40,000-Meter Drill Expansion Headlines Busy Summer at Fully Permitted Canadian 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) provided a monthly update on development activities completed during June 2026 at its 100%-owned, fully permitted Goldboro Gold Project in Nova Scotia. According to the company, work continued across multiple project development initiatives, including an updated Mineral Resource Estimate intended to support an updated Feasibility Study, mine planning, procurement, engineering, early earthworks, recruitment, community engagement, and exploration activities.

"Ensuring that Goldboro is prudently de-risked and positioned for long-term success through a disciplined approach continues to be a top priority for NexGold," President, CEO, and Director Kevin Bullock said in a company news release.

The company said work on the updated Feasibility Study continued during June, including completion of the open-pit Mineral Resource Estimate, while the underground Mineral Resource Estimate remained in progress. The study incorporated approximately 58,008 meters of diamond drill core from 329 drill holes completed since the previous Mineral Resource Estimate. NexGold also advanced revised capital and operating cost estimates, project execution planning, project scheduling, mine plan development, and preparation of technical report chapters. Additional completed work included process design updates, traffic impact studies, geophysical and resistivity reports, evaluation of electrical equipment and construction contract quotations, and tailings management facility and waste rock modeling. The company currently anticipates completion of the updated Feasibility Study by the end of the third quarter of 2026.

Engineering activities included advancing detailed engineering for proposed early earthworks, employee accommodations, the process plant and non-process infrastructure areas, preparing documentation for potential early equipment procurement packages, and submitting the overall power system model to the Nova Scotia Independent Energy System Operator. NexGold said early earthworks activities could commence as early as September 2026, subject to approvals, financing, contracting, and other customary conditions.

Procurement work included receiving proposals for the proposed early earthworks contract and two site services contracts, progressing development of seven additional site services request for proposal packages expected to be issued in the coming months, and issuing requests for proposals for outdoor substation and power transformer procurement packages.

Community engagement activities included hosting a contractor information session in Antigonish for businesses interested in potential project opportunities, attending the 139th Annual Mining Society of Nova Scotia AGM and Conference, distributing more than US$7,500 through the Community Grant Program to local initiatives, presenting potential project opportunities to a Chief and Council, and providing a project update during the Strait of Canso Superport Days event. The company also held a meeting with the Wellness Advisory Group, a council of female Mi'kmaw leaders established to advise NexGold on Indigenous-focused wellness measures during project development and operation.

The company said it advanced work to satisfy pre-construction permit conditions and commenced construction on two fish habitat compensation projects at Sutherland's Brook and the Pomquet River.

Exploration activities also continued during the period. NexGold reported positive initial results from its reverse circulation infill drill program and expanded the program from approximately 30,000 meters to 40,000 meters. Results announced on June 25 and July 9 covered a combined 154 drill holes totaling 6,685 meters and included intercepts of up to 61.22 g/t gold over 12.0 meters, 5.85 g/t gold over 13.0 meters, 12.06 g/t gold over 6.0 meters, and 3.84 g/t gold over 18.0 meters. As of July 9, the expanded program was approximately 62% complete. The company also reported that its FALCON airborne gravity gradiometer survey had been completed, while its VTEM airborne survey was 95% complete and anticipated to finish by the end of July.

NexGold said it continued expanding its workforce, strengthening its Owner's Project Team with additional personnel supporting technical evaluations, project planning, health and safety, and project oversight while continuing recruitment and community engagement initiatives.

"We are pleased with the progress being made across these workstreams and continue to advance development activities at Goldboro in accordance with our current plans," Bullock said. "Subject to the results of ongoing technical, permitting, financial, and other evaluations, the Company is working toward a potential construction decision, which is currently targeted for this year."

Gold Market Builds on Strong Price Momentum

Gold prices continued trading above the US$4,100-per-ounce level on July 22, with spot gold quoted at US$4,128.95 per ounce, up US$44.02, or 1.08%, during early morning trading. Silver traded at US$60.16 per ounce, while platinum reached US$1,664.20 and palladium traded at US$1,327.81, reflecting continued strength across precious metals.

Writing on July 20, Jeffrey Neal Johnson of MarketBeat said physical gold had "established a floor near US$4,000 an ounce amid sustained central bank accumulation and escalating geopolitical friction," while noting that global central banks had continued accumulating bullion. Johnson also wrote that earlier increases in diesel prices had raised operating costs for mining operations because "diesel fuel accounts for roughly 15% to 20% of cash expenses" at open-pit mines. He added that Chinese regulators were requiring major financial institutions to halt retail paper gold trading linked to the Shanghai Gold Exchange by July 24, describing the move as one that would "strip away paper-market volatility and establish a concrete physical demand floor."

Johnson wrote that the recent divergence between physical gold prices and gold mining equities had left "the underlying commodity...performing exceptionally well, but the businesses extracting it...being priced" differently, highlighting the disconnect between bullion prices and mining shares.

According to a July 21 Bloomberg report, bullion extended recent gains despite renewed geopolitical tensions in the Middle East. Gold rose as much as 1.6% to more than US$4,140 per ounce after advancing 1.7% in the previous session, while silver approached US$60 per ounce. Justin Lin, an analyst at Global X ETFs, said, "It seems like buyers have successfully held US$4,000 and selling pressure has faded." Bloomberg also reported that exchange-traded funds had seen fresh inflows into gold, while weekly Commodity Futures Trading Commission data showed money managers increased bullish gold positions by 4,293 net-long contracts to 119,147. The report added that traders had weighed higher energy prices against softer U.S. economic data as they assessed the outlook for interest rates.

Analysts Maintained Positive Ratings as Goldboro Advanced

Research coverage remained constructive through the first half of 2026, with analysts maintaining Buy ratings and target prices while pointing to continued development at the Goldboro Gold Project.

On March 26, National Bank Financial analyst Alex Terentiew reiterated a Buy rating with a CA$6.00 target price. Later, on June 26, Red Cloud Securities analyst Ron Stewart reaffirmed a Buy (Speculative) rating and maintained a CA$4.30 target price following NexGold's release of initial reverse circulation drilling results from Goldboro.

Stewart wrote that results from 82 drill holes totaling 3,265 meters confirmed the grade and thickness previously identified through diamond drilling. He identified an intercept of 61.22 g/t gold over 12.0 meters as the strongest result and said the drilling "materially de-risk[s] initial mining" at Goldboro. He also noted that while the results were not expected to be incorporated into the updated feasibility study anticipated during the third quarter, they were expected to play "a pivotal role in the final investment decision later this year."

According to Stewart, the close-spaced drilling, completed on spacing of up to 12.5 meters, provided more detailed geological and mineralization data from the western portion of the deposit, which is planned as the initial mining area. He reported the program returned an average gold grade of 2.06 g/t and a weighted average gold grade of 2.13 g/t, adding that the information should support future resource updates beyond the feasibility study and be "pivotal for converting 484k oz Au of inferred resources to the measured category."

Stewart also outlined several development activities planned for the remainder of 2026, including completion of an updated mineral resource estimate and feasibility study for Goldboro, project financing activities, a final investment decision, and the start of an early works construction program during the second half of the year.

Beyond Goldboro, Stewart highlighted a planned 25,000-meter infill drilling program at the Goldlund deposit within the Goliath Gold Complex project, additional exploration across the broader property package, and environmental baseline and technical studies intended to support permitting efforts with First Nation communities and other stakeholders.

Development Milestones Continue Across Goldboro

In the company's June 2026 corporate presentation, the company also outlined plans to build organizational capacity with its internal team and project partners, finalize contracting and procurement strategies together with detailed schedule development, advance detailed engineering to support construction requirements and timing, commence procurement for long-lead equipment, finalize project financing arrangements and make a final investment and construction decision, and initiate an early works construction program during the second half of 2026.

The presentation also outlined exploration activities, including detailed, close-spaced infill drilling to define potential near-surface mineral resources and exploration intended to identify additional deposits and mineral resources.

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 June 2026, NexGold has 255.04 million shares issued and outstanding, with a market cap of CA$316.25 million.

FAQ

What is NexGold Mining's Goldboro Gold Project?
The Goldboro Gold Project is NexGold Mining's 100%-owned, fully permitted gold project in Nova Scotia. During June 2026, the company continued advancing development work, including an updated feasibility study, engineering, procurement, exploration, community engagement, and permitting activities.

What work is included in NexGold's updated Goldboro feasibility study?
According to the company, the updated feasibility study includes an updated Mineral Resource Estimate, revised capital and operating cost estimates, mine planning, process design updates, project scheduling, tailings management work, traffic studies, and preparation of technical report chapters. The company anticipated completing the study by the end of the third quarter of 2026.

What were the latest drilling results from the Goldboro Gold Project reverse circulation infill drill program?
NexGold reported results from a combined 154 reverse circulation drill holes totaling 6,685 meters. The company said significant intercepts included 61.22 g/t gold over 12.0 meters, 5.85 g/t gold over 13.0 meters, 12.06 g/t gold over 6.0 meters, and 3.84 g/t gold over 18.0 meters.

Why did NexGold expand its Goldboro drilling program?
According to the company, it expanded the reverse circulation infill drill program from approximately 30,000 meters to 40,000 meters following initial drilling success and the potential to further enhance confidence in near-surface mineralization.

When could construction begin at the Goldboro Gold Project?
NexGold said early earthworks activities could begin as early as September 2026, subject to required approvals, financing, contracting and other customary conditions. The company also said it was working toward a potential construction decision this year, subject to ongoing technical, permitting, financial and other evaluations.

What is NexGold Mining's TSX Venture Exchange ticker symbol?
NexGold Mining trades on the TSX Venture Exchange under the symbol NEXG and on the OTCQX under the symbol NXGCF.