Newcore Gold has completed a heavily oversubscribed $15 million bought deal financing and immediately expanded its already aggressive drill program at the Enchi Gold Project in Ghana from 60,000 to 80,000 meters. CEO Luke Alexander joins Mining Stock Daily to discuss the strong institutional demand behind the financing, the company’s continued exploration success across multiple targets, and why deeper drilling beneath Enchi’s shallow resource could significantly expand the scale of the project. The conversation also covers the upcoming pre-feasibility study, new discovery potential across the district-scale land package, and why Newcore believes Enchi still remains largely underexplored despite its rapidly growing resource base.

Newcore Gold Expands Enchi Drill Program as the PFS Nears

Mining Stock Daily

# Full Transcript

**Podcast:** Mining Stock Daily

## Participants

- **Trevor Hall** (Mining Stock Daily)
- **Luke Alexander** (Newcore Gold)

## Transcript

Alright everybody, happy Tuesday, welcome back into Mining Stock Daily. Going to kick off today's corporate updates with one from Newcore Gold, trading on the Venture Exchange with NCAU and on the OTCQX with NCAUF.

Some important announcements to follow up on, including the company has concluded a $15 million bot deal financing and immediately kind of came back into the market and announced an expanded drill program there at the Enchi Gold Project in Ghana, adding another 20,000 meters to a program that was already expanded earlier this spring.

So things continue to move forward and progressing quickly at Enchi as we also continue to await the release of the pre-feasibility study later, maybe this month hopefully. So happy to welcome in CEO Luke Alexander. Luke, congratulations. Let's start with this bot deal financing, $15 million came in pretty quickly.

Can you break down, you know, who introduced this project and maybe what came first, the bot deal or did you want to do an expanded drill program knowing you needed to raise some money for it to get that done? Yeah, so last week, Trevor, we closed on a $15 million bot deal. We went out to raise $10 million. That got quickly upsized to $15 million. That was on the back of the deal being about two and a half times oversubscribed.

The deal was very well backed by our existing shareholders who continue to see the tremendous upside within Newcore. But we then also had a couple of new cornerstone, very large institutional investors come in as part of that financing. So on the back of raising that capital, we decided that it made sense given all of the drill success that we've been having on the project so far this year. And as part of this 60,000 meter drill program to expand it to 80,000 meters.

If you follow our press releases, you'll see that so far we've released roughly 39,000 meters of drilling. So with this 80,000 meter drill program, it means we're just under halfway there from a drilling perspective. We've got four drill rigs turning at the moment, three diamond and one RC. So we're aggressively drilling across the project. And really that's driven by all of the success that we've been having with the results so far this year.

So we're extremely happy to be able to be drilling right through to the end of this year with this additional 20,000 meters of drilling that we're doing. All right. You can do a lot of great things with 20,000 meters, especially a place like Enchi where, you know, it's easy to drill, a lot of RC drilling. You are starting to, you've tested a lot of the fresh rock at depth here, Luke, but you've talked about using some of this extra 20,000 meters for discovery drilling.

Can you define what discovery drilling? Is that more deeper drilling or are you going to be able to prioritize some of those targets that h...

Newcore Gold Expands Enchi Drill Program as the PFS Nears

Transcript

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Newcore Gold Expands Enchi Drill Program as the PFS Nears

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.