Gold Developer Secures All Major Permits in 2025, Targets Construction Decision in 2026

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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) announced a year-end update highlighting its operational progress in 2025 and its strategic priorities for 2026, following a transformational year marked by its shift into a multi-asset Canadian gold development company. The company was formed through the acquisitions of Signal Gold Inc. in late 2024 and Blackwolf Copper and Gold Ltd. earlier that year, integrating multiple assets, including the Goldboro Gold Project in Nova Scotia and the Goliath Gold Complex in Ontario.

According to the company's January 12 news release, NexGold received all major federal and provincial permits required to advance Goldboro toward a construction decision. These include 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. The company also emphasized the significance of its Benefits Agreement with the Assembly of Nova Scotia Mi'kmaw Chiefs, signed in December 2024, which outlines environmental, cultural, and economic benefits across all project phases.

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

Drilling activity during the year included a 26,904-meter infill program at Goldboro and 9,084 meters at the Goliath deposit, which combined infill and expansion drilling.

In addition, the company elected, by way of a shares-for-debt transaction, to issue 550,786 common shares to Sprott Resources Streaming and Royalty Corp. at a deemed price of CA$1.70 per share in lieu of a US$675,000 payment due under a royalty agreement.

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

According to Couloir Capital on January 12, gold rose 4.2% for the week and gained another 2.0% on Monday. The report linked the rally to "escalating geopolitical tensions," including "the recent U.S. actions in Venezuela, the possibility of action in Iran, and heightened rhetoric surrounding Greenland." These developments reinforced safe-haven buying, alongside "sustained central bank buying" that provided "a firm structural backdrop" for continued demand.

Later that same day, Bloomberg reported that gold's rising trajectory had begun to fuel increasingly bullish sentiment among major financial institutions. "The gold's-going-to-US$5,000 club just signed up another member," the article stated, referencing Citigroup's revised near-term forecast. The firm increased its gold target from US$4,200 to US$5,000 per ounce, citing "a continuation of familiar bullish drivers, including renewed uncertainty over the Federal Reserve's independence after the subpoenas." Bloomberg added 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," while "solid flows into bullion-backed ETFs" were noted as contributing factors behind gold touching a record high.

The International Man also addressed the structure of gold investment in a January 12 piece by Jeff Thomas, who raised concerns about the risks of "paper gold." He wrote that gold purchased through exchange-traded funds (ETFs) often represents only "the 'promise' of future ownership." Thomas explained that "in many cases, the fund does not have possession of the gold," and warned that "the total amount of gold that has been sold worldwide greatly exceeds the amount of gold that exists in the world."

Thomas highlighted that many new investors seeking security may unknowingly buy into these paper-based products: "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.'" However, he cautioned that such arrangements were vulnerable, particularly in times of stress: "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

National Bank Financial initiated coverage on NexGold Mining Corp. with an "Outperform" rating and a price target of CA$4.25, according to a Globe and Mail report on November 3. Analyst Alex Terentiew wrote, "We view NexGold Mining Corp. 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 "once all permitting is complete, NexGold is likely to move toward a construction decision and corresponding financing process by mid-2026." Terentiew also highlighted Canada's appeal as a mining jurisdiction due to "its political stability, transparent regulations, and established exploration incentives."

Red Cloud reiterated its Buy rating and CA$4.30 target, stating that "advancing Goldboro to construction is the priority for 2026." 

In a note published on December 2, Red Cloud Securities included NexGold in its 2026 "Endangered Species List," identifying it as one of twelve companies seen as priority takeover targets in the current market.

Analyst Ron Stewart wrote that "NexGold's two development assets offer a would-be acquirer the opportunity to create or enhance a growth pipeline in one fell swoop." He cited the company's ownership of two advanced-stage projects — Goldboro and Goliath — with a combined estimated gold production potential of 200,000 ounces per year. At the time of the report, Red Cloud assigned a Buy rating and a CA$4.30 per share target, representing a 177% return potential from the then-current price of approximately CA$1.55.

In a January 13 research update, Red Cloud reiterated its Buy rating and CA$4.30 target, stating that "advancing Goldboro to construction is the priority for 2026." Stewart noted that the project is expected to produce approximately 1.2 million ounces of gold over an 11.3-year mine life with a post-tax net present value (NPV5%) of CA$854 million and a projected internal rate of return (IRR) of 52.7%. He added that the updated feasibility study  "could support a production increase to up to 150,000 oz/a." The report emphasized NexGold's receipt of all major federal and provincial permits, alongside progress in exploration and community agreements.

Red Cloud's valuation model assigned a total net asset value (NAV) of CA$2.06 billion to NexGold's portfolio, translating to a NAV per share of CA$8.68. Applying a 0.50x multiple, the firm derived its CA$4.30 price target. Stewart stated that the updated mineral resource estimate and feasibility study for Goldboro, , were among the company's key upcoming catalysts.

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

For 2026, NexGold is focused on advancing both the Goldboro and Goliath projects through engineering, permitting, and technical evaluations. At Goldboro, the company expects to complete an updated mineral resource estimate, finalize a feasibility study update, and initiate procurement for long-lead equipment. The company has also signaled plans to begin early works construction later in the year, following progress on project financing and detailed engineering.

Goldboro, which holds the highest-grade undeveloped open-pit reserve on Canada's East Coast, is permitted for construction and supported by nearby infrastructure and skilled labor. According to the company's November 2025 investor presentation, the project's feasibility study indicates an average production of 100,000 ounces of gold per year over an 11-year mine life, with all-in sustaining costs estimated at US$849 per ounce.

At the Goliath Gold Complex, the company plans to pause feasibility study work in order to assess various alternatives for Goliath to yield the optimum plan and configuration for the project. Activities will include an infill drilling program at the Goldlund deposit and further exploration work across the broader property package. Environmental studies will also continue in coordination with First Nations and local stakeholders.

With a combined resource base, secured permits, and financing pathways, NexGold is positioning itself among Canada's next-generation gold developers. The company's emphasis on stakeholder agreements, exploration expansion, and balance sheet improvements highlights its integrated approach to advancing two of the country's permitted gold assets. 

Ownership and Share Structure ¹

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.