Nova Scotia Gold Project Starts Early Works Ahead of Q4 2026 Construction Decision

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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 had commenced site preparation and early works construction activities at its Goldboro Gold Project in Nova Scotia. A significant milestone for Goldboro, according to the company, the activities are intended to de-risk the potential commencement of full-scale construction, which, subject to approval by the company's Board of Directors, is currently targeted to begin in Q1 2027. The Board's final construction decision is currently anticipated to be considered during Q4 2026.

The early works are primarily focused on establishing environmental controls and maintaining traditional community recreational access to areas during the planned construction period following a final construction decision. Work includes construction of elements of a public-access bypass road, including culvert installation at water crossings, installation of sediment and erosion control infrastructure, and tree clearing for the Employee Accommodations Facility pad, till and organics stockpiles, sedimentation ponds, and construction management facilities area. Site services contractors are also being mobilized to support construction activities.

NexGold engaged the Mi'kma'ki-Municipal Limited Partnership to execute the site preparation and early works. The partnership is majority Indigenous-owned and consists of Municipal Enterprises Limited (a subsidiary within the Municipal Group of Companies, and an affiliate of Dexter Construction Company Limited)  and the 13 Mi'kmaw First Nations communities of Nova Scotia, represented by Wskijnu'k Mtmo'taqnuow Agency Limited.

"Commencing early works construction activities at Goldboro is a significant milestone for the Project and reflects the culmination of years of planning and development," President, CEO, and Director Kevin Bullock said in the news release. "We are also proud of our work with the Mi'kma'ki-Municipal Limited Partnership, which demonstrates our ongoing commitment to sustainable development, collaboration with the Mi'kmaq people of Nova Scotia, and investment in local communities."

Bullock said mine planning, engineering, procurement, community engagement, and recruitment activities remained ongoing while the company deployed capital toward activities designed to further de-risk Goldboro ahead of a potential construction decision.

NexGold said construction and commissioning of Goldboro are expected to take approximately 26 months. The project is expected to have an 11-year open-pit mine life and average gold production of approximately 100,000 ounces per year. Those estimates were derived from the company's January 11, 2022, NI 43-101 Technical Report and Feasibility Study and may be revised as a result of the updated Feasibility Study currently being finalized.

The project is also expected to create more than 300 on-site construction jobs, more than 200 full-time on-site operational positions, and more than 500 spin-off jobs annually during operations, according to estimates from the existing Feasibility Study.

Goldboro's Next Steps Take Shape

NexGold's September 2026 corporate presentation outlined a series of Goldboro milestones for 2026 spanning technical reports, project execution, and exploration. The presentation listed an updated Mineral Resource Estimate based in part on recently completed infill drilling and an updated Feasibility Study that includes operating costs, capital expenditures, and gold price assumptions.

The company said in its September 17 news release that it was finalizing the updated Feasibility Study to support a potential construction decision, with both the study and potential decision currently anticipated in Q4 2026.

Project execution plans outlined in the company's 2026 corporate presentations also included building organizational capacity through the internal team and project partners, finalizing contracting and procurement strategies, developing a detailed schedule, and advancing detailed engineering to support construction requirements and timing, all of which are currently underway. NexGold has also commenced procurement for long-lead equipment. The September news release said detailed engineering activities were continuing to support early construction contracts, procurement of long-lead equipment, and project execution planning initiatives.

The early works program was identified in the company's 2026 development plans as an H2 2026 initiative intended to de-risk and enable a full construction ramp-up. The September 17 announcement marked the commencement of those activities, including road, environmental control, clearing, and contractor mobilization work.

Exploration remained another work stream in the 2026 development plans. NexGold planned detailed, close-spaced infill drilling to define potential near-surface Mineral Resources and work aimed at discovering additional deposits and mineral resources.

The presentation also described an approximately 4,000-line-kilometer airborne magnetic and very low frequency electromagnetic survey. It said the survey indicated numerous geophysical anomalies associated with the Goldboro and Lower Seal Harbour trends, representing a combined 51 kilometers of strike potential. Preliminary analysis of historical data and recently completed airborne and ground geophysical surveys identified four initial high-priority growth targets named Stewart, Fowler, Armstrong, and Hurricane. NexGold had initiated geological mapping and prospecting to further refine and test new targets and develop detailed exploration plans to ultimately drill test the highest-priority targets.

Ownership and Share Structure¹

NexGold Mining Corp. has a market cap of CA$390 million, with 256.5 million shares outstanding. The company's 52-week range is CA$0.77-CA$2.40.

Institutions own 66% of shares, while management & insiders own 2%. The remaining 32% of shares are retail. 

FAQs

What is NexGold Mining Corp., and what are its main gold projects?
NexGold Mining Corp. is a Canadian mining company focused on developing its two cornerstone gold assets in Canada: the Goldboro Gold Project in Nova Scotia and the Goliath Gold Complex in Northwestern Ontario.

What is happening at NexGold's Goldboro Gold Project in Nova Scotia?
NexGold commenced site preparation and early works construction activities at its fully permitted Goldboro Gold Project, including work on a public-access bypass road, sediment and erosion control infrastructure, tree clearing, and mobilization of site services contractors.

When could full-scale construction begin at the Goldboro Gold Project?
Full-scale construction is currently targeted to begin in Q1 2027 if approved by NexGold's Board of Directors. The Board's final construction decision is currently anticipated to be considered during Q4 2026.

When is NexGold's updated Goldboro Feasibility Study expected?
NexGold is finalizing an updated Feasibility Study for Goldboro and currently anticipates its completion in the fourth quarter of 2026, alongside the potential construction decision.

How much gold could the Goldboro Gold Project produce?
Based on the company's existing NI 43-101 Technical Report and Feasibility Study, Goldboro was expected to average approximately 100,000 ounces of gold production per year. Those estimates may be revised by the updated Feasibility Study.

How long is the expected Goldboro mine life?
The existing Feasibility Study estimates an approximately 11-year open-pit mine life. Construction and commissioning were expected to take approximately 26 months. Those estimates may be revised by the updated Feasibility Study.

What early works construction is NexGold completing at Goldboro?
Activities include elements of a public-access bypass road, culvert installation at water crossings, sediment and erosion control infrastructure, tree clearing for several project facilities, and mobilization of site services contractors.

What other work is NexGold advancing before a Goldboro construction decision?
NexGold said mine planning, engineering, procurement, community engagement, and recruitment remained ongoing. The company was also advancing detailed engineering for early construction contracts, procurement of long-lead equipment, and project execution planning.

What exploration work is planned at the Goldboro Gold Project?
NexGold's 2026 plans included detailed, close-spaced infill drilling to define potential near-surface Mineral Resources and work aimed at discovering additional deposits and mineral resources. Its exploration program had also identified the Stewart, Fowler, Armstrong, and Hurricane targets.

What analyst ratings and price targets have been reported for NexGold stock?
National Bank Financial analyst Alex Terentiew reiterated a "Buy" rating and maintained a CA$5.50 target price. Red Cloud analyst Ron Stewart reiterated a "Buy" rating in a June 26 report and maintained a CA$4.30 target price.