IN THE BUSINESS OF GOLD - TSX.V - NCAU JANUARY 2021
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IN THE BUSINESS OF GOLD TSX.V - NCAU JANUARY 2021
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 Ltd.’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 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 of
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
objectives 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
offering 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.
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.
TSX.V - NCAU
ENCHI GOLD PROJECT
GHANA
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 Luke Alexander Dan Wilson Greg Smith
President, CEO & Director Country Manager, Ghana VP, Exploration
District scale exploration potential to build on an
existing 1.2Moz Inferred resources at 0.72 g/t Au* “Management is aligned with
shareholders to create value by
Maximize shareholder value by expanding our existing significantly expanding our gold
gold resource - significant drill program underway resource.”
Luke Alexander,
President & CEO
*See cautionary statement on slide 1, and slides 10 and 22 for details on Enchi Gold Project resource statements and further disclosure
TSX.V - NCAU
WHY NEWCORE GOLD
What Sets Newcore Gold Apart
Management Quality Asset
Top-tier record of making money for shareholders, 1.2Moz open-pit, heap leach Inferred
known for building exploration companies into gold resource*
producing miners
Expansion Potential
Institutional Backing 58,000 metre resource expansion and discovery
Clear access to institutional capital, drilling program underway
~35% ownership to date
Structured for Success
Incentivized Leadership 99M shares outstanding, no warrants
Management & insiders own 32% who invested
alongside shareholders Strategic Timing
Right commodity. Right time. Right Opportunity.
Golden Ghana
Proven & stable jurisdiction, #1 for gold in Africa,
known for big, successful mines
*See cautionary statement on slide 1, and slides 10 and 22 for details on Enchi Gold Project resource statements and further disclosure
TSX.V - NCAU
WHY NEWCORE GOLD
Top Tier Leadership “It is rare to find a
board like this in the
Management Team Board of Directors Previous Experience & Successes junior sector: billions
Luke Alexander Doug Forster
raised, startups
President, CEO & Director Chairman turned into
Danny Lee Blayne Johnson producers and
CFO Lead Director
numerous major
Greg Smith Omaya Elguindi
VP, Exploration Director wins for
Mal Karwowska Edward Farrauto shareholders.”
VP, Corporate Dev. & IR Director
Daniel Wilson Doug Hurst Luke Alexander,
Country Manager, Ghana Director
President & CEO
Ryan King
Director
George Salamis
Director
Mike Vint
Director
TSX.V - NCAU
WHY NEWCORE GOLD
ESG Focus - Aligned with the U.N. Sustainable Development Goals
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
Temperature checks
Computers donated to local school
Water well installation Fixing of local bridges
* 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
TSX.V - NCAU
WHY NEWCORE GOLD
Capital Structure and Market Support
Share Structure and Market Information 6-Month Share Price Chart
September 14, 2020 November 5, 2020
Basic Shares Outstanding 99.0M $1.00 Updated Resource Drill program expanded
Estimate for Enchi by 50,000 metres
Options Outstanding 9.4M
$0.80
NCAU Share Price (C$)
RSUs/PSUs Outstanding 1.6M
Management & Insider Ownership 32% $0.60
September 28, 2020
Initial drill results
Institutional Ownership ~35% August 12, 2020
announced for Enchi
November 4, 2020
Commenced 8,000 metre Closed $15M brokered equity
$0.40 RC drill program financing at $0.80/share
Market Cap (C$) ~$62M
Cash-on-Hand (C$) ~$17M $0.20
Last 3-Month Average Daily Volume ~175,000
$0.00
02-Jul-20 02-Aug-20 02-Sep-20 02-Oct-20 02-Nov-20 02-Dec-20 02-Jan-21
Institutional Investors Research Coverage
Richard Gray Geordie Mark Craig Stanley
Brock Salier Ian Parkinson
Note: Information current as of January 11th, 2021 except for cash balance which is as of September 30, 2020 (last
available financial statements) adjusted for the $15 million equity financing (closed on November 4, 2020)
TSX.V - NCAU
ENCHI GOLD PROJECT
Ghana - Africa’s Top Gold Jurisdiction
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
Ghana produced ~5 million ounces of ENCHI GOLD PROJECT
gold in 2019, surpassing South Africa’s 2019 GHANA
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
TSX.V - NCAU
ENCHI GOLD PROJECT
On Trend with Some of Ghana’s
Most Prominent Mines
Sefwi-Bibiani Belt
Newmont - Ahafo 15.5Moz
Resolute - Bibiani 6.5Moz
Kinross - Chirano 5.5Moz
Teranga - Afema 2.0Moz
Newcore - Enchi* 1.2Moz
ENCHI
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
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.
*See slides 10 and 22 for details on Enchi Gold Project resource statements and further disclosure TSX.V - NCAU
ENCHI GOLD PROJECT
Project Overview “This is a great piece of land
• Shallow, near surface oxide gold resources
in a great neighborhood. A
open in all directions (1.2Moz Inferred long history of active
resource at 0.72 g/t Au*) exploration and mining has
• Underexplored Ashanti Style, shear- defined a prolific, regional
hosted mesothermal gold system structure that stretches
• 216km2 property with numerous targets hundreds of kilometers - and
identified, excellent resource expansion Enchi covers a significant
and discovery potential part of it with district-scale,
• Enchi stretches along more multi-million ounce
than 40km of the Bibiani potential.”
Shear Zone, host of multiple
+5Moz deposits Greg Smith,
VP, Exploration
* See slides 10 and 22 for details on
Enchi Gold Project resource
statements and further disclosure TSX.V - NCAUENCHI GOLD PROJECT
2020 Mineral Resource Estimate
Inferred Resource The September 2020 Mineral Resource Estimate
Deposit Tonnes Grade (g/t Au) Contained Au (oz)
incorporates assay results from:
• 180 diamond drill holes (22,703 metres)
Boin 19,837,000 0.84 533,000 • 226 RC holes (26,794 metres)
Sewum 27,600,000 0.60 535,800 • 319 RAB holes (12,443 metres)
Nyam 5,489,000 0.88 155,000
• 169 trenches (15,578 metres)
Total 52,926,000 0.72 1,223,800 Drilling variably spaced from 25 to 75 metres apart
targeting the Boin, Sewum, and Nyam deposits
Inferred Resource - Cut-Off Sensitivity
Cut-Off (g/t Au) Tonnes Grade (g/t Au) Contained Au (oz) Work Completed Prior to 2020 - Property Wide
0.1 76,700,000 0.56 1,381,900 Drilling Type Drill Holes / Trenches Metres
0.2 66,126,000 0.63 1,330,300 Diamond Drilling 189 23,711
0.3 52,926,000 0.72 1,223,800 RC Drilling 255 29,965
0.4 40,096,000 0.84 1,080,600 RAB Drilling 319 12,443
0.5 30,762,000 0.96 945,800 Trenches 223 21,786
0.6 23,515,000 1.08 818,200 Total 987 88,160
These numbers are from the technical report titled "Enchi Gold Project, Resource Update, Enchi, Ghana", with an effective date of October 21, 2020, prepared by Todd McCracken, P. Geo. and Greg Smith,
P. Geo 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. 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 operation 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 22 for
additional technical disclosure. TSX.V - NCAUDeposits
Targets
ENCHI GOLD PROJECT
Shear Zone
2020 - 2021 Exploration & Drilling Program*
• 58,000 metre RC and diamond drill program on-going
ERADI | To be Drilled in 2021
3 geo-chemical anomalies over
3 km long with limited drilling
• Testing multiple targets, focused on expanding near
BOIN
surface oxide resources while defining potential of Inferred Mineral Resource: 19.8Mt
broader property at 0.84 g/t Au for 533,000 ounces **
51 holes (8,219 metres) released
• Boin, Sewum, Nyam | Existing Resource Areas
NYAM
Testing extensions along strike and down dip to depth Inferred Mineral Resource: 5.5Mt at
0.88 g/t Au for 155,000 ounces **
• Kojina Hill, Kwakyekrom, Eradi | Previously Drilled
8 holes (1,030 metres) released
Targeting previously drilled zones, no defined resource
KWAKYEKROM | Drilling Planned
• Nkwanta, Sewum South, Anomalies | No Prior Drilling No defined resource, 2020 results
include 4.71 g/t Au over 6m
First pass drill testing of a series of kilometre-scale Nkwanta
KOJINA HILL | Drilling Planned
gold-in-soil anomalous zones No defined resource, 2020 results
include 1.09 g/t Au over 20m
• First deep drilling started on the project in late 2020 SEWUM
Inferred Mineral Resource: 27.6Mt
at 0.60 g/t Au for 535,800 ounces **
• Updated PEA underway, completion targeted in H1 2021 10 holes (1,375 metres) released
SEWUM SOUTH | Trenching Underway
*See Newcore Gold’s news releases dated August 12, 2020 and November 5, 2020 for further details Largest untested anomaly on the property
** See slides 10 and 22 for details on Enchi Gold Project resource statements and further disclosure
TSX.V - NCAUENCHI GOLD PROJECT
Exploration Potential - 25 Identified Targets
• VTEM airborne geophysical AIRBORNE MAP SOIL MAP
Airborne Geophysics Electromagnetics Compilation Map Geology with Soil Anomalies
survey identified over 25
exploration targets, with
only 6 of them drill tested
to date
• Gold in soil geochemical
anomalies line up
extremely well with
airborne trends, including
in the resource zones Boin,
Nyam and Sewum which
remain open down dip and
along strike
TSX.V - NCAUENCHI GOLD PROJECT
Exploration Potential - Targets
• Numerous targets
identified and
prioritized DEPOSITS
Boin, Sewum,
Nyam
DRILL TESTED ZONES
Kojina Hill,
Kwakyekrom, Eradi
ADVANCED TARGETS
Nkwanta, Sewum South, Tokosea
ADDITIONAL TARGETS
Beekokrom, Alatakrom, Gyasikrom, Achimfo, Omampe,
Adamansu, Amonie, Kwahhu, Agyaka, Charleskrom, Abotia
UNTESTED TARGETS
Geophysical anomalies, Tokosea South, *See slides 10 and 22 for details on Enchi Gold
Sewum Mine extension, structural trends, gold anomalies Project resource statements and further disclosure
TSX.V - NCAUENCHI GOLD PROJECT
Resource Expansion Potential - Near Surface
• Potential to expand near surface oxide by drilling Targets (for all three deposits)
along strike and between known zones as Open along strike
Potential to expand to depth
demonstrated by Boin and Sewum Long Sections
Internal “Un-drilled” segments
NYAM
BOIN
SEWUM
Average vertical
depth 50 m
Maximum vertical
depth 175 m
TSX.V - NCAUENCHI GOLD PROJECT
Depth Potential - Chirano Comparable
• Kinross’ multi-million ounce Chirano Gold Mine, located • Both properties exhibit numerous targets, with only 6
~50km northeast of Enchi, hosts plunging zones of high- of 25 targets drilled to date at Enchi and never drilled
grade gold mineralization with gold zones similar to Enchi at depth (drilled to an average depth of ~50 metres)
Enchi Deposits Open
for Expansion to Depth
TSX.V - NCAUTSX.V: NCAU | newcoregold.com
NEWCORE KEY TAKEAWAYS
Right Asset. Right Jurisdiction. Right Commodity.
Top Tier Management Group
Strong Capital Structure
Established Resource Base in a Top-Tier Gold District
Potential for Significant Resource Growth
Driving Shareholder Value Through the Drill Bit
H1 2021 Catalysts: Enchi Gold Project,
Ghana
Results from drill program and updated PEA
TSX.V - NCAUIN THE LEARN MORE ABOUT THE
NEWCORE OPPORTUNITY
BUSINESS
OF GOLD CONTACT INFORMATION
Mal Karwowska, VP, Corporate Development & IR
TSX.V - NCAU Office: +1 (604) - 484 - 4399
Email: info@newcoregold.com
www.newcoregold.comENCHI GOLD PROJECT
2020 & 2021 Drill Results - Boin Highlights*
51 holes (8,219 metres) completed to date targeting Boin
Successfully intersected shallow oxide gold mineralization
outside of the currently defined resource area at Boin
Deepest and longest interval drilled to date reached a vertical
depth of 175 metres. Average depth of drilling is ~50 metres
Hole ID From (m) To (m) Length (m) Au (g/t) Hole ID From (m) To (m) Length (m) Au (g/t)
KBRC139 1.0 17.0 16.0 0.69 KBRC159 178.0 240.0 62.0 0.73
KBRC141 48.0 95.0 47.0 1.67 including 187.0 206.0 19.0 1.76
including 49.0 58.0 9.0 2.96 and incl. 199.0 206.0 7.0 3.18
and incl. 75.0 85.0 10.0 3.63 KBRC162 101.0 107.0 6.0 1.67
KBRC146 30.0 62.0 32.0 0.92 KBRC163 27.0 54.0 27.0 1.27
including 42.0 54.0 12.0 1.78 KBRC164 19.0 25.0 6.0 1.23
KBRC150A 72.0 74.0 2.0 0.59 and 102.0 114.0 12.0 0.69
and 87.0 108.0 21.0 1.19 KBRC169 55.0 69.0 14.0 1.41
and 136.0 139.0 3.0 1.01 including 62.0 68.0 6.0 2.86
KBRC151 9.0 20.0 11.0 2.30 KBRC172 128.0 138.0 10.0 0.92
KBRC153 42.0 60.0 18.0 1.21 KBRC175 67.0 89.0 22.0 0.65
and 67.0 71.0 4.0 1.40 KBRC184 102.0 111.0 9.0 0.82
KBRC158 77.0 91.0 14.0 1.41 and 145.0 166.0 21.0 0.94
*See Newcore Gold’s news releases dated September 28, 2020, October 21, 2020, and January 7, 2021 for further details
TSX.V - NCAUENCHI GOLD PROJECT
2020 Drill Results - Sewum Highlights*
10 holes (1,375 metres) completed to date targeting Sewum
Intersected both shallow oxide and deeper sulphide gold
mineralization outside of the defined mineral resource area
Follow-up drilling planned along with a series of holes planned
for the undrilled portions of the southern anomaly
Hole ID From (m) To (m) Length (m) Au (g/t)
SWRC068 46.0 62.0 16.0 0.54
SWRC069 98.0 114.0 16.0 1.20
SWRC072 3.0 22.0 19.0 0.67
and 46.0 84.0 38.0 0.42
SWRC073 0.0 28.0 28.0 1.52
including 15.0 25.0 10.0 3.58
SWRC074 7.0 38.0 31.0 0.84
including 8.0 17.0 9.0 1.47
SWRC076 39.0 88.0 49.0 0.91
and 104.0 120.0 16.0 3.04
SWRC077 68.0 83.0 15.0 0.76
*See Newcore Gold’s news releases dated November 10, 2020 for further details
TSX.V - NCAUENCHI GOLD PROJECT
2020 Drill Results - Nyam Highlights*
8 holes (1,030 metres) completed to date targeting Nyam
Intersected both shallow oxide and deeper sulphide gold
mineralization outside of the currently defined mineral resource
Drill hole NBRC017 intersected a wide zone of near surface gold
mineralization at the southern limit of the existing resource area
Hole ID From (m) To (m) Length (m) Au (g/t)
NBRC017 8.0 53.0 45.0 1.38
including 8.0 30.0 22.0 0.74
and incl. 47.0 53.0 6.0 6.25
NBRC019 91.0 108.0 17.0 1.20
NBRC020 51.0 60.0 9.0 1.14
and 73.0 102.0 29.0 0.94
and 110.0 120.0 10.0 1.18
NBRC021 63.0 84.0 21.0 1.42
and 90.0 96.0 6.0 1.26
NBRC022 70.0 90.0 20.0 1.72
*See Newcore Gold’s news releases dated November 26, 2020 for further details
TSX.V - NCAUENCHI GOLD PROJECT
2020 Drill Results - Kwakyekrom Highlights*
9 holes (1,080 metres) completed to date targeting
Kwakyekrom
Drilling to date has extended the zone along strike
and down dip intersecting both wide gold mineralized
zones and multiple sub-parallel structures
Hole ID From (m) To (m) Length (m) Au (g/t)
KKRC017A 89.0 120.0 31.0 0.46
including 107.0 120.0 13.0 0.72
KKRC018 99.0 110.0 11.0 2.35
KKRC021 52.0 69.0 17.0 0.57
KKRC022 41.0 67.0 26.0 0.51
KKRC023 34.0 40.0 6.0 4.71
KKRC025 0.0 18.0 18.0 0.45
*See Newcore Gold’s news releases dated December 15, 2020 for further details
TSX.V - NCAUAPPENDIX
Enchi Gold Project Technical Disclosure
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 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.
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 technical report titled "Enchi Gold Project, Resource Update, Enchi, Ghana", with an effective date of October 21, 2020, prepared by Todd
McCracken, P. Geo. and Greg Smith, P. Geo 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.
Notes for 2020 and 2021 Drill Results
1. Intervals reported are core lengths with true width estimated to be 75 - 85%.
2. Length-weighted averages from uncut assays.
3. All drilling completed by independent contractor.
4. All drilling 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.
5. QA/QC procedures include industry standard inclusion of standards, blanks, and duplicates in all sample batches.
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