Nexgold Mining Corp. has received Industrial Approval (IA) from the Government of Nova Scotia for its Goldboro Gold Project

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NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE) has received Industrial Approval (IA) from the Government of Nova Scotia for its Goldboro Gold Project, marking one of the final regulatory milestones before potential construction. The approval was issued under the province’s Environment Act and includes binding terms and conditions to ensure project compliance with environmental standards.

The company originally submitted its application for Industrial Approval on August 28, 2023. In June 2025, the application was deemed complete following an extensive review process led by the Nova Scotia Department of Environment and Climate Change (NS ECC). The IA was granted in August 2025 and is consistent with the conditions laid out in the Environmental Assessment (EA) approval Nexgold obtained in August 2022.

Kevin Bullock, President and CEO of Nexgold, stated in the news release, “We are extremely pleased to have received our industrial approval for the Goldboro gold project. We are grateful for the diligence shown over the last two years by NS ECC and members of the LIFT team in their review, and the support the project has now received from the Honourable Timothy Halman, Nova Scotia Minister of Environment and Climate Change.” Bullock further added, “With the receipt of the IA, we have received one of the last key permits required to advance towards construction and operations and I am very proud of the hard work by the Nexgold team in achieving this successful outcome for the advancement of the Goldboro gold project.”

The IA builds upon a multi-year permitting timeline for Goldboro, which includes previous approvals for Environmental Assessment, Crown Land Lease, Mineral Lease, and amendments to the federal Metal and Diamond Mining Effluent Regulations (Schedule 2). The company has also received a Fisheries Act Authorization, which addresses potential impacts to local aquatic habitats.

In a separate announcement on August 27, Nexgold Mining Corp. confirmed the departure of two members of its executive team as part of an internal restructuring initiative. Jeremy Wyeth stepped down from his role as Chief Operating Officer, and Rachel Pineault resigned from her position as Executive Vice President, Governance and Corporate Affairs. The company stated the changes are part of a broader effort to streamline its organizational structure and enable more direct communication and faster decision-making as it advances toward its next phase of development.

“I want to thank Jeremy for his significant commitment and contribution to Nexgold over the past several years. Jeremy has had a critical impact on the development of the Goliath Gold Complex, and we wish him well in his future endeavours,” said Jim Gowans, Chairman of the Board, in the news release.

Kevin Bullock, President and CEO of Nexgold, added, “Rachel has made significant contributions to Nexgold through the Company’s corporate and community affairs over the last several years and we wish her well in her future endeavours.”

Strength in the Storm: Gold Market Remains Resilient

The gold sector held firm through August as investors navigated an uncertain global economic environment marked by rising debt, persistent inflation, and equity market volatility. On August 20, gold futures opened at US$3,359 per ounce, up 1.4% from the previous close and just below the August 11 peak of US$3,383.90. This represented a 34.2% year-over-year increase, reflecting continued strength in the market.

In an August 19 commentary for GoldFix, VBL underscored long-term depreciation trends among fiat currencies, observing that they have lost over 99% of their purchasing power relative to gold since 1971. “Gold, which is far more honest than policy makers, rises because paper money always dies under the weight of dishonest spending,” he wrote.

Analyst Matthew Piepenburg echoed these concerns on the 20th, highlighting global debt surpassing US$300 trillion and stating that “debt destroys currencies, freedom and nations,” while emphasizing gold’s historical role in wealth preservation. Similarly, the August edition of the Von Greyerz Monthly Gold Briefing advocated for physical ownership, describing metals in segregated or allocated accounts as “timeless, honest and essential.”

In an August 27 report for Stockhead, Phoebe Shields noted that gains in gold prices helped lift the Australian Securities Exchange. The ASX 200 increased 0.28%, supported by a 2.48% rise in the ASX All Ordinaries Gold Index, which contributed to a broader 1.42% gain in the materials sector. She emphasized that gold’s sustained price above US$3,300 has offered investors a degree of stability amid fluctuating U.S. policy, inflation concerns, and geopolitical tensions. Shields also highlighted Australia’s status as the world’s third-largest gold producer as a factor reinforcing its appeal as a safe-haven asset.

Gold futures opened at US$3,452.60 per ounce on Thursday, August 28, rising 1.4% from the previous day’s close of US$3,404.60. Catherine Brock of Yahoo Finance noted that this marked the first time gold opened above the US$3,400 level since August 8. The gain followed Nvidia’s quarterly earnings report, which exceeded expectations on sales and profits but fell short in data center revenue, a key segment tied to AI growth. The mixed results introduced uncertainty around near-term equity market performance, prompting renewed interest in gold as a safe-haven asset. Year-over-year, gold prices have increased 38%, up from US$2,501 per ounce on August 28, 2024.

Analysts Endorse Nexgold's Dual-Project Strategy

On July 25, Ron Stewart of Red Cloud Securities reiterated a Buy rating on Nexgold Mining Corp., maintaining a target price of CA$4 per share. At the time of the report, this represented a 419% upside. Stewart highlighted recent infill drilling at the Goldboro project, noting that the results were consistent with earlier data and supported the existing geological model. “These results confirm gold mineralization over previously unrecognized areas,” he wrote, adding that the findings could contribute to an expanded resource estimate expected in the second half of 2025. Stewart cited a current Measured and Indicated resource of 2.6 million ounces at Goldboro, with an additional 500,000 ounces in the Inferred category.

Red Cloud’s financial model was updated to incorporate revised gold price assumptions and recent company data. The firm assumed that Goldboro would be developed before the Goliath project, with Goldboro estimated to produce 100,000 ounces of gold annually over a 12-year mine life at an average all-in sustaining cost (AISC) of US$1,180 per ounce. The model projected Goldboro beginning production in 2028, followed by Goliath in 2031. Stewart noted that the development sequence would not significantly impact overall valuation. He also identified several potential catalysts for the company, including further drill results, an updated resource estimate, permitting milestones, and a feasibility study for Goliath.

On August 15, John Newell of John Newell & Associates rated Nexgold as a “Strong Speculative Buy,” citing its position as a mid-tier gold developer with a clear path toward production. Newell pointed to more than 6 million ounces of total mineral resources across all categories and described Nexgold’s plan to develop mines capable of producing approximately 100,000 ounces of gold annually. He emphasized that both Goldboro in Nova Scotia and the Goliath Gold Complex in Ontario are advancing through the permitting process and are supported by favorable economic studies. Newell referenced an after-tax net present value (NPV) of CA$336 million for Goliath, based on a US$1,750 per ounce gold price, and CA$328 million for Goldboro at US$1,600 per ounce. He concluded that Nexgold “offers investors a rare combination of scale, jurisdictional safety, and near-term catalysts.”

Looking Ahead: A Pathway Through Permits and Infrastructure

With the Industrial Approval secured, Nexgold’s Goldboro project is positioned among a small group of advanced-stage gold assets in Canada with a full slate of key provincial and federal permits. The Goldboro project’s Feasibility Study, released in 2022, outlines an approximately 11-year open pit operation with average annual gold production of 100,000 ounces. The study estimates initial capital expenditures of C$271 million, with an after-tax Net Present Value (NPV) of C$328 million and an Internal Rate of Return (IRR) of 25.5% at a US$1,600 per ounce gold price.

As detailed in the NexGold investor presentation, Goldboro’s development is structured in phases. Phase I focuses on surface mining while providing time for underground exploration and development, potentially extending the mine’s overall life. Supporting infrastructure is centralized within a single watershed, including a lined tailings storage facility, employee housing, and a CIP (carbon-in-pulp) process plant. This layout has been designed to minimize environmental impact and streamline regulatory oversight.

The company also holds the Goliath Gold Complex in northwestern Ontario, which has received its own Environmental Assessment approval and is based on a Prefeasibility Study completed in March 2023. Together, Goldboro and Goliath represent the core of Nexgold’s production profile, totaling over 2.4 million ounces of gold equivalent in pro forma life-of-mine output.

With robust financial positioning (US$8.5 million in cash and a US$160.5 million market capitalization as of August 2025) Nexgold continues to advance its dual-asset strategy in Canada’s gold sector while engaging in ongoing exploration and permitting activities across its portfolio.

Ownership and Share Structure

The company notes that management and insiders own 2.9% of NexGold.  Institutions and strategic investors, including Frank Giustra who owns 7.0%, own 51.9% of the shares in the company.      

NexGold has 158.9 million shares issued and outstanding and a market cap of CA$130.3 million.