Canadian junior mining company Newcore Gold said Monday it has raised Ghc10.3 million (around US$7.5 million) through warrant exercises to fund the development of its Enchi gold project in Ghana.
The funds will support ongoing exploration and the completion of a pre-feasibility study, which is expected by the end of June 2026, the company said. The study will provide preliminary economic assessments and help guide potential construction decisions.
“The proceeds from the warrant exercises, together with our existing cash-on-hand, position Newcore to continue advancing and de-risking our Enchi Gold Project toward completion of a Pre-Feasibility Study,” said President Luke Alexander.
Enchi, wholly owned by Newcore, currently hosts 743,500 ounces of gold in indicated resources and 972,000 ounces in inferred resources. The company is conducting a 45,000-metre drill program to explore the deposit at depth and better define the project’s larger resource potential.
Analysts say Ghana, Africa’s largest gold producer, continues to attract junior and mid-tier miners due to stable geology, mining-friendly policies, and supportive infrastructure. Strong gold prices, which exceeded US$5,300 per ounce at the start of the week, further underpin the economics of new projects such as Enchi.
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Newcore describes 2026 as a pivotal year for its Ghana operations, with the pre-feasibility study serving as a critical milestone in advancing the project toward potential construction. The company also aims to upgrade and expand the resource base as drilling results are received.
Industry observers note that junior miners often rely on warrant exercises and other equity financing to fund exploration and feasibility studies, particularly in high-cost gold projects, while leveraging supportive metal prices to attract investor confidence.
The Enchi project sits in the resource-rich southwestern region of Ghana, an area known for hosting several established gold mines. Newcore’s development plan emphasizes both resource expansion and detailed economic assessment to ensure the project meets international standards for investment and production readiness.
With the new funding, the company expects to continue its exploration and evaluation work uninterrupted, positioning Enchi as a potential contributor to Ghana’s gold output in the coming years.
The pre-feasibility study will include assessments of mine design, production scheduling, infrastructure requirements, and cost projections, providing investors and regulators with a comprehensive view of the project’s potential.
If successful, the Enchi project could enhance Newcore’s standing in Ghana’s mining sector and reinforce the country’s role as a leading gold producer in Africa.
