NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE) summarized its 2025 achievements and outlined its 2026 plans for advancing its Goldboro gold project in Nova Scotia and its Goliath Gold Complex project in Ontario, Ron Stewart, mining analyst at Red Cloud Securities, reported in a Jan. 13 research note.
"Goldboro will be the first cab off the rank, with Goliath to follow," Stewart wrote.
142% Inherent Upside
Red Cloud maintained its CA$4.30 per share (CA$4.30/share) target price on the mining explorer-developer, which includes valuations of Goldboro, Goliath, and Niblack, noted the analyst.
The Canadian company was trading at about CA$1.78/share at the time of Stewart's report. The difference between the target and current prices implies a potential return for investors of 142%.
NexGold is still a Buy.
Accomplishments in 2025
Progress at Goldboro was NexGold's main story in 2025, noted Stewart. Operationally, all federal and provincial permits for the project were received. The company implemented two agreements, the 2024 Benefits Agreement with the Mi'kmaq of Nova Scotia and the 2022 Community Benefits Agreement with the District of Goldborough, thereby reinforcing community relations and economic, employment, and cultural benefits. NexGold completed 26,904 meters (26,904m) of infill drilling at Goldboro, which bolstered confidence in the resource model.
Also, last year, NexGold completed a 9,084m drill program at Goliath.
Financial activities in 2025 included repaying a US$12 million (US$12M) debt facility and repurchasing a 0.6% net smelter returns royalty from Nebari. Also, NexGold sold a 2.9% royalty to Appian Capital Advisory Ltd. for US$24M, with an option to buy back 1.9% of it within four years. Further, the company closed a CA$112.5M bought-deal equity financing.
2026 Plan for Goldboro
NexGold's top priority for this year is advancing its Goldboro high-grade, open-pit gold project to construction, reported Stewart. This will involve updating the mineral resource estimate (MRE), completing a feasibility study (FS), and conducting a close-spaced infill drill program. Plans also call for finalizing project financing, then making a final investment decision. NexGold plans to proceed with detailed engineering and start procuring long-lead equipment to support construction. Much of this work is targeted for completion in H1/26, followed by the start of an early works construction program in H2/26.
"We expect first gold production in 2028 as it ramps up to 100,000 ounces per annum (100 Koz/annum) initially," Stewart wrote.
The analyst reiterated that Red Cloud's model of Goldboro has it producing 1,200,000 ounces over an 11.3-year mine life at an all-in sustaining cost of US$1,341 per ounce. Economics are a post-tax net present value discounted at 5% of CA$854M and an internal rate of return of 52.7%, with capital payback in 2.1 years.
"We expect the updated FS to be based on an expanded MRE and reserve base that could support a production increase to up to 150 Koz/annum," wrote Stewart.
Next for Goliath
Red Cloud expects NexGold to start production at Goliath "a few years later," the analyst noted, which would increase Red Cloud's modeled production to greater than 200 Koz/annum by 2032.
Next for Goliath, the mining company will assess the options for an optimal mine configuration and plan, reported Stewart, ahead of the feasibility study completion. This work will encompass infill drilling at the Goldlund deposit to improve resource definition at depth. It will include further exploration, too, for discovery and mineral resource growth throughout Goliath's entire land package.
Also, in support of permitting, NexGold will conduct additional environmental work, including baseline and technical studies, in collaboration with the local First Nations communities and stakeholders.
Catalysts to Watch For
Key upcoming events, Stewart pointed out, include an updated Goldboro MRE and completed Goldboro FS, in H1/26, followed by Goldboro financing and a final investment decision, in H1/26.
As for Goliath, investors should watch for exploration and permitting progress on an ongoing basis.
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Important Disclosures:
- NexGold is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- 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.
- Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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Disclosures for Red Cloud Securities, NexGold Mining Corp., January 13, 2026
Disclosure Requirement Red Cloud Securities Inc. is registered as an Investment Dealer and is a member of the Canadian Investment Regulatory Organization (CIRO). Red Cloud Securities registration as an Investment Dealer is specific to the provinces of Alberta, British Columbia, Manitoba, Ontario, Quebec, and Saskatchewan. We are registered and authorized to conduct business solely within these jurisdictions. We do not operate in or hold registration in any other regions, territories, or countries outside of these provinces. Red Cloud Securities bears no liability for any consequences arising from the use or misuse of our services, products, or information outside the registered jurisdictions. Part of Red Cloud Securities Inc.'s business is to connect mining companies with suitable investors. Red Cloud Securities Inc., its affiliates and their respective officers, directors, representatives, researchers and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Red Cloud Securities Inc. may have provided in the past, and may provide in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Red Cloud Securities Inc. has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate but cannot be guaranteed. This document does not take into account the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investments due to law, jurisdiction issues, etc.) which may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before investment. Red Cloud Securities Inc. will not treat recipients of this document as clients by virtue of having viewed this document. Red Cloud Securities Inc. takes no responsibility for any errors or omissions contained herein, and accepts no legal responsibility for any errors or omissions contained herein, and accepts no legal responsibility from any losses resulting from investment decisions based on the content of this report.
Company Specific Disclosure Details Company Name Ticker Symbol Disclosures NexGold Mining Corp. TSXV:NEXG 3 1. The analyst has visited the head/principal office of the issuer or has viewed its material operations. 2. The issuer paid for or reimbursed the analyst for a portion, or all of the travel expense associated with a visit. 3. In the last 12 months preceding the date of issuance of the research report or recommendation, Red Cloud Securities Inc. has performed investment banking services for the issuer. 4. In the last 12 months, a partner, director or officer of Red Cloud Securities Inc., or an analyst involved in the preparation of the research report has provided services other than in the normal course investment advisory or trade execution services to the issuer for remuneration. 5. An analyst who prepared or participated in the preparation of this research report has an ownership position (long or short) in, or discretion or control over an account holding, the issuer’s securities, directly or indirectly. 6. Red Cloud Securities Inc. and its affiliates collectively beneficially own 1% or more of a class of the issuer’s equity securities. 7. A partner, director, officer, employee or agent of Red Cloud Securities Inc., serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer. 8. Red Cloud Securities Inc. is a market maker in the equity of the issuer. 9. There are material conflicts of interest with Red Cloud Securities Inc. or the analyst who prepared or participated in the preparation of the research report, and the issuer. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is determined by revenues generated from various departments including Investment Banking, based on a system that includes the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and client feedback. Analysts are not directly compensated for specific Investment Banking transactions. Recommendation Terminology Red Cloud Securities Inc. recommendation terminology is as follows: • BUY – expected to outperform its peer group • HOLD – expected to perform with its peer group • SELL – expected to underperform its peer group • Tender – clients are advised to tender their shares to a takeover bid • Not Rated or NA – currently restricted from publishing, or we do not yet have a rating • Under Review – our rating and target are under review pending, prior estimates and rating should be disregarded. Companies with BUY, HOLD or SELL recommendations may not have target prices associated with a recommendation. Recommendations without a target price are more speculative in nature and may be followed by “(S)” or “(Speculative)” to reflect the higher degree of risk associated with the company. Additionally, our target prices are set based on a 12-month investment horizon. Dissemination Red Cloud Securities Inc. distributes its research products simultaneously, via email, to its authorized client base. All research is then available on www.redcloudsecurities.com via login and password Analyst Certification Any Red Cloud Securities Inc. research analyst named on this report hereby certifies that the recommendations and/or opinions expressed herein accurately reflect such research analyst’s personal views about the companies and securities that are the subject of this report. In addition, no part of any research analyst’s compensation is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.
