New Canadian Gold Mine Clears Final Federal Hurdle

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1. Disclosure for the quote from the John Newell article published on August 15, 2025

1. For the quoted article (published on August 15, 2025), the Company has paid Street Smart, an affiliate of Streetwise Reports, between US$2,000.
2. Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a  U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it's advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE) has received final federal authorization for its Goldboro Gold Project in Nova Scotia, marking the completion of all major permitting requirements ahead of construction. On November 4, 2025, the company announced that Fisheries and Oceans Canada had issued the Fisheries Act Authorizations (FAAs), the last key permits required for the project to move forward. These federal authorizations follow the issuance of the project's Industrial Approval from the Government of Nova Scotia in August 2025.

According to NexGold president and CEO Kevin Bullock in the announcement, "Having received our Industrial Approval from the government of Nova Scotia in August, the receipt of the FAAs announced today provides NexGold with the last key permits required to advance towards construction and operations."

The FAAs were issued under Paragraphs 34.4(2)(b) and 35(2)(b) of the Fisheries Act and include specific terms and conditions to mitigate impacts to fish habitat. Consultation for the approvals began in early 2024 and remained active through 2025, including engagement with the Mi'kmaq of Nova Scotia. The company noted that the authorizations represent a culmination of baseline studies, environmental reviews, and regulatory collaboration initiated with the original application in August 2023.

The Goldboro Gold Project now holds both federal and provincial approvals, including the Environmental Assessment (August 2022), Mining and Crown Leases (May 2025), Schedule 2 Amendment (July 2025), and Industrial Approval (August 2025). The project now holds all key permits for construction and operations and is positioned to become one of the next producing gold mines in Atlantic Canada.

Gold's Enduring Role as a Safe Haven in a Shifting Global Economy

Gold continues to assert its role as the "currency of last resort," according to a report by Jeff Carlyle for Goldfix published on October 28. The report noted that while gold prices have become increasingly disconnected from traditional valuation metrics such as real interest rates and the strength of the U.S. dollar, institutional investors remain confident in the metal's strategic value. Demand has been driven by gold's effectiveness as a hedge against currency debasement, the global trend toward de-dollarization, and the desire for diversification, particularly among central banks reacting to geopolitical uncertainty and evolving trade dynamics.

Carlyle's analysis pointed to a notable shift following the 2022 freeze of approximately US$300 billion in Russian central bank assets by Western governments. Since then, many emerging market central banks have begun reducing exposure to US Treasuries in favor of gold. By early September 2025, gold accounted for 27% of global central bank reserves, surpassing U.S. Treasuries, which had fallen to 23%. The report emphasized that this realignment began as early as 2018 and has gained momentum as gold's appeal continues to grow, largely due to its lack of counterparty risk and long-term stability.

On November 2, Matthew Piepenburg of Von Greyerz weighed in on recent gold price movements, describing the volatility as typical of a healthy bull market. "These types of moves are not at all unusual," he stated, encouraging long-term investors to focus on gold's role as a store of value rather than short-term price action. "We're saving in gold and spending in fiat," he added, reinforcing the firm's view that gold offers greater protection against economic deterioration than traditional currencies. Piepenburg also pointed to soaring debt levels and rising fiscal deficits as key reasons why "central banks now hold more gold than US Treasuries."

Further evidence of renewed institutional interest came in a Bloomberg sector update published November 3, where Marcus Ashworth reported that major U.S. banks such as Citigroup were exploring a return to the gold storage business. This marks a significant reversal, as many banks had exited the space after the 2008 financial crisis. The move reflects rising client demand for physical gold as a hedge and the growing profitability of storage services. "This is a decades-long commitment," Ashworth wrote. "That tells you the major players think high gold prices are here to stay." He also highlighted the unique dynamics of the physical gold market, noting that most trades occur over the counter and are increasingly driven by central banks and high-net-worth investors seeking security in tangible assets.

Analysts Highlight Strength of NexGold's Two-Project Development Model

¹On August 15, John Newell of John Newell & Associates issued a "Strong Speculative Buy" rating on NexGold, emphasizing its status as a mid-tier gold developer with more than 6 million ounces of total mineral resources. Newell noted the company's strategy to advance two fully permitted gold projects — the Goldboro Gold Project in Nova Scotia and the Goliath Gold Complex in Ontario — each targeting annual production of approximately 100,000 ounces of gold. He cited feasibility-stage economics showing after-tax net present values (NPVs) of CA$328 million for Goldboro, based on a US$1,600 gold price, and CA$336 million for Goliath, based on US$1,750. Newell concluded that NexGold presents "a rare combination of scale, jurisdictional safety, and near-term catalysts."

On August 21, Ron Stewart of Red Cloud reaffirmed a Buy rating and CA$4.00 target price, underscoring NexGold's exposure to tier-one jurisdictions and its advanced development portfolio. "We believe NexGold has one of the largest, most advanced-stage development asset portfolios in Canada," he wrote. Stewart valued Goldboro at CA$2.00 per share and Goliath at CA$1.70, with the remaining CA$0.30 attributed to cash and other assets. He also noted the August 19 receipt of the final major provincial permit for Goldboro as a significant milestone, positioning the project closer to construction and enhancing the company's overall development timeline.

On November 4, The Globe and Mail reported that National Bank Financial analyst Alex Terentiew initiated coverage with an "Outperform" rating and CA$4.25 price target on NexGold. Terentiew highlighted gold’s continued strength amid political uncertainty, persistent inflation, and net central bank purchases, noting that Canada remains a favorable jurisdiction for mining due to its political stability, transparent regulations, and established exploration incentives.

In his research note, Terentiew stated, "We view NexGold Mining Corp. as the next fully permitted mine in Canada through its Goldboro project in Nova Scotia." He acknowledged the company’s August receipt of Industrial Approval from the provincial government and indicated that, at the time of publication, the final major federal permit was expected imminently. He added that once all permitting is complete, NexGold is likely to move toward a construction decision and corresponding financing process by mid-2026. The firm’s price target of CA$4.25 compares to an average analyst target of CA$3.00.

NexGold's Permitted Path to Development

With the FAAs now secured, NexGold has assembled the major permits required to advance construction of the Goldboro Gold Project. The company's 2022 feasibility study for the Goldboro Gold Project outlined a 10.9-year open pit mine life with average annual production of 100,000 ounces of gold. At a gold price of US$1,600 per ounce, the study indicated an after-tax net present value (NPV) of CA$328 million and an internal rate of return (IRR) of 25.5%. Initial capital costs were estimated at CA$271 million, assuming a contractor mining fleet, and the project's average all-in sustaining cost (AISC) was projected at US$849 per ounce.

The site includes a lined tailings storage facility, process plant, and housing for up to 350 workers during construction, all located within a single watershed to reduce environmental complexity. The company has also finalized a Benefits Agreement with the Assembly of Nova Scotia Mi'kmaw Chiefs and completed a royalty financing and project financing letter of intent, which it states provides a clear financial path forward.  

NexGold has additionally identified near-surface mineralization extending 1.7 kilometers west toward the past-producing Dolliver Mountain gold mine, part of a broader exploration program targeting four priority growth zones. The Goldboro mineralized system now extends along 3.4 kilometers of strike length, with mineralization remaining open at depth.

With all major permits in hand, NexGold positions Goldboro as a construction-ready asset in a prolific gold region, supported by existing infrastructure and regional exploration potential. The project's advancement contributes to the growing inventory of permitted, near-term gold developments in Canada.

Ownership and Share Structure ²

Management and insiders own 2.0% of NexGold.  Institutions and strategic investors, including Frank Giustra who owns 5.0%, own 61.0% of the shares in the company.      

NexGold has 241.3 million shares issued and outstanding and a market cap of CA$342.7million.