A Gold Mine Decision Is Near, and New Drill Results Add to the Story

Key Investor Takeaways

• Goldboro Drill Results: NexGold reported additional results from its completed 36,239-meter RC infill drilling program, including 4.16 g/t gold over 7.0 meters, 2.84 g/t gold over 7.0 meters, and 1.94 g/t gold over 9.0 meters.
• West Pit Assays Complete: All West Pit assay results have been received, with East Pit results expected in the coming months.
• Resource Evaluation: The drilling program was designed to improve confidence in mineralization and provide data for potential future upgrades from Indicated to Measured Mineral Resources.
• Feasibility Study Timeline: NexGold targets completion of its updated Goldboro Feasibility Study by the end of Q4 2026 to support evaluation of a potential final investment decision, also expected by year-end.
• Project Financing: The company previously announced a non-binding letter of intent with Appian Capital Advisory Limited concerning US$175 million in potential project financing.
• Early Works Construction: Site preparation and early works construction commenced on September 17, 2026, including bypass road construction, environmental controls, and preparation of infrastructure sites. Full-scale construction remains subject to the board’s final investment decision.
• Existing Gold Resources: Goldboro contains approximately 2.6 million ounces of measured and indicated gold resources, along with approximately 0.5 million ounces of inferred resources.
• Historical Project Economics: The existing Feasibility Study outlined a 10.9-year open-pit mine life, approximately 100,000 ounces of average annual gold production, and a 25.5% after-tax internal rate of return based on US$1,600 per ounce gold.

NexGold Reports Additional Gold Intercepts From Completed Goldboro Infill Drilling Program

NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE) reported additional assay results on November 3, 2026, from its completed reverse circulation (RC) infill drilling program at the Goldboro Gold Project in Nova Scotia. The 36,239-meter program targeted areas of the Goldboro Mineral Resource within the planned West and East Pits, using nominal drill spacing of 12.5 meters and depths of up to 50 meters.

The latest results covered 2,885 meters of drilling across 76 RC holes in the West Pit. Assay results from all West Pit drilling had been received, while results from the East Pit remained pending.

Among the reported intersections, drill hole RC-26-271 returned 4.16 grams per tonne (g/t) gold over 7.0 meters, from 13.0 to 20.0 meters, including 20.15 g/t gold over 1.0 meter. Drill hole RC-26-251 intersected 2.84 g/t gold over 7.0 meters, from 11.0 to 18.0 meters, along with 1.55 g/t gold over 2.0 meters.

Additional results included 1.94 g/t gold over 9.0 meters in drill hole RC-26-290 and 1.84 g/t gold over 8.0 meters in RC-26-279. Drill hole RC-26-249 returned 6.76 g/t gold over 2.0 meters, including 12.75 g/t gold over 1.0 meter, as well as a separate intersection of 3.11 g/t gold over 4.0 meters.

Drill hole RC-26-273 intersected 6.46 g/t gold over 3.0 meters, including 18.88 g/t gold over 1.0 meter, and a separate interval of 2.83 g/t gold over 2.0 meters. RC-26-246 returned 5.11 g/t gold over 3.0 meters and 1.48 g/t gold over 5.0 meters.

Other reported results included 3.11 g/t gold over 6.0 meters in RC-26-293, including 13.91 g/t gold over 1.0 meter, and 2.92 g/t gold over 5.0 meters in RC-26-274, including 11.29 g/t gold over 1.0 meter. Drill hole RC-26-252 intersected 4.84 g/t gold over 3.0 meters.

The company also referenced previously reported West Pit results from June, July, and August 2026. These included 61.22 g/t gold over 12.0 meters in drill hole RC-26-073, including 685.0 g/t gold over 1.0 meter and 36.69 g/t gold over another 1.0 meter. Other previously reported intersections included 12.06 g/t gold over 6.0 meters in RC-26-147, 9.31 g/t gold over 7.0 meters in RC-26-144, and 5.83 g/t gold over 13.0 meters in RC-26-037.

Kevin Bullock, President, CEO and Director of NexGold, commented in the company’s November 3 news release: “We are pleased to announce the successful completion of the RC Infill Drill Program, which was well executed. Fire assay results from all drill holes completed within the West Pit have been received, while assay results from the East Pit are expected in the coming months.”

The program was designed to improve confidence in the location, continuity, grade, and thickness of mineralization within the planned open-pit mining areas, with West Pit drilling focused primarily on zones scheduled for extraction during the initial years of operation.

According to NexGold, the RC results were consistent with the existing geological model. The drilling intersected mineralization in expected locations and provided additional definition of mineralized zones through increased drill density. Grades and thicknesses were also comparable to previous diamond drill intersections completed at wider spacing in the same areas.

NexGold selected the RC method because it more closely approximates production drilling and provides information relevant to evaluating mining dilution and mineralization continuity.

The company identified more than 180,000 meters of existing diamond drilling data that would be considered alongside the RC results when planning and evaluating the initial years of mining. Potential future Mineral Resource classification upgrades from Indicated to Measured would remain subject to further geological modeling, estimation, and classification work.

Analysts Maintain Positive Ratings as Goldboro Development Advances

Research coverage examined NexGold’s Goldboro Gold Project, Goliath Gold Complex, and related development activities.

National Bank Financial analyst Alex Terentiew maintained an “Outperform” rating on NexGold and a CA$5.50 per share price target in a September 17 report, according to The Globe and Mail.

On November 3, Red Cloud Securities analyst Ron Stewart reiterated his “Buy” rating, but raised his target price to CA$4.60

Red Cloud Securities analyst Ron Stewart maintained a “Buy” rating and a CA$4.30 per share price target in an August 26 research report. His valuation included discounted cash flow assessments of Goldboro and Goliath, as well as an in-situ valuation of the Niblack project.

The analyst identified updated Mineral Resource Estimates and a Feasibility Study at Goldboro, continued exploration and permitting at Goliath, project financing arrangements, and a final investment decision among the company’s development milestones.

On November 3, Stewart reiterated his “Buy” rating, but raised his target price to CA$4.60, writing, “NEXG has now received all West Pit fire assay results from its 36,239m RC infill program, with East Pit results expected in the coming months.”

Gold Market Supported by Safe-Haven Demand and Shifting Economic Conditions

According to a November 5 report from Benzinga, gold prices rose following the U.S. midterm elections as investors responded to a weaker dollar, declining Treasury yields, and expectations of political gridlock in Washington. The publication reported that “gold climbed nearly 3% on Wednesday, reclaiming the US$4,000-an-ounce threshold.” Benzinga also cited The Kobeissi Letter, which reported that gold and silver had added a combined US$1 trillion in market capitalization following the election results.

The report attributed the gains partly to changing expectations surrounding U.S. fiscal policy and government borrowing, noting that the weaker dollar benefited dollar-denominated commodities. Federal Reserve interest-rate expectations also remained a consideration for precious metals.

In a separate November 5 report, Trading Economics noted that gold had slipped below US$4,050 per ounce on the previous Friday but remained on track for a weekly gain exceeding 4%. The publication stated that “these pressures were offset by stronger demand for safe-haven bonds, which pushed yields lower and supported demand for non-yielding assets such as gold.”

Other factors influencing precious metals included expectations of reduced inflationary pressures, developments surrounding the Iran conflict, and liquidity-driven selling during a broader equity market decline.

In its overview of the gold market, Trading Economics identified investment, jewelry consumption, and industrial applications as the primary sources of demand. It also described gold as “often regarded as a safe-haven asset during periods of economic uncertainty, inflation, and geopolitical risk.”

Goldboro Construction Decision, Updated Technical Studies and Exploration Programs

NexGold’s October 2026 corporate presentation outlined development activities at its Goldboro Gold Project in Nova Scotia and Goliath Gold Complex in Ontario. At Goldboro, the company identified a potential construction decision during 2026, subject to completion of technical studies, financing arrangements, engineering, procurement, and project execution planning.

NexGold’s updated Goldboro Feasibility Study is expected to incorporate revised operating expenditures, capital expenditures, and gold price assumptions. Its October 27 news release established a target of completing the study by the end of the fourth quarter of 2026, providing updated technical and economic information for the board of directors to consider when evaluating a potential final investment decision.

The company clarified in its November 3 release that results from the completed RC Infill Drill Program would not be incorporated into the Mineral Resource Estimate supporting the updated Feasibility Study. Any future estimate incorporating those results would be prepared separately, subject to geological modeling, estimation, and classification work.

Financing preparations included a previously announced non-binding letter of intent with Appian Capital Advisory Limited concerning US$175 million in potential project financing. Other development priorities included finalizing financing arrangements, advancing detailed engineering, expanding internal organizational capacity, coordinating with project partners, and completing contracting, procurement, and project scheduling strategies. NexGold also identified procurement of long-lead equipment as an important step toward construction readiness.

The early works construction program commenced in September 2026. Activities identified in the October presentation and November 3 release included construction of a public-access bypass road with culverts at water crossings, installation of sediment and erosion control infrastructure, and clearing and preparation of the employee accommodation facility site. Additional work involved developing till and organics stockpiles, constructing sedimentation ponds, establishing construction management facilities, and mobilizing site services contractors. The program also incorporated environmental controls and measures to maintain traditional community recreational access during the planned construction period.

Goldboro’s planned infrastructure includes a fully lined tailings storage facility designed to accommodate 16.4 million tonnes of tailings and 10.8 million tonnes of co-placed waste rock. Waste rock storage areas are designed for 122 million tonnes. Other planned facilities include organic stockpile areas, water management infrastructure, a carbon-in-pulp processing plant with a gravity circuit, and a public road diversion.

Employee accommodation facilities were designed to house up to 350 personnel during construction and 175 during operations. NexGold described the infrastructure as being contained within a single watershed, an approach the company expects to reduce environmental impacts and simplify permitting.