Newcore Gold Ltd. provided 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: Completion of an updated Mineral Resource Estimate to be released in January 2023; Diamond drilling underway at the Nyam Gold Deposit at Enchi, following up on high-grade results from prior drilling of the upper sulphide mineralization; Trenching on several kilometre-scale gold anomalies to continue to advance early-stage targets across the Project towards the drill testing stage; Continued metallurgical testwork, including testing of sulphide mineralization; Completion of an updated environmental and social baseline study in first half of 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 third quarter of 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 first quarter 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.

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 km2 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 is underway testing the Nyam Gold Deposit at Enchi, following-up on high-grade 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.

Exploration work at Enchi includes trenching to continue to define the near-surface, multi-million-ounce potential of the Project. 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 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.