NexGold Continues to Advance Key Development Activities at the Goldboro Gold Project in Nova Scotia
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NEWS RELEASE TSXV: NEXG; OTCQX: NXGCF July 21, 2026
NexGold Continues to Advance Key Development Activities
at the Goldboro Gold Project in Nova Scotia
TORONTO, July 21, 2026 – NexGold Mining Corp. (TSXV: NEXG; OTCQX: NXGCF) (“NexGold” or
the “ Company”) is pleased to provide a monthly 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”) during the month of June 2026.
Kevin Bullock, President, CEO & Director of NexGold, commented: “Ensuring that Goldboro is prudently
de-risked and positioned for long-term success through a disciplined approach continues to be a top
priority for NexGold. The Company is hard at work advancing Goldboro and, during June 2026, we
continued to advance a number of important Project development initiatives, including work related to an
updated Mineral Resource Estimate intended to support an updated Feasibility Study, mine planning,
procurement, engineering, early earthworks, key personnel recruitment , community engagement, and
exploration activities.
“We are pleased with the progress being made across these workstreams and continue to advance
development activities at Goldboro in accordance with our current plans. Subject to the results of ongoing
technical, permitting, financial and other evaluations, the Company is working toward a potential
construction decision, which is currently targeted for this year.”
Key Achievements and Project Updates (June 2026)
Updated Feasibility Study
An updated Feasibility Study for Goldboro 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 regarding potential project financing, and to provide updated technical and
economic information for consideration by the Company’s Board of Directors in evaluating a potential
construction decision. The Company currently anticipates completion of the updated Feasibility Study by
the end of the third quarter of 2026.
The Company and its consultants continued work on the updated Feasibility Study, including:
• Completed open pit Mineral Resource Estimate, with underground Mineral Resource Estimate
ongoing to support the Feasibility Study, including incorporation of approximately 58,008 metres
of diamond drill core from 329 drill holes completed since the previous Mineral Resource Estimate;
• Advanced revised capital and operating cost estimates (with the initial capital cost estimate
reviewed during the month), Project execution planning, and overall Project scheduling;
• Completed Mill Infrastructure Area Geophysical Investigation ( Seismic Refraction) Report, Mill
Infrastructure Area Soil Resistivity Report, and Tailings Management Facility Electrical Resistivity
Tomography Survey Report;
• Completed Feasibility Study updates to the Process Design Criteria, Process Flow Diagrams and
Mass Balance;
• Completed the Traffic Impact Study;
• Completed evaluation of electrical equipment and construction contract quotations;
• Advanced Mine Plan development;
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• Completed Tailings Management Facility (“ TMF”) and Potentially Acid Generating Type 1
(“PAG1”) waste rock modelling, while advancing TMF embankment and PAG1 stability
assessments, water balance development, and material quantities estimate development; and
• Advanced preparation of technical report chapters.
Engineering and Technical Activities
The Company and its engineering consultants commenced and advanced a number of detailed
engineering and technical workstreams related to Goldboro, including:
• Advanced detailed engineering for the proposed Early Earthworks contract and the proposed
Employee Accommodations Facility contract . The Company currently anticipates that early
earthworks activities could commence as early as September 2026, subject to receipt of required
approvals, financing, contracting, and other customary conditions;
• Advanced detailed engineering for the Process Plant area and non-process infrastructure areas;
• Prepared technical documentation to support potential early equipment procurement packages;
and
• Submitted the overall power system model to the Nova Scotia Independent Energy System
Operator.
Procurement
Early contracting and procurement activities for Goldboro continued and includes the following:
• Received proposals for the proposed Early Earthworks contract and two site services contracts;
• Progressed development of seven additional site services Request for Proposal (“ RFP”)
packages, which the Company currently expects to issue in the coming months; and
• Issued RFPs for the Outdoor Substation procurement package and the Power Transformers
procurement package to prospective suppliers.
These activities are intended to advance project planning and readiness activities for Goldboro.
Completion of the updated Feasibility Study, project financing, contracting initiatives, procurement
activities and any future construction decision remain subject to various technical, economic, regulatory,
financing and other factors and there can be no assurance that such activities will result in the
development or construction of the Project.
Community
NexGold continued its community engagement activities. Highlights include:
• NexGold personnel hosted a Contractor Information Session in Antigonish, Nova Scotia , for
businesses interested in potential contract ing and supplier opportunities associated with the
Project. The session included information regarding the Company’s current understanding of
potential contract scopes and indicative timelines;
• Representatives of NexGold attended the 139th Annual Mining Society of Nova Scotia AGM and
Conference, providing a P roject update to attendees, including +160 industry representatives,
regulators, stakeholders and Rightsholders;
• In consultation with staff from the Municipality of the District of Guysborough, the Company
dispersed more than $7,500 through its Community Grant Program to support local initiatives;
• NexGold presen ted to a Chief and Council on potential project-related opportunities and
prospective contract packages; and
• NexGold’s Vice-President, Sustainability presented at the annual Strait of Canso Superport Days
event in Dundee, N ova Scotia, provi ding a P roject update to representatives from a range of
sectors attending discussions regarding the current development and future growth potential of
the Superport and surrounding areas.
In addition, NexGold held an important meeting with the Wellness Advisory Group, a council of female
Mi’kmaw leaders established to advise NexGold on Indigenous-focused wellness measures that may be
relevant during the various stages of project development and operation . The invited group includes all
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female Mi’kmaw Chief’s, including the Regional Chief and representatives from the Native Women’s
Association, Missing Murdered Indigenous Women and Girls , and Native Friendship Centre. NexGold
continues to welcome participation from additional interested representatives.
Permit Conditions
The NexGold team advanced work to meet pre-construction permit conditions. In addition, the Company
commenced construction on two key Fish Habitat Compensation projects for Sutherland’s Brook and the
Pomquet River. Completing the construction of these projects prior to the commencement of construction
activities at the Project is expected to be a significant step in meeting compensation requirements for the
Project.
Exploration
Exploration activities at Goldboro continued to advance, including:
• In late June and early July 2026, NexGold reported positive initial results from its 30,000-metre
reverse circulation infill drill program (“RC Infill Drill Program”), which is focused on the first years
of planned production where accessible by drill rig. T his drill program is designed to increase
data-density within key mining areas with the potential to support upgrades to Mineral Resource
classifications;
• Based on the success of the program to date and the potential to further enhance confidence in
near-surface mineralization, the Company has elected to expand the RC Infill Drill Program from
approximately 30,000 metres to 40,000 metres;
• On June 25 and July 9, the Company announced results from a combined total of 154 drill holes,
representing 6,685 metres of drilling, and included significant gold intercepts of up to 61.22 g/t
Au over 12.0 metres, 5.85 g/t Au over 13.0 metres, 12.06 g/t Gold over 6.0 Metres, and 3.84
g/t Gold over 18.0 Metres;
• The RC Infill Drill Program has intersected mineralization at Goldboro that is generally consistent
with mineralized zones previously identified by diamond drilling in the same area. Preliminary RC
drilling results indicate comparable ranges of mineralized thicknesses and grades in certain
intervals; however, RC drilling results remain subject to ongoing verification, sampling, analytical
review, and interpretation. As of July 9 , 2026, the expanded RC infill drill program was
approximately 62% complete (see NexGold news releases dated June 25, 2026 and July 9, 2026);
and
• Initiated two (2) geophysical surveys in May 2026 – a 2,496-line kilometre airborne Versatile Time
Domain Electromagnetic ( “VTEM”) survey and a 2,656- line kilometre FALCON® fixed -wing
airborne gravity gradiometer survey over 32,007 hectares (~320 km 2) of prospective exploration
land at the Project ( see NexGold news release dated May 12, 2026 ). The surveys are intended
to support the development of additional exploration targets and characterize regional geological
controls. The FALCON® gravity gradiometry survey is complete, and the Company is currently
interpreting the results of the survey. The VTEM survey is 95% complete and is anticipated to be
completed by the end of July.
Human Resources
NexGold continued to expand its workforce across technical, operational, and support functions, with a
particular focus on strengthening the Owner’s Project Team to support advancement of Goldboro . The
Company’s recruitment strategy remains focused on creating long-term employment opportunities while
collaborating with local communities, Indigenous partners, educational institutions, and regional
organizations to identify, attract, and develop local talent.
Through ongoing workforce planning and community engagement initiatives, NexGold is prioritizing the
development of a safe, inclusive, and highly skilled workforce. These efforts are intended support the
successful development and operation of the Project while contributing to sustainable economic growth
in surrounding communities and throughout Nova Scotia.
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Human Resources activities included:
• Further strengthened the Owner’s Project Team by adding key personnel to support technical
evaluations, project planning, health and safety, and overall project oversight at Goldboro; and
• Continued active participation in community engagement sessions , recruitment events, and
career fairs to promote employment opportunities and support local workforce development.
Qualified Person
Brian Jackson, P. Eng., Vice-President, Projects of the Company, is a “Qualified Person” as such term is
defined under National Instrument 43 -101 – Standards of Disclosure for Mineral Projects and have
reviewed and approved the scientific and technical information and data included this news release.
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:
Kevin Bullock
President and CEO, Director
+1 (416) 408-3703
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; the timing for commencement of early earthworks activities; timing and results of drilling activities; potential for upgrading
mineral resource categorization; potential that RC drilling results will be directly comparable to, or confirm, results obtained from diamond drilling;
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 phrase s. 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 activities (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 respect 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 fluctuations;
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 im portant
factors that could cause actual actions, events or results to differ materially from those described in forward- looking information, there may be
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.