Permitted Multi-Asset Gold Developer Prepares for 2026 Construction Decision

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2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of NexGold.
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1. 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) issued a corporate update summarizing its 2025 operational achievements and outlining key priorities for 2026, following a year of transition into a Canadian multi-asset gold development company. This shift followed the company's acquisitions of Signal Gold Inc. in late 2024 and Blackwolf Copper and Gold Ltd. earlier that year, consolidating its portfolio to include the Goldboro Gold Project in Nova Scotia and the Goliath Gold Complex in Ontario.

In its January 12 news release,the company confirmed that it had received all major provincial and federal permits necessary to advance Goldboro toward a construction decision. These included the Crown Land Lease and License in May, the Schedule 2 Amendment in July, the Industrial Approval in August, and the Fisheries Act Authorizations in October. NexGold also emphasized the implementation of its Benefits Agreement with the Assembly of Nova Scotia Mi'kmaw Chiefs, signed in December 2024, which formalized environmental, economic, and cultural commitments across all phases of the project. 

Financial developments during 2025 included the early repayment of a US$12 million debt facility and the repurchase of a 0.6% net smelter return royalty from Nebari. NexGold also completed a US$24 million royalty sale to Appian Capital Advisory and entered into a non-binding letter of intent for up to US$175 million in project financing to fund the development of Goldboro. In addition, the company closed a CA$112.5 million bought deal equity financing on October 31, 2025. 

Exploration activity included a 26,904-meter infill drilling program at Goldboro and a 9,084-meter infill and expansion drilling program at Goliath. As of October 31, 2025, NexGold reported a cash position of more than CA$100 million. Over the course of the year, the company's share price increased from CA$0.70 to CA$1.77, and its market capitalization rose from approximately CA$100 million to over CA$400 million. 

The company also announced the issuance of 550,786 common shares to Sprott Resources Streaming and Royalty Corp. at a deemed price of CA$1.70 per share. This shares-for-debt transaction satisfied a US$675,000 quarterly payment obligation under an existing royalty agreement. 

Gold's Rising Demand, Record Highs, and Ownership Debate

According to Couloir Capital on January 12, gold prices rose 4.2% over the week and gained an additional 2.0% on Monday. The report attributed the gains to "escalating geopolitical tensions," citing recent U.S. actions in Venezuela, possible developments in Iran, and "heightened rhetoric surrounding Greenland." The firm noted that safe-haven buying was reinforced by "sustained central bank buying" that provided "a firm structural backdrop" for ongoing demand.

Later that day, Bloomberg reported a surge in bullish sentiment from financial institutions. The article stated, "The gold's-going-to-US$5,000 club just signed up another member," referencing Citigroup's new forecast. The bank raised its gold price target from US$4,200 to US$5,000 per ounce, pointing to "a continuation of familiar bullish drivers, including renewed uncertainty over the Federal Reserve's independence after the subpoenas." Bloomberg noted that "the crisis at the U.S. central bank is a gift for precious-metals bulls inasmuch as it revives the so-called Sell America theme," and reported "solid flows into bullion-backed ETFs" as a contributing factor to gold's record highs.

The International Man published a January 12 commentary by Jeff Thomas exploring risks associated with gold-backed exchange-traded funds (ETFs). Thomas warned that ETF-based ownership often represents only "the ‘promise' of future ownership," and that "in many cases, the fund does not have possession of the gold." He added, "The total amount of gold that has been sold worldwide greatly exceeds the amount of gold that exists in the world."

Thomas also highlighted the vulnerability of such instruments under stress, explaining, "When the broker gives him the ‘inside scoop' on the best ETF… he is likely to be advised, ‘You won't actually have to deal with the physical gold at all.'" He cautioned that, "If there is ever a rush on the part of purchasers to take delivery of their gold, ETFs will be the first to go under."

Third-Party Analysis: Valuations and Endorsements from Multiple Firms

On November 3, The Globe and Mail reported that National Bank Financial had initiated coverage on NexGold Mining Corp. with an "Outperform" rating and a CA$4.25 price target. Analyst Alex Terentiew described NexGold as "the next fully permitted mine in Canada through its Goldboro project in Nova Scotia." He pointed to the company's receipt of its Industrial Approval in August and noted that NexGold was expected to proceed toward a construction decision and project financing in 2026. Terentiew cited Canada's political stability, regulatory transparency, and mining incentives as key jurisdictional advantages. 

Red Cloud Securities included NexGold in its December 2 "Endangered Species List" for 2026, naming it as one of twelve companies viewed as potential acquisition candidates. Analyst Ron Stewart wrote, "NexGold's two development assets offer a would-be acquirer the opportunity to create or enhance a growth pipeline in one fell swoop." At the time, the firm assigned a CA$4.30 price target and maintained a Buy rating, reflecting a 177% return from the December 2 trading price of approximately CA$1.55 per share. 

In a January 13 update, Red Cloud reiterated its CA$4.30 target and stated that "advancing Goldboro to construction is the priority for 2026." Stewart noted the project's projected production of approximately 1.2 million ounces over an 11.3-year mine life, with a post-tax NPV5% of CA$854 million and an internal rate of return of 52.7%. He added that an updated feasibility study underway could support production of up to 150,000 ounces per year. The firm highlighted NexGold's advanced permitting status and ongoing exploration and community engagement. 

Red Cloud's valuation assigned NexGold a net asset value of CA$2.06 billion, or CA$8.68 per share. Applying a 0.50x NAV multiple, the analysts arrived at the CA$4.30 target. Upcoming catalysts identified by the firm included an updated mineral resource estimate and feasibility study for Goldboro in 2026. 

Catalysts Section: Building a Gold Developer with Multi-Asset Momentum

NexGold's 2026 focus is on advancing its Goldboro and Goliath projects through engineering, permitting, and technical work. For Goldboro, this includes completion of an updated mineral resource estimate, a revised feasibility study, and procurement planning for long-lead items. An early works construction program is also anticipated for the second half of the year. 

Goldboro is permitted for construction and considered the highest-grade undeveloped open-pit gold reserve on Canada's East Coast. The project's feasibility study outlines annual production of approximately 100,000 ounces over an 11-year mine life, with projected all-in sustaining costs of US$849 per ounce.  

At Goliath, the company has paused feasibility work to evaluate alternative development strategies and optimum configurations. Infill drilling at the Goldlund deposit and broader exploration across the property package will continue, along with environmental studies coordinated with First Nations and stakeholders. 

With a dual-asset platform, secured permits, and a strengthened balance sheet, NexGold remains positioned to advance both projects. The company emphasized its continued engagement with rights-holders and communities, as well as its focus on unlocking further value through technical and financial de-risking. 

Ownership and Share Structure¹

Management and insiders own 2.0% of NexGold.  Institutions and strategic investors —  including Frank Giustra, who owns 5.0% — collectively hold 66.0% of the company's shares.

NexGold has 244.3 million shares issued and outstanding and a market cap of CA$442.1million as at January 12, 2026.