Greg Smith of Newcore Gold Ltd. talks to Jeff Clark | Metals Investor Forum Sept. 2026

Metals Investor Forum Sep 25, 2026 10:48

Summary

Newcore is fully funded through its 80,000-metre Enchi drill program; 47,000 metres released and 16,000 metres remain by year-end.

Enchi's current resource base is 1.5Moz indicated and 600koz inferred; Greg cites a nearby mine as a deep-mining analogue.

Greg argues Ghana is overlooked despite being Africa's largest and the world's sixth-largest gold producer, with majors operating successfully there.

Management and the board hold ~12% of equity bought with their own cash while institutions hold ~55%, a structure Greg calls a conviction signal.

Near-term catalysts are ongoing drill releases feeding an updated mineral resource estimate and a feasibility study targeted before end-2027.

Smith cites Newmont as one of the major global gold miners investing in Ghana, describing its mines there as 'very important...on a global scale' to support his argument that Ghana is a stable, producing jurisdiction.
Smith references a Newmont Brownfields project where the company invested about a billion dollars being put into production, using it as evidence Ghana still has long-life gold potential beyond existing mines.

Smith lays out a 6-12 month catalyst pipeline at the forum: ongoing 80,000m drill results to feed an updated mineral resource estimate, then a new mine plan, targeting an updated feasibility study before end-2027.
Smith says the stock jumped about 30% on the just-released drill hole from the Boeing deposit, which he calls 'one of the best holes we ever drilled,' and frames it as confirmation that investors still reward strong drill results.
Smith pegs Enchi at 1.5 Moz indicated and more than 600 Koz inferred, says the company began the quarter with about $15M in cash, and is fully funded to complete the 80,000m program (47,000m already released, ~16,000m still to drill plus ~17,000m in the assay queue).
Citing the Toronto mine 40 km away, now mining roughly 800m below surface versus Enchi's average pit depth of about 150m, Smith argues the deep underground potential at Enchi is still 'enormous' over the longer term.
Smith puts ownership at about 12% with management (their own cash, not free stock) and about 55% institutionally held, with three analysts currently covering the stock.

Top takeaway Clark anchors the conversation from the Metals Investor Forum in Vancouver as the interviewer, introducing himself from the Pader Prospector newsletter and structuring questions around the team, the Enchi project, deep drilling potential, funding, and shareholder structure to surface catalysts for investors.
Clark introduces the 6-12 month catalyst-and-news-flow frame for investors and closes the interview by disclosing that his team at the Pader Prospector newsletter owns shares in Newcore Gold.