Newcore Gold

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Well done. Yeah, good to meet you. Cosmos. Yeah, good to meet you, Cosmos. Do you need some help, Luke? No, I got it. Good. I've done this once or twice. Can I grab that water though, Cosmos? Yeah, for sure. Just in case. Is he, is he good to go? you're not plugged in. Hello. Look at that. Works like a charm. well, thanks a lot everyone for, for joining. I'm Luke Alexander, president and CEO of, of New Core Gold. We're a TSX listed OTC traded and Frankfurt traded company. we're advancing the Echi project in Ghana. It's a district scale exploration project that's fundamentally underpinned by very robust economic. that we put out in a 2024 PEA. Since then, we've been aggressively de-risking the project and we're now about to put out a PFS in June of this year. So a very opportune time for you to be listening to this presentation. I see that PFS in June as a major catalyst for the company. We are also in the midst of a 60,000 m exploration program. We've got an additional 25,000 m of results that we'll put out over the next number of months. So a huge amount of optionality for investors through the rerate that I expect to come with the PFS that comes in June. But at any point in time, we could wake up tomorrow morning, have another discovery, have a high grade intercept that I think can create significant return for shareholders. I probably should have highlighted that I'll be making forward looking statements before all of that, but, you know, we've been in enough of these presentations. so listen, New Core Gold, getting into it a little bit here, first and foremost, management and board were truly aligned with shareholders through our 13% ownership in the business. This is money that I've invested. The rest of our board and management team have invested alongside shareholders over the last number of years. So we truly are aligned to create shareholder value. As I mentioned, PEA to PFS, I see that as a major catalyst, and that's coming in 2 months from now. Ghana, it's a great jurisdiction. We're on a belt that hosts a number of multi-million ounce deposits, and we are progressing through that 60,000 m drill program. In terms of myself personally, I spent the 1st 20 years of my career on the investment banking side of the business. I was in London for 12 years covering all the big global natural resource funds out of the UK and Europe, advising different ASX, TSX, London listed companies. That's how I got to know the bulk of the team involved here. I see some friendly faces in the crowd, which is always, always nice to see, That's where I got to know the team here, worked really closely with them on a number of the successful companies that you'll, see on the list here. My colleague Mal Carvasca is here. She's an important part of our executive team. She heads up the business development side of our business as well as the investor relations side. So feel free to chat with her if you have any questions as well in terms of corporate snapshot. an overview, we currently have about 280 million shares outstanding, so a nice tight capital structure. Market cap today, this is important to highlight. Is 180 million Canadian, roughly 125 million US so as I walk through this presentation, keep 125 million US in mind and we'll get into again why I see the opportunity for a significant rerate from where we're trading today with that PFS as well as with the exploration we're doing. We've got very strong support from the street. Currently have three investment banks covering us from a research perspective. Average target price is $2.10 a share. If you have relationships with any of these groups, I would highly encourage you to go and get that research and seek their opinion. We also have. Very strong institutional support, so we're currently 55% institutionally owned. These are deep pocketed long term focused mining investors who see the tremendous optionality and upside that exists within our project. Also liquidity. If you're looking to build a multi-million dollar position in our company, that is very helpful. 1.1 million shares, that's almost double the average liquidity we had in 2025. So far this year, we've traded about 70 million shares at roughly. 70 cents a share. I see that as buying heading into this PFS and a potential springboard to launch us higher once that PFS is out later this, well, not later this year, but in June in two months from now. Ghana, I was happy to hear Neil Adstead, who's sitting in the crowd highlighting it as one of his preferred jurisdictions, not just in West Africa but globally. it is Africa's top gold jurisdiction. It's Africa's largest gold producer, 6th largest gold producer globally, just behind Canada and the US. It's very important for the economy. It's important for the tax base, but for us and other companies in country, it also means that there's a huge amount of skilled labor in country for us to ultimately leverage off of that is gonna be an issue for our industry over the coming years. This surge we're seeing in the mining sector is gonna put pressure on labor, and we're very fortunate to have very strong labor in Ghana. But what I always say is, listen, don't listen to me 100% single asset biased CEO, but look at what the major mining companies are doing in country. We currently have 4 of the top 10 largest gold producers in the country. Newmont, biggest gold producer on the planet, they recently invested an additional billion dollars into Ghana. This surprises a lot of people. Ghana represents roughly 15%, 15% of Newmont's global production. For them to invest that kind of capital and deploy that kind of time into one jurisdiction I think speaks for itself. We then also have Anglo goldfields with significant operations in in country. Xijin is the most recent major company to come into Ghana. They bought the Achim mine, which was Newmont's non-core mine in in Ghana. They've also now bought Qi Fang, who owned the WASA project, so they're doubling down in country within a year, which again I think speaks to what a desirable jurisdiction it is to be operating in. Getting into the project in a little bit more detail now, what we're looking at here is an excerpt. So our project is down in the southwest corner of Ghana, butts up against the Cote d'Ivoire border. We've got two prolific gold belts running through the country. We've got the Ashanti Belt, a more mature belt, primarily because of its proximity to the Capitol, so it was explored before the Sawi Bibbiani Belt. But some of the largest deposits on the planet here, again, one of the reasons you have so many majors there is it's such a well minerally endowed country. Oboesi, 66 million ounces, Tarqua, 25 million ounces, WASA, 15 million ounces. We're then situated on the CEFW Bibbiani belt. When we talk about district scale, this is one of the things we point to. Torano, our closest neighbor in country, sitting at 5.5 million ounces. Bibbiani, 15 kilometers to the north of that, 6.5 million ounces. And here's that Newmont mine that they just put another $20 billion or $20 billion billion dollars into sitting at 20 million ounces and growing directly on the other side of the border from us in Cote d'Ivoire. you've got Tarraco who have the FEMA project which sits at 4.6 million ounces. Us with a 2.1 million ounce global resource, obviously have just scratched the surface. We'll get into that in a little bit of detail, but that 2.1 million is within pits that average only 85 m. So lots of upside for us. In terms of the project itself, 248 square kilometers in size, so it's a large land package. We've identified roughly 25 targets to date, of which only 4 of them make up our resource today. So lots of opportunity for us to go after, green field targets and continue to follow up. In March of this year, March 18th, we put out an updated resource. This is one of the key things that now feeds our PFS, which we're putting out in June of this year. We could have one of those contests. How many times did Luke say PFS in June? You know, you could have one of those little tick tick boxes. I think I've said it 4 already. We'll try to get to 8. How does that sound? so 11.5, I was making sure people are still awake, 1.5 million ounces is the total indicated resource today. That is critical for us because you need indicated ounces for a PFS. There I said it again, 600,000 of inferred you add those two together, 2.1 million ounces is our global resource today as I highlighted, and this is very important. The average vertical depth of the pits that constrains that 2.1 million ounces today is only 85 m. So lots of opportunity for us to keep chasing this deeper. When we look at our ongoing 60,000 m drill program, the 1st 28,000 m of that was focused on resource conversion. So moving ounces from. The inferred category into the indicated we now sit at 1.5 million. That's what's feeding our PFS. We're now back to the let's call it exciting part of the drill program, pure resource growth going after high grade targets really areas that we think we can drive a lot of value through the drill bit. When we look at some of the most recent drilling that we completed, we put these results out, last week, and actually, maybe just before I jump into that, looking at our project, CU is our largest deposit, followed by Boeing, Nyam, Quatchi Crome. we then have previously drill tested areas like Erati, Coina Hill, Nquanta, Tocasea, Siume South. These are all areas where we've made discoveries that back of the envelope maybe we have roughly 25,000 ounces. Don't have enough size at this stage to add them to our global resource, but we will continue to step out, grow those areas, and over time bring them into our global resource. All of our deposits also remain open along strike, so continuing to systematically step out, chase these structures, grow the mineralized footprint again. Over time, bring those into our global resource is another area of focus for us. All of that drilling that I'm talking about there is near surface, lower cost, systematic RC drilling that you just keep doing it and you'll add ounces over time. So that remains a focus for us and we see that as an opportunity to grow ounces. In terms of, some of the most recent drilling last week we put out some results from our Cum deposit, and this starts to speak to the opportunity at depth. Here you can see these results, they sit immediately below the existing pits that we've got on our project. So there are the blocks, there are the pits just below. That we've hit some very nice mineralization. When we then look at it from a cross section perspective, you can see 1.6 g over 15 m, 3.2 over 6/6 meters. If you add up all the mineralization within that hole there, you've got over 50 m of mineralization. So this is a great example of where we're gonna be able to deepen and widen the pits with future resource updates. From a deeper perspective, we are focused on this from a drilling, perspective at the moment and see this as an opportunity to create real value. As a reminder, 85 m is the average vertical depth of the pits that constrains our 2.1 million ounces today. What we're looking at here is a long section or a side view of our project. We're then comparing it to our closest neighbor, the Torano Mine. When you superimpose or draw that 85 m across Torano, it's very clear to see. That a lot of these deposits will really grow in size and increase in grade as you start to identify these high grade feeder zones. To put this in perspective, Torano today is mining 800 m below surface. They've drilled down to 1.1 to 1.2 kilometers. So at 85 m, we've really just scratched the surface. One of our analysts put out a really interesting note looking specifically at this deeper opportunity. He looked at both Torano and Ahafo, and since they put out their initial reserves on both of those projects, call it 1520 years ago, they've grown in size by 5.5 and 6.5 times. The bulk of that growth has come from the higher grade shoots that they identified. So that's the opportunity that we see at our project as we continue to drill these out is significant high-grade growth. We have been doing some drilling. Historically, only about 45 deeper holes below, call it 150 m. But if you look at the results we put out in January of this year at our Boeing deposit, to give you a sense of scale, we're looking at about a 6 kilometer strike length here. you can start to see these feeder zones where they sit on our project. If you look at these results now, and I'd encourage you to go to our website and look in more detail, you'll see some of the great hits that we've had. 147 g over a meter, 174 g over a meter. Both of these intercepts sitting at very or at, at the same depth, 7.5 g over 2.5 m, sitting here in this central area, big wide intercept of 1.7 g over 25 m, 3.2 over 17. Again, you can clearly see all of this mineralization sitting below the existing pits to the north of that, 3.5 g over 23 m. With that almost 7 g over 8 m. So all of this continues to support our geological expectation and thesis, which is as. We continue to target these high grade feeder zones, there's an opportunity for us to meaningfully add ounces. We also, because people love visible gold, after 200,000 m, had our first ever visible gold intercept on the project, that's sitting within that 147 g intercept that I just highlighted to you. So that's really encouraging again, continues to support our overall thesis. In terms of, the PFS in 2024, we did put out a PEA which outlined a very simple open pit heap bleach operation with the PPFS scheduled in June of this year. I didn't see you tick your paper. we are focused on a CIL project. We did a huge amount of trade-off work in 2025 looking at a heap bleach only, looking at a hybrid heap bleach plus CIL, looking at a CIL only project, and with some of the test work we completed on the metallurgical side. We were getting 89 to 98% recoveries for the CIL. That's about 10 to 20% better than what was assumed in this heap bleach project. So after modeling that in, looking at what the new mine plan looked like, we determined that a CIL made the most sense, and that's what we're pushing forward with. But if we can replicate similar economics to what the heap leach had at a $3000 gold price, $970 million of after-tax NPV, half year payback, nice production profile, we think we can create huge value for shareholders through that. Those numbers that I'm pointing to there, that compares again to a $125 million US market cap today. So we're trading at roughly 0.13 times the NPV of the project. As we put this PFS out, the market typically will pay a much higher multiple for PFS stage projects. I'd encourage you to go look at some comp sheets, but typically in that 0.4 to 0.0.6 range, so we see a multiple rerate with our PFS and then beyond that true district exploration upside in., coming out over the next number of months as we get those results out. So with that, I'm out of time. Thank you, Luke. we don't have any time for questions, but I'm sure Luke will be happy to answer any questions you have off the stage. Thank you.