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

Metals Investor Forum Sep 25, 2026 11:01

Summary

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.

Key points on Equinox Gold

  • Speaker frames Equinox Gold as the entity that resulted from Caliber's 'series of mergers and acquisitions', citing it as a co-founder (Doug Forrester, Blaine Johnson) success that she says created significant shareholder value.

Key points on Newmont

  • The speaker describes Newmont as the world's largest gold producer and notes Ghana represents roughly 16% of its global production — and its only Africa exposure — after a ~US$1B multi-year footprint expansion.
  • Speaker also cites Newmont's Ahafo mine on the same Ghanaian belt as evidence of scale potential, putting its endowment at over 20 million ounces.

Key points on Newcore Gold

  • 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.