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TICKERS: NEXG; NXGCF; TRC1

Gold Exploration Push Expands Across 320 Square Kilometers in Nova Scotia

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NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE) launched new airborne surveys at Goldboro while analysts outlined updated resource, financing, and construction milestones for 2026.

NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE) announced that it has initiated a 2,496-line kilometer helicopter airborne VTEM® Plus survey and a 2,656-line kilometer FALCON® fixed-wing airborne gravity gradiometer survey at its Goldboro Gold Project in Nova Scotia. The surveys cover 32,007 hectares, or approximately 320 square kilometers, of exploration land at Goldboro and are expected to be completed in the second quarter of 2026.

According to the company, the surveys are intended to support the development of additional exploration targets for follow-up regional exploration programs and to further characterize the Goldboro Gold Deposit and its regional geological controls. The VTEM® Plus survey is being completed by Geotech Ltd. and includes high-resolution time-domain electromagnetics and horizontal gradiometer magnetics. The survey is being flown on 150-meter spaced, north-south oriented survey lines with 1.5-kilometer spaced tie lines. The FALCON® gravity gradiometer survey is being completed by Excalibur Smart Mapping using 150-meter spaced, north-south oriented survey lines.

Kevin Bullock, President and CEO, stated in a company news release, "We are pleased to commence both VTEMTM® and FALCON® gravity surveys at the Goldboro Project. These surveys will be integrated with existing geological and geochemical data to support ongoing exploration efforts and to further characterize the Goldboro Gold Deposit."

Bullock added that the resulting geophysical signatures are expected to assist in identifying additional exploration targets associated with similar styles of gold mineralization. He also stated that the company remains focused on completing the updated Goldboro Feasibility Study while continuing to advance broader exploration activities at Goldboro. According to Bullock, "The discovery of satellite deposits could present opportunities to leverage planned mine and mill infrastructure at Goldboro and potentially support a longer-life, centralized milling operation."

The company also announced the appointment of David Anthony to its Board of Directors. Anthony has more than 40 years of experience in mine development and operations and currently serves as President and Chief Executive Officer and a Director of Asante Gold Corp. (ASE:CVE). His previous roles included Chief Operating Officer of Cardinal Resources Limited prior to its acquisition by Shandong Gold Mining Co. (600547:SHA) and Chief Operating Officer of African Barrick Gold (B) after spending 10 years with Barrick Gold Corporation in Africa.

Anthony has worked in Canada, Ecuador, Brazil, Indonesia, Chile, and Argentina, and has experience with both open-pit and underground mining operations. NexGold stated that his project experience includes capital expenditures ranging from approximately US$100 million to US$3.6 billion and annual material movement of up to 65 million tonnes. He holds a Bachelor of Science in Mining and Mineral Process Engineering from Queen's University.

Jim Gowans, Chairman of NexGold, stated in a company news release, "We are pleased to welcome David to the NexGold Board of Directors. He is a highly experienced mine builder with deep technical expertise and a strong record of successfully advancing projects from exploration through construction and operations."

 

Gold Market Trends Pointed to Continued Focus on Supply, Inflation, and Safe-Haven Demand

Barry Dawes of Martin Place Securities wrote on May 11 that gold was "testing the downtrend from the early March 2026 highs" and noted that the metal's high at the end of January had been "over 14 weeks ago." He stated that "that is a long correction for gold so we must respect and heed market action," while adding that "Silver, however, had a good move so it may be suggesting a change." Dawes also pointed to broader strength across the metals sector, stating that "many other metals and resources will perform more strongly than gold," while noting that copper had recorded "its first ever weekly close above US$6/lb."

Yahoo Personal Finance reported on May 11 that gold prices increased from US$3,335 per troy ounce in May 2025 to US$4,732 per ounce in May 2026, representing a 41% increase over the period. The report stated that "gold analysts believe gold will hold its value" because of "ongoing worldwide conflicts and economic uncertainty."

The Yahoo report attributed higher gold prices to factors including "declining value of the U.S. dollar," tariff concerns, and rising consumer demand for physical gold products. It also stated that "gold is more accessible to investors than ever," citing retail availability of bullion products through large retailers and online sellers. The report added that analysts from financial institutions projected "continued strength in the gold market" if geopolitical conflicts remained unresolved and central banks maintained current interest rate policies. Yahoo Personal Finance also noted that gold reached a record price of US$5,589 per ounce on Jan. 28.

According to a May 12 article by Richard Mills, gold prices had been influenced by a combination of interest rate policy, inflation concerns, geopolitical tensions, and central bank activity. Mills wrote that Treasury yields had climbed as "geopolitical tensions, a US$1.9 trillion deficit, and waning foreign demand undermine their safe-haven status," while inflation concerns remained elevated due to higher oil prices linked to conflict in the Middle East.

Mills stated that gold historically performed strongly during periods of stagflation, referencing the 1970s when gold rose "from a fixed US$35/oz to a peak near US$850/oz by January 1980." He also cited data showing that "in six of the last eight recessions, gold outperformed the S&P 500 by 37% on average."

The article noted that central bank demand remained a significant component of the gold market. Mills wrote that central bank gold reserves surpassed US Treasury reserve holdings last year for the first time since 1996. He added that "in each of the last three years, central banks have collectively purchased over 1,000 tonnes of gold," while the US dollar's share of global reserves had fallen from more than 60% in the early 2000s to around 40% today.

Mills also cited a World Gold Council report stating that first-quarter gold demand increased 2% year over year to 1,231 tonnes, while "bar and coin demand of 474t (+42%) was the second highest quarter on record." The report stated that central banks purchased 244 tonnes of gold on a net basis during the quarter despite "a visible uptick in selling activity."

On the supply side, Mills wrote that "global gold demand continues to outstrip mine supply." He stated that mine production of 884.7 tonnes during the first quarter of 2026 did not meet the quarterly demand of 1,231 tonnes without the addition of recycled gold supply.

Analysts Cited Permitting Progress, Financing Activity, and Development Timelines for Gold Projects

In a January 27 research report, Red Cloud Securities analyst Ron Stewart discussed several planned developments for NexGold Mining Corp. during 2026, including an updated mineral resource estimate, a feasibility study, project financing activities, and a final investment decision for the Goldboro project. Stewart wrote, "Goldboro will be the first cab off the rank, with Goliath to follow."

The report also reviewed work completed during 2025, including federal and provincial permitting at Goldboro, infill drilling activities, and additional drilling programs at Goliath. Stewart further outlined several financial transactions completed by the company, including repayment of a US$12 million debt facility, the repurchase of a net smelter returns royalty, the sale of a 2.9% royalty for US$24 million with an option to repurchase 1.9% within four years, and a bought-deal equity financing totaling CA$112.5 million.

According to the report, Red Cloud Securities' Goldboro model estimated total production of 1.2 million ounces over an 11.3-year mine life, with an after-tax net present value discounted at 5% of CA$854 million and an internal rate of return of 52.7%. At the time, Stewart maintained a Buy rating and CA$4.30 target price, while noting the valuation incorporated the Goldboro, Goliath, and Niblack projects. The report stated that the shares were trading at approximately CA$1.78.

Subsequent analyst coverage continued later in the quarter. On February 27, Stewart reiterated a Buy rating with a CA$4.20 target price. National Bank Financial analyst Alex Terentiew followed on March 26 with a Buy rating and a CA$6.00 target price.

2026 Development and Exploration Activities at Goldboro

According to NexGold's May 2026 corporate presentation, the company outlined several planned activities for Goldboro during 2026, including an updated mineral resource estimate based on recently completed infill drilling, an updated feasibility study incorporating operating costs, capital costs, and gold price assumptions, and detailed engineering work to support construction requirements and timing.

streetwise book logoStreetwise Ownership Overview*

NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE)

Restructures
Date Old Symbol Old Shares New Symbol New Shares
07/10/24 TML 4 NEXG 1
08/11/20 TML 3 TML 1
*Share Structure as of 5/13/2026

The presentation also stated that NexGold plans to commence procurement for long-lead equipment, finalize project financing arrangements, and initiate an early works construction program in the second half of 2026. Additional exploration plans include detailed close-spaced infill drilling intended to define potential near-surface mineral resources and efforts to identify additional deposits and mineral resources. 

Goldboro has all major provincial and federal permits required to advance toward a construction decision/  The project includes a 30,500-hectare land package with mineralization traced for more than 3.4 kilometers of strike length.

Ownership and Share Structure1

Management and insiders own 2% of NexGold. Institutions and strategic investors, including Frank Giustra, who holds 5%, collectively own 66% of the company's shares.

As of May 13, NexGold has 247.8 million shares issued and outstanding, with a market cap of CA$398.95 million.


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Important Disclosures:

  1. NexGold is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. 
  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.
  3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
  4. 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. 

For additional disclosures, please click here.

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.





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