Gold Developer Uncovers 64.1 g/t Gold at Goliath Project's Goldlund Deposit

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE) shared additional results from its ongoing diamond drilling program, which aims to cover up to 25,000 meters at the Goliath Gold Complex, comprising the Goliath, Goldlund, and Miller Deposits, according to a February 25 release.

The current focus is on the Goldlund Deposit, with drilling designed to infill and potentially expand open pit mineral resources. This update includes results from 1,883 meters of diamond drilling across five drill holes (GL-25-009 to GL-25-011, GL-25-013, and GL-25-014), targeting mineralization areas within or near the base of the open pit Mineral Resource, primarily within the current Inferred category in Zone 4.

"These additional drill results from the infill drill program at Goldlund demonstrate a strong tenor of gold mineralization at deeper levels of a planned open pit for the Goldlund Deposit and strengthen our belief that mineralization does have strong continuity at depth," said President and Chief Executive Officer Kevin Bullock. "The results of the drill program will be used on an ongoing basis to support our efforts to optimize the Goliath Gold Complex, including the Goldlund Deposit. As we continue to drill at the deeper levels of the open pit mineral resource, we are also gathering information to test the continuity of mineralization — especially high-grade mineralization — at depths consistent with underground mining. To date, mineralization remains open along strike and at depth, which provides opportunity for follow up targets and potential expansion of the mineral resource in these areas in the future."

Selected Drill Intercepts Include:

• Drill hole GL-25-010: 9.30 grams per tonne gold (g/t Au) over 11 meters, including 64.1 g/t Au over 0.9 meters and 39.7 g/t Au over 1 meter.
• Drill hole GL-25-011: 2.31 g/t Au over 21.5 meters, including 30.1 g/t Au over 0.7 meters, 24.5 g/t Au over 0.5 meters, and 7.64 g/t Au over 0.9 meters.
• Drill hole GL-25-009: 1.18 g/t Au over 33.5 meters, including 18 g/t Au over 1 meter and 7.99 g/t Au over 1 meter; also, 62.30 g/t Au over 1 meter.
• Drill hole GL-25-013: 2.34 g/t Au over 10.2 meters, including 15.8 g/t Au over 0.7 meters and 5.08 g/t Au over 0.8 meters.
• Drill hole GL-25-014: 1.03 g/t Au over 16.5 meters, including 5.25 g/t Au over 0.8 meters and 4.34 g/t Au over 2 meters; also, 28.9 g/t Au over 1.5 meters.

The Goldlund Deposit's mineralization is typically characterized by quartz stockwork veining within sub-vertical granodiorite sills, the release noted. Zone 4 features wide intervals of mineralized intermediate-mafic volcanic rocks with multiple porphyry and granodiorite intrusions. The results from these drill holes further support the grade continuity of Zone 4 and will aid in refining the geological model and enhancing Mineral Resource confidence in future estimates.

Analyst: 'Blastoff Is Here!' for Stock

In his January 23 newsletter, Stewart Thomson highlighted NexGold Mining Corp., describing it as "another hot CDNX stock."

He predicted that the company would "walk the mid-tier talk," noting that "management looks good, and the jurisdiction (Canada) does too. So does the chart," and declared, "Blastoff is here! Note the strong buy signal on the Stochastics oscillator (14,7,7 series) at the bottom of the chart."

According to a January 27 research report by Ron Stewart of Red Cloud Securities, NexGold plans to update its mineral resource, complete a feasibility study, secure financing, and make a final investment decision for its Goldboro gold project within the year.

Stewart stated, "Goldboro will be the first cab off the rank, with Goliath to follow." Red Cloud maintained a Buy rating on NexGold, reiterating a CA$4.30 per share target price, which includes valuations for Goldboro, Goliath, and Niblack. At the time of the report, the company was trading at approximately CA$1.78 per share.

Stewart noted NexGold's 2025 achievements, including obtaining all federal and provincial permits for Goldboro, completing 26,904 meters of infill drilling at that project, and conducting a 9,084-meter drill program at Goliath.

Additionally, NexGold repaid a US$12 million debt facility, repurchased a 0.6% net smelter returns royalty, sold a 2.9% royalty for US$24 million, and closed a CA$112.5 million bought-deal equity financing.

Red Cloud's model for Goldboro anticipates production of 1,200,000 ounces over an 11.3-year mine life, with an after-tax net present value discounted at 5% of CA$854 million and an internal rate of return of 52.7%.

The Catalyst: Investors Return to Safe Haven

Gold prices saw a recovery on Wednesday after experiencing losses in the previous session, as investors evaluated the effects of newly imposed U.S. tariffs and anticipated upcoming U.S.-Iran discussions, Anuron Mitra reported for Investing.com on February 25.

By 14:30 ET, spot gold had risen by 1.2% to US$5,203.69 per ounce, while U.S. Gold Futures increased by 1% to US$5,226.20 per ounce. This rebound followed a 1.6% decline on Tuesday after four consecutive days of gains.

Fairlead Strategies noted, "Gold has a new daily MACD ‘buy’ signal pending confirmation tomorrow. If the signal confirms, it would support near-term upside continuation with only minor resistance at the all-time high (~US$5,586/oz.). However, there are intermediate-term signs of exhaustion that suggest the bounce will give way to more consolidation. Support is at gold’s 50-day MA."

The U.S. recently implemented a temporary 10% global import tariff, with plans to increase it to 15%, adding uncertainty to global trade and inflation. This action followed a Supreme Court ruling that invalidated previous broad duties, leading Washington to reintroduce tariffs under a different legal framework. Geopolitical tensions remain a focus, with the U.S. and Iran scheduled for a third round of talks on Thursday in Geneva regarding Tehran’s nuclear program. A slightly weaker U.S. dollar also supported gold prices, making dollar-priced metals more attractive to international buyers. However, expectations of sustained high U.S. interest rates limited gold's gains, as two Federal Reserve officials indicated little inclination to alter the central bank’s policy stance in the near term, reinforcing a higher-for-longer rate outlook that typically affects non-yielding assets like gold.

JPMorgan anticipates that demand from central banks and investors will drive gold prices to US$6,300 per ounce by the end of 2026, according to a note released on Wednesday, Mitra wrote. The investment bank has also increased its long-term price forecast for gold to US$4,500 per ounce.

The gold price increase came as investors reacted to comments made by U.S. President Donald Trump during his State of the Union address, reported Vicky McKeever for Yahoo! Finance on February 25.

In his speech on Tuesday evening, Trump defended his tariffs, stating that "the deals are all done" and indicating no changes are planned. He criticized "the Supreme Court's unfortunate involvement" in ruling against his broad-based tariffs and suggested that the duties could eventually "substantially replace the modern-day system of income tax," McKeever wrote.

Following the U.S. Supreme Court's decision on Friday declaring Trump's global tariffs unlawful, the president announced a new 10% duty under section 122 of the Trade Act of 1974. On Saturday, he threatened to raise this new tariff to 15%, although this rate has not yet been formally implemented. Bloomberg reported that the White House is preparing a formal order to increase the global tariff rate to 15%.

The 10% tariff rate took effect on Tuesday. The renewed trade uncertainty has increased demand for gold as a safe-haven asset, pushing prices higher.

Ownership and Share Structure¹

Management and insiders own 2% of NexGold. Institutions and strategic investors, including Frank Giustra, who holds 5%, collectively own 66% of the company's shares.

NexGold has 245.6 million shares issued and outstanding, with a market cap of CA$535.59 million.