Newcore Gold — Capital/Financing Update 2022

Dec 15, 2022

NEWS RELEASE

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Newcore Gold Provides an Update on Work Programs and Exploration Activities Underway at the Enchi Gold Project, Ghana

Mineral Resource Update to be Released in January 2023; Trenching Proving Out the Potential for Discovery and Future Resource Growth Across the Project

December 15, 2022

TSX-V: NCAU, OTCQX: NCAUF

Vancouver, BC – Newcore Gold Ltd. ("Newcore" or the "Company") (TSX-V: NCAU, OTCQX: NCAUF) is pleased to provide an update on work programs and exploration activities underway at the Company’s 100% owned Enchi Gold Project ("Enchi" or the "Project") in Ghana. Current activities focused on de-risking and advancement of the Project include:

• (i) Completion of an updated Mineral Resource Estimate to be released in January 2023;

• (ii) Diamond drilling underway at the Nyam Gold Deposit at Enchi, following up on highgrade results from prior drilling of the upper sulphide mineralization;

• (iii) Trenching on several kilometre-scale gold anomalies to continue to advance early-stage targets across the Project towards the drill testing stage;

• (iv) Continued metallurgical testwork, including testing of sulphide mineralization;

• (v) Completion of an updated environmental and social baseline study in H1 2023.

Highlights from Work Programs and Exploration Underway at Enchi

• Mineral Resource Update Underway with Completion in January 2023, incorporating results from a portion of the 90,000 metre drill program completed in mid-2022. From this drilling approximately 20,000 metres was included in the 2021 Mineral Resource Estimate; approximately 40,000 metres was focused on resource expansion and is anticipated to be included in the update; the remaining metres focused on earlier stage targets that highlight the future resource growth potential at Enchi and will be incorporated into future mineral resource updates. Completion of an updated Mineral Resource Estimate is scheduled for January 2023 as the Company’s resource consultant completes incorporation of all new drilling data and recently completed drone topographic surveys. It is anticipated that incorporating the recently completed drone survey will upgrade a portion of the Mineral Resource Estimate into the Indicated category, further de-risking the Project.

• Newcore is funded to complete the current work program at Enchi (commenced October 2022) with $5 million in cash and short-term investments at the end of Q3 2022.

• Drilling Underway Targeting High-Grade Potential at Enchi. Diamond drilling underway at the Nyam Gold Deposit is following-up on high-grade mineralization identified in the upper portions of the sulphide mineralization, continuing to define the potential for high-grade underground mineralization at Enchi. Results anticipated Q1 2023.

• Trenching Intersected Mineralization at Early-Stage Targets, providing additional drill targets for discovery. First pass trenching of kilometre-scale gold-in-soil anomalies encountered strong results in oxidized mineralization with 0.73 grams per tonne gold ("g/t Au") over 22.0 metres ("m") at the Nkwanta Target and 0.65 g/t Au over 24.0 m at the Agyeikrom Target.

• Metallurgical Testwork and Updated Baseline Environmental and Social Study underway as part of broader activities at Enchi designed to continue to advance and de-risk the Project.

Suite 1560 - 200 Burrard Street Vancouver, British Columbia V6C 3L6

www.newcoregold.com info@newcoregold.com

Luke Alexander, President and CEO of Newcore stated, "We continue to be active on numerous fronts advancing and de-risking the Enchi Gold Project. An updated Mineral Resource Estimate, incorporating the significant amount of drilling completed in 2021 and 2022, is targeted for completion in January 2023. We are also thrilled to be back drilling at Enchi with the first phase of this drill program targeting the higher-grade potential of the sulphide mineralization that we first encountered in 2021. Testing the high-grade and depth potential of the sulphide mineralization is a priority as part of defining the potential for gold mineralization at Enchi on the same scale and magnitude as the significant gold deposits along the Sefwi-Bibiani gold belt."

Greg Smith, VP Exploration of Newcore stated, "The extensive trenching program completed in 2021 and 2022 has defined multiple gold mineralized structures in a series of kilometrescale gold-in-soil anomalies. This sets the stage for future first pass drilling on additional early stage targets at Enchi with an objective of proving out the potential for additional new discoveries across the Project. Simultaneously additional work underway, consisting of further metallurgical testing, a baseline environmental study and a drone topographic survey, are important steps in continuing to de-risk and advance the Project for future economic studies."

Mineral Resource Update to be Completed January 2023

An updated Mineral Resource Estimate is underway, incorporating results from the 90,000 metre drill program completed in mid-2022. Of the 92,583 metres of drilling completed in 2021 and 2022, the current Mineral Resource Estimate (completed June 2021) incorporated only 20,195 metres of drilling. Of the remaining 72,388 metres the Company anticipates that approximately 40,000 metres will be additive to the resource at Enchi given those metres focused on testing existing deposit areas along strike and at depth. The remaining metres targeted earlier stage targets highlighting the potential for future resource growth at Enchi as Newcore continues to prove out the multi-million-ounce potential of the 216 km[2] district scale property. Completion of the updated Mineral Resource Estimate is scheduled for January 2023 as the Company’s consultant completes incorporation of all new drilling data and recently completed drone topographic surveys. It is anticipated that incorporating the recently completed drone survey will upgrade a portion of the Mineral Resource Estimate into the Indicated category, further de-risking the Project.

Diamond Drilling Targeting High-Grade Sulphide Mineralization

Diamond drilling is underway testing the Nyam Gold Deposit at Enchi, following-up on highgrade intercepts intersected in the upper portions of the sulphide mineralization. A series of holes are planned to test the down dip and lateral extensions to the high-grade gold mineralization. To date, the deposit has only been tested to a maximum vertical depth of 300 metres and remains open to depth.

Table 1 - Enchi Gold Project High Grade Drill Highlights

Hole ID	Zone/Deposit	From(m)	To(m)	Length(m)	Au(g/t)
NBRC045	Nyam	179.0	219.0	40.0	1.57
including		185.0	194.0	9.0	5.40
NBDD048	Nyam	236.0	249.0	13.0	4.51
including		237.5	245.2	7.7	7.40

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Hole ID	Zone/Deposit	From(m)	To(m)	Length(m)	Au(g/t)
NBRC047	Nyam	222.0	247.0	25.0	1.94
including		227.0	234.0	7.0	5.78
NBDD052	Nyam	321.0	336.0	15.0	3.21
including		322.0	330.0	8.0	5.57
NBRC073	Nyam	74.0	131.0	57.0	0.78
including		94.0	103.0	9.0	1.34
NBRC092	Nyam	38.0	62.0	24.0	1.79
including		51.0	55.0	4.0	4.14

Notes:

1. See detailed table for complete results

2. Intervals reported are hole lengths with true width estimated to be 75 - 85%

3. Length-weighted averages from uncut assays

A long section showing deeper drill results at Nyam can be viewed at:

https://newcoregold.com/site/assets/files/5784/2022_09-ncau-longsection-nyam-l.pdf

This is the first priority area to be drilled as part of the planned 5,000 metres of drilling announced September 8, 2022 which will include both diamond and Reverse Circulation ("RC") drilling. Diamond drilling will focus on continuing to define the higher-grade sulphide mineralization at depth with a goal of delineating the potential for high-grade underground resources at Enchi. RC drilling will target near-surface oxide and shallow sulphide mineralization with a goal of outlining additional resource growth along strike and depth at all deposit areas as well as at new discoveries made as part of the 90,000 metre drill program completed mid-2022.

Trenching on Several Kilometre-Scale Gold-in-Soil Anomalies

Exploration work at Enchi includes trenching to continue to define the near-surface, multimillion-ounce potential of the Project. Trenching completed in 2021 and 2022 focused on a number of high-priority gold targets that are defined by kilometre-scale gold-in-soil anomalies located across the 216 km[2] Project. Trenching intersected high-priority gold mineralization with similar grades and widths to prior trench results associated with the current resource zones. Since 2021, Newcore has completed 62 trenches total 11,037 metres with a total of 49 trenches encountering gold bearing structures of which 37 encountered multiple gold mineralized zones. This exploration work continues to define additional drill targets which will be prioritized for further exploration work.

Table 2 - Enchi Gold Project Trenching Results Highlights

Hole ID	Zone	From (m)	To (m)	Length (m)	Au (g/t)
KJTR008B	Kojina Hill	240.0	246.0	6.0	4.59
KJCH004	Kojina Hill	0.0	9.0	9.0	2.01
KJTR001	Kojina Hill	48.0	78.0	30.0	0.58
NKTR0013A	Nkwanta	38.0	60.0	22.0	0.73
including		46.0	52.0	6.0	2.45
AGTR002B	Agyeikrom	98.0	122.0	24.0	0.65

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Hole ID	Zone	From (m)	To (m)	Length (m)	Au (g/t)
KKSTR003	Kwakyekrom	174.0	182.0	8.0	1.90
KJTR002	Kojina Hill	106.0	110.0	4.0	1.04
and		234.0	276.0	42.0	0.24
and		308.0	326.0	18.0	0.71
KKSTR001	Kwakyekrom	82.0	126.0	44.0	0.25
AGTR005	Agyeikrom	174.0	202.0	28.0	0.36
NKTR0014	Nkwanta	80.0	136.0	56.0	0.14
NKTR010	Nkwanta	48.0	66.0	18.0	0.37
KJTR005	Kojina Hill	76.0	100.0	24.0	0.26
NKTR026	Nkwanta	108.0	118.0	10.0	0.58
AGTR004	Agyeikrom	98.0	108.0	10.0	0.51
NKTR003	Nkwanta	68.0	76.0	8.0	0.61

Notes:

1. See detailed table for complete results

2. Intervals reported are trench lengths with true width estimated to be 75 - 85%

3. Length-weighted averages from uncut assays

A complete list of the results from trenching completed in 2021 and 2022 can be viewed at: https://newcoregold.com/site/assets/files/5798/2022_12-ncau-enchi-2021-2022-trench-results-l.pdf

A plan map with highlights from trenching completed in 2021 and 2022 can be viewed at: https://newcoregold.com/site/assets/files/5798/2022_12-ncau-nr-enchi-plan-map-trenching-l.pdf

A property map showing the location of deposits and targets at Enchi can be viewed at: https://newcoregold.com/site/assets/files/5784/2022_09-ncau-nr-enchi-property-target-map-l.pdf

The exploration work includes first pass trenching on the Agyeikrom Target which is located in the north-central portion of the Enchi Gold Project. The gold-in-soil anomaly at Agyeikrom extends 4.5 kms by 2.0 kms with no previous trenching or drilling completed. A total of eight trenches (1,852 m) tested 1.2 kms of strike length with results including 0.65 g/t Au over 24.0 m and a second interval of 0.20 g/t Au over 4.3 m, 0.36 g/t Au over 28.0 m and a second interval of 0.57 g/t Au over 4.0 m, 0.51 g/t Au over 10.0 m, and 0.48 g/t Au over 4.0 m.

At the Nkwanta Target trenching has defined a series of gold mineralized structures within one of the strongest gold-in-soil anomalies on the Project which stretches for 2.5 kms by 1.5 kms. A total of 30 trenches (5,610 m) tested multiple structures with results including 0.73 g/t Au over 22.0 m including 2.45 g/t Au over 6.0 m, 0.14 g/t Au over 56.0 m, 0.37 g/t Au over 18.0 m, 0.58 g/t Au over 10.0 m, 0.61 g/t Au over 8.0 m, and 0.78 g/t Au over 6.0 m.

At the Kojina Hill Target trenching consisted of 15 trenches (2,168 m) with step-out trenching of the previously drilled area extending the defined gold mineralization more than 500 metres north and south of the prior drilling. Trench KJTR008B, located 300 metres to the south of previous work intersected eight gold mineralized structures highlighted by 4.59 g/t Au over 6.0 m. Trench KJCH004, located 100 metres to the east on a subparallel structure intersected 2.01 g/t Au over 9.0 m. Trench KJTR001, located 500 metres to the south of previous work and

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on the southern limited of the currently tested area, intersected multiple gold mineralized structures with results including 0.58 g/t Au over 30.0 m, 0.40 g/t Au over 12.0 m, and 0.28 g/t Au over 12.0 m. Additional trenches intercepted 0.71 g/t Au over 18.0 m, 0.24 g/t Au over 42.0 m, 0.26 g/t Au over 24.0 m, and 1.04 g/t Au over 4.0 m.

Trenching work on the southern extension of the Kwakyekrom Gold Deposit has extended the defined gold mineralization in preparation of additional drilling to be completed in 2023. The trenching consisted of a total of nine trenches (1,407 m) with results including 1.90 g/t Au over 8.0 m, 0.25 g/t Au over 44.0 m, 0.25 g/t Au over 12.0 m, 0.23 g/t Au over 6.0 m, and 0.22 g/t Au over 6.0 m.

Health, safety, and the environment are prioritized throughout the trenching process and all trenches are backfilled and reclaimed once sampling and mapping are completed.

Metallurgical Testwork

The Company continues to de-risk the Project through metallurgical testwork designed to optimize and improve the understanding of processing options available for Enchi.

Diamond drill core samples were collected and delivered to the laboratory at the University of Technology and Mining located in Tarkwa, Ghana. The metallurgical work underway is comprised of optimization column tests following-up on recent positive recoveries from a series of column tests on oxide and transitional material from the Sewum and Boin Deposits completed at Intertek laboratories. The recent tests continued to have excellent recoveries with an average gold recovery of 92.4% and showed low reagent consumptions (see news release dated October 12, 2022). The optimization tests will focus on further defining the optimal reagent level with a goal to lower potential processing costs while maintaining high recoveries.

In addition to the column testwork, a bench-scale, bulk, sample metallurgical test work program will be completed. The program will process 20 tonnes of representative mineralized material using the optimized reagent levels as determined by the results of the on-going column tests.

Sample selection is also under way for metallurgical testing of sulphide mineralization which will be initiated in 2022 and completed in 2023.

Baseline Environmental and Social Study

The Company has contracted a qualified independent engineering firm to complete an updated Baseline Environmental and Social Study building on the work completed previously in 2015. The study includes compilation of social baseline data, collection of physical environmental baseline data, engagement with relevant stakeholders, and gathering of relevant supplementary data, as well as recommendations for next steps. Specific field work will include surface water quality and use, ground water quality testing, climate, air quality and noise, geology, soil sampling and analysis, terrestrial ecological survey including flora and fauna, and aquatic biology/biodiversity assessment. The socio-economic baseline survey will include interviews with key informants, focus group discussions, general surveys, and stakeholder engagement and consultations. This is an important step in further advancing and de-risking the Enchi Gold Project towards a future production decision.

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Enchi Gold Project Mineral Resource Estimate

The Enchi Gold Project hosts a pit constrained Inferred Mineral Resource of 70.4 million tonnes grading 0.62 g/t Au containing 1.41 million ounces gold (see Newcore news release dated June 8, 2021). Mineral resource estimation practices are in accordance with CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines (November 29, 2019) and follow CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014), that are incorporated by reference into National Instrument 43-101 ("NI 43-101"). The Mineral Resource Estimate was prepared by independent qualified person Todd McCracken, P. Geo. of BBA E&C Inc. The technical report, titled "Preliminary Economic Assessment for the Enchi Gold Project, Enchi, Ghana" has an effective date of June 8, 2021, and is available under the Company’s profile on SEDAR at www.sedar.com.

Enchi Drill Program

A 5,000 metre discovery and resource expansion drill program, following up on the success achieved to date from drilling at Enchi, commenced in Q4 2022. Diamond drilling will focus on continuing to define the higher-grade sulphide mineralization at depth with a goal of delineating the potential for high-grade underground resources at Enchi. RC drilling will target near-surface oxide and shallow sulphide mineralization with a goal of outlining additional resource growth along strike and depth at all deposit areas. RC drilling will also be planned to follow-up on discoveries made as part of the recently completed 90,000 metre drill program. Additional exploration work is also on-going, including metallurgical testwork and trenching of high-priority surface anomalies.

A 90,000 metre discovery and resource expansion drill program (commenced in August 2020) was completed at Enchi in Q2 2022. The program included both RC and diamond drilling and included the first deeper drilling on the Project. Newcore’s multi-pronged exploration approach delivered on the goals set out at the start of drilling: (i) successfully outlined potential resource growth along strike at all four existing deposits (Sewum, Boin, Nyam, Kwakyekrom); (ii) encountered strong results at previously drilled zones that are outside of the resource area (Kojina Hill and Eradi); (iii) drilling intersected high-grade at depth which has outlined the potential for underground resources; and (iv) identified new discoveries from successful first pass drilling on early stage kilometre-scale gold-in-soil anomalous targets (Sewum South, Tokosea). The total planned drill program consisted of 575 holes representing 92,583 metres.

Trench Locations

Table 3 - Enchi Gold Project Trench Location Details

Hole ID	Target	UTM East	UTM North	Elevation	Length(m)
NKTR001	Nkwanta	526248	631596	146	390.0
NKTR002A	Nkwanta	526175	632142	181	147.0
NKTR002B	Nkwanta	526277	632061	133	225.5
NKTR003	Nkwanta	526435	632891	135	291.0
NKTR004	Nkwanta	525800	632411	113	181.0
NKTR005	Nkwanta	526019	632730	119	176.0
NKTR006	Nkwanta	526307	632528	111	210.4
NKTR007	Nkwanta	525503	631369	132	133.0
NKTR008	Nkwanta	525855	631868	123	308.7

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Hole ID	Target	UTM East	UTM North	Elevation	Length(m)
NKTR009	Nkwanta	526256	631469	154	99.0
NKTR010	Nkwanta	526395	631362	148	192.6
NKTR011	Nkwanta	526361	631586	130	77.3
NKTR012	Nkwanta	526733	634852	114	211.5
NKTR0013A	Nkwanta	526054	634348	130	101.4
NKTR0013B	Nkwanta	526177	634260	118	56.5
NKTR0014	Nkwanta	526275	634452	135	153.8
NKTR015	Nkwanta	525892	634235	102	108.0
NKTR016	Nkwanta	526386	633654	125	106.4
NKTR017	Nkwanta	526212	633527	110	141.4
NKTR018A	Nkwanta	525852	633300	113	52.0
NKTR018B	Nkwanta	525935	633237	88	208.0
NKTR019	Nkwanta	525852	633006	95	89.0
NKTR020	Nkwanta	525838	632859	128	160.5
NKTR021	Nkwanta	525695	632691	131	134.0
NKTR022	Nkwanta	527039	635074	115	133.2
NKTR023	Nkwanta	524764	636462	159	231.0
NKTR024	Nkwanta	524705	636728	110	212.5
NKTR025	Nkwanta	524718	635983	214	389.0
NKTR026	Nkwanta	525058	635021	106	371.8
NKTR027	Nkwanta	524928	634880	105	318.5
AGTR001	Agyeikrom	531693	644706	134	549.3
AGTR002A	Agyeikrom	533253	644078	142	149.0
AGTR002B	Agyeikrom	533397	643983	102	198.3
AGTR003	Agyeikrom	533578	644336	124	317.6
AGTR004	Agyeikrom	534032	644376	122	159.0
AGTR005	Agyeikrom	534356	644739	128	226.0
AGTR006	Agyeikrom	532061	644683	147	202.6
ADCH001	Agyeikrom	533422	643878	114	50.0
KJTR001	Kojina Hill	528391	636864	121	306.6
KJTR002	Kojina Hill	528624	637182	127	502.0
KJCH001	Kojina Hill	528531	636894	131	26.0
KJTR003	Kojina Hill	528733	637553	89	87.3
KJTR004	Kojina Hill	528638	637627	86	84.0
KJTR005	Kojina Hill	529088	637413	87	199.4
KJTR006A	Kojina Hill	529537	638023	78	108.7
KJTR006B	Kojina Hill	529649	637954	79	40.0
KJTR007	Kojina Hill	528594	637455	111	103.9
KJTR008A	Kojina Hill	528502	637061	107	196.2
KJTR008B	Kojina Hill	528653	636920	119	315.3
KJTR009	Kojina Hill	529324	637649	113	155.9
KJCH002	Kojina Hill	529211	637235	88	24.0
KJCH003	Kojina Hill	529201	637221	92	4.0
KJCH004	Kojina Hill	529187	637224	87	15.0
KKSTR001	Kwakyekrom	528011	634259	126	189.6
KKSTR002	Kwakyekrom	528022	633756	120	260.0
KKSTR003	Kwakyekrom	527873	633367	125	208.0

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Hole ID	Target	UTM East	UTM North	Elevation	Length(m)
KKSTR004	Kwakyekrom	527667	633009	115	103.0
KKSTR005	Kwakyekrom	527866	632881	110	210.8
KKSTR006	Kwakyekrom	527729	632544	119	134.0
KKSTR007A	Kwakyekrom	526976	633012	112	31.0
KKSTR007B	Kwakyekrom	527063	632949	111	54.6
KKSTR008	Kwakyekrom	527299	633326	98	216.0

Newcore Gold Best Practice

Newcore is committed to best practice standards for all exploration, sampling and drilling activities. Drilling was completed by an independent drilling firm using industry standard RC and Diamond Drill equipment. Analytical quality assurance and quality control procedures include the systematic insertion of blanks, standards and duplicates into the sample strings. Samples are placed in sealed bags and shipped directly to Intertek Labs located in Tarkwa, Ghana for 50 gram gold fire assay.

Qualified Person

Mr. Gregory Smith, P. Geo, Vice President of Exploration at Newcore, is a Qualified Person as defined by NI 43-101, and has reviewed and approved the technical data and information contained in this news release. Mr. Smith has verified the technical and scientific data disclosed herein and has conducted appropriate verification on the underlying data including confirmation of the drillhole data files against the original drillhole logs and assay certificates.

About Newcore Gold Ltd.

Newcore Gold is advancing its Enchi Gold Project located in Ghana, Africa’s largest gold producer[ (1)] . The Project currently hosts an Inferred Mineral Resource of 1.41 million ounces of gold at 0.62 g/t[ (2)] . Newcore Gold offers investors a unique combination of top-tier leadership, who are aligned with shareholders through their 24% equity ownership, and prime district scale exploration opportunities. Enchi’s 216 km[2] land package covers 40 kilometres of Ghana’s prolific Bibiani Shear Zone, a gold belt which hosts several 5 million-ounce gold deposits, including the Chirano mine 50 kilometers to the north. Newcore’s vision is to build a responsive, creative and powerful gold enterprise that maximizes returns for shareholders.

On Behalf of the Board of Directors of Newcore Gold Ltd.

Luke Alexander President, CEO & Director

For further information, please contact:

Mal Karwowska | Vice President, Corporate Development and Investor Relations +1 604 484 4399

info@newcoregold.com www.newcoregold.com

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• (1) Source: Production volumes for 2021 as sourced from the World Gold Council

• (2) Notes for Inferred Mineral Resource Estimate:

• CIM definition standards were followed for the resource estimate.

• The 2021 resource models used ordinary kriging (OK) grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids and constrained by pits shell for Sewum, Boin and Nyam. Kwakyekrom used Inverse Distance squared (ID2).

• A base cut-off grade of 0.2 g/t Au was used with a capping of gold grades varied by deposit and zone.

• A US$1,650/ounce gold price, open pit with heap leach operation was used to determine the cut-off grade of 0.2 g/t Au. Mining costs of US$1.40 for oxides, US$2.10 for transition, and US$2.60 for fresh rock per mined tonne and G&A and milling costs of US$6.83/milled tonne. The Inferred Mineral Resource Estimate is pit constrained.

• Metallurgical recoveries have been applied to four individual deposits and in each case three material types (oxide, transition, and fresh rock) with average recoveries of 77% for Sewum, 79% for Boin, 60% for Nyam and 72% for Kwakyekrom.

• A density of 2.20 g/cm[3] for oxide, 2.45 g/cm[3] for transition, and 2.70 g/cm[3] for fresh rock was applied.

• Optimization pit slope angles varied based on the rock types.

• Mineral Resources that are not mineral reserves do not have economic viability. Numbers may not add due to rounding.

• These numbers are from the technical report titled "Preliminary Economic Assessment for the Enchi Gold Project, Enchi, Ghana", with an effective date of June 8, 2021, prepared for Newcore Gold by BBA E&C Inc. in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects and is available under Newcore’s SEDAR profile at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release includes statements that contain "forward-looking information" within the meaning of the applicable Canadian securities legislation ("forward-looking statements"). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: statements about the estimation of mineral resources; results of our drill campaign, results of our exploration work including trench results, results of metallurgical testwork, magnitude or quality of mineral deposits; anticipated advancement of mineral properties or programs; and future exploration prospects.

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. The assumptions underlying the forward-looking statements are based on information currently available to Newcore. Although the forward-looking statements contained in this news release are based upon what management of Newcore believes, or believed at the time, to be reasonable assumptions, Newcore cannot assure its shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Forwardlooking information also involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others: risks related to the speculative nature of the Company’s business; the Company’s formative stage of development; the Company’s financial position; possible

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variations in mineralization, grade or recovery rates; actual results of current exploration activities; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold and other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, unusual or unexpected geological formations); the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information 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 information.

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AGTR005: 28m at 0.36 g/t Au &
AGTR006: 6m at
4m at 0.57 g/t Au
0.38 g/t Au
AGTR002A: 4m at
0.48 g/t Au AGTR004: 10m at
0.51 g/t Au
AGYEIKROM
AGTR002B: 24m at
0.65 g/t Au
KOJINA HILL NYAM
KJTR005: 24m at 0.26 g/t Au
KJCH004: 9m at 2.01 g/t Au
KJTR002: 18m at 0.71 g/t Au &
42m at 0.24 g/t Au &
4m at 1.04 g/t Au
KJTR008B: 6m at 4.59 g/t Au
KJTR001: 30m at 0.58 g/t Au &
12m at 0.40 g/t Au &
12m at 0.28 g/t Au
NKTR026: 10m at NKTR014: 56m at 0.14 g/t Au
& 12m at 0.22 g/t Au
0.58 g/t Au
KWAKYEKROM
NKTR0013A: 22m at 0.73 g/t Au
incl. 6m at 2.45 g/t Au KKSTR001: 44m at 0.25 g/t Au Legend
NKTR0013B: 6m at 0.78 g/t Au
Trench
KKSTR008: 12m at 0.25 g/t Au Completed in 2021 - 2022
KKSTR003: 8m at 1.90 g/t Au
NKWANTA
Trench Highlight
NKTR003: 8m at 0.61 g/t Au
NKTR008: 18m at 0.16 g/t Au
NKTR002B: 6m at 0.66 g/t Au 5 km
NKTR001: 10m at 0.27 g/t Au & 2m at 0.94 g/t Au
NKTR007: 2m at 1.01 g/t Au
NKTR010: 18m at
TOKOSEA 0.37 g/t Au
2021-2022 Trench Program | Enchi Gold Project
Ghana (As of December 2022)
----- End of picture text -----

Newcore Gold Ltd. | Enchi Gold Project 2021 & 2022 Trenching Results

==> picture [177 x 33] intentionally omitted <==

Table accompanies news release dated December 15, 2022

Trenching Results Released December 15, 2022

Trench ID Target From (m) To (m) Length (m) Au (g/t)	UTM East UTM North Elevation Trench Length (m)
AGTR001 Agyeikrom 304.0 306.0 2.0 0.27 and 362.0 365.0 3.0 0.19	531693 644706 134 549.3
AGTR002A Agyeikrom 26.0 30.0 4.0 0.48 and 38.0 40.0 2.0 0.13 and 84.0 88.0 4.0 0.28 and 102.0 104.0 2.0 0.26	533253 644078 142 149.0
AGTR002B Agyeikrom 28.0 32.0 4.0 0.19 and 98.0 122.0 24.0 0.65 and 140.0 142.0 2.0 0.11 and 146.0 150.0 4.0 0.18 and 162.0 164.0 2.0 0.16 and 194.0 198.3 4.3 0.20	533397 643983 102 198.3
AGTR003 Agyeikrom 4.0 6.0 2.0 0.18 and 14.0 18.0 4.0 0.29 and 112.0 114.0 2.0 0.86 and 182.0 184.0 2.0 0.64 and 214.0 216.0 2.0 0.35 and 220.0 222.0 2.0 0.17 and 236.0 238.0 2.0 0.11	533578 644336 124 317.6
AGTR004 Agyeikrom 98.0 108.0 10.0 0.51	534032 644376 122 159.0
AGTR005 Agyeikrom 40.0 42.0 2.0 0.16 and 50.0 52.0 2.0 0.29 and 104.0 106.0 2.0 0.75 and 116.0 122.0 6.0 0.25 and 128.0 132.0 4.0 0.57 and 154.0 156.0 2.0 0.34 and 174.0 202.0 28.0 0.36	534356 644739 128 226.0

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Newcore Gold Ltd. | Enchi Gold Project

2021 & 2022 Trenching Results

==> picture [177 x 33] intentionally omitted <==

Table accompanies news release dated December 15, 2022

Trench ID Target From (m) To (m) Length (m) Au (g/t)	UTM East UTM North Elevation Trench Length (m)
AGTR006 Agyeikrom 2.0 8.0 6.0 0.38	532061 644683 147 202.6
ADCH001 Agyeikrom 18.0 22.0 4.0 0.15 and 26.0 28.0 2.0 0.21	533422 643878 114 50.0
KJCH001 Kojina Hill 2.0 24.0 22.0 0.13	528531 636894 131 26.0
KJCH002 Kojina Hill no significant results	529211 637235 88 24.0
KJCH003 Kojina Hill no significant results	529201 637221 92 4.0
KJCH004 Kojina Hill 0.0 9.0 9.0 2.01	529187 637224 87 15.0
KJTR001 Kojina Hill 48.0 78.0 30.0 0.58 and 92.0 98.0 6.0 0.27 and 110.0 122.0 12.0 0.40 and 126.0 128.0 2.0 0.11 and 134.0 136.0 2.0 0.11 and 166.0 170.0 4.0 0.12 and 178.0 180.0 2.0 0.14 and 188.0 190.0 2.0 0.12 and 192.0 194.0 2.0 0.11 and 212.0 216.0 4.0 0.15 and 222.0 234.0 12.0 0.28 and 254.0 256.0 2.0 0.11 and 276.0 278.0 2.0 0.29	528391 636864 121 306.6

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Newcore Gold Ltd. | Enchi Gold Project 2021 & 2022 Trenching Results

==> picture [177 x 33] intentionally omitted <==

Table accompanies news release dated December 15, 2022

Trench ID Target From (m) To (m) Length (m) Au (g/t)	UTM East Trench Length (m) UTM North Elevation
KJTR002 Kojina Hill 10.0 22.0 12.0 0.11 and 84.0 86.0 2.0 0.37 and 92.0 94.0 2.0 0.15 and 106.0 110.0 4.0 1.04 and 132.0 136.0 4.0 0.25 and 234.0 276.0 42.0 0.24 and 308.0 326.0 18.0 0.71 and 470.0 472.0 2.0 0.12 and 482.0 484.0 2.0 0.11 and 500.0 502.0 2.0 0.11	528624 637182 127 502.0
KJTR003 Kojina Hill no significant results	528733 637553 89 87.3
KJTR004 Kojina Hill 48.0 50.0 2.0 0.16	528638 637627 86 84.0
KJTR005 Kojina Hill 66.0 68.0 2.0 0.62 and 76.0 100.0 24.0 0.26 and 124.0 126.0 2.0 0.81 and 182.0 184.0 2.0 0.19	529088 637413 87 199.4
KJTR006A Kojina Hill no significant results	529537 638023 78 108.7
KJTR006B Kojina Hill no significant results	529649 637954 79 40.0
KJTR007 Kojina Hill 70.6 72.0 1.4 0.18	528594 637455 111 103.9
KJTR008A Kojina Hill 42.0 50.0 8.0 0.21 and 116.0 118.0 2.0 0.42	528502 637061 107 196.2
KJTR008B Kojina Hill 60.0 62.0 2.0 0.16 and 68.0 70.0 2.0 0.33 and 102.0 104.0 2.0 0.40 and 150.0 154.0 4.0 0.12 and 222.0 224.0 2.0 0.11 and 240.0 246.0 6.0 4.59 and 254.0 256.0 2.0 0.18 and 298.0 306.0 8.0 0.14	528653 636920 119 315.3

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Newcore Gold Ltd. | Enchi Gold Project 2021 & 2022 Trenching Results

==> picture [177 x 33] intentionally omitted <==

Table accompanies news release dated December 15, 2022

Trench ID Target From (m) To (m) Length (m) Au (g/t)	UTM East UTM North Elevation Trench Length (m)
KJTR009 Kojina Hill 136.0 140.0 4.0 0.12	529324 637649 113 155.9
KKSTR001 Kwakyekrom 64.0 66.0 2.0 0.14 and 82.0 126.0 44.0 0.25 and 140.0 142.0 2.0 0.24 and 146.0 152.0 6.0 0.23 and 160.0 162.0 2.0 0.11	528011 634259 126 189.6
KKSTR002 Kwakyekrom 14.0 16.0 2.0 0.20 and 170.0 172.0 2.0 0.12 and 198.0 200.0 2.0 0.64 and 206.0 208.0 2.0 0.13	528022 633756 120 260.0
KKSTR003 Kwakyekrom 18.0 20.0 2.0 0.20 and 112.0 114.0 2.0 0.63 and 122.0 124.0 2.0 0.24 and 174.0 182.0 8.0 1.90	527873 633367 125 208.0
KKSTR004 Kwakyekrom 52.0 58.0 6.0 0.22	527667 633009 115 103.0
KKSTR005 Kwakyekrom no significant results	527866 632881 110 210.8
KKSTR006 Kwakyekrom 62.0 64.0 2.0 0.52 and 98.0 100.0 2.0 0.11	527729 632544 119 134.0
KKSTR007A Kwakyekrom 18.0 20.0 2.0 0.31	526976 633012 112 31.0
KKSTR007B Kwakyekrom no significant results	527063 632949 111 54.6
KKSTR008 Kwakyekrom 170.0 182.0 12.0 0.25	527299 633326 98 216.0
NKTR001 Nkwanta 2.0 4.0 2.0 0.18 and 132.0 142.0 10.0 0.27 and 144.0 152.0 8.0 0.10 and 158.0 160.0 2.0 0.14	526248 631596 146 390.0
NKTR002A Nkwanta 46.0 48.0 2.0 0.19 and 62.0 64.0 2.0 0.14 and 132.0 134.0 2.0 0.15	526175 632142 181 147.0

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Newcore Gold Ltd. | Enchi Gold Project 2021 & 2022 Trenching Results

==> picture [177 x 33] intentionally omitted <==

Table accompanies news release dated December 15, 2022

Au (g/t) From (m) To (m) Length (m) Trench ID Target	UTM East UTM North Elevation Trench Length (m)
NKTR002B Nkwanta 100.0 102.0 2.0 0.11 and 140.0 146.0 6.0 0.66 and 160.0 162.0 2.0 0.94	526277 632061 133 225.5
NKTR003 Nkwanta 6.0 8.0 2.0 0.31 and 28.0 30.0 2.0 0.32 and 68.0 76.0 8.0 0.61 and 98.0 100.0 2.0 0.21 and 106.0 108.0 2.0 0.39 and 222.0 224.0 2.0 0.36 and 280.0 282.0 2.0 0.25	526435 632891 135 291.0
NKTR004 Nkwanta no significant results	525800 632411 113 181.0
NKTR005 Nkwanta 152.0 154.0 2.0 0.46	526019 632730 119 176.0
NKTR006 Nkwanta 162.0 164.0 2.0 0.11 and 194.0 198.0 4.0 0.27	526307 632528 111 210.4
NKTR007 Nkwanta 112.0 114.0 2.0 0.36 and 128.0 130.0 2.0 1.01	525503 631369 132 133.0
NKTR008 Nkwanta 16.0 18.0 2.0 0.14 and 48.0 50.0 2.0 0.19 and 138.0 140.0 2.0 0.16 and 148.0 166.0 18.0 0.16	525855 631868 123 308.7
NKTR009 Nkwanta 6.0 12.0 6.0 0.12 and 52.0 54.0 2.0 0.19 and 94.0 96.0 2.0 0.22	526256 631469 154 99.0

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Newcore Gold Ltd. | Enchi Gold Project 2021 & 2022 Trenching Results

==> picture [177 x 33] intentionally omitted <==

Table accompanies news release dated December 15, 2022

Trench ID Target From (m) To (m) Length (m) Au (g/t)	UTM East UTM North Elevation Trench Length (m)
NKTR010 Nkwanta 32.0 34.0 2.0 0.12 and 48.0 66.0 18.0 0.37 and 78.0 80.0 2.0 0.15 and 104.0 108.0 4.0 0.18 and 116.0 118.0 2.0 0.13 and 122.0 124.0 2.0 0.14 and 140.0 144.0 4.0 0.16	526395 631362 148 192.6
NKTR011 Nkwanta 2.0 4.0 2.0 0.11 and 14.0 16.0 2.0 0.12 and 44.0 46.0 2.0 0.12 and 50.0 52.0 2.0 0.41	526361 631586 130 77.3
NKTR012 Nkwanta 96.0 98.0 2.0 0.19 and 102.0 104.0 2.0 0.48 and 164.0 166.0 2.0 0.15	526733 634852 114 211.5
NKTR0013A Nkwanta 2.0 8.0 6.0 0.48 and 38.0 60.0 22.0 0.73 including 46.0 52.0 6.0 2.45	526054 634348 130 101.4
NKTR0013B Nkwanta 20.0 22.0 2.0 0.73 and 36.0 38.0 2.0 0.16 and 46.0 52.0 6.0 0.78	526177 634260 118 56.5
NKTR0014 Nkwanta 0.0 12.0 12.0 0.22 and 26.0 28.0 2.0 0.11 and 80.0 136.0 56.0 0.14 and 144.0 146.0 2.0 0.11	526275 634452 135 153.8
NKTR015 Nkwanta 66.0 68.0 2.0 0.23 and 76.0 78.0 2.0 0.40	525892 634235 102 108.0
NKTR016 Nkwanta 100.0 102.0 2.0 0.14	526386 633654 125 106.4
NKTR017 Nkwanta no significant results	526212 633527 110 141.4
NKTR018A Nkwanta no significant results	525852 633300 113 52.0

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Newcore Gold Ltd. | Enchi Gold Project 2021 & 2022 Trenching Results

==> picture [177 x 33] intentionally omitted <==

Table accompanies news release dated December 15, 2022

Au (g/t) Trench ID Target From (m) To (m) Length (m)	UTM East UTM North Elevation Trench Length (m)
NKTR018B Nkwanta 110.0 112.0 2.0 0.34 and 136.0 138.0 2.0 0.70	525935 633237 88 208.0
NKTR019 Nkwanta no significant results	525852 633006 95 89.0
NKTR020 Nkwanta 50.0 52.0 2.0 0.20 and 58.0 62.0 4.0 0.26 and 72.0 74.0 2.0 0.40 and 106.0 108.0 2.0 0.21	525838 632859 128 160.5
NKTR021 Nkwanta 22.0 24.0 2.0 0.17 and 58.0 66.0 8.0 0.25	525695 632691 131 134.0
NKTR022 Nkwanta 6.0 8.0 2.0 0.11 and 62.0 64.0 2.0 0.15 and 92.0 94.0 2.0 0.13	527039 635074 115 133.2
NKTR023 Nkwanta no significant results	524764 636462 159 231.0
NKTR024 Nkwanta no significant results	524705 636728 110 212.5
NKTR025 Nkwanta 46.0 48.0 2.0 0.1 and 68.0 72.0 4.0 0.2 and 76.0 78.0 2.0 0.1 and 88.0 94.0 6.0 0.2	524718 635983 214 389.0
NKTR026 Nkwanta 68.0 70.0 2.0 0.11 and 108.0 118.0 10.0 0.58 and 192.0 194.0 2.0 0.34 and 272.0 274.0 2.0 0.38	525058 635021 106 371.8
NKTR027 Nkwanta 28.0 30.0 2.0 0.46 and 50.0 64.0 14.0 0.19 and 80.0 82.0 2.0 0.32 and 198.0 200.0 2.0 0.35	524928 634880 105 318.5

1. Intervals reported are trench lengths with true width estimated to be 75 - 85%.

2. Length-weighted averages from uncut assays.

3. All trench samples sealed on site and delivered directly to independent lab Intertek Mineral Limited located in Tarkwa, Ghana for preparation and 50g Fire Assay with AAS finish.

4. QA/QC procedures include industry standard inclusion of standards, blanks, and duplicates in all sample batches.

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