NexGold Mining drills 12.06 g/t gold over 6.0 metres and 3.84 g/t gold over 18.0 metres at Goldboro Project, Nova Scotia

NexGold Mining Corp. [TSXV: NEXG; OTCQX: NXGCF] reported additional assay results from its ongoing Reverse Circulation (RC) infill drill program at the company’s Goldboro Gold Project in Nova Scotia. Based on the success of the program to date and the potential to further enhance confidence in near-surface mineralization, the company has elected to expand the RC Infill Drill Program from approximately 30,000 metres to 40,000 metres.

The RC Infill Drill Program is focused on selected areas of the Goldboro Deposit and is designed to infill specific areas of the Goldboro Mineral Resource within the West and East pits at a nominal drill spacing of 12.5 metres and down to depths of 50 metres.

Kevin Bullock, President, CEO & Director of NexGold, commented: “I am encouraged by the results generated to date from our RC Infill Drill Program at Goldboro. The drilling continues to confirm the continuity, tenor and thickness of near-surface mineralization within the proposed West pit area at a higher level of detail. The program is also providing additional geological and grade information in areas that are currently contemplated in the early years of the Goldboro mine plan. Given the success of the program to date, combined with the proceeds from our recently-completed C$10 million flow-through financing, we have elected to expand the RC Infill Drill Program to further evaluate and better define near-surface mineralization within the West and East pits.

“The information generated through this program is expected to support ongoing geological modelling, Mineral Resources refinement, and mine planning activities at Goldboro, while also informing the Company’s evaluation of a potential construction decision on the project. The expanded program is approximately 62% complete and is expected to continue into the fourth quarter of 2026. We look forward to providing further updates as additional assay results become available.”

Drill results in this news release represent 3,420 metres of drilling from 72 RC drill holes (RC-26-084 to RC-26-152, RC-26-197, RC-26-206 and RC-26-207) from the west pit. Cumulatively, the company has released results for 154 drill holes representing a total of 6,685 metres, with additional holes pending assay and more arriving to the lab daily.

Based on QA/QC procedures and data as well as comparisons to previous drilling and recent modelling, drill results are considered geologically representative of mineralization. Drilling has intersected mineralization at Goldboro typical of the deposit and confirmed mineralization at more detail but in similar tenor of grade and thickness as those intersected in diamond drill holes within the same area but at a broader spacing as shown on vertical cross sections I-S.

Selected highlights from the RC Infill Drill Program include 12.06 g/t Au over 6.0 metres (from 44.0 metres to 50.0 metres), including 67.41 g/t Au over 1.0 metre (from 47.0 metres to 48.0 metres) in drill hole RC-26-147; 3.84 g/t Au over 18.0 metres (from 30.0 metres to 48.0 metres), including 28.04 g/t Au over 1.0 metre (from 36.0 metres to 37.0 metres) and including 15.46 g/t Au over 1.0 metre (from 43.0 metres to 44.0 metres) in drill hole RC-26-102; 4.13 g/t Au over 10.0 metres (from 11.0 metres to 21.0 metres), including 29.03 g/t Au over 1.0 metre (from 15.0 metres to 16.0 metres); and 3.04 g/t Au over 9.0 metres (from 39.0 metres to 48.0 metres), including 14.49 g/t Au over 1.0 metre (from 44.0 metres to 45.0 metres) in drill hole RC-26-129; 9.31 g/t Au over 7.0 metres (from 25.0 metres to 32.0 metres), including 63.55 g/t Au over 1.0 metre (from 25.0 metres to 26.0 metres) in drill hole RC-26-144; 2.82 g/t Au over 11.0 metres (from 26.0 metres to 37.0 metres), including 17.73 g/t Au over 1.0 metres(from 27.0 metres to 28.0 metres); and 4.95 g/t Au over 6.0 metres (from 44.0 metres to 50.0 metres), including 23.78 g/t Au over 1.0 metre (from 48.0 metres to 49.0 metres) in drill hole RC-26-130; 2.04 g/t Au over 19.0 metres (from 31.0 metres to 50.0 metres), including 12.19 g/t Au over 1.0 metre (from 46.0 metres to 47.0 metres) in drill hole RC-26-116; 1.65 g/t Au over 20.0 metres (from 28.0 metres to 48.0 metres) in drill hole RC-26-146; 4.7 g/t Au over 7.0 metres (from 31.0 metres to 38.0 metres), including 11.89 g/t Au over 1.0 metre (from 35.0 metres to 36.0 metres) in drill hole RC-26-138; 10.78 g/t Au over 3.0 metres (from 33.0 metres to 36.0 metres), including 13.86 g/t Au over 2.0 metres (from 34.0 metres to 36.0 metres) in drill hole RC-26-122; and 6.34 g/t Au over 5.0 metres (from 33.0 metres to 38.0 metres), including 13.32 g/t Au over 2.0 metres (from 34.0 metres to 36.0 metres) in drill hole RC-26-120.

This high-density RC Infill Drill Program targets the first few years of planned production at the Goldboro Project where it is currently accessible by the drill rig. The goal of the drill program, and the rationale for using RC drilling, is to obtain a high-density data set that may be used to ultimately upgrade Mineral Resources from the Indicated to Measured category, using a drilling technique that more closely approximates production drilling and associated dilution. This information will be used in concert with more than 180,000 metres of diamond drill data currently available on the deposit to inform the first years of planned mining activity.

The company expects to include the results of the RC Infill Drill Program in a future updated Mineral Resource Estimate that is independent of the ongoing updated Feasibility Study. As the updated Feasibility Study is estimated to be completed in Q3 2026, and this RC Infill Drill Program is still ongoing, the information from this program is not available to inform the current updated Goldboro Mineral Resource Estimate within the Feasibility Study timeframe.

The company previously completed a technical report on 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.

Under the terms of a royalty agreement with Sprott Resources Streaming and Royalty Corp. announced February 14, 2022 and amended May 1, 2024 (the Royalty Agreement), the company has elected to issue 800,833 common shares to Sprott Streaming at a deemed price of $1.1939 per Common Share in satisfaction of an upcoming minimum payment of US$675,000 due under the Royalty Agreement.

The Royalty Agreement requires NexGold to make US$675,000 minimum payments every quarter, in cash or Common Shares (at NexGold’s election). The Common Shares will be issued as shares for debt, in accordance with Policy 4.3 of the TSX Venture Exchange Corporate Finance Policies. NexGold expects to issue the Common Shares to Sprott Streaming about July 13, 2026. The payment was approved by the Board of Directors of NexGold and is subject to approval of the TSXV.

NexGold is a gold-focused company with assets in Canada and Alaska, including the Goldboro Gold Project in Nova Scotia, the Goliath Gold Complex (which includes the Goliath, Goldlund and Miller deposits) in Northwestern Ontario, and additional exploration projects across Canada.

NexGold also holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project in southeast Alaska.