Gold Intercepts Stretch Deep as Ontario Drill Program Passes 75% Completion

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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) reported additional results from its ongoing diamond drilling program at the Goliath Gold Complex in northwestern Ontario, which includes the Goliath, Goldlund, and Miller deposits. The current drilling campaign is focused on infilling and potentially expanding open-pit Mineral Resources at the Goldlund Deposit.

According to the company, approximately 19,000 meters of the planned 25,000-meter program has been completed. The results announced covered 5,816 meters of drilling from 14 drill holes, identified as GL-26-006 through GL-26-008 and GL-26-010 through GL-26-019B. These holes targeted Zone 4 mineralization from near the center to the northeastern portion of the open-pit Mineral Resource area.

Among the highlighted intercepts, drill hole GL-26-007 returned 15.21 g/t gold over 20.1 meters, including 497.00 g/t gold over 0.5 meter and 50.10 g/t gold over 1.0 meter. Drill hole GL-26-014 returned 5.11 g/t gold over 21.8 meters, including 159.00 g/t gold over 0.5 meter and 13.40 g/t gold over 0.6 meter. Additional reported intervals included 4.51 g/t gold over 21.9 meters in drill hole GL-26-012, 2.12 g/t gold over 16.0 meters in drill hole GL-26-016, and 1.34 g/t gold over 30.0 meters in drill hole GL-26-011.

The company stated that the new drill results were located in the same general Zone 4 area where previous drill intersections were reported on February 2, 2026, including 3.31 g/t gold over 20.0 meters in drill hole GL-25-003 and 7.59 g/t gold over 9.0 meters in drill hole GL-25-002.

Kevin Bullock, President and CEO of NexGold, said in a company news release: "Our infill drilling program at the Goliath Gold Complex (Goldlund Deposit) continues to deliver positive results, supporting the interpretation of mineralized continuity within Zone 4, including at depths approaching the base of the current open pit Mineral Resource."

Bullock added: "The drill program is ongoing, with more than 75% of the planned work completed, and we look forward to updating the market with additional results."

The company said mineralization at Goldlund is generally characterized by quartz stockwork veining within sub-vertical granodiorite sills. Zone 4 includes broad intervals of mineralized intermediate-mafic volcanic rocks with multiple porphyry and granodiorite intrusions. NexGold stated that the results, together with previously reported drilling, are expected to contribute to ongoing refinement of the geological model and may support future evaluation of Mineral Resource classification, subject to additional drilling, data verification, and completion of further technical studies.

Debt, Monetary Trends, and Gold Market Positioning

According to a May 17 commentary from Dominic Frisby, perceptions around gold within mainstream financial discussions appeared to be changing. Frisby wrote that gold investors and "hard money obsessives" had historically been viewed as "harmless eccentrics" or "outright lunatics" by parts of the financial press, despite both gold and bitcoin reaching new highs. He highlighted a shift in tone after citing a review stating that "Gold still matters a lot." Frisby wrote that moving from descriptions such as a "barbarous relic" to broader acceptance represented "a significant development."

Stewart Thomson wrote on May 19 that commodity markets remained tied to broader structural economic themes. Thomson stated that a "40-year commodities, inflation, and interest rate super cycle began in 2020" and argued that it was driven by "a major mismatch of demand and supply." Referencing comments by Jeff Currie, Thomson wrote that long-term market pressures stemmed from "a combination of outrageous global government debt and the rise from poverty of billions of Asian and African citizens."

In the same report, Thomson discussed gold's role during periods of economic stress and debt concerns. He wrote that "There’s a breaking point where money managers no longer sell gold because it pays no interest in the West... and they begin buying gold because they realize global governments are losing the ability to pay what they owe." Thomson also stated that "What lies ahead is basically the 1970s on steroids, but as noted, patience is required and... patience is golden!"

Additional commentary on May 19 focused on monetary conditions and debt markets. According to Matthew Piepenburg of Von Greyerz, "Global yields are rising because global trust in over-indebted IOUs is tanking at a dangerous pace." Piepenburg argued that rising borrowing costs and debt burdens were affecting currency markets and wrote that "This trend of fiat currency destruction explains the unprecedented, exponential rise in gold prices in recent years."

Piepenburg also addressed gold's market behavior during periods of geopolitical uncertainty. While discussing early-year price movements, he stated that gold, as "the most valuable and liquid asset in times of crisis," had been "signaling its growing prominence in a changing monetary system."

Development and Exploration Activities Continue Across Goliath

According to NexGold's May 2026 investor presentation, the company outlined additional activities underway at the Goliath Gold Complex as part of its 2026 development plans.

The company stated it is conducting a 25,000-meter infill drilling program at Goldlund designed to improve mineral resource definition at depth and expand open-pit mineral resources. NexGold also outlined additional exploration intended to discover and grow mineral resources across the broader property package. 

The investor presentation stated that environmental baseline and technical studies are being completed to support permitting efforts in collaboration with First Nations communities and local stakeholders. The company also noted it is evaluating several potential project plans and configurations as part of efforts to advance and de-risk the Goliath Gold Complex.

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 8, NexGold has 247.8 million shares issued and outstanding, with a market cap of CA$354.35 million.