NexGold Mining said on October 27, 2026, that early works had begun at its Goldboro Gold Project in Nova Scotia, while an updated feasibility study was expected by the end of the year. A final construction decision has not been made.

Key Takeaways

  • Early earthworks began on September 17, 2026, at the fully permitted project.
  • The updated study will inform a potential construction decision and support discussions on possible financing.
  • NexGold also issued shares to settle a US$675,000 quarterly royalty payment.

Goldboro Gold Project study and financing

NexGold said the updated feasibility study would provide technical and economic information for its board to consider in evaluating a potential final investment decision. The company anticipates completing the study by the end of the fourth quarter of 2026.

The study is also expected to support development activities, including a previously announced non-binding letter of intent with Appian Capital Advisory concerning US$175 million in potential project financing. The letter is not a commitment to provide funding.

NexGold has completed modelling and estimation for an updated open-pit mineral resource estimate, while the underground estimate remains in progress. Final reviews of capital and operating cost estimates and the financial model are underway.

Early works and procurement

Site preparation and early earthworks were awarded to Mi’kma’ki-Municipal Limited Partnership, a majority Indigenous-owned partnership. NexGold said construction under that contract began on September 17. Detailed engineering has also started for a separate site earthworks contract scheduled to begin in early 2027.

The company had issued 16 long-lead equipment procurement packages for bids and received proposals for 13, with the first awards expected before the end of October. It was also evaluating proposals for an employee accommodation facility, with an award expected later in the fourth quarter.

NexGold cautioned that financing, procurement and any future construction decision remain subject to technical, economic, regulatory and other factors. The company said there is no assurance the activities will result in the project being developed or built.

Drilling and royalty settlement

NexGold said it completed a 40,000-metre reverse-circulation infill drilling program focused on accessible areas planned for the first years of production. Preliminary results in certain intervals showed comparable ranges of mineralized thicknesses and grades to previous diamond drilling, but remain subject to verification, sampling, analytical review and interpretation.

Separately, NexGold issued 716,619 common shares to Sprott Resources Streaming and Royalty to satisfy a US$675,000 quarterly minimum payment under a royalty agreement. The company said the payment obligation was satisfied in full following the issuance.

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