NexGold Reports Q2 Results as Goldboro Construction Decision Nears

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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 financial and operating results for the three and six months ended June 30, 2026, with work during the second quarter focused on the Goldboro Gold Project and Goliath Gold Complex.

As of June 30, NexGold had cash and short-term investments of CA$101.1 million, compared with CA$104.5 million at March 31. The company reported a net loss of CA$16.0 million, or CA$0.06 per share, for the three months ended June 30, compared with a net loss of CA$11.4 million, or CA$0.05 per share, for the three months ended March 31. The company attributed the increase primarily to exploration expenditures and project development activities.

At Goldboro, NexGold continued to advance work on an updated Feasibility Study, including completion of an updated open-pit Mineral Resource Estimate, progression of capital and operating cost estimates, and technical, engineering, and risk assessment activities. The company also expanded its Owner's Project Team, completed wireframes and block models, commenced mine plan development, continued engagement with Nova Scotia Power regarding long-term power supply options, and completed geotechnical investigation drilling.

Project work also included requests for proposal for an early earthworks contract and employee accommodation facility, preliminary procurement packages for mechanical and electrical equipment, procurement activities for selected long-lead equipment, and development of preliminary project execution materials.

NexGold commenced a 30,000-meter reverse circulation infill drill program at Goldboro during the quarter, targeting areas contemplated in the initial years of the current mine plan that are accessible by drill rig. Selected results included 61.22 g/t gold over 12.0 meters in RC-26-073, 5.85 g/t gold over 13.0 meters in RC-26-037, and 3.82 g/t gold over 13.0 meters in RC-26-060. Subsequent to quarter-end, the program was expanded to approximately 40,000 meters.

The company also completed two geophysical surveys at Goldboro, consisting of a 2,496 line-kilometer airborne Versatile Time Domain Electromagnetic survey and a 2,656-line-kilometer FALCON fixed-wing airborne gravity gradiometer survey covering 32,007 hectares. Interpretation of the survey data remains ongoing.

At the Goliath Gold Complex, NexGold continued its 25,000-meter infill and expansion drilling program focused on the Goldlund Deposit. During the second quarter, 9,173 meters were completed in 23 drill holes, bringing the program total to 21,986 meters. Selected results included 15.21 g/t gold over 20.1 meters in GL-26-007, 5.11 g/t gold over 21.8 meters in GL-26-014, and 4.51 g/t gold over 21.9 meters in GL-26-012.

"NexGold was very active in the second quarter of 2026, with a strong focus on the continued execution, advancement, and strengthening of its two cornerstone development projects," President, CEO, and Director Kevin Bullock said.

The company also continued implementing its Benefits Agreement with the Assembly of Nova Scotia Mi'kmaw Chiefs and Community Benefits Agreement with the Municipality of the District of Guysborough regarding Goldboro. NexGold entered into a Memorandum of Understanding 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.

Gold remained above US$4,300 per ounce in mid-August as the precious metal sector continued to respond to changing interest-rate expectations, central-bank demand, and broader economic conditions.

According to an August 12 report from CNBC, gold had recorded its strongest weekly performance since January after experiencing substantial price swings earlier in 2026. Joe Cavatoni, senior market strategist at the World Gold Council, attributed the rebound partly to changing expectations surrounding interest rates and the economy. "Gold's recent rebound appears to be driven more by changing expectations around interest rates and the economy than by fear alone," Cavatoni said.

Cavatoni also described gold's role as extending beyond demand during periods of market stress. "I wouldn't view gold simply as a safe-haven asset. Many investors are using it as a wealth preservation tool and to help diversify portfolios amid ongoing uncertainty about growth and policy," he said.

The CNBC report also pointed to continued central-bank purchases. Patrick Kennedy, founder and managing partner of AllSource Investment Management, said, "Central banks never stopped buying." He reported that the People's Bank of China added 19.9 tons of gold in July, its largest monthly purchase since October 2023 and its 21st consecutive month of accumulation.

CNBC also reported increased interest in gold mining equities. Independent trader and author Vince Stanzione said, "Many quality mining stocks are trading on single-digit forward P/Es and paying great dividends." The report noted that miner-focused investments could experience larger movements than bullion because changes in the gold price could have an amplified effect when mining costs remained steady.

Yahoo Finance reported on August 13 that gold had gained approximately 6.3% over the preceding month. The metal remained roughly 22% below its January 28 record of US$5,602 per ounce after falling nearly 30% from that level to its June 30 low.

Exante global head of research Renée Friedman said the rebound had been supported by changing expectations for U.S. monetary policy. "Gold's recent rebound has been driven by fading expectations of further Fed tightening following weaker US labor market data," Friedman said. She added, "Central banks are likely to continue diversifying reserves away from US Treasuries, supporting longer-term demand for gold. Geopolitical uncertainty and sanctions risks continue to reinforce safe-haven demand for gold."

Gold's spot price stood at US$4,329.39 per ounce as of 9:32 p.m. EDT on August 13, according to JM Bullion. The source stated that the spot price "can fluctuate by the second, driven by investment supply and demand, and other factors."

Analyst coverage of NexGold remained favorable during the first half of 2026, with National Bank Financial and Red Cloud Securities maintaining Buy ratings as the company continued work at the Goldboro Gold Project.

National Bank Financial analyst Alex Terentiew reiterated a Buy rating on March 26 and maintained a C$6.00 target price. Red Cloud Securities analyst Ron Stewart followed on June 26 by reaffirming a Buy (Speculative) rating with a C$4.30 target after NexGold reported initial results from its reverse circulation drilling program at Goldboro.

Stewart said the first 82 holes, totaling 3,265 meters, supported the grade and thickness previously established through diamond drilling. He pointed to 61.22 g/t gold over 12.0 meters as the strongest intercept in the release and wrote that the results "materially de-risk[s] initial mining" at the project.

He also said the reverse circulation results were not expected to be included in the updated feasibility study. However, Stewart wrote that the drilling was expected to play "a pivotal role in the final investment decision later this year."

The close-spaced program was completed on a spacing of up to 12.5 meters and generated additional geological and mineralization information from the western portion of Goldboro, which Stewart identified as the area planned for initial mining. He reported an average gold grade of 2.06 g/t across the program and a weighted average grade of 2.13 g/t.

Stewart said the drilling data should also contribute to resource work following completion of the feasibility study. He described the information as "pivotal for converting 484k oz Au of inferred resources to the measured category."

His June report also identified several Goldboro activities expected during the balance of 2026. These included completion of an updated mineral resource estimate and feasibility study, work on project financing, a final investment decision, and commencement of an early works construction program during the second half of the year.

Stewart also addressed ongoing work at the Goliath Gold Complex. He cited the planned 25,000-meter infill drilling program at the Goldlund deposit, additional exploration across the wider property package, and environmental baseline and technical studies intended to support permitting work with First Nations communities and other stakeholders.

2026 Work Programs Set Out Next Project Steps

NexGold's August 2026 corporate presentation identifies several additional 2026 work streams at Goldboro. The company plans to update the Mineral Resource Estimate following recently completed infill drilling and update the Feasibility Study, including operating cost, capital expenditure, and gold price assumptions.

Project execution plans include building organizational capacity through the internal team and project partners, finalizing contracting and procurement strategies, and developing a detailed schedule. NexGold also plans to advance detailed engineering to support construction requirements and timing and commence procurement for long-lead equipment.

The presentation states that NexGold plans to finalize project financing arrangements and make a final investment and construction decision for Goldboro. It also identifies an early works construction program for the second half of 2026. Exploration plans call for detailed, close-spaced infill drilling to define potential near-surface Mineral Resources and work directed at discovering additional deposits and mineral resources.

The presentation also states that Goldboro has all the necessary provincial and federal permits required to advance to a construction decision. Mineralization has been traced for more than 3.4 kilometers of strike, and the deepest hole cited in the presentation was drilled to 550 meters depth. The company identified four high-priority growth targets named Stewart, Fowler, Armstrong, and Hurricane following analysis of historical data and recently completed airborne and ground geophysical surveys.

At the Goliath Gold Complex, NexGold's 2026 plans include the 25,000-meter infill drill program at Goldlund to improve mineral resource definition at depth and expand open-pit mineral resources. The company also plans additional exploration across the property package directed at discovering and growing mineral resources.

Work at Goliath also includes environmental baseline and technical studies to support permitting in collaboration with First Nations communities and local stakeholders. NexGold is evaluating several potential project plans and configurations for the complex.

The presentation lists Goldboro's construction decision as expected in 2026 and identifies the project's Feasibility Study update, Mineral Resource Estimate update, close-spaced infill drilling, planning, detailed engineering, procurement, and early works construction among its 2026 priorities. For Goliath, the presentation identifies project optimization, exploration, and drilling to better define and grow mineral resources, and environmental studies and permitting.

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 August 13, 2026, NexGold has approximately 255.04 million shares issued and outstanding, with a market cap of CA$336.65 million.

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