Two Metals, One Junior: NevGold Delivers 99% Gold Recovery, 1.11% Antimony Intercepts, and a C$42.2M Upsized Financing in Three Weeks

The most recent news release (April 23, 2026) announces two primary developments for NevGold Corp.: a significant upsizing of its brokered private placement financing and positive technical results from drilling and metallurgical testwork. - Financing: The company has upsized its previously announced C$25 million private placement to C$42,225,497. This consists of 22,226,946 common shares issued at C$1.90 per share. Notably, this financing structure does not include warrants, unlike previous financings in May and November 2025. Closing is expected on or about May 12, 2026. - Drilling: At the Limousine Butte project (Resurrection Ridge), drilling returned 1.93 g/t gold equivalent over 100.6 meters from surface, including a high-grade intercept of 1.11% antimony over 6.1 meters. Sonic drilling on historical crushed leach pads confirmed consistent grades exceeding Phase I averages (e.g., 0.34% Sb with 0.41 g/t Au over 12.5 meters). - Metallurgy: Phase II testwork confirmed up to 99% gold recovery from cyanide shake tests on residual leach pad material after antimony extraction, with average recoveries exceeding 93%. Antimony extraction ranged from 54% to 92%. This confirms a sequential processing flowsheet. - Timeline: The company targets a maiden antimony-gold Mineral Resource Estimate (MRE) in Q2 2026 and near-term production by 2027 via reprocessing of historical leach pads.

The news is assessed as Material - Positive. While the drilling results were anticipated following a consistent stream of positive updates since late 2025, the financing upsizing from C$25M to C$42.2M represents unexpected institutional demand and significantly extends the company's runway without warrant dilution. - Financing Upsize: Increasing the raise by ~69% (C$17.2M additional) demonstrates strong bookrunner confidence (Clarus Securities) and investor appetite at a price ($1.90) that is below the current trading range (~$2.10-$2.16). The absence of warrants in this specific tranche reduces future equity dilution risk compared to previous rounds. - Metallurgical Validation: Confirming 99% gold recovery after antimony extraction materially de-risks the economic model for the historical leach pads. This validates the "near-term production" thesis (2027) which relies on processing existing waste rather than new mining, lowering capex requirements. - Drill Consistency: The Resurrection Ridge intercepts and leach pad sonic results confirm the geological model is holding up at scale, supporting the Q2 2026 MRE timeline. - Market Context: This news follows a six-month period of consistent positive catalysts (drilling, metallurgy, financing). While not a "Game Changer" in terms of discovering a new deposit type, it solidifies the execution capability and financial stability required to move from exploration to development.

• Company: NevGold Corp. is a junior mining company focused on developing gold-antimony assets in Nevada and Idaho.
• Flagship Project: Limousine Butte (Nevada). This is an oxide gold-antimony deposit with historical leach pads containing significant antimony potential. The project benefits from a BLM-approved Plan of Operations covering 68 km².
• Secondary Projects: Nutmeg Mountain (Idaho) - Gold heap-leach project with a 2025 MRE of 1.19 Moz Indicated; Zeus Copper Project (Idaho) - Exploration stage on the Hercules Copper Trend.
• Strategy: Leverage near-surface oxide mineralization for rapid development and capitalize on U.S. critical minerals mandates regarding antimony supply chains.