30,000-Metre Nova Scotia Drill Push Targets Early Production Zones as Goldboro Gold Project Moves Toward Key Construction Decision

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2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of NexGold.
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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) announced that it has commenced a Reverse Circulation infill drill program at its Goldboro Gold Project in Nova Scotia. The program comprises up to 30,000 metres of drilling and is focused on the Goldboro Deposit, targeting specific areas of the Mineral Resource at a nominal drill spacing of 12.5 metres and to depths of 50 metres.

The company stated that the high-density drill program is designed to support the early years of planned production at Goldboro, focusing on areas currently accessible by drill rig. The objective is to generate a high-density data set that may be used to upgrade Mineral Resources from the Indicated to Measured category using a drilling method that more closely reflects production drilling and associated dilution.

The results from the program will be integrated with more than 180,000 metres of existing diamond drill data on the deposit, including data supporting the 2021 Mineral Resource and Mineral Reserves outlined in the feasibility study prepared by Nordmin Engineering Ltd. with an effective date of December 16, 2021.

Kevin Bullock, President and CEO, stated in a company news release, "The company continues to advance and de-risk the Goldboro Project as we move toward an investment decision later this year. The recently launched 30,000-metre infill drill program focuses primarily on areas of the Mineral Resource that are expected to be mined in the early years of production and is intended to support the refinement of the Mineral Resource model following the update to the Feasibility Study, adding greater certainty and confidence in the Mineral Resource."

He added that the drill program is part of several activities underway at Goldboro in 2026, including an update to the feasibility study incorporating additional drilling completed since September 2021, updated operating and capital cost assumptions, and changes in the gold price since the original study. The company is also continuing technical, environmental, engineering, and permitting activities, along with engagement with local communities and the Mi'kmaw of Nova Scotia.

The infill drill program is expected to continue into the third quarter of 2026, with assay results to be disclosed as they become available, subject to drilling progress and laboratory turnaround times.

Precious Metals Market Volatility and Macro Drivers Shape Sector Conditions

Reuters reported on March 24 that gold prices rose nearly 2% as uncertainty surrounding the Middle East conflict persisted, with spot gold reaching US$4,552.94 per ounce after earlier weakness. The report noted that "gold is seeing a technical recovery and is also being supported by optimism that hostilities involving Iran may be diminishing, which has helped ease oil prices," according to Peter Grant, vice president and senior metals strategist at Zaner Metals. Reuters added that gold had previously hit a four-month low and that price movements were influenced by shifts in oil prices, inflation expectations, and interest rate outlooks. The report also stated that "the recent pullback has seen a sharp exit of much of this capital," while noting that central bank reserve diversification trends were expected to continue, according to analysts at SP Angel.

Kitco News wrote on March 25 that gold and silver prices moved higher in early U.S. trading, supported by a weaker U.S. dollar index and declining Treasury yields. The report stated that "gold and silver prices are posting sharp gains in early U.S. trading today, boosted by a weaker U.S. dollar index and a dip in U.S. Treasury yields," while also highlighting inconsistent market behavior.

It noted that "they sell off on keener risk aversion and rally on better risk appetite," reflecting shifting trader sentiment. Kitco also reported that April gold was up US$177.60 at US$4,580.10, while May silver prices rose US$3.836 to US$73.415. The report further referenced broader macroeconomic factors, including interest rate policy, stating that Federal Reserve Governor Michael Barr said policymakers may need to keep rates steady for "some time" to address inflation.

According to a March 25 report from Citi, gold and silver were characterized as risk-sensitive assets in the near term despite inflationary conditions. The report stated that gold had declined roughly 15% during an Iran-driven energy shock, trading in line with broader risk assets rather than acting as a traditional safe haven. Citi wrote that this pattern aligned with historical trends, noting that "gold typically falls initially during liquidity stress before stabilizing and eventually rebounding ahead of broader markets."

The report outlined a short-term bearish and long-term bullish framework for precious metals, emphasizing the impact of higher real rates and a stronger U.S. dollar on near-term price movements.

2026 Development Milestones at the Goldboro Project

According to the company's investor presentation, NexGold plans to update the Mineral Resource Estimate for Goldboro. It also intends to update the feasibility study, including revisions to operating costs, capital expenditures, and gold price assumptions.

Project execution and planning activities include building organizational capacity through internal team development and project partners, finalizing contracting and procurement strategies, and advancing detailed engineering to support construction requirements and timing. The company also plans to commence procurement for long-lead equipment.

In addition, NexGold is working toward finalizing project financing arrangements and making a final investment and construction decision. The company indicated that it plans to initiate an early works construction program in the second half of 2026 to support a full construction ramp-up. 

On the exploration side, the company plans to continue close-spaced infill drilling to define near-surface Mineral Resources and to pursue the discovery of additional deposits and mineral resources across the project area.

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 247.8 million shares issued and outstanding, with a market cap of CA$354.35 million.