Newcore Continues to Find Higher-Grade Gold Outside the Boin Pit

0:16Mining Stock Daily: Welcome back into Mining Stock Daily everybody. Getting a corporate update here from Nucor Gold. They do trade on the Venture Exchange with NCAU and on the OTCQX with NCAUF. This is kind of a follow-up. With a previous time, we did speak with the company just prior to Beaver Creek, and this is a follow-up because the new drill holes out of the Boeing deposit just keep on coming, and they continue to be positive, not only for that deposit, but also for the entire Entry Gold Project. Happy to welcome in CEO Luke Alexander for this go-around. Luke, good to see you once again. How was your Beaver Creek?

0:56Yeah, Beaver Creek was good. It was extremely busy. I'm sure that's been the feedback from a lot of the interviews that you've had. We had an extremely busy schedule. It was the first conference we had done since our PFS was put out. So we spent a lot of time explaining the underpinning of value that our project creates with that PFS. But then ultimately we were talking a lot about the exploration upside as well as obviously the recent drill results we've been getting, which really highlight the opportunity for us to optimize mine plans and future studies. So it was a very productive Beaver Creek and extremely busy, which is ultimately the reason why we go to these things.

1:40Mining Stock Daily: All right. Well, let's chat about the work and the data that has been put into the Boyne deposit here. Continued mineralization, intersecting shallow gold mineralization above the mineral reserve grade. That's one positive, but also intersecting more mineralization outside of the pit resource mineral reserve estimate. So that's also another positive here. Luke Boyne is really continuing to like impress and kind of highlight itself here with all the deposits on NSHE. maybe walk us through the most important aspects outside of what I just mentioned here. Yeah, so as a reminder, Boeing is our second largest deposit.

2:22It is the highest grade deposit on our project. These holes that we put out here, 24 holes represent about 3 ,300, 3 ,400 meters of drilling and 22 of the 24 holes hit mineralization. So again, it speaks to the fact that we are getting very good drill success across our project. You know, to date, 98 % of the holes have intercepted mineralization. These holes specifically, reason they are important is they are step outs beyond our current reserve pit. One of the things we spent a lot of time talking to investors about at the Beaver Creek conference was the fact that we've identified a number of areas across our project where we see an opportunity to bring higher grade material into a future reserve pit.

3:21What that will do is displace some of the lower grade material that we're seeing in years four, five, and six of the mine plan. And by replacing it with this higher grade material, obviously that increases the overall product or could increase the overall production profile and ultimately add to the overall NPV of the project and bolster the economics. So this would be a great example of that. Hole 407, which we put out within this press release here, intercepted 1.16 grams over 41 meters. And that starts only two meters below surface. Within that we had 2.5 grams over 13 meters from 25 meters below surface.

4:07This hole does sit within the oxide material. So really soft material that when it comes time to milling will pass through the mill very efficiently, which again is a real benefit. So when we go back and look at our PFS and the optimization that we've been talking with a number of investors about, this is a great example of future mine planning, my expectation is the software will get pulled to these type of results. Given they're near surface, they can be mined early in the mine plan and they're sitting about 50 % above the average grade at our Boeing deposit. So yeah, really encouraged by these results as well as that last set of results we put out, which again, relatively shallow, well above average grade results coming out there as well.

5:00Mining Stock Daily: Luke, you guys always do a really good job of putting out the cross sections within all these drill results. What's really meaningful, I mean, there are some deeper holes, like I'm looking at hole 373 right now that had some, you know, deeper intersections, 59 meters of 0.57, and then within that 60 meters of 0.94, that's within that fresh rock. But as we continue to watch these drill results and the, you know, the graphics you guys provide the images. Is the team actively working on adjusting that resource pitch shell on the go here with the amount of drill data that's coming in from this huge program?

5:45Yeah. So as we get these drill results back, obviously our team is internally modeling what the impact of these results are and then continuing to look to optimize the drill plan to create bigger pits, add more resource and convert more of that resource into the reserve category. So we're constantly adjusting our drill planning as a result of drill results that are coming out. And our last press release where we intercepted 2.59 grams over 69 meters within that, a nice big high grade of 6.4 over 24 meters. That's one of our best grade meter intercepts to date at Boeing. Needless to say, our team has now gone and planned a couple of other holes around that intercept to look to continue to grow that high grade area.

6:43So we're constantly adjusting our drill plans based on the success that we're having with the overall goal of growing the resource, converting more into the reserve category or into the indicated category, which then with a future study will move it into the reserve category. And we see that as a real opportunity to enhance the overall economics of the project. Yep.

7:13Mining Stock Daily: Uh, you're in the belly of the beast of the 80 ,000 meter program here, Luke, gives us kind of a sense of where you're at in the campaign, how much more is left and the runway here for the next few months. Yeah, so if you look at our total 80 ,000 meter drill program, so far we've released about 50 ,000 meters of results. Only the first 28 ,000 meters made it into our last mineral resource update. So the additional 22 ,000, basically everything you've seen so far in 2026, that will go into a future update. we've then got an additional 30 ,000 meters that we're drilling at the moment. So in and of itself, 30 ,000 meters is a very large drill program and that will go into a future update and we're expecting drill results well into 2027.

8:11If you look at today, for example, we put out roughly 3 ,000 or 3 ,400 meters of drilling. If you do the simple math, that would result in about another eight to 10, uh, press releases with drill results. So lots of news flow from that perspective. And we're hoping to continue to deliver these good results, which we've been seeing over the last, um, few months.

8:35Mining Stock Daily: All right. What is, so maybe what the big technical report catalysts look, you know, I don't want to look too far ahead, but obviously 2027 is going to be important. and a follow-up here when this program is concluded here, Luke, are you thinking a resource and reserve update prior to a big feasibility study in the coming 12, 18 months? Yeah, so getting an updated MRE completed is one of the key things that's required to then do a full feasibility study. So that's something that on the back of the 80 ,000-meter drill program will look to get done, which can then be used for a feasibility study.

9:18The other thing that we are continuing to work on, and it's less kind of noteworthy from a market perspective, but very important from a project de-risking perspective is all the additional work, metallurgical work, hydrological work, geotech work, additional environmental work, other baseline studies, trade-off studies. So all of that work is also happening in the background alongside the drilling that we're currently doing. And then all of that then will feed a feasibility study, which we will look to commence in the second half of next year.

9:55Mining Stock Daily: Okay. I do want to ask you regarding the equity itself. Following the last news release, last drill results, which we did an update with Greg right before Beaver Creek, there was a big liquidity and a big pop in the stock. You and I actually had a chance to just kind of debrief about that off the record here, but I think it's kind of important to get your thoughts here, Luke, for people listening about kind of, has the selling, have the weaker hands in the stock maybe kind of been done with the selling? And was that a positive reinforcement that maybe there's not a whole lot of stock left to be provided?

10:41Yeah, so if you look at our PFS, we put that out at the end of June. If you go look at the amount of volume we've traded between Canada and the US over or since that release was put out at the end of June, we've traded over 60 million shares. When you look at that relative to the free flow to the company, it represents about 20 to 25 % of the total free float of the company. So we've traded a huge amount of volume since the end of June. And I think anyone who did want to sell on the back of the PFS has had that opportunity. And ultimately, I think that pop in the stock is another thing that we can point to is, you know, we put those drill results out.

11:33One of the best ever grade meter intercepts on the project and the stock was up 30 % on the day. If there were, in my opinion, if there were still loose hands out there who wanted to sell the stock, they would have been hammering the bid all day long into that kind of a move and into that kind of volume. So It's another indication that the loose hands, as you put it, are now out of the stock. We've hopefully found a new floor for us to ultimately build off of. And that's something we spoke with a lot of investors for the first time ever at the Vever Creek conference was, again, this fundamental underpinning of value that our PFS created.

12:16When you look at those economics at today's gold price, call it 4 ,200, you're looking at a$647 million after-tax NPV, 45 % IRR, 1.4-year payback, and over 100 ,000 ounces of production over a nine-year mine life. Those are very robust economics. When you then compare that to our market cap today, we're sitting at about$80 million US. So fundamentally, my personal view is there's a complete disconnect between where the market is valuing Nucor today relative to the fundamental value that we outlined within that PFS. layered on top of that obviously we've got you know big exploration upside and that exploration sits within the high grade shoots that we've been putting results out on in 2026 but then also fundamentally converting some of these ounces fine finding well above average grade um uh gold within the oxides near surface that will then feed into future mine plans can add real value to the underlying economics of the project.

13:33So that's something we spoke a lot with investors about. A number of them understand that upside potential and are very supportive of us continuing to aggressively drill, de-risk, and move the project forward.

13:48Mining Stock Daily: Uh, just one last question, Beaver Creek debrief, what was the hardest questions you were getting on those three and a half days? Um, hardest questions I was getting. That's always a, uh, always, uh, a tough one. I mean, given the reaction to the PFS, we did, um, have to walk a number of investors through, you know, the economics of that, why we moved from a heap leach to a CIL, you know, they understand and recognize that for our project, it makes a lot more sense to be going the CIL route. That's what's standard in West Africa. And also the opportunity for us to really optimize the study from here through this 80 ,000 meters of drilling that we're doing at the at the moment.

14:42So that was something we, we discussed and it was great to have that opportunity to meet with investors in person to walk through all of that. So that was probably the, the, I don't know if it was the hardest thing, but it was one of the things that obviously we had to address in, in a number of our meetings and, and a lot of the investors obviously left very happy with the outlook for Nucor. Okay.

15:09Mining Stock Daily: All right. Luke, thanks so much for your time. A ton of Joe results, obviously, still will be coming out here in due time here. So we'll be catching up in the next couple of weeks. Appreciate your time. And thanks for the follow-up after Beaver Creek. It was good seeing you here up in my neck of the woods, Luke, and appreciate the conversation on and off record all the time. Yeah, it's always great to catch up, Trevor. and happy to engage if there's anyone who's got follow-up questions, just reach out to us. All right, everybody. That's your update from Nucor Gold. Again, trades on the TSX Venture with NCAU and on the OTCQX with NCAUF.

15:49Mining Stock Daily: We've got a little bit more here coming today from Mining Stock Daily, so stay tuned. The information presented should not be considered investment advice. Mining Stock Daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.