces a year over a 9.3-year life (front-loaded at just under 129,000 ounces) from the PEA's 122,000 ounces a year, despite recoveries improving to 90.5% from 82%.
At $3,800 an ounce gold the study shows an after-tax NPV of $496 million, a 37% IRR, a 1.6-year payback and $685 million of life-of-mine cash flow, improving to a $582 million NPV and 42% IRR at $4,000 — but the host notes the 2024 PEA was built on a far lower gold price and still showed a $371 million NPV and 58% IRR.
CEO Luke Alexander defends the switch as the best technical path after work since 2024, citing much higher recoveries, carbon-in-leach as the standard in West Africa and deeper ore that suits milling, while conceding the company should have communicated better; an 80,000-metre drill program is underway with early success, but no path or hard timeline to production was given.

Newcore's Enchi gold PFS swapped cheap heap leach for carbon-in-leach, tripling initial capital to $351 million from $106 million. AISC (All-In Sustaining Cost — what it really costs to produce an ounce) roughly doubled to $2,290 while average annual output fell to 104,000 ounces. CEO Luke Alexander argues 90.5% recoveries and deeper, harder ore justify the cost; investors were sold a $1,018-per-ounce heap-leach plan. The shares fell 24% the day after the study was released, and management conceded it should have flagged the higher cost earlier. An 80,000-meter drill program is running and management says Enchi is headed toward production, but gave no timeline.

Newcore Gold - PFS Rundown & High-Grade Drill Results

3 months ago

Key Highlights

The CEO's pre-feasibility study, released June 24, 2026, shows a $647 million after-tax NPV (5%), a 45% after-tax IRR and a 1.4-year payback at $4,200/oz gold; with a market cap of roughly $70 million US around the interview, he notes the stock traded at about 0.11-0.12 times that after-tax NPV.
Per the study's sensitivity table, at $5,000/oz gold the project models a $960 million after-tax NPV, a 58% after-tax IRR and a roughly 1.1-year payback, which management presents as significant leverage to the gold price.
The PFS shifted from the 2024 PEA's heap leach plan to a carbon-in-leach (CIL) flowsheet, whose higher capital and operating costs contributed to a roughly 25% one-day share-price drop on release, but management argues CIL delivers better recoveries and is the standard processing route in Ghana.
The mine plan fronts high-grade material: the first three years average about 130,000 oz of production at roughly 0.8 g/t (80-85% of year-one ore from the Boin deposit), and all-in sustaining costs of just under $2,300/oz life-of-mine fall to $1,970/oz in those early years; the $3,800 base case still carries a 37% after-tax IRR and includes a 10% royalty to the government of Ghana.
Only 28,000 m of the ongoing 80,000 m drill program (October 2025 cutoff) is in the PFS; 2026 step-out hits below the reserve pits, including 3.5 g/t gold over 21 m at about 220 m depth at Nyam with almost 6 g/t over 9 m within it, and up to 174 g/t over 1 m at Boin, target deeper higher-grade pits for future studies, while first-time reserves support a mining lease application planned for Q3 2026.

Newcore Gold's PFS (pre-feasibility study) puts the Enchi project's after-tax NPV (net present value) at $647 million with a 45% IRR at $4,200 gold. Management shifted from heap leach to CIL (Carbon-in-Leach — tank-based gold recovery) for higher recoveries, accepting higher capital and operating costs. The untelegraphed flowsheet shift, landing in a broad gold-equity selloff, drove a 25% share-price drop despite economics the CEO calls robust. High grades front-load the mine plan: about 130,000 ounces annually over three years, cutting early AISC (all-in sustaining costs) to $1,970 per ounce. Only 28,000 of 80,000 planned drill metres made the study; new Niam step-out holes below the reserve pits point to unmodeled upside.

Luke Alexander & Jeff Clark discuss Newcore Gold at the May Metals Investor Forum

5 months ago

Newcore Gold is advancing the Enchi Gold Project in Ghana, supported by robust PEA economics and strong leverage to the gold price. A 60,000-metre drill program is currently underway, focusing on resource conversion and growth to complete a Pre-Feasibility Study in H1 2026. Management demonstrates high alignment with shareholders via a 13% equity stake, complemented by strong institutional backing at 55% ownership.

Luke Alexander of Newcore Gold Ltd. presents at Metals Investor Forum in Vancouver | May 2026

5 months ago

Luke Alexander, President & CEO of Newcore Gold, presents a corporate update at the Metals Investor Forum in Vancouver. The forum highlights companies vetted by newsletter writers for possessing excellent management, strong financials, and promising properties. Investors are offered exclusive direct access to assess junior mining management teams by asking critical face-to-face questions.

Newcore Gold - Updated Resource Estimate: 1.5mil oz Indicated + 626k oz Inferred Gold

Newcore Gold announced updated resource estimate with 1.5 million ounces indicated and 626k ounces inferred gold, significantly expanding the project's resource base. The resource update demonstrates strong grade continuity and potential for further expansion through additional drilling at the Enchi Gold Project in Ghana. Management discusses the strategic implications for investors, including potential development pathways and the project's competitive positioning in West Africa.

Newcore Gold - Enchi Gold Project Update: High Grade Gold Drill Results, PFS Coming Soon

Newcore Gold reports high-grade drill results from Enchi Gold Project with PFS expected near-term. Drilling continues to expand mineralization with encouraging intercepts across multiple target areas. Project advancing toward development milestone with updated resource and economic study forthcoming.

Greg Smith of Newcore Gold Ltd. talks to Brien Lundin | Metals Investor Forum | February 2026

Newcore Gold advances its 100%-owned Enchi Gold Project in Ghana, offering investors district-scale oxide gold exposure with significant resource growth potential. The Enchi project presents strong economics supported by favorable metallurgy, established infrastructure access, and a supportive West African mining jurisdiction. As a vetted presenter at the Metals Investor Forum, Newcore Gold showcases experienced management and promising properties to prospective investors.

Mal Karwowska of Newcore Gold Ltd. presents at Metals Investor Forum in Toronto | February 2026

Mal Karwowska, President and CEO of Newcore Gold, presents the company's investment thesis at the Metals Investor Forum in Toronto. The forum exclusively features vetted junior mining companies that have already earned coverage from leading newsletter writers. Investors gain direct access to assess management teams, which is highlighted as the most critical factor for junior mining success.

Luke Alexander of Newcore Gold talks to Brien Lundin | Metals Investor Forum | January 2026

9 months ago

Newcore Gold is advancing its Enchi Gold Project in Ghana toward a Pre-Feasibility Study, signaling a potential transition from explorer to developer. The company is actively pursuing ongoing resource growth initiatives, which could significantly expand the project's mine life and economic viability. As a vetted presenter at the Metals Investor Forum, Newcore Gold showcases strong management and promising properties, key indicators for junior mining success.

Luke Alexander of Newcore Gold Ltd. presents at Metals Investor Forum in Vancouver | January 2026

9 months ago

Newcore Gold CEO Luke Alexander presents company updates at the Metals Investor Forum in Vancouver, highlighting management quality and property potential. Forum emphasizes vetting process where presenting companies have earned coverage from newsletter writers for strong financials and promising assets. Investors gain direct access to junior mining management teams, enabling face-to-face assessment of leadership capabilities critical for investment success.

Newcore Gold - 2026 Growth Plans: Drilling, PFS, Updated Resource, High-Grade Results At Depth

9 months ago

Key Highlights

Newcore Gold - 80,000m Drill Program Update: High-Grade Oxide Hits At Boin, 98% Drill Hit Rates

The guest reports the deepest holes to date at the Boin deposit, including a 173 g/t gold intercept over 1 metre, and frames 2026 around a mid-year PFS plus an updated resource build on the existing 1.71 Moz indicated-and-inferred base (last refreshed mid-2024).
The guest says the initial 30,000 metres of the 2026 program — focused on resource conversion from inferred to indicated — is now complete, with the remaining 15,000 metres and any post-program expansion shifted to step-out and deeper diamond drilling aimed at high-grade feeder zones.
He argues that neighbour analogues — Newmont's Ahafo (~20 Moz today, ~6.5x growth from initial reserves) and the nearby Tiranqoe mine (~5.5x growth) — show the scale that systematic deep drilling on the Sefwi-Bibiani belt could add to Enchi.
The company expects roughly $10 million of additional cash from in-the-money warrant exercises (50-cent strike vs. an 80–85 cent share price as of mid-January 2026), held ~80% by five institutions, and intends to use it to expand drilling well past 45,000 metres.
The guest lays out a path from PFS mid-2026 to a 12–18 month feasibility study and a 2029 production target, citing a supportive Ghanaian government and a thin pipeline of development-stage projects in Africa's largest gold producer as reasons to fast-track rather than keep exploring indefinitely.

Newcore Gold's first diamond drill results at Enchi returned 173 g/t gold over 1 meter, the project's fourth-highest grade intercept to date. The fully funded 2026 program covers 45,000 meters of drilling and a mid-year PFS, supported by $10M in expected warrant proceeds. Management aims to fast-track Enchi into production by 2029, citing Ghana's status as Africa's largest gold producer and a supportive government. Future exploration will chase deep high-grade feeder zones similar to those that grew neighbor Newmont's Ghana mine by 6.5x.

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Newcore Gold (NCAU): 98% drill hit rate, shallow oxide at Boin, and a market cap the CEO calls disconnected from a US$650M after-tax NPV

Newcore Gold's CEO says 98% of drill holes at Enchi have hit mineralization, with roughly 30,000m of assays still pending and shallow oxide intercepts at Boin (2.59 g/t over 69m; 1.16 g/t over 41m) aimed at lifting early mine-plan economics. He also argues a ~US$80M market cap sits against a ~US$650M after-tax PFS NPV.

4 days ago

Greg Smith of Newcore Gold Ltd. talks to Jeff Clark | Metals Investor Forum Sept. 2026

Newcore Gold Pushes 80,000-Meter Drill Program at Enchi as Latest Hole Spurs 30% Stock Move

Newcore Gold's VP of Exploration Greg Smith walked Jeff Clark through the company's 80,000-meter drill program at the Enchi gold project in Ghana, with 47,000 meters already released and roughly 16,000 meters left to drill. He framed the work as infill, step-out, and new-target drilling aimed at growing today's 1.5 Moz indicated and 600 koz inferred resource before a fresh feasibility study targeted for end-2027.

18 days ago

Newcore Gold - PFS Rundown & High-Grade Drill Results

Newcore Gold Posts a $647M After-Tax NPV in Its First PFS — and the CEO Says the Selloff Misread the CIL Pivot

Newcore Gold's first pre-feasibility study for its Enchi Gold Project in Ghana shows a $647 million after-tax NPV at $4,200 gold, a 45% after-tax IRR, and a 1.4-year payback. CEO Luke Alexander says the 25% share-price drop that followed reflects investors anchored to the abandoned heap leach plan and a weak day for gold equities, not weak project economics.

3 months ago

Newcore Gold - 2026 Growth Plans: Drilling, PFS, Updated Resource, High-Grade Results At Depth

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

Newcore Gold CEO Luke Alexander detailed high-grade Boin drill results — including 173 g/t gold over 1 meter — alongside a fully funded 45,000-meter drill program targeting high-grade feeder zones and a path to a mid-2026 PFS and 2029 production at the Enchi project in Ghana.

9 months ago