Newcore Gold Falls 24% on Enchi PFS as Luca and Faraday Post Results

The press release said “robust.” The stock fell 24% to its lowest level in 17 months.

Newcore Gold Headlines Spot-Price Economics While the Base Case Disappoints

Newcore Gold (TSX-V: NCAU / OTCQX: NCAUF) released a pre-feasibility study for its Enchi Gold Project in Ghana on June 24. The headline numbers: an after-tax net present value of $647 million and a 45% after-tax internal rate of return. Those figures are calculated at a $4,200 per ounce spot gold price.

The base case tells a different story. At the study’s own $3,800 per ounce assumption, Enchi’s after-tax NPV is $496 million with a 37% IRR. That is a meaningful step down from the company’s 2024 preliminary economic assessment, which projected a $632 million NPV and a 92% IRR, and that PEA used an $2,350 per ounce gold price assumption, less than half of today’s spot price. Initial capital costs have also roughly tripled, from $106 million to $351 million.

Shares fell 24% in Toronto trading to 37 cents, the lowest level since January 2025, cutting Newcore’s market capitalization to roughly $116 million. The study contemplates a conventional open-pit, mill, and carbon-in-leach operation processing 5.5 million tonnes annually, with average production of roughly 130,000 ounces in years one through three. Chairman Doug Forster pointed out that the resource underpinning the study excludes more than 50,000 metres of an ongoing 80,000-metre drill program, meaning some of this year’s best results have not yet been incorporated.

Newcore intends to use the PFS as the basis for a mining lease application this year. The company has identified more than 20 pre-resource targets across the 248-square-kilometre property, with less than 10% of it explored to date. Whether that exploration upside closes the gap the market just priced in is the question now sitting in front of management. Filings on SEDAR+.

Luca Mining Keeps Finding Gold and Silver Underground at a Mine Already in Production

On June 23, Luca Mining Corp. (TSXV: LUCA / OTCQX: LUCMF) reported new underground drill results from its Campo Morado polymetallic VMS mine in Guerrero State, Mexico. A highlight intercept returned 28.4 metres grading 2.3 g/t gold, 135 g/t silver, 0.6% copper, 1% lead, and 3.7% zinc at the El Rey Zone.

VMS deposits (volcanogenic massive sulphide systems, layered metal-rich formations created by ancient underwater volcanic vents, typically hosting copper, zinc, gold, and silver together) like Campo Morado tend to reward this kind of underground definition drilling: the orebody is already known to exist, and each new intercept either extends it or proves it continues at depth. Campo Morado is a producing mine, which changes the risk calculus relative to a pure exploration story. Results here translate more directly into mine planning and near-term ounces than a discovery hole on unexplored ground would.

Luca trades on the TSXV and OTCQX, with a Frankfurt listing as well. Filings on SEDAR+.

Ashley Gold Extends Its Ontario Zone to Over 100 Metres Wide, Trading Where Few US Brokers Can Reach

Ashley Gold Corp. (CSE: ASHL) released final Phase 1 assay results from its Tak Patents drill program on June 23. Hole TAK-26-04 returned 0.996 g/t gold over 16.00 metres, including 1.505 g/t over 10.25 metres near surface, within a broader 118.23-metre interval of anomalous gold, extending the width of the D99Z zone to over 100 metres at the Dryden area project in Ontario.

Ashley Gold’s US over-the-counter ticker, AGDCF, trades on the Grey Market, not OTCQB or OTCQX. The Grey Market has no market maker obligated to quote the stock, minimal disclosure requirements beyond what Ashley files on SEDAR+, and limited to no DTC clearing in many cases. Some US brokerages will not support trading in Grey Market names at all, and those that do often involve manual order processing and wider spreads. This is news coverage, not investment guidance, and the drill result itself is real. But anyone wanting actual exposure to ASHL from a US brokerage account should check with their broker before assuming a normal buy order will execute cleanly.

Faraday Copper Finds Near-Surface Mineralization in Arizona at a Project Already Carrying a Resource

Faraday Copper Corp. (TSX: FDY / OTCQX: CPPKF) reported results from 18 drill holes in its Phase IV program at the Copper Creek Project in Arizona on June 24. Five holes drilled in the American Eagle area targeted and confirmed near-surface copper mineralization, an area outside the boundaries of the existing resource estimate.

Copper Creek already carries a defined mineral resource. American Eagle sits adjacent to it, and near-surface copper there is the kind of result that can expand a future mine plan’s footprint cheaply, since shallow material is generally lower cost to access than material requiring deep underground development. Arizona is an established US copper jurisdiction with permitting history and existing infrastructure, both of which matter for how quickly a discovery like this can be converted into something bankable. Filings on SEDAR+ and SEC EDGAR.

Upcoming Catalysts: Newcore Mining Lease Application, Luca Resource Update, Faraday American Eagle Follow-Up

Newcore Gold mining lease: the PFS is the technical basis for a lease application this year. Watch for the application filing and any government response, given Ghana’s stated support for the project.

Luca Mining resource update: continued high-grade underground results at Campo Morado typically feed into updated mine plans and resource estimates. Watch for the next scheduled resource update incorporating the El Rey Zone work.

Ashley Gold Phase 2: Phase 1 at Tak Patents is now complete with final assays in hand. Any announcement of a Phase 2 program scope or timeline is the next step for the D99Z zone.

Faraday Copper American Eagle expansion: the area sits outside the current resource boundary. Watch for any announcement of further step-out drilling or a resource estimate update incorporating American Eagle.

Sources

Editorial Disclosure

This roundup is based entirely on publicly available information including press releases and regulatory filings. Securities discussed include Newcore Gold Ltd. (TSX-V: NCAU) (OTCQX: NCAUF), Luca Mining Corp. (TSXV: LUCA) (OTCQX: LUCMF), Ashley Gold Corp. (CSE: ASHL) (Grey Market: AGDCF), and Faraday Copper Corp. (TSX: FDY) (OTCQX: CPPKF). aktiego.com has not received any compensation from any company mentioned, their management, investor relations representatives, or any third party. No staff member or principal of aktiego.com holds a position in any security mentioned at the time of publication. Newcore Gold’s press release date is confirmed as June 24, 2026, via GlobeNewswire. The PFS headline figures of $647 million after-tax NPV and 45% IRR are calculated using a $4,200 per ounce spot gold price assumption; the study’s own base case, using a $3,800 per ounce assumption, produces a lower $496 million after-tax NPV and 37% IRR, a decline from the company’s 2024 preliminary economic assessment. Newcore’s shares fell approximately 24% on the announcement date per The Northern Miner. Luca Mining and Faraday Copper press release dates are confirmed as June 23 and June 24, 2026, respectively, via Junior Mining Network aggregation of original wire releases. Ashley Gold’s press release date is confirmed as June 23, 2026. Ashley Gold Corp.’s United States over-the-counter ticker, AGDCF, trades on the Grey Market tier rather than OTCQB or OTCQX, per CNBC and OTC Markets; the Grey Market carries no obligated market maker, minimal disclosure requirements beyond the company’s home-exchange filings, and may carry limited or no DTC (Depository Trust Company) clearing eligibility, which can affect a US investor’s ability to execute trades through a standard brokerage account. Readers should verify tradability and settlement terms with their own broker before attempting to transact in AGDCF. All drill results discussed are preliminary, reported in core lengths or downhole intervals rather than confirmed true widths unless otherwise stated, and do not constitute a mineral resource estimate under NI 43-101 (Canada’s national standard for public disclosure of mineral exploration results) except where an existing resource is explicitly referenced. These are speculative investments carrying significant risk including potential total loss of capital. Coverage on aktiego.com is provided for informational and educational purposes only. aktiego.com is not a registered investment advisor. Nothing in this article constitutes financial, investment, or professional advice. Readers are encouraged to conduct their own due diligence and consult a qualified financial advisor before making any investment decisions. For more information please see our full DISCLAIMER.

Newcore Gold Falls 24% on Enchi PFS as Luca and Faraday Post Results

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