New Agreement Marks Milestone for Ontario Gold Project

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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 that it has signed a Memorandum of Understanding (MOU) with Eagle Lake First Nation and Lac Seul First Nation, establishing a framework for ongoing collaboration, relationship-building, and negotiation related to the Goliath Gold Complex near Dryden, Ontario.

According to the company, the MOU reflects a commitment by all parties to increase collaboration as the project advances through environmental permitting, project planning, development and potential future operations.

The agreement establishes a process for discussions regarding environmental stewardship, monitoring, community engagement, training and employment, business and contracting opportunities, and the incorporation of Traditional Knowledge and Anishinaabe laws and perspectives into project planning and development.

NexGold said the MOU also creates a framework for potential future negotiations of an Impact Benefit Agreement, as well as discussions related to Nations-led environmental assessment and independent monitoring initiatives intended to support community participation in project oversight and long-term stewardship.

"This agreement marks an important step in building a respectful, constructive relationship with Eagle Lake First Nation and Lac Seul First Nation, while reinforcing our broader commitment to partnering with First Nations," Kevin Bullock, President and CEO of NexGold, stated. "We are dedicated to working collaboratively throughout the Project's lifecycle, listening, sharing knowledge, and learning from one another to strengthen the Project and deliver lasting benefits that respect environmental and community priorities."

Chief Wabange of Eagle Lake First Nation said the agreement provides a framework to ensure the Nation's laws, perspectives and interests are meaningfully considered as project discussions continue.

"This agreement creates a pathway for continued discussions and helps ensure our perspectives, values, and priorities are part of the process as the Project advances and important decisions are made," Chief Wabange said. "Most importantly it ensures our Nation's traditional laws and protocols will be respected."

Chief Bull of Lac Seul First Nation said the MOU reflects a shared commitment to responsible development and lasting benefits for future generations.

"This agreement represents an important step toward building a relationship grounded in opportunity and accountability, and the incorporation of Anishinaabe law," Chief Bull said. "We remain committed to protecting our lands, waters, and way of life while exploring opportunities that may provide sustainable economic benefits for our community."

The company said ongoing discussions between the parties are expected to continue throughout the next phases of project assessment and development.

Gold Markets Remain Shaped by Central Bank Buying and Macro Forces

According to a June 13 Bloomberg report, gold and gold mining equities experienced significant volatility as investors reacted to geopolitical developments, inflation expectations, and shifts in broader market sentiment. Bloomberg reported that a NYSE gauge of gold miners had fallen 31% since the end of February, even as the S&P 500 Index gained 8% over the same period.

Brian Laks, chief investment officer at Old West Investment Management, told Bloomberg that "Gold's not the same trade that it was 10 years ago," as some investors adjusted their exposure to the sector amid heightened volatility. Bloomberg also reported that gold mining shares had reacted sharply to developments surrounding the conflict in Iran, falling on news of escalating tensions and rebounding when reports suggested progress toward peace negotiations.

The publication noted that gold stocks had been influenced by rising energy prices and concerns about inflation, both of which affected expectations for interest rates and operating costs. Chris Mancini, associate portfolio manager of the Gabelli Gold Fund, said gold was being used "more as an instrument for speculators to bet on short-term moves in interest rates." He added that "investors are pretty much frozen and waiting to see how this all plays out."

Bloomberg also reported that, despite recent volatility, the gold sector had delivered substantial gains during the previous year. The publication wrote that gold rose 65% in 2025 while an NYSE index tracking gold miners climbed 155%, which Bloomberg described as the largest annual increase on record for the index. The report stated that the rally had been supported by a weaker U.S. dollar and increased demand from central banks.

Matthew Piepenburg wrote on June 15 that the debate surrounding gold is increasingly centered on broader questions about the future of global currencies and monetary systems. He stated that, for some investors, gold was viewed as "real and honest money" and argued that long-term interest in the metal reflected concerns about currency debasement and sovereign debt levels.

Piepenburg also pointed to central bank activity, writing that "since that watershed moment, central bank gold purchasing has increased by 5X" and that "today, central banks now hold more physical gold than USTs." He said the trend reflected a growing focus on physical gold ownership among monetary authorities and international institutions.

In a commentary published June 16, Stewart Thomson discussed technical indicators and investor sentiment in the precious metals market following a sharp move in the gold price. Thomson wrote that gold had moved into a "massive buy zone of US$4100-$4000" while a key sentiment index reached extremely oversold levels.

Thomson stated that "a massive surge in the price of gold" followed the improvement in market sentiment and noted that technical indicators had turned positive. He also wrote that silver remained closely linked to movements in gold, describing it as "leveraged gold."

Regarding mining equities, Thomson said that "all lights are green" for gold stocks based on his reading of technical indicators and chart patterns. He added that oversold conditions in certain mining-stock indicators historically had been followed by substantial rallies in both senior and junior mining companies.

Taken together, the commentary reflected a gold sector influenced by monetary policy expectations, geopolitical developments, central bank purchasing activity, investor sentiment, and commodity price movements. The sources described ongoing interest in physical gold and gold mining equities while also noting the volatility that had characterized the sector during recent months.

Analysts Maintain Positive Ratings

Analyst coverage remained positive during the first quarter. On February 27, Red Cloud Securities analyst Ron Stewart reiterated a Buy rating on the company and maintained a CA$4.20 target price.

National Bank Financial analyst Alex Terentiew followed on March 26, reiterating a Buy rating with a CA$6.00 target price. 

Goliath Advancement Activities Outlined for 2026

In its June 2026 corporate presentation, NexGold outlined several activities planned for the Goliath Gold Complex during 2026.

The company said it intends to carry out a 25,000-meter infill drill program at the Goldlund deposit to improve mineral resource definition at depth and expand open-pit mineral resources. Additional exploration is also planned across the broader property package with the objective of discovering and growing mineral resources.

NexGold also stated that environmental baseline and technical studies are continuing to support permitting activities in collaboration with First Nations communities and local stakeholders.

Additionally, the company reported that it is evaluating several potential project plans and configurations as part of efforts to optimize and advance the Goliath Gold Complex.

According to the presentation, the Goliath Gold Complex is located near Dryden, Ontario, and includes the Goliath, Goldlund, and Miller deposits within a 330-square-kilometer land package. NexGold reported that the project has a federal environmental assessment approval received in 2019 and contains measured and indicated mineral resources totaling 2.14 million ounces of gold.

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.