TORONTO, Oct. 27, 2026 (GLOBE NEWSWIRE) — 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”) through mid-October 2026.
Kevin Bullock, President, CEO & Director of NexGold, commented: “As we move closer to a potential construction decision on Goldboro, we continue to advance the Project across several key development areas. In addition to commencing early works construction activities in mid-September, we have made significant progress toward completion of the updated Feasibility Study, while continuing to advance mine planning, engineering, procurement, recruitment, community engagement and exploration activities. The Company is working to position Goldboro for long-term success and to advance the Project toward potential first gold production in accordance with planned schedules and budgets.”
Key Achievements and Project Updates
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 final investment decision for construction. The Company currently anticipates completing the updated Feasibility Study by the end of the fourth quarter of 2026.
The Company and its consultants continued work on the updated Feasibility Study, including:
- Completed mineral resource modelling and estimation work for the updated open pit Mineral Resource Estimate, with the underground Mineral Resource Estimate remaining in progress and both being incorporated into the updated Feasibility Study;
- Completed the Mill Site Geotechnical Investigation Report (factual and interpretive), Site Infrastructure Geotechnical Investigation Report (factual), Tailings Management Facility (“TMF”) and Waste Areas Geotechnical Investigation Report (factual), and Site-wide Geotechnical Data Compilation Report (factual);
- Completed the Mine Plan for the updated Feasibility Study, including optimization of the various ore, waste rock, and organics stockpiles across the Project site and consideration of construction material requirements;
- Completed the water balance for the updated TMF layout;
- Continued engagement with Nova Scotia Power regarding long-term power supply options including environmental and archaeological assessments of the proposed powerline route and completion of a System Impact Study by the Nova Scotia Independent Energy System Operator (IESO);
- Advanced preparation of technical report chapters;
- Final reviews of the capital and operating cost estimates and the financial model are underway.
Engineering and Technical Activities
The Company and its engineering consultants completed, commenced and advanced several detailed engineering and technical workstreams related to Goldboro, including:
- Completed issued-for-construction engineering documentation for the Early Earthworks package;
- Commenced detailed engineering activities for the Site Earthworks contract scheduled to start in early 2027;
- Continued to advance detailed engineering for the Process Plant, including issuing the Process Flow Diagrams, Process Design Criteria, Mass Balance and Mechanical Equipment List for use and finalizing layouts throughout the facilities;
- Continued to prepare technical documentation to support potential early equipment procurement packages;
- Continued to develop preliminary Project execution materials, including draft schedules, management plans, procedures and contract documentation, to support the evaluation of potential construction and Project execution strategies.
Procurement
Contracting and procurement activities for Goldboro continued and includes the following:
- Awarded the site preparation and early earthworks contract to Mi’kma’ki-Municipal Limited Partnership, a majority Indigenous-owned partnership between Municipal Enterprises Limited (a subsidiary within the Municipal Group of Companies, and an affiliate of Dexter Construction Company Limited). Construction commenced on September 17;
- Awarded seven site services contracts, with several of the contracts awarded to wholly owned or joint venture Mi’kmaw companies;
- Issued 16 long-lead equipment procurement packages for bids and received proposals for 13 packages with the first awards to occur before the end of October;
- Currently evaluating several proposals for the design, construction and operation of the Employee Accommodation Facility with contract award expected later in the quarter.
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:
- Held a community appreciation event in partnership with the Harbourview Volunteer Fire Department, which included a barbeque, Disney characters, and bouncy castles;
- Attended the opening ceremonies for the Nova Scotia Mi’kmaw Games (NexGold was a major sponsor);
- Held the quarterly Community Liaison Committee meeting in Goldboro;
- Participated in a Blanket Exercise, an interactive learning tool designed to deepen understanding of the historical and ongoing impacts of colonization on Indigenous peoples;
- Attended several events in honour of Truth and Reconciliation Day;
- Presented Goldboro Interpretive Centre with an 85” television;
- Virtual Implementation Committee meeting with Kwilmu’kw Maw-klusuaqn to provide a Project update and discuss priorities, including advancing Mi’kmaq First priorities and the Mining Essentials program in Unama’ki.
Human Resources
NexGold continued to build its workforce across technical, operational, and corporate support areas, with an emphasis on expanding the Owner’s Project Team to advance the development of Goldboro. The Company remains committed to fostering long-term employment opportunities by working closely with local communities, Indigenous partners, educational institutions, and regional organizations to identify and cultivate talent within the region.
Through ongoing workforce planning and community outreach, NexGold is focused on establishing a skilled, diverse, and safety-oriented workforce to support the continued development and future operation of the Project. These initiatives also aim to generate lasting economic benefits and contribute to sustainable growth in surrounding communities and across Nova Scotia.
Key Human Resources activities included:
- Expansion of the Owner’s Project Team: Recruited additional key personnel to enhance capabilities in technical assessment, Project planning, and overall Project management and oversight at Goldboro.
- Community engagement and local recruitment: Continued participating in community outreach activities, recruitment initiatives (4 community events), and career fairs to raise awareness of employment opportunities and encourage local workforce participation and development.
- Educational engagement: Participated in career fairs at Universities/Colleges in NFLD, NS, NB, ON (7 in total).
Exploration
Exploration activities at Goldboro continued to advance, including:
- Completed work on the 40,000-metre reverse circulation infill drill program (“RC Infill Drill Program”), which was focused on the first years of planned production where accessible by drill rig. This drill program was designed to increase data-density within key mining areas with the potential to support upgrades to Mineral Resource classifications;
- In mid-August 2026, the Company announced results from 85 drill holes, representing 3,591 metres of drilling, and included significant gold intercepts of up to 5.26 g/t Gold over 7.0 metres, including 31.29 g/t Gold over 1.0 metres, 7.08 g/t Gold over 5.0 metres, (including 25.11 g/t Gold over 1.0 metres) and 14.97 g/t Gold over 2.0 metres;
- In total, the Company has announced results from 239 drill holes, representing 10,276 metres of drilling. 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;
- Completed two (2) geophysical surveys – 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 km2) 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 interpretation of the survey data is ongoing.
Sprott Royalty – Shares For Debt Issuance
Further to its news release dated October 9, 2026, NexGold announces that it has completed the issuance of 716,619 common shares of the Company (“Common Shares”) to Sprott Resources Streaming and Royalty Corp. (“Sprott Streaming”) in satisfaction of a quarterly minimum payment of US$675,000 due under the royalty agreement between the Company and Sprott Streaming originally announced on February 14, 2022 and amended on May 1, 2024 (the “Royalty Agreement”). The Common Shares were issued at a deemed price of $1.3427 per share pursuant to the shares-for-debt provisions of TSX Venture Exchange Policy 4.3. The transaction was approved by the Company’s Board of Directors and accepted by the TSX Venture Exchange. Following completion of the transaction, the quarterly minimum payment obligation due under the Royalty Agreement has been satisfied in full.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Paul McNeill, P.Geo., Vice President, Exploration, with respect to geological and exploration information, and by Brian Jackson, P.Eng., Vice-President, Projects, with respect to engineering and metallurgical information. Mr. McNeill and Mr. Jackson are each Qualified Persons as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
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 kbullock@nexgold.com |
Greg DiTomaso Investor Relations +1 (647) 547-5357 gditomaso@nexgold.com |
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 regarding the Company’s strategic objectives and plans; the completion, timing, results and conclusions of the updated Feasibility Study for the Goldboro Gold Project; the Company’s evaluation of and timing with respect to a potential construction decision for the Goldboro Gold Project; the potential development, construction and operation of the Goldboro Gold Project; the timing of first gold production; the potential project financing in connection with the Company’s non-binding letter of intent with Appian Capital Advisory Limited; the timing and completion of engineering, procurement, permitting, recruitment and community engagement activities; the commencement and timing of construction and earthworks activities; the timing and results of drilling activities; the potential for upgrades to mineral resource classifications; the potential that reverse circulation drilling results confirm or be comparable to 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 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 risk that the updated Feasibility Study may not be completed on the anticipated timeline or may produce results that differ from current expectations; 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; the risk that the Company may determine not to proceed with construction of the Goldboro Gold Project, or that any construction decision may be delayed; 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 important 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 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.
