NexGold signs Ontario gold mine MOU with two First Nations
NexGold Mining Corp. [NEXG-TSXV] said it has entered into a Memorandum of Understanding (MOU) with the Eagle Lake and Lac Seul First Nations, establishing a framework for ongoing collaboration, relationship building and negotiation related to the Goliath Gold Complex near Dryden, Ont.
The MOU reflects a commitment by all parties to increase collaboration as the project advances through environmental permitting, project planning, development and future operations. It creates a framework for potential future negotiations of an Impact Benefit Agreement, as well as discussions related to Nations-led environmental assessment and independent monitoring initiatives to support community participation in project oversight and long-term stewardship.
NexGold shares advanced on the news, rising 1.5% or $0.02 to $1.36. The shares trade in a 52-week range of $2.40 and 71 cents.
NexGold was in the news last year when it signed a deal with Signal Gold Inc. to combine the two companies and create a top near-term gold developer, advancing NexGold’s Goliath Gold Complex in northern Ontario and Signal’s Goldboro Gold Project in the historic Goldboro Gold District in Nova Scotia.
With Environmental Approvals in place, the aim is to attain production of over 200,000 ounces annually.
The Goliath Complex, consisting of the Goliath, Goldlund and Miller Deposits, includes proven and probabl reserves of 1.27 million ounces of gold and 1.72 million ounces of silver. These reserves are based on a mineral resource estimate that includes 1.78 million ounces of gold and 2.8 million ounces of silver in combined measured and indicated open pit mineral resources and includes the Goldlund Deposit, which is estimated to host 911,000 ounces of gold in the measured and indicated open pit category.
In January, 2026, the company launched a 25,000-metre drill program with a focus on the Goldlund Deposit. The aim is to infill and potentially expand the open pit resource. The program is focused on the deeper portions of the Goldlund Deposit.
Nexgold is advancing the Goldboro project to an investing decision targeted for late in the third quarter of 2026, with work currently focused on an updated mineral resource estimate in support of an updated feasibility study. The existing feasibility study envisages an 11-year open pit mine life with average gold production of 100,000 ounces annually and an average diluted grade of 2.26 g/ gold. The project is located on tidewater, approximately 185 kilometres northeast of Halifax.
A 2021 Goldboro feasibility study is based on maiden open pit probable reserves of 1.15 million ounces of gold and a mill capacity of 4,000 tonnes per day. The study pegged the initial capital cost at $271 million and life of mine sustaining capital at $63.1 million.
The study envisages the creation of 345 direct full-time jobs during construction and 215 full-time jobs will the mine is in operation, generating $226 million in federal and provincial tax payments.