NexGold Announces Commencement of Early Works Construction Activities at the Goldboro Gold Project, Nova Scotia

NeXGold Mining Corp. (NEXG) announced on September 17, 2026, that it has begun site preparation and early works construction at its Goldboro Gold Project in Nova Scotia. The company stated that these pre-construction activities do not constitute a final construction decision.

Early works include the construction of public-access bypass road elements, culvert installation at water crossings, sediment and erosion control infrastructure, tree clearing for the accommodations pad, stockpiles, sedimentation ponds, and construction management facilities. The work is being executed with the Mi’kma’ki-Municipal Limited Partnership, a majority Indigenous-owned partnership between Municipal Enterprises Limited/Dexter Construction affiliate and the 13 Mi’kmaw First Nations communities of Nova Scotia. Management says the activities are intended to de-risk full-scale construction.

The Board’s final construction decision is now anticipated in Q4 2026. Full-scale construction is targeted for Q1 2027, subject to Board approval. The updated Feasibility Study is also anticipated in Q4 2026. Construction and commissioning are expected to take about 26 months.

The release uses January 2022 Feasibility Study metrics: 11-year open-pit mine life, average production of about 100,000 ounces per year, 300 construction jobs, 200 operational positions, and 500 spin-off jobs annually.

Previous releases in June and July 2026 said early earthworks could begin as early as September 2026. Therefore, the start of early works is a previously signaled milestone. However, prior releases had pointed to an updated Feasibility Study by late Q3 2026 and a construction decision targeted for late Q3 or during 2026. This release now places both the Feasibility Study and Board construction decision in Q4 2026. The full-scale construction target of Q1 2027 remains intact, but only if the Board approves in Q4.

NeXGold Mining Corp. (NEXG) issued a non-earnings, operational and project-development release containing no new financial results, no updated resource estimate, no updated Feasibility Study, no definitive financing, and no final construction decision.

The company confirmed that early construction has begun, a step consistent with prior guidance that signals capital deployment. This engagement includes the Indigenous-owned Mi’kma’ki-Municipal Limited Partnership, which supports the project’s social license and community relationship narrative. The release also confirms that the project is advancing toward a construction decision in Q4 2026.

The timeline for the updated Feasibility Study and Board decision has slipped from the prior "late Q3 2026" wording to Q4 2026. The news does not provide updated capital costs, operating costs, or gold price assumptions. The 100,000-ounce-per-year and 11-year mine life figures remain based on the January 2022 Feasibility Study and may change. Additionally, the non-binding Appian project financing letter of intent remains non-binding.

For the six months ended June 30, 2026, NeXGold reported a net loss of C$27.4 million. Cash at June 30, 2026 was C$101.1 million. Total debt was only C$1.05 million. The company has no revenue; it is a pre-production developer.

NeXGold Mining Corp. is a Canadian gold developer established in 2024. The company is not yet in production and currently generates no revenue.

Its flagship asset is the Goldboro Gold Project in Nova Scotia, Canada, which the company owns 100%. The project is fully permitted, with early works now underway. A feasibility study completed in January 2022 outlined a mine life of 10.9 years, with average annual production of 100,000 ounces of gold for years one through nine. The study projected initial capital costs of C$271 million, an after-tax net present value (NPV) at a 5% discount rate of C$328 million, and an after-tax internal rate of return (IRR) of 25.5%. Life-of-mine all-in sustaining costs (AISC) were estimated at US$849 per ounce, with a gold recovery rate of 95.8%.

Mineral resources at Goldboro include approximately 2.6 million ounces of gold in measured and indicated categories. This comprises approximately 1.4 million ounces in an open pit at 2.82 grams per tonne (g/t) gold, and an underground extension containing approximately 1.2 million ounces at 6.09 g/t gold. These figures from the January 2022 study may change with the updated feasibility study.

The company also holds other projects, including the Goliath Gold Complex in Ontario. This asset contains 1.267 million ounces of gold in proven and probable reserves, plus 1.724 million ounces of silver. A prefeasibility study completed in March 2023 included after-tax NPV at 5% of C$336 million and an IRR of 25.4%.

Additionally, NeXGold holds the Niblack project in Alaska, a copper-gold-zinc-silver volcanogenic massive sulfide (VMS) project featuring an existing underground portal. The total resource is 5.85 million tonnes at 0.94% copper, 1.83 g/t gold, 29.0 g/t silver, and 1.73% zinc.