NexGold Advancing Key Development Activities on Schedule at the Goldboro Gold Project in Nova Scotia
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NEWS RELEASE TSXV: NEXG; OTCQX: NXGCF June 1, 2026
NexGold Advancing Key Development Activities on Schedule
at the Goldboro Gold Project in Nova Scotia
TORONTO, June 1, 2026 – NexGold Mining Corp. ( TSXV: NEXG; OTCQX: NXGCF) (“NexGold” or
the “Company”) is pleased to provide an update on the advancement of key development activities at its
100%-owned and fully permitted Goldboro Gold Project in Nova Scotia (“Goldboro” or the “Project”).
Kevin Bullock, President, CEO & Director of Nex Gold, commented: “Our team continues to execute at
Goldboro, with ongoing work focused on an updated Mineral Resource Estimate in support of an updated
Feasibility Study, as well as mine planning, procurement, engineering, early earthworks, key personnel
recruitment, continued community engagement, and exploration activities . The Company intends to
provide regular updates as it advances toward a potential construction decision, currently targeted for
late Q3 2026.
“Permitted, shovel-ready, Canadian gold projects like Goldboro are incredibly rare , and we understand
not only how special this opportunity is, but also the importance of getting it right. We intend to steadily
advance Goldboro in a disciplined, thoughtful, and responsible manner with the objective of reducing risk
and supporting long-term project viability. As the most advanced asset in NexGold’s portfolio, Goldboro
is expected to play a central role in the Company’s growth strategy as it moves toward becoming a multi-
asset Canadian gold producer.”
Key Achievements and Project Updates (April – May 2026):
Community
NexGold has been actively implementing the Mutual Benefits Agreement ( “MBA”), signed in 2024 with
the Assembly of Nova Scotia Mi'kmaw Chiefs (“ANSMC”), through the established Implementation
Committee, which met multiple times in 2026. Per the MBA, the Committee includes representatives from
Kwilmu’kw Maw-klusuaqn, ANSMC and NexGold.
In addition to regularly scheduled meetings, the Committee has facilitated a Wellness Advisory
Committee meeting and webinar for all Chiefs and Councils, as well as multiple Mi’kmaw community
meetings.
Since 2022, NexGold has been implementing its Community Benefits Agreement with the Municipality of
the District of Guysborough through ongoing initiatives such as regular council updates, quarterly
meetings with the Community Liaison Committee, school bursaries, and community investments.
The Company hosted a series of local open houses and information sessions in late May 2026 and
intends to continue hosting such events going forward.
Permitting
All major provincial and federal permits for the Project have been obtained, including the Environmental
Assessment (2022), Mineral Lease (2024), Crown Land Lease and Licence (2024/2025), Schedule 2
Amendment (2025), Industrial Approval (2025), and Fisheries Act Authorization (2025).
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In 2026, the NexGold team has advanced work to meet pre -construction permit conditions on schedule
and is finalizing plans related to Wetland Compensation, Fisheries Offsetting and Compensation, and
Biodiversity and Land Offsetting. Fisheries Offsetting programs are expected to commence in 2026, in
advance of construction.
Updated Feasibility Study
An updated Feasibility Study for Goldboro is a key item that is expected to support ongoing project
development activities, including the Company’s previously announced non-binding US$175 million letter
of intent with Appian Capital Advisory Limited in respect of potential project financing, as well as to inform
the Board of Directors in its consideration of a potential construction decision. The Company currently
anticipates completion of the updated Feasibility Study by the end of Q3 2026.
The Company and its consultants made significant progress on the updated Feasibility Study during April
and May 2026, including:
• Completed wireframes and continued geological modelling to support the Feasibility Study,
including an additional 58,008 metres of diamond drill core from 329 drill holes completed since
the previous Mineral Resource Estimate;
• Advanced development of revised capital and operating cost estimates , Project execution plan
and overall project schedule;
• Completed a geotechnical drilling and test-pit program designed to support and augment existing
data required for detailed mine infrastructure, pit slopes, foundations , and tailings related
infrastructure design. This program included drilling an additional 66 geotechnical holes (1,738
metres) and 154 test -pits and auger holes, as well as completing seismic and soil resistivity
geophysical surveys at the process plant, and an Electrical Resistivity Tomography survey at the
Tailings Management Facility;
• Completed acid rock drainage modelling that incorporated an additional 146 characterization
samples and 5,027 geochemical analyses to support acid rock drainage estimation throughout
the deposit, as well as detailed materials handling studies;
• Continued to advance engineering for the Process Plant and associated infrastructure, including
development of Process Flow Diagrams, Piping & Instrumentation Diagrams, 3D models,
equipment specifications, Electrical Single Line Diagrams, and multi-day Hazard and Operability
review;
• Continued to advance engineering for site earthworks and roads;
• Evaluation of multiple vendor/contractor quotations to support development of the updated capital
cost estimate for mechanical equipment packages, electrical equipment packages, building
packages, and construction contracts;
• Completed a water well drilling program designed to support and augment existing data required
for detailed ground water quality and flow characteristics prior to construction and for monitoring
throughout the mining operations. This was a requirement of the Industrial Approval. The program
includes drilling and testing on 30 additional wells (total of 500 metres). NexGold has drilled 120
wells to date;
• Initiated development of an updated Mine Plan;
• Substantially completed an Autonomous Haul Study; and
• Commenced design updates for the Tailings Management Facility.
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Engineering and Technical Activities
In April and May 2026, the Company and its engineering consultants commenced and advanced various
detailed engineering and technical activities at Goldboro, including:
• Advanced detailed engineering to support the Early Earthworks contract and the Employee
Accommodations Facility contract Requests for Proposals (“RFPs”). The start of early earthworks
construction is tentatively scheduled for September 2026;
• Advanced detailed engineering for the Process Plant area and the n on-process infrastructure
areas;
• Prepared the technical documentation required to support equipment procurement packages for
the two longest delivery time items , including the main substation and the power transformers.
Technical documentation for other long lead equipment to follow shortly;
• Engaged Pinnacle Logistics Solutions to develop a logistics and materials management plan for
the Project; and
• Received the draft Facilities Study for the new 69 kV powerline to the P roject site from Nova
Scotia Power.
Procurement
Early contracting and procurement activities in April and May 2026 at Goldboro included:
• Issued RFPs for the Early Earthworks contract and the Employee Accommodations Facility
contract;
• Issued an RFP for a site services contract; and
• Eight (8) additional RFPs for site services contracts are in various stages of development and will
be issued to bidders shortly.
Exploration
Exploration at Goldboro continued to advance through April and May 2026. The Company’s exploration
activities included:
• In late March 2026, the Company launched a 30,000-metre reverse circulation infill drill program
targeting the first few years of planned production where it is currently accessible by drill rig. This
drill program is intended to increase data -density in these target areas and may support the
potential upgrading of Mineral Resource classifications. The Company will provide assay results
from the drill program as they become available.
• Initiated two (2) geophysical surveys in May 2026 – a 2,496-line kilometre airborne Versatile Time
Domain Electromagnetic survey and a 2,656-line kilometre FALCON® fixed-wing airborne gravity
gradiometer survey over 32,007 hectares (~320 km2) of prospective exploration land at the Project
(see NexGold news release dated May 12, 2026). The surveys, which are intended to support the
development of additional exploration targets and characterize regional geological controls, are
expected to be completed in the second quarter of 2026.
Human Resources
NexGold is actively recruiting across a range of technical, operational, and support roles, with attention
on the Owner’s Project Team, to build a strong and sustainable workforce for the region. The Company’s
hiring strategy is focused on creating long-term employment opportunities while working closely with local
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communities, Indigenous partners, educational institutions, and regional organizations to identify and
develop local talent.
Through ongoing engagement and workforce planning initiatives, the Project is committed to fostering a
safe, inclusive, and skilled workforce that will contribute to the long- term economic growth of the
surrounding communities and Nova Scotia as a whole. Human Resources activities in April and May
2026 included:
• Added key personnel to the Owner’s Project Team to support technical evaluation, project
planning, and oversight at Goldboro. The Owner’s Project Team has expanded to 17 members,
with plans to further strengthen project management, HS E, and construction management
capabilities.
Qualified Person
Paul McNeill, P.Geo., VP Exploration of NexGold, is a “Qualified Person” as defined under National
Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved the
scientific and technical disclosure contained in this news release on behalf of NexGold.
About NexGold Mining Corp.
NexGold is a gold-focused company with assets in Canada and Alaska, including the Goldboro Gold Project in Nova Scotia, the
Goliath Gold Complex (which includes the Goliath, Goldlund and Miller deposits) in Northwestern Ontario, and additional
exploration projects across Canada. NexGold also holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS
project in southeast Alaska. NexGold is committed to ongoing, meaningful engagement with regional communities and
Indigenous Nations to support sustainable development, safe operations, and shared economic and social benefits.
Further details about NexGold, including a Feasibility Study for the Goldboro Gold Project and a Prefeasibility Study for the
Goliath Gold Complex , are available under the Company’s issuer profile on www.sedarplus.ca and on NexGold’s website at
www.nexgold.com.
Contact:
Greg DiTomaso
Investor Relations
+1 (647) 547-5357
Cautionary Note Regarding Forward-Looking Information
This news release contains or incorporates by reference “forward- looking information” within the meaning of applicable Canadian securities
legislation and “forward-looking statements” within the meaning of applicable U.S. securities laws. Except for statements of historical fact relating
to the Company, certain information contained herein constitutes forward-looking information including, but not limited: to information as to the
Company’s strategic objectives and plans; the potential project financing in connection with the Company’s non- binding letter of intent with
Appian Capital Advisory Limited; the completion and timing of an updated Feasibility Study ; the potential development and construction of the
Goldboro Gold Project; timing and results of drilling activities; potential for upgrading mineral resource categorization; expected initiatives to be
undertaken by management of the Company in identifying exploration opportunities; and timing of advancement and completion of technical
studies. Generally, forward-looking information is characterized by the use of forward- looking terminology such as “plans”, “expects” or “does
not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “is projected”, “anticipates” or “does not anticipate”,
“believes”, “targets”, or variations of such words and phrases. Forward- looking information may also be identified in statements where certain
actions, events or results “may”, “could”, “should”, “would”, “might”, “will be taken”, “occur” or “be achieved”.
Forward-looking information involves known or unknown risks, uncertainties and other factors, which may cause the actual results, performance
or achievements of the Company to be materially different from those projected by such forward- looking statements. Such factors include,
among others: that the LOI is non-binding and does not constitute a commitment to provide financing; there can be no assurance that definitive
agreements will be entered into, that the conditions to financing will be satisfied, or that financing will be available on the terms contemplated or
at all; the plan for, and actual results of, current exploration activities; expectations relating to future exploration, development and production
activities as well as growth potential for NexGold’s operations; risks relating to the ability of exploration activ ities (including drill results) to
accurately predict mineralization; reliance on third-parties, including governmental entities, for mining activities; the ability of NexGold to complete
further exploration activities, including drilling at the Goliath Gold Complex and Goldboro deposits; the ability of the Company to obtain required
approvals; the results of exploration activities; risks relating to mining activities; delays or changes in plans with respec t to exploration or
development projects or capital expenditures; the uncertainty of mineral resources, production and cost estimates; health, safety and
environmental risks; worldwide demand for gold and base metals; gold price and other commodity price and exchange rate fl uctuations;
environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external
sources; changes in legislation, including but not limited to tax laws, royalties and environmental regulations; and those factors described in the
Management’s Discussion and Analysis for the year ended December 31, 2025 of the Company and in the Company’s most recent disclosure
documents filed under its SEDAR+ profile at www.sedarplus.ca. Although management of the Company has attempted to identify important
factors that could cause actual actions, events or results to differ materially from those described in forward- looking information, there may be
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other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information.
Accordingly, readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein
is presented to assist shareholders in understanding the Company’s the Company’s plans and objectives and may not be appropriate for other
purposes. The Company does not undertake to update any forward-looking information contained herein, except in accordance with applicable
securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission
or other regulatory authority has approved or disapproved the information contained herein.