NexGold Reports Q1 2026 Financial and Operating Results
Press Release
TORONTO, May 14, 2026 — NexGold Mining Corp. (TSXV: NEXG; OTCQX: NXGCF) (“NexGold” or the “Company”) announces its financial and operating results for the three months ended March 31, 2026. The Company’s condensed consolidated interim financial statements and related management’s discussion and analysis for the period are available under the Company’s profile on SEDAR+ at www.sedarplus.ca and on NexGold’s website at www.nexgold.com. All amounts are in Canadian dollars unless otherwise stated.
Kevin Bullock, President, CEO & Director of NexGold, commented: “We are pleased with the progress the Company has made in advancing, de-risking and strengthening our two key projects in the first quarter of 2026. Our team was active at the Goldboro Gold Project throughout the first quarter, undertaking several key development activities that are necessary for both advancing the project to a construction decision, and setting the project up for long-term success. We also worked toward optimizing our Goliath Gold Complex, continuing our 25,000-metre infill and expansion drilling program to increase our confidence in the open pit Mineral Resources at the Goldlund Deposit, and are encouraged by the positive results the program has yielded to date.
The first quarter of 2026 was a strong start to the year for NexGold, as our team was successful in executing on our key strategic priorities at each project. Looking ahead, we expect to build on these successes through steady advancement and consistent execution, as we lay a solid foundation for becoming Canada’s next mid-tier gold producer.”
First Quarter 2026 and Recent Highlights
Financial
- At March 31, 2026, the Company had cash and short-term investments of $104.5 million, compared to $107.7 million at December 31, 2025. The decrease reflects net cash used in operating activities of $8.6 million, partially offset by $5.5 million of proceeds from the exercise of warrants and stock options.
- The net loss for the period was $11.4 million, or $0.05 per share, compared to a net loss of $9.4 million, or $0.07 per share, in the prior period.
Project Highlights
- At the Goldboro Gold Project (“Goldboro”), the Company advanced a range of development activities during the quarter to support ongoing project evaluation and inform a potential future construction decision including:
- Progressing work on the Goldboro Feasibility Study update, including advancing technical, engineering and risk assessment activities;
- Expanding the Owner’s Project Team with additional personnel to support technical evaluation, project planning and oversight;
- Advancing geological modelling, including the development and refinement of wireframe and block models, in support of a potential mineral resource update;
- Conducting discussions with Nova Scotia Power regarding potential long-term power supply options;
- Initiating a geotechnical drill program to support geotechnical interpretations for mine infrastructure, pit slopes, foundations and tailings related facilities;
- Preparing request for proposal packages for early earthworks and an employee accommodations facility;
- Preparing and issuing preliminary procurement packages for mechanical and electrical equipment; and
- Initiating preliminary procurement activities for selected long-lead equipment.
Exploration Highlights
- The Company continued its 25,000-metre infill and expansion drill program at the Goliath Gold Complex, focused on the Goldlund Deposit. Selected drill intercepts include: 9.30 g/t gold over 11 metres in drillhole GL-25-010; 14.10 g/t gold over 6.0 metres, 10.67 g/t gold over 7.0 metres, and 2.99 g/t gold over 20.0 metres in drillhole GL-26-003A; and 2.31 g/t gold over 21.5 metres in drillhole GL-25-011.
- The Company also commenced a 30,000-metre reverse circulation infill drill program at Goldboro, targeting the first few years of planned production where it is currently accessible by drill rig. The program is intended to increase data-density in these areas and may support the potential upgrading of Mineral Resource classifications.
Community Highlights
- The Implementation Committee for Goldboro held its inaugural meeting in January 2026, followed by three additional meetings during the first quarter of 2026, in accordance with the terms of the Mutual Benefits Agreement executed in December 2024.
- The Company continued discussions with Eagle Lake First Nation and Lac Seul First Nation towards a potential tripartite memorandum of understanding in respect of the Goliath Gold Complex.
Qualified Person
Paul McNeill, P.Geo., VP Exploration of NexGold, is considered a “Qualified Person” for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved the scientific and technical disclosure contained in this news release on behalf of NexGold.
About NexGold Mining Corp.
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. NexGold is committed to ongoing, meaningful engagement with regional communities and Indigenous Nations to support sustainable development, safe operations, and shared economic and social benefits.
Further details about NexGold, including a Feasibility Study for the Goldboro Gold Project and a Prefeasibility Study for the Goliath Gold Complex, are available under the Company’s issuer profile on www.sedarplus.ca and on NexGold’s website at www.nexgold.com.
Contact:
| Orin Baranowsky Chief Financial Officer (647) 697-2625 obaranowsky@nexgold.com |
Greg DiTomaso Investor Relations +1 (647) 547-5357 gditomaso@nexgold.com |
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