NexGold Reports Progress on Development Activities at the Goldboro Gold Project in Nova Scotia

NeXGold Mining Corp. (NEXG) has completed its 40,000-meter reverse circulation infill drilling program at the Goldboro project. The program, designed with 12.5-meter spacing to approximately 50 meters depth to support the first years of planned production, has reported 239 holes totaling 10,276 meters. This represents roughly 26% of the total program meters. In mid-August 2026, the company reported results from 85 holes comprising 3,591 meters.

Recapped intercepts from the program, previously published on August 19, 2026, and earlier, include:

• RC-26-226: 5.26 g/t Au over 7.0 m (41.0–48.0 m), including 31.29 g/t Au over 1.0 m
• RC-26-195: 7.08 g/t Au over 5.0 m (9.0–14.0 m), including 25.11 g/t Au over 1.0 m
• RC-26-163: 14.97 g/t Au over 2.0 m (38.0–40.0 m), including 29.62 g/t Au over 1.0 m; also 0.90 g/t Au over 11.0 m
• RC-26-147: 12.06 g/t Au over 6.0 m (including 67.41 g/t Au over 1.0 m)
• RC-26-144: 9.31 g/t Au over 7.0 m
• RC-26-102: 3.84 g/t Au over 18.0 m
• RC-26-073: 61.22 g/t Au over 12.0 m (including 685 g/t Au over 1.0 m)

The company expects its Feasibility Study to be completed by the end of the fourth quarter of 2026. Open pit Mineral Resource modelling and estimation are complete, while the underground Mineral Resource Estimate remains in progress. Mine planning, tailings management facility water balance, geotechnical reports, capital and operating cost reviews, and the financial model are currently in final review.

Early works construction began on September 17, 2026, with Mi'kma'ki-Municipal LP. Detailed engineering for the Site Earthworks contract, scheduled for early 2027, has commenced. The company has issued 16 long-lead procurement packages, received proposals on 13, and expects the first awards before the end of October.

Two airborne surveys are complete over approximately 32,007 hectares, consisting of 2,496 line-kilometers of VTEM and 2,656 line-kilometers of FALCON gravity data. Interpretation of these surveys is ongoing.

Additionally, NeXGold issued 716,619 shares at a deemed price of C$1.3427 to satisfy the US$675,000 quarterly minimum royalty payment.

NeXGold Mining Corp. (NEXG) reported a first-half 2026 net loss of C$27.4 million, with cash reserves standing at C$101.1 million and total equity at C$230.4 million. The company’s book value is approximately C$0.90 per share, resulting in a price-to-book ratio of roughly 1.37. Operating cash outflow for the six-month period totaled C$22.2 million.

As a pre-revenue developer with a market capitalization of approximately C$318 million, NeXGold’s equity valuation is currently driven by feasibility study outcomes, construction decisions, financing packages, and potential dilution. In this stage, drill results are only considered material if they alter the scale, grade, or probability of the project; infill drilling does not typically change these fundamentals.

The company announced that its 40,000-meter reverse circulation drill program is now complete, ending a period where the work was previously estimated to be 62–76% finished. NeXGold formally guided that its feasibility study will conclude in the fourth quarter of 2026. This timeline represents a one-quarter delay from earlier guidance provided in June and July, which targeted late Q3 2026, and confirms a shift previously noted in a September 17 release. The underground mineral resource estimate remains in progress, meaning the feasibility study will be released with less certainty regarding the underground component than the headline figures might suggest. Additionally, the company expects to award contracts for first long-lead equipment within days, while early works are already physically underway.

The release did not change any resource ounces, grades, recovery rates, capital expenditure figures, or timelines that were not already in the public domain. Market performance reflects these conditions, with the stock down approximately 47% from its February high of C$2.31 and down roughly 25% from C$1.63 on September 22. The share price is currently within 8% of its 52-week low, indicating that investors are discounting delays, capital expenditure inflation, and financing or dilution risks rather than waiting for infill assay results.

NeXGold Mining Corp. (NEXG) holds a portfolio of three primary assets, led by its flagship Goldboro project in Nova Scotia. The 100%-owned, fully permitted open-pit mine features a 10.9-year life with production of approximately 100,000 ounces of gold per year. A January 2022 feasibility study outlined initial capital expenditures of C$271 million, yielding an after-tax net present value at a 5% discount rate of C$328 million and an internal rate of return of 25.5% at a gold price of US$1,600/oz. At US$1,920/oz, the NPV rises to C$556 million with a 37.5% IRR. The project’s life-of-mine all-in sustaining cost is projected at US$849/oz, with a gold recovery rate of 95.8%. The mineral resource estimate includes open pit measured and indicated resources of 15.7 million tonnes at 2.82 g/t gold (1.42 million ounces), plus underground measured and indicated resources of 5.9 million tonnes at 6.09 g/t gold (1.16 million ounces). Combined measured and indicated resources total 21.6 million tonnes at 3.72 g/t gold (2.58 million ounces), alongside 0.48 million ounces of inferred resources. All major federal and provincial permits have been received, with final Federal Assessment Agency approvals dated November 4, 2025, and early works construction scheduled to begin in September 2026.

The company also controls the Goliath Gold Complex in Dryden, Ontario, comprising the Goliath, Goldlund, and Miller properties. Proven and probable reserves stand at 30.3 million tonnes at 1.30 g/t gold, containing 1.27 million ounces of gold and 1.72 million ounces of silver, while open-pit measured and indicated resources total 64.8 million tonnes at 0.86 g/t gold (1.78 million ounces). A March 2023 pre-feasibility study proposed a 13-year mine life producing approximately 90,000 ounces of gold annually, with capital expenditures of C$335 million, an NPV of C$336 million, and an IRR of 25.4%. The study was paused in 2026 pending a review of alternatives, though drilling continues, including 35,000 meters at Goldlund.

In southeastern Alaska, NeXGold holds a 100% interest in the Niblack project, a high-grade copper-gold-zinc-silver volcanogenic massive sulfide deposit. An updated mineral resource estimate was released in February 2023, though the asset is viewed as providing optionality rather than serving as a near-term production driver.

Financially, the company reported a balance sheet in the second quarter of 2026 showing C$101.1 million in cash, total debt of approximately C$1.1 million, and equity of C$230.4 million, with 255.0 million shares outstanding. A capital structure presentation listed 258.4 million shares, 98.1 million warrants with an average exercise price of approximately C$1.68, and 364.0 million fully diluted shares. Share count has expanded significantly, rising from 161.9 million in the third quarter of 2025 to 255.0 million in the second quarter of 2026, an increase of 57% over nine months. This dilution was driven by an October 2025 C$112.5 million bought deal and subsequent flow-through raises.