NexGold Intersects 4.16 g/t Gold over 7.0 Metres, 2.84 g/t Gold over 7.0 Metres and 1.94 g/t Gold over 9.0 Metres in RC Infill Drill Program at the Goldboro Gold Project, Nova Scotia

NexGold reports strong West Pit drill results, but key project decisions remain months away.

What the company is saying

NexGold Mining Corp. is highlighting the completion of a 36,239-metre Reverse Circulation Infill Drill Program at its Goldboro Gold Project, with all West Pit assay results now received and East Pit assays pending. The company emphasizes that these results are intended to increase confidence in the grade, continuity, and thickness of mineralization in areas scheduled for early mining. Kevin Bullock, President, CEO & Director, frames the program as a success and positions the data as foundational for a final investment decision and potential resource classification upgrades. The narrative stresses operational progress, including ongoing construction of site infrastructure such as a bypass road, sedimentation ponds, and employee facilities. NexGold repeatedly references the anticipated completion of an updated Feasibility Study later in 2026, but clarifies that not all new drill results will be included in that study. The tone is confident and forward-looking, but most claims about project advancement are conditional on future studies and pending assay results.

What the data suggests

The company completed 36,239 metres of RC drilling at Goldboro, with 2,885 metres across 76 holes in the West Pit reported in this release. Drill spacing was 12.5 metres, targeting depths down to 50 metres, and results are to be integrated with over 180,000 metres of prior diamond drilling. Notable West Pit assays include 20.15 g/t Au over 1.0 m (RC-26-271), 18.88 g/t Au over 1.0 m (RC-26-273), and previously reported intercepts such as 61.22 g/t Au over 12.0 m (RC-26-073) and 67.41 g/t Au over 1.0 m (RC-26-147). The data set is high-density and focused on areas planned for initial mining, supporting the company's stated goal of upgrading resource classification from Indicated to Measured. All West Pit assays are now in, but East Pit results are still outstanding and will be key for a comprehensive resource update. The company is also advancing site works, signaling capital deployment ahead of a construction decision. No new resource estimate or economic analysis is provided, and the updated Feasibility Study is not expected until later in 2026. The technical disclosures are detailed, but the investment case remains contingent on future milestones.

Analysis

The announcement provides detailed and credible operational progress, including the completion of a 36,239-metre RC infill drill program, specific assay results, and ongoing site development activities. These are concrete, realised milestones for an exploration-stage company. However, much of the narrative is forward-looking, emphasizing how these results 'may support' future resource upgrades, a final investment decision, and a feasibility study anticipated only later in 2026. The language repeatedly references potential future benefits and upgrades, but no new resource estimate, economic analysis, or project decision is disclosed at this stage. Significant capital-intensive site works are underway, but there is no immediate earnings or resource reclassification impact. The gap between the positive tone and the actual investment signal is moderate: the technical progress is real, but the benefits are long-dated and contingent on future studies and decisions.

Risk flags

• ●Project advancement is contingent on pending East Pit assay results and the completion of an updated Feasibility Study, both of which are months away; delays or disappointing results could impact project economics and timelines.
• ●Significant capital-intensive site works are underway before a final investment decision, increasing financial exposure if future studies or market conditions are unfavorable.
• ●The company has not disclosed updated resource estimates or economic metrics incorporating the new drill data, leaving uncertainty about the project's ultimate scale and profitability.
• ●Conditional language throughout the announcement ('may support', 'expected to', 'anticipated') signals that key outcomes, such as resource upgrades and mine development, are not yet secured.
• ●Ongoing construction and preparatory activities could face operational risks, including permitting, environmental, or logistical challenges, which are not addressed in this update.

Bottom line

NexGold's latest update confirms completion of a major infill drill program at Goldboro, with strong gold grades reported from the West Pit and detailed operational progress on site infrastructure. While the technical results are positive and support the company's narrative of de-risking the early mine plan, the investment case remains incomplete without East Pit assays and a new Feasibility Study, both due later in 2026. The company is spending on site works ahead of a final investment decision, increasing exposure to execution and market risks if subsequent studies disappoint. Investors should focus on the pending East Pit results and the scope of the forthcoming Feasibility Study, as these will determine whether the reported grades translate into a viable mining operation. The most important takeaway is that while technical progress is real, material project and valuation catalysts are still several months away.

Announcement summary

(TSXV:NEXG; OTCQX:NXGCF) NexGold Mining Corp. announced additional results from its recently completed detailed Reverse Circulation Infill Drill Program at the Goldboro Gold Project. The RC Infill Drill Program consisted of 36,239 metres of drilling, targeting specific areas of the Goldboro Mineral Resource within the planned West and East Pits at a nominal drill spacing of 12.5 metres and down to depths of 50 metres. All fire assay results from drill holes completed within the West Pit have been received, while results from the East Pit are expected in the coming months. The program was designed to increase confidence in the location, continuity, grade, and thickness of mineralization within the planned open-pit mining areas, focusing on areas scheduled for mining during the initial years of operation. The results from the West Pit, together with those from the East Pit, are expected to support the evaluation of a final investment decision and may be incorporated into future Mineral Resource Estimates beyond those included in the updated Feasibility Study, which is anticipated to be completed later in 2026. Current on-site activities include construction of the public access bypass road, installation of sediment and erosion control structures, clearing and preparation of the Employee Accommodations Facility site, development of till and organics stockpiles, construction of sedimentation ponds, and establishment of construction management facilities. Selected highlights from the most recent West Pit RC Infill Drill Program results include: 20.15 g/t Au over 1.0 m in RC-26-271, 12.75 g/t Au over 1.0 m in RC-26-249, 18.88 g/t Au over 1.0 m in RC-26-273, 13.91 g/t Au over 1.0 m in RC-26-293, 11.29 g/t Au over 1.0 m in RC-26-274, and 4.84 g/t Au over 3.0 m in RC-26-252. Previously reported West Pit highlights include: 61.22 g/t Au over 12.0 m in RC-26-073, 67.41 g/t Au over 1.0 m in RC-26-147, 63.55 g/t Au over 1.0 m in RC-26-144, 61.20 g/t Au over 1.0 m in RC-26-037, 20.08 g/t Au over 1.0 m in RC-26-060, 28.04 g/t Au over 1.0 m in RC-26-129, 29.03 g/t Au over 1.0 m in RC-26-129, and 14.49 g/t Au over 1.0 m in RC-26-129. The high-density RC Infill Drill Program targets areas associated with the initial years of the current mine plan and aims to provide a high-density data set to support potential classification upgrades from Indicated to Measured category. The Company expects this information to be used in conjunction with more than 180,000 metres of existing diamond drill data to support planning and evaluation of the initial years of mining. Drill results reported in this release comprise 2,885 metres of drilling completed in 76 RC drill holes within the West Pit area. The results are considered consistent with the Company's current understanding of the Goldboro Deposit and demonstrate grade and thickness comparable to those encountered in diamond drill intersections within the same area. The RC Infill Drill Program may support a future evaluation of the Mineral Resource for potential classification upgrades, subject to future geological modelling, estimation, and classification work. Any future Mineral Resource Estimate incorporating these results will be completed separately from the ongoing updated Feasibility Study. The updated Feasibility Study is anticipated to be completed later in 2026, and analytical results from portions of the RC Infill Drill Program remain outstanding, so these results will not be incorporated into the Mineral Resource Estimate supporting the updated Feasibility Study. The Company previously filed a technical report for the Goldboro Project prepared by Nordmin Engineering Ltd., entitled "NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia", with an effective date of December 16, 2021, and a report date of January 11, 2022.

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