BUSINESS OF GOLD TSX.V - NCAU OCTOBER 2020 Disclaimer No stock - - PowerPoint PPT Presentation

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BUSINESS OF GOLD TSX.V - NCAU OCTOBER 2020 Disclaimer No stock - - PowerPoint PPT Presentation

IN THE BUSINESS OF GOLD TSX.V - NCAU OCTOBER 2020 Disclaimer No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained on this presentation. This presentation contains


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IN THE BUSINESS OF GOLD

TSX.V - NCAU

OCTOBER 2020

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SLIDE 2

TSX.V - NCAU

Disclaimer

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained on this presentation. This presentation contains "forward-looking information" concerning Newcore Gold’s (“Newcore “ or the “Company”) future financial or operating performance and other statements that express management's expectations or estimates of future developments, circumstances or results. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “seeks”, "believes", "anticipates", "plans", “continues”, "budget", "scheduled", "estimates", "expects", "forecasts", "intends", “projects”, “predicts”, “proposes”, "potential", “targets” and variations of such words and phrases, or by statements that certain actions, events or results "may", "will", "could", "would", “should” or "might" "be taken", "occur" or "be achieved". Forward-looking statements included in this presentation include statements regarding potential mineralization and mineral resources, the potential development scenarios for the various Gold-Silver Projects, including information with respect to the supporting infrastructure, the potential life of mine, rates of production and the effects of steps taken to mitigate local impacts and the expected completion dates

  • f exploration and drilling, exploration results, estimated and future exploration and administration expenditures, the timing and results of preliminary economic assessments, other development studies, and future plans and
  • bjectives of Newcore. While all forward-looking statements involve various risks and uncertainties, these statements are based on certain assumptions that management of Newcore believes are reasonable, including that it

will be able to obtain financing and on reasonable terms, that its current exploration and other objectives can be achieved, that its exploration and other activities will proceed as expected, that widespread epidemics or pandemic outbreak including the COVID-19 pandemic will have no or minimal impact to Newcore’s business, that its community and environmental impact procedures will work as anticipated, that general business and economic conditions will not change in a material adverse manner, that Newcore will not experience any material accident, labour dispute or failure or shortage of equipment, and that all necessary government approvals for its planned exploration and potential development activities will be obtained in a timely manner and on acceptable terms. There can be no assurance that the forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Newcore’s expectations include, among others, the actual results of current exploration activities being different than those anticipated by Newcore, changes in project parameters as plans continue to be refined, changes in estimated mineral resources, future prices of metals, increased costs of labor, equipment or materials, availability of equipment, failure of equipment to operate as anticipated, accidents, effects of weather and other natural phenomena, risks related to community relations and activities of stakeholders, and delays in obtaining governmental approvals or financing. Although Newcore has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Newcore does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information or statements whether as a result of new information, future events or otherwise, except as required by law. This presentation is not an offer to purchase securities and does not constitute an

  • ffering document under Securities legislation. All information is presented in Canadian dollars unless otherwise stated; as of the date indicated on the front of this presentation.

PEA Disclosure The NI 43-101 Preliminary Economic Assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the Preliminary Economic Assessment will be realized. The Enchi Gold Project PEA Technical Report is available on SEDAR and was prepared by Joanne Robinson P.Eng of WSP Canada a professional independent mining engineer registered in Canada and a QP as defined by National Instrument 43-101. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

  • Mr. Gregory Smith, P.Geo, VP Exploration of the Company, is the Qualified Person as defined by NI 43-101, and has prepared and approved the technical data and information in this presentation.

1

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OVERVIEW

Engineering a Better Gold Company

Led by top-tier leadership with one of the most successful track records in the industry Advancing the 100%-owned Enchi Gold Project in Ghana, Africa’s #1 gold jurisdiction Enchi located along one of West Africa’s most prolific and developed gold trends Significant exploration potential to build on an existing 1.2Moz Inferred resources at 0.72 g/t Au* Maximize shareholder value by significantly expanding our existing gold resource

2

*See cautionary statement on slide 1, and slides 11 and 21 for details on Enchi Gold Project resource statements and further disclosure

“Management is aligned with shareholders to create value by significantly expanding

  • ur gold resource.”

Luke Alexander, President & CEO

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WHY NEWCORE GOLD

What Sets Newcore Gold Apart

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Management

Top-tier record of making money for shareholders, known for building exploration companies into producing miners

Institutional Backing

Clear access to institutional capital, ~20% ownership to date

Incentivized Leadership

Management & insiders own 39% who invested alongside shareholders

Golden Ghana

Proven & stable jurisdiction, #1 for gold in Africa, known for big, successful mines

Quality Asset

1.2Moz open-pit, heap leach gold Inferred resource*, updated September 2020

Expansion Potential

8,000 metre resource expansion and discovery drilling program started in Q3 2020

Structured for Success

80M shares out, no warrants

Strategic Timing

Right commodity. Right time. Right Opportunity.

*See cautionary statement on slide 1, and slides 11 and 21 for details on Enchi Gold Project resource statements and further disclosure

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WHY NEWCORE GOLD

Recent Wins for Shareholders

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“The fundamental characteristic of this company is strength. Strength in management, strength in assets, strength in proven success, strength in the team’s ability to raise large amounts of capital, make decisions and execute quickly on opportunities.”

Blayne Johnson, Lead Director

Calibre Mining – Grew from an exploration stage company to multi- asset gold producer creating $500M of shareholder value and counting Newmarket Gold – Built from a $10M company to $1.2Bn sale of the company to Kirkland Lake Gold 14 months later Integra Gold – Taken out by Eldorado Gold for +$600M making significant returns for shareholders Northern Empire – $10M acquisition to $90M take out in less than 18 months

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WHY NEWCORE GOLD

Top Tier Leadership

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“It is rare to find a board like this in the junior sector: billions raised, startups turned into producers and numerous major wins for shareholders.”

Luke Alexander, President & CEO

Luke Alexander

President, CEO & Director

Doug Forster

Chairman

Kristian Dagsaan

CFO

Blayne Johnson

Lead Director

Greg Smith

VP, Exploration

Omaya Elguindi

Director

Mal Karwowska

VP, Corporate Dev. & IR

Edward Farrauto

Director

Daniel Wilson

Country Manager, Ghana

Doug Hurst

Director

Ryan King

Director

George Salamis

Director

Mike Vint

Director

Previous Experience Management Team Board of Directors

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WHY NEWCORE GOLD

ESG Focus - Aligned with the U.N. Sustainable Development Goals

* The Sustainable Development Goals are the blueprint to achieve a better and more sustainable future for all. They address the global challenges we face, including poverty, inequality, climate change, environmental degradation, peace and justice. Information sourced from United Nations

Strong dedication to the environment, good governance, and community relations - adds value for stakeholders and leads to sustainable growth Newcore’s ESG is guided by nine of the U.N. Sustainable Development Goals* Priority is ensuring the health and safety of all employees, contractors and local communities - COVID-19 protocols in place

Computers donated to local school Fixing of local bridges Temperature checks

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$0.00 $0.20 $0.40 $0.60 $0.80 $1.00 01-Apr-20 01-May-20 01-Jun-20 01-Jul-20 01-Aug-20 01-Sep-20 NCAU Share Price (C$)

WHY NEWCORE GOLD

Capital Structure

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Note: Information current as of September 30th, 2020

Share Structure and Market Information 6-Month Share Price Chart

Basic Shares Outstanding 79.9M Options Outstanding 9.6M RSUs/PSUs Outstanding 1.3M Management & Insider Ownership 39% Institutional Ownership ~20% Market Cap (C$) ~$60M Cash-on-Hand (C$) ~$2.0M Last 3-Month Average Daily Volume ~180,000

Institutional Investors Research Coverage

May 19, 2020 Announces $3M non- brokered private placement at a price of $0.20/share; Announces appointment of Luke Alexander as President, CEO & Director and Doug Forster as Chairman June 8, 2020 Announces institutional investors purchase Kinross’ 17% stake at $0.36/share August 12, 2020 Commenced 8,000 metre RC drill program September 14, 2020 Updated Resource Estimate for Enchi September 28, 2020 Initial drill results announced for Enchi

Richard Gray Geordie Mark Craig Stanley Brock Salier Ian Parkinson

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ENCHI GOLD PROJECT

Ghana - Africa’s Top Gold Jurisdiction

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ENCHI GOLD PROJECT

1) Ghana is Africa's largest gold producer, 7th largest worldwide and produces more gold per square km than Nevada* 2) Ghana’s stable, democratic government supports mining 3) Mining and gold are essential to Ghana’s economy and tax base 4) Ghana features the Prolific Bibiani Gold Belt, site of Newcore’s Enchi Project 5) Ghana offers modern infrastructure and skilled mining labor 6) English is the primary language 1 2 3 4 5 6

GHANA

Ghana produced ~5 million ounces of gold in 2019, surpassing South Africa’s 2019 production of 4.2 million ounces* Ghana produces more gold per square kilometer than Nevada*

* Information sources: 2019 production volumes and ranking for Ghana and Africa sourced from the World Gold Council; Nevada details as per the Nevada Division of Minerals - Major Mines of Nevada 2019 publication

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ENCHI GOLD PROJECT

On Trend with Some of Ghana’s Most Prominent Mines

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Data from Goldfarb, et al; 2017, West Africa: The world’s premier Paleoproterozoic gold province, and R. Lipson,et al; 2018, Gold Deposits of the Birimian and Tarkwaian in Ghana. Data from other projects not necessarily reflective of the Enchi Project.

ENCHI

Sefwi-Bibiani Belt

Newmont - Ahafo 15.5Moz Resolute - Bibiani 6.5Moz Kinross - Chirano 5.5Moz Teranga - Afema 2.0Moz Newcore - Enchi 1.1Moz Pelangio - Manfo 500koz

Ashanti Belt

AngloGold - Obuasi 66Moz GoldFields - Tarkwa 25.1Moz GoldFields - Damang 10Moz Golden Star - Wassa 12Moz Golden Star - Bogoso/Prestea 7.5Moz Newmont - Akyem 7.5Moz Cardinal - Namdini 7.4Moz Perseus - Edikan 7.1Moz AngloGold - Iduapriem 6.6Moz

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ENCHI GOLD PROJECT

Project Overview

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  • Shallow, near surface oxide gold resources
  • pen in all directions (1.2Moz Inferred

resource at 0.72 g/t Au*)

  • Underexplored Ashanti Style, shear-

hosted mesothermal gold system

  • 216km2 property with numerous targets

identified, excellent resource expansion and discovery potential

  • Potential at depth not yet tested

“This is a great piece of land in a great neighborhood. A long history of active exploration and mining has defined a prolific, regional structure that stretches hundreds of kilometers - and Enchi covers a significant part of it with district-scale, multi-million ounce potential.”

Greg Smith, VP, Exploration

  • Enchi stretches along

more than 40km of the Bibiani Shear Zone, host

  • f multiple +5Moz

deposits

* See slides 11 and 21 for details on Enchi Gold Project resource statements and further disclosure

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ENCHI GOLD PROJECT

2020 Mineral Resource Estimate

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Inferred Resource - Cut-Off Sensitivity

Cut-Off (g/t Au) Tonnes Grade (g/t Au) Contained Au (oz) 0.1 76,700,000 0.56 1,381,900 0.2 66,126,000 0.63 1,330,300 0.3 52,926,000 0.72 1,223,800 0.4 40,096,000 0.84 1,080,600 0.5 30,762,000 0.96 945,800 0.6 23,515,000 1.08 818,200

Work Completed Prior to 2020 - Property Wide

Drilling Type Drill Holes / Trenches Metres Diamond Drilling 189 23,711 RC Drilling 255 29,965 RAB Drilling 319 12,443 Trenches 223 21,786 Total 987 88,160

These numbers are from the independent technical report titled "Enchi Gold Project, Resource Update, Enchi, Ghana", with an effective date of September 11, 2020, prepared by Todd McCracken, P. Geo. in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Project and is available under Newcore’s SEDAR profile at www.sedar.com. CIM definition standards were followed for the resource estimate. The September 2020 resource models used ordinary kriging (OK) grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids and constrained by whittle pits shell. A base cut-off grade of 0.3 g/t Au was used for reporting resources with a capping of gold grades at 18 g/t. A US$1,500/ounce gold price, open pit with heap leach

  • peration was used to determine the cut-off grade of 0.3 g/t Au. Mining costs of US$2.27/mined tonne and G&A and Milling costs of US$9.84/milled tonne. The Inferred Mineral Resource Estimate is pit
  • constrained. A density of 2.45 g/cm3 was applied. Numbers may not add due to rounding. Mineral Resources that are not mineral reserves do not have economic viability. See slide 21 for additional

technical disclosure.

Inferred Resource

Deposit Tonnes Grade (g/t Au) Contained Au (oz) Boin 19,837,000 0.84 533,000 Sewum 27,600,000 0.60 535,800 Nyam 5,489,000 0.88 155,000 Total 52,926,000 0.72 1,223,800

The September 2020 Mineral Resource Estimate incorporates assay results from:

  • 180 diamond drill holes (22,703 metres)
  • 226 RC holes (26,794 metres)
  • 319 RAB holes (12,443 metres)
  • 169 trenches (15,578 metres)

Drilling variably spaced from 25 to 75 metres apart targeting the Boin, Sewum, and Nyam deposits

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ENCHI GOLD PROJECT

2015 Preliminary Economic Assessment Highlights

Note that the 2015 PEA is no longer current and as such should not be relied upon

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  • PEA contemplated an open pit, heap

leach gold operation

  • Based on a pit constrained mineral

resource of 721,000 ounces*

  • Newcore is evaluating the benefit of

updating the PEA given the increase in contained ounces outlined in the 2020 updated Inferred Mineral Resource Estimate

Average Annual Production (Gold Ounces) 61,749 oz Au Metallurgical Recoveries 75% oxide and transition / 73% sulphide Strip Ratio (waste:ore) 3.16 Mine Life 8.7 Years Pre-Production Capital Costs US$84.4M Life of Mine Sustaining Capital Costs US$38.6M Life of Mine Cash Cost per Ounce US$802/oz US$1,170/oz US$1,300/oz US$1,430/oz US$1,560/oz Pre-Tax Payback (years) 3.8 2.8 2.5 2.3 Pre-Tax IRR 20% 34% 47% 59% Pre-Tax NPV5% (US$) $50M $102M $154M $206M After-Tax Payback (years) 4.6 3.4 2.9 2.6 After-Tax IRR 15% 25% 34% 43% After-Tax NPV5% (US$) $28M $62M $96M $130M

Enchi Gold Project 2015 PEA - Base Case US$1,300/oz*

*Note that the 2015 PEA is no longer current and as such should not be relied upon. The above numbers are from the independent technical report titled “Technical Report and Update of the Preliminary Economic Assessment on the Enchi Gold Project”, dated January 27, 2016, which was prepared by WSP Canada Inc. in accordance with NI 43-101 and is available at www.sedar.com under Newcore Gold’s SEDAR profile. Reader’s are cautioned that the PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Refer to Technical Report noted above for complete details and review slide 1 for Cautionary Statements and slide 21 for additional technical disclosure.

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ENCHI GOLD PROJECT

2020 Exploration & RC Drilling Program*

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  • 8,000 metre RC drill program commenced in August
  • Comprised of ~60 RC drill holes testing six gold

targets, focused on testing extensions of known resource areas as well as exploration targets

  • Boin, Sewum, Nyam | ~5,400 metres focused on

extending deposits down-dip and along strike

  • Kojina Hill, Kwakyekrom | ~2,000 metres testing

previously drilled zones, outside of resource area

  • Nkwanta | Drilling a 2.5 km x 1.5 km gold-in-soil

anomalous zone, no previous drilling

  • Prospecting, geochemical sampling, trenching also

planned, with numerous targets identified

  • Potential to expand near surface oxide resources

*See Newcore Gold’s news release dated August 12, 2020 for further details ** See slides 11 and 21 for details on Enchi Gold Project resource statements and further disclosure

Deposits Targets Shear Zone Eradi 3 geo-chemical anomalies over 3 km long, limited drilling, 1.15 g/t Au over 10 m Kojina Hill New gold zone outside of resource estimate, 1.14 g/t Au over 68 m and recent drilling 0.87 g/t Au over 29 m Kwakyekrom New gold zone, 0.94 g/t Au over 22 m, open Morchekrom 2.01 g/t Au over 29 m, limited drilling

BOIN

Inferred Mineral Resource: 19.8Mt at 0.84 g/t Au for 533,000 ounces **

NYAM

Inferred Mineral Resource: 5.5Mt at 0.88 g/t Au for 155,000 ounces **

SEWUM

Inferred Mineral Resource: 27.6Mt at 0.60 g/t Au for 535,800 ounces **

Nkwanta

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ENCHI GOLD PROJECT

Exploration Potential - 25 New Targets

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  • VTEM airborne geophysical

survey identified over 25 new exploration targets, with only 6 of them drill tested to date

  • Soil geo chem lines up

extremely well with Airborne including resource zones Boin, Nyam and Sewum which remain

  • pen down dip and along

strike

SOIL MAP

Compilation Map Geology with Soil Anomalies

AIRBORNE MAP

Airborne Geophysics Electromagnetics

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ENCHI GOLD PROJECT

Exploration Potential - Targets

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Geophysical anomalies, Tokosea South, Sewum Mine extension, structural trends, gold anomalies

UNTESTED TARGETS ADDITIONAL TARGETS ADVANCED TARGETS DRILL TESTED ZONES

Beekokrom, Alatakrom, Gyasikrom, Achimfo, Omampe, Adamansu, Amonie, Kwahhu, Agyaka, Charleskrom, Abotia Nkwanta, Sewum South, Tokosea Kojina Hill, Kwakyekrom, Morchekrom, Eradi

DEPOSITS

Boin, Sewum, Nyam

*See slides 11 and 21 for details on Enchi Gold Project resource statements and further disclosure

Enchi Gold Project

Targets Across Property

  • Numerous targets

identified and prioritized

BOIN SEWUM NYAM

Eradi Kwakyekrom Kojina Hill Morchekrom

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ENCHI GOLD PROJECT

2020 Drill Results - Highlights*

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*See Newcore Gold’s news release dated September 28, 2020 for further details

Results received for 13 holes (1,576 metres) Successfully intersected shallow oxide gold mineralization

  • utside of the currently defined resource area at Boin

Hole ID Zone/Deposit From (m) To (m) Length (m) Au (g/t) KBRC139 Boin 1.0 17.0 16.0 0.69 KBRC141 Boin 10.0 21.0 11.0 0.34 and 48.0 95.0 47.0 1.67 including 49.0 58.0 9.0 2.96 and incl. 75.0 85.0 10.0 3.63 KBRC146 Boin 7.0 10.0 3.0 0.24 and 30.0 62.0 32.0 0.92 including 42.0 54.0 12.0 1.78 and incl. 59.0 61.0 2.0 0.52 KBRC150A Boin 72.0 74.0 2.0 0.59 and 87.0 108.0 21.0 1.19 and 136.0 139.0 3.0 1.01 and 145.0 162.0 17.0 0.44

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ENCHI GOLD PROJECT

Resource Expansion Potential - Near Surface

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BOIN

Average vertical depth 50 m Maximum vertical depth 150 m

NYAM SEWUM

Targets (for all three deposits) Open along strike Potential to expand to depth Internal “Un-drilled” segments

  • Potential to expand by drilling between known zones

as demonstrated by Boin and Sewum Long Sections

  • Near surface oxide – potential to expand with

clear gaps

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ENCHI GOLD PROJECT

Depth Potential - Chirano Comparable

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  • Multi-million ounce Chirano

Gold Mine ~50km Northeast hosts plunging zones of high grade gold mineralization

  • Similar to gold zones on the

Enchi Gold Project including known zones Boin, Sewum and Nyam

  • Lower grade at surface on

both Chirano and Enchi Gold Project (Boin/Nyam/Sewum)

  • Boin/Nyam/Sewum gold

zones previously drilled to an average depth of ~50 metres, with a maximum depth of ~150 metres

Enchi Deposits Open for expansion to depth

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NEWCORE KEY TAKEAWAYS Right Asset. Right Jurisdiction. Right Commodity.

Top Tier Management Group Top Gold Jurisdiction in Africa Established Gold Resource Base in a Top-Tier Gold District Potential for Significant Resource Growth Capital Structure to Drive Share Price on Value Creation

TSX.V - NCAU

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IN THE BUSINESS OF GOLD

TSX.V - NCAU

CONTACT INFORMATION Mal Karwowska, VP, Corporate Development & IR Office: +1 (604) - 484 - 4399 Email: info@newcoregold.com www.newcoregold.com

LEARN MORE ABOUT THE NEWCORE OPPORTUNITY

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APPENDIX

Enchi Gold Project Technical Disclosure

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2015 Preliminary Economic Assessment 1. The Preliminary Economic Assessment (“PEA”) is based upon the Company’s 2014 Mineral Resource Estimate for the Enchi Project reported in 2014 and detailed in National Instrument 43-101 Technical Report with an effective date of March 17,

  • 2014. The PEA demonstrates the potential viability of mining the Inferred Mineral Resources in an open pit, heap leach

mine with heap leach feed material trucked from three proximal deposits (Boin, Nyamebekyere, Sewum) to a central crushing and process facility. The processing of 3.0 million tonnes per year of heap leach material would result in the production of gold doré. 2. The financial models were completed using a base case gold price of US$1,300 per ounce. The Base Case Pre-Tax economic evaluation has an IRR of 33%, payback of capital in 2.8 years and a NPV of US$102 million at a discount rate of 5%. 3. The PEA includes an initial capital cost of US$72.7 million, a contingency of US$11.8 million (20% of direct costs); sustaining capital of US$38.6 million including a contingency of US$5.3 million and reclamation and closure costs of US$18.3 million. 4. The Financial Model was completed on a 100% Project basis and includes a 5% NSR to the Ghanaian Government and a 2% NSR to Red Back Mining Ghana, a subsidiary of Kinross Gold (subsequently sold to Maverix Metals Inc.). 5. The After-Tax financial model includes a 35% corporate tax, demonstrating a base case NPV of US$62 million at a discount rate of 5%. The Government of Ghana has the right to a 10% free carry interest in the Project. 6. Gold recoveries of 75% for oxide and transitional and 73% for sulphide were utilized. 7. Cash cost includes all operating costs, royalties, refining charges, environmental monitoring, tenure fees as well as general and administration costs. Cash cost excludes any capital cost, either initial or sustaining and closure and remediation costs. 8. Numbers may not add due to rounding. 9. The PEA is preliminary in nature, and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that the PEA will be realized.

  • 10. Technical Report and Update of the Preliminary Economic Assessment on the Enchi Gold Project. Issue Date: January 27,

2016 with Effective Date: June 30, 2015. Prepared by: Todd McCracken, P.Geo, Joanne Robinson, P.Eng., Mireno Dhe Paganon, Eng., Bruce White, Pr.Eng., Jean-Sébastien Houle, Eng. of WSP Canada Inc. All QP’s are independent of Newcore Gold Ltd. and Qualified Persons ("QP") as defined by National Instrument 43-101.

  • 11. Mr. Gregory Smith, P.Geo, the Vice-President of Exploration of the Company, is the Qualified Person as defined by NI 43-

101, and is responsible for the accuracy of the technical data and information. 2020 Inferred Mineral Resource Estimate 1. CIM definition standards were followed for the resource estimate. 2. The 2020 resource models used ordinary kriging (OK) grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids and constrained by whittle pits shell. 3. A base cut-off grade of 0.3 g/t Au was used with a capping of gold grades at 18 g/t. 4. A US$1,500/ounce gold price, open pit with heap leach operation was used to determine the cut-off grade of 0.3 g/t Au. Mining costs

  • f US$2.27/mined tonne and G&A and Milling costs of

US$9.84/milled tonne. The Inferred Mineral Resource Estimate is pit constrained. 5. A density of 2.45 g/cm3 was applied. 6. Numbers may not add exactly due to rounding. 7. Mineral Resources that are not mineral reserves do not have economic viability. 8.

  • Mr. Gregory Smith, P.Geo, the Vice-President of Exploration of the

Company, is the Qualified Person as defined by NI 43-101, and is responsible for the accuracy of the technical data and information. 9. The resource estimate was prepared by Todd McCracken, P.Geo. of

  • WSP. Todd McCracken, P.Geo. is an independent qualified person

under NI 43-101.

  • 10. These numbers are from the independent technical report titled

"Enchi Gold Project, Resource Update, Enchi, Ghana", with an effective date of September 11, 2020, prepared by Todd McCracken, P. Geo. in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Project and is available under Newcore’s SEDAR profile at www.sedar.com.