NexGold Drills Deep at Goldboro to De-Risk Nova Scotia Gold Project

TORONTO, ON – March 25, 2026 – NexGold Mining Corp. has initiated a major 30,000-metre infill drill program at its Goldboro Gold Project in Nova Scotia, a pivotal step designed to fortify the project's geological confidence and pave the way for a final investment decision later this year. The extensive Reverse Circulation (RC) drilling campaign focuses on shallow, near-surface areas of the deposit slated for the first few years of mining.

This high-density program is a calculated move to upgrade a significant portion of the project's Mineral Resources from the 'Indicated' to the 'Measured' category—the highest level of geological certainty. By doing so, NexGold aims to substantially de-risk the project's initial production phase, providing a more robust foundation for detailed mine planning and enhancing its appeal to financiers.

The new data will be integrated with over 180,000 metres of existing diamond drill data to inform a crucial update to the project's Feasibility Study. This update will also incorporate results from 58,008 metres of drilling completed since late 2021, along with revised capital and operating cost assumptions reflecting the current economic climate.

A Strategic Push for Certainty

The primary goal of the drill program is to achieve a tight, 12.5-metre drill spacing down to depths of 50 metres. This level of detail is uncommon in early-stage exploration but is critical for a project advancing toward a construction decision. Upgrading resources from Indicated to Measured is akin to moving from a highly educated estimate to a confirmed, bankable quantity, a transition that is paramount for securing project financing.

In a statement, NexGold President and CEO Kevin Bullock highlighted the program's strategic importance. “The Company continues to advance and de-risk the Goldboro Project as we move toward an investment decision later this year,” he commented. “The recently launched 30,000-metre infill drill program focuses primarily on areas of the Mineral Resource that are expected to be mined in the early years of production and is intended to support the refinement of the Mineral Resource model... adding greater certainty and confidence in the Mineral Resource.”

The use of Reverse Circulation drilling is also a strategic choice. This method is not only faster and more cost-effective for a large-scale infill program but also provides samples that more closely mimic the material that will be processed during actual production mining, including potential dilution. This provides a more realistic dataset for operational planning and grade control.

Building on a Solid Economic Foundation

The current de-risking efforts build upon a robust 2021 Feasibility Study, which established a strong economic case for the Goldboro Project. That study projected an open-pit mine life of nearly 11 years, producing an average of 100,000 ounces of gold annually.

Key metrics from the 2021 study included:
* Proven and Probable Reserves: 1.15 million ounces of gold.
* After-Tax Net Present Value (NPV): C$328 million (at a 5% discount rate).
* After-Tax Internal Rate of Return (IRR): A healthy 25.5%.
* All-In Sustaining Costs (AISC): A competitive US$849 per ounce.

Notably, these projections were based on a gold price assumption of US$1,600 per ounce. With gold prices fluctuating significantly since 2021, the upcoming Feasibility Study update, which will incorporate a revised price deck, holds the potential for a substantial re-rating of the project's economics.

Navigating the Path to Production

Advancing a major mining project in Canada requires navigating a complex and rigorous regulatory framework. NexGold has made tangible progress in securing the necessary permits for Goldboro, a testament to its multi-year effort in consultation and environmental stewardship.

The project achieved a critical milestone in August 2022 with the receipt of its Environmental Assessment Approval from the province of Nova Scotia, a process that involved seven years of detailed studies and stakeholder engagement. This was followed by a series of key approvals in 2025, including the Industrial Approval to construct, operate, and reclaim the mine, as well as the final required federal permits under the Fisheries Act.

In May 2025, the company also secured its Mining and Crown Land Leases, which cover 779 hectares for the mine's footprint. To ensure strict adherence to environmental commitments, the Nova Scotia government has established a specialized large industrial file team to provide dedicated oversight throughout the project's lifecycle. With these permits in hand, construction is anticipated to commence in 2026.

Balancing Opportunity with Responsibility

Central to the Goldboro Project's advancement is NexGold's commitment to building and maintaining its social license to operate. The company has actively engaged with local stakeholders and Indigenous partners to ensure the project delivers shared and sustainable benefits.

In a landmark achievement, NexGold signed a comprehensive Benefits Agreement with the Assembly of Nova Scotia Mi'kmaw Chiefs in December 2024. This agreement, along with a similar accord with the Municipality of the District of Guysborough, formalizes a partnership aimed at ensuring local and Indigenous communities participate in the economic opportunities presented by the mine.

The project is poised to become a major economic engine for the region, projected to create approximately 735 jobs, contribute C$2.1 billion to Nova Scotia's GDP, and generate over C$528 million in direct and indirect tax revenues over its 15-year lifecycle. This economic potential is being developed in tandem with a commitment to responsible environmental practices, including a fully lined tailings facility designed to minimize the project's footprint.

The ongoing drill program is expected to continue into the third quarter of 2026, with assay results to be released as they become available. These results, combined with the comprehensive data already gathered, will form the backbone of the updated Feasibility Study, which will ultimately guide the board's final investment decision on one of Eastern Canada's most promising new gold developments.