High‑Grade Gold Intercepts Extend Zone 4 as Drilling Moves Deeper

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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) has released initial results from its recently launched 25,000-meter diamond drill program at the Goliath Gold Complex. Drilling is currently concentrated at the Goldlund Deposit, where eight holes totaling 2,490 meters (GL-25-001 to GL-25-008B) have been completed. The campaign is focused on infilling Zone 4 and testing down-dip continuity to enhance the geological model and potentially upgrade confidence in the resource.

Highlights from Zone 4 include 3.31 g/t gold over 20.00 meters in hole GL-25-003, with a subinterval of 71.69 g/t gold over 0.75 meters. Hole GL-25-002 returned 7.59 g/t gold over 9.00 meters, including 104.00 g/t gold over 0.50 meters. Additional intercepts included 3.16 g/t gold over 7.00 meters in GL-25-006 and 1.87 g/t gold over 10.85 meters in GL-25-002. Hole GL-25-001 cut 2.55 g/t gold over 3.90 meters, and GL-25-005 returned 5.11 g/t gold over 1.25 meters. 

According to the company, "The drilling at the deposit provides a greater level of certainty in the deeper areas of the planned open pit." NexGold also noted that mineralization remains open along strike and at depth.

The Goldlund Deposit includes multiple geological zones. Zone 1 features quartz stockwork veining within sub-vertical granodiorite sills, while Zone 4 comprises a wide interval of intermediate-mafic volcanic rocks with porphyry and granodiorite intrusions. Holes GL-25-001, GL-25-002, GL-25-003, and GL-25-005 confirmed continuity within Zone 4 and are expected to support future resource updates. Hole GL-25-006, positioned at the southwestern edge of Zone 4, returned 13.90 g/t gold over 1.00 meter within a broader mineralized interval of 7.00 metres at 3.16 g/t gold.

All reported intervals represent drilled core lengths. True widths are estimated at 50% to 70% of those lengths. The company also disclosed drill collar coordinates, depths, inclinations, and azimuths. Figure 1 shows the Zone 4 drill collar locations, and Figure 2 provides a cross-section illustrating gold distribution within the deposit.

Record Demand and Volatility Underscore Gold's Shifting Market Dynamics

In a January 27 commentary, Stewart Thomson described a shift from "government fiat and bonds to physical metal," citing increasing demand from foreign creditors who "now want unencumbered gold." He added, "An awesome bull era for the miners is ready to start now."

Mining reported on January 30 that global gold demand reached a record 5,002 tonnes in 2025, valued at US$555 billion—the first time demand has surpassed 5,000 tonnes, according to the World Gold Council. Private investment rose 84% to 2,175.3 tonnes, ETF inflows reached 802 tonnes, and bar and coin demand hit a 12-year high of 1,374.1 tonnes. Mine supply rose slightly to 3,672 tonnes, while recycling grew 3% to 1,404 tonnes. Central bank buying fell 21% to 863.3 tonnes but remained high by historical standards.

Shaokai Fan, head of central banks and Asia-Pacific at the World Gold Council, attributed the surge to persistent inflation, geopolitical instability, and declining interest rates. 

Bloomberg reported on January 30 that gold became the second-largest reserve asset held by central banks as of March 2024, overtaking the euro. "Physical gold tends to be the most credible and reliable store of value amid extreme geopolitical events such as wars," Bloomberg stated, "even more so than the dollar nowadays." While rising prices were the primary factor, Bloomberg also noted "scope for further accumulation" as global de-dollarization trends continue.

Strategic Sequence: 'Goldboro Will Be the First Cab Off the Rank'

In a January 23 newsletter, Stewart Thomson described NexGold as "another hot CDNX stock." He wrote, "I'm predicting they'll ‘walk the mid-tier talk.'" He added, "Management looks good, and the jurisdiction (Canada) does too. So does the chart," concluding with, "Blastoff is here! Note the strong buy signal on the Stochastics oscillator (14,7,7 series) at the bottom of the chart."

According to a January 13 report from Ron Stewart of Red Cloud Securities, NexGold planned to update its mineral resource estimate, complete a feasibility study, secure project financing, and make a final investment decision on its Goldboro project in 2026.

"Goldboro will be the first cab off the rank, with Goliath to follow," Stewart wrote. Red Cloud maintained a Buy rating on NexGold with a CA$4.30 per share target price, reflecting valuations for Goldboro, Goliath, and Niblack. At the time of publication, NexGold was trading around CA$1.78 per share.

In 2025, NexGold received all federal and provincial permits for Goldboro and completed 26,904 meters of infill drilling. The company also executed a 9,084-meter drill campaign at Goliath. Financially, NexGold repaid a US$12 million debt facility, repurchased a 0.6% NSR royalty, sold a 2.9% royalty for US$24 million, and closed a CA$112.5 million bought-deal equity financing.

Red Cloud's model forecasts Goldboro producing 1,200,000 ounces over an 11.3-year mine life, with a post-tax NPV (5%) of CA$854 million and an internal rate of return of 52.7%.

Catalysts: "Additional Targets for Drilling Later in the Program"

The company reported that mineralization in Zone 4 remains open along strike and down dip, creating follow-up targets for future drilling. Holes GL-25-001 through GL-25-005 are expected to support improved resource confidence in future estimates.

The current results form part of NexGold's broader 25,000-meter drill campaign at the Goliath Gold Complex, announced on January 28, 2026, and focused on the Goldlund Deposit. 

Infill drilling is primarily targeting Zone 4 and testing down-dip continuity, including near-surface mineralization extending deeper into the proposed open pit. This was demonstrated by GL-25-002 and GL-25-003.

The company also disclosed full assay intervals and drill collar data, with holes drilled across varying depths and angles. Figure 1 shows the Zone 4 drill pads, while Figure 2 includes a cross-section illustrating zone geometry and gold distribution.

Ownership and Share Structure¹

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

NexGold has 245.6 million shares outstanding and a market capitalization of CA$442.1 million.