NexGold Mining Corp. announced that the Government of Nova Scotia has confirmed the completeness of its Industrial Approval (IA) application for the G

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NexGold Mining Corp. (NEXG.V:TSXV; NXGCF:OTCQX; TRC1.F:FRA) announced that the Government of Nova Scotia has confirmed the completeness of its Industrial Approval (IA) application for the Goldboro Gold Project. This development marks a significant step forward in the permitting process for the proposed surface mine, which is located in eastern Nova Scotia and wholly owned by NexGold. The IA application is now set to undergo final review, which the company expects will conclude within 60 days.

The Industrial Approval is a key provincial permit required for construction and operation of surface mining projects. It follows NexGold’s successful release from the Environmental Assessment (EA) process in August 2022. The IA application, initially submitted in August 2023, outlines detailed plans to mitigate environmental impacts associated with project development. According to the company, terms and conditions attached to the IA are designed to prevent adverse environmental effects under Nova Scotia’s Environment Act.

Kevin Bullock, President and CEO of NexGold, stated in the news release, “We are extremely proud to receive the notice that our Industrial Approval submissions have been deemed complete by the Government of Nova Scotia. This is a major milestone that paves the way for the potential development of the Goldboro Gold Project. The letter we received is the culmination of years of work by the NexGold team and we look forward to future constructive dialogue with the Province to work towards a positive IA conclusion in the next two months.”

The IA is generally one of the final permits issued prior to the start of mine construction. Its completion would add to a suite of approvals already secured by NexGold, including the Mineral Lease received in July 2024 and a Crown Land lease offer for approximately 779 hectares. Applications for federal permits, such as the Fisheries Act Authorization and a Schedule 2 amendment under the Metal and Diamond Mining Effluent Regulations, are also underway, with consultation continuing in 2025.

Gold Sector Shows Strong Momentum Amid Market Tensions and Structural Shifts

According to Stockhead on June 13, geopolitical uncertainty contributed to a spike in gold prices, which briefly touched US$3410 per ounce following reports of Israeli airstrikes on Iran. The surge was attributed to investors seeking safe-haven assets during heightened conflict risk. "Gold also popped," the report noted, as it became a preferred hedge amid war jitters and broader market volatility.

That same day, financial analyst Chen Lin acknowledged the price jump driven by geopolitical events but exercised caution. “I sold out my future positions in gold and silver, taking nice profits,” he wrote, expressing concern that "you don't know who has margin calls coming as the stock market is tanking." His comments suggested that while gold remained attractive during crisis periods, rapid price movements posed risks for traders.

Also on June 13, VBL reported that U.S. bullion banks benefited from physical arbitrage opportunities earlier in the year. According to Bloomberg, traders at JPMorgan and Morgan Stanley generated a combined US$500 million in precious metals revenue in Q1 2025. This figure represented the second-highest quarterly total in the past ten years. The gains stemmed from buying gold and silver in foreign markets and selling them at a premium in the U.S., taking advantage of price differences across global exchanges.

In a more critical assessment published on June 16, Matthew Piepenburg described gold as a “lie detector” for the global financial system. He stated, “Gold is calling BS on an entire global financial system whose dishonest fantasy policies... are falling off a US$300 trillion global debt cliff.” Piepenburg underscored that central banks had been accumulating gold at record levels, reflecting a loss of confidence in fiat currencies. He added that even traditionally skeptical institutional investors were beginning to increase allocations to gold, describing it as “THE emerging global Tier-1 asset.”

On June 17, Bloomberg reported that “gold is expected to sink back below US$3,000 an ounce in the coming quarters as a record-setting rally runs out of steam,” according to Citigroup Inc., which described the move as “calling time on one of the standout rallies in commodities.” Analysts including Max Layton stated, “Our work suggests that gold returns to about US$2,500 to US$2,700 an ounce by the second half of 2026.” They attributed the potential decline to “weaker investment demand, improving global growth prospects, and rate cuts by the Federal Reserve.” Bloomberg noted that bullion had “soared 30% this year, last setting a record in April, as US President Donald Trump’s disruptive trade policies and the crisis in the Middle East spurred haven demand.” The rally was also “underpinned by concerns about the US deficit and assets, as well as by consistent buying by central banks as they sought to diversify reserves.” The analysts added, “We see investment demand for gold abating in late 2025 and 2026, as ultimately, we see the President Trump popularity and US growth ‘put’ kicking in, especially as the US mid-terms come into focus.” They also wrote, “we see a lot of scope for the Fed to cut from restrictive policy to neutral.” Citigroup’s base case - assigned a 60% probability - projected that gold would “consolidate above US$3,000 an ounce over the next quarter, then head lower.”

Poised for Production: Goldboro’s Next Chapter

NexGold’s Goldboro Gold Project stands out as a significant near-term development asset in a jurisdiction known for gold mining, as outlined in the company's investor presentation. The project’s 2022 Feasibility Study outlines an 11-year open-pit mine life with an average annual gold production of 100,000 ounces. Using a gold price assumption of US$1,600 per ounce, the study projects an after-tax net present value (NPV5%) of C$328 million and an internal rate of return (IRR) of 25.5%. All-in sustaining costs (AISC) are estimated at US$849 per ounce, with an average recovery rate of 95.8%.

The company is pursuing a phased development strategy. Surface mining would provide the initial production base while giving NexGold time to expand and upgrade underground resources for future development starting in year six. The infrastructure plan includes a fully lined tailings facility, accommodation for 350 workers during construction, and centralized operations within a single watershed—an approach designed to minimize environmental complexity.

Recent exploration results have added to the project’s potential. Drill highlights include 26.09 grams per tonne (g/t) gold over 8.9 meters, and up to 371.59 g/t over 0.5 meters in select holes. Additionally, mineralization has been traced 3.4 kilometers along strike, with continued expansion opportunities identified westward toward the historic Dolliver Mountain site.

With both the IA and other provincial leases progressing, NexGold appears positioned to transition Goldboro into one of the next permitted gold mines in Canada. As stated in the company’s May 2025 investor presentation, “Goldboro is a robust open-pit project with significant leverage to rising gold prices and strong First Nations relationships—two increasingly rare traits in Canada’s gold development sector.”

NexGold Targets Q3 Feasibility Study with Focus on Cost and Environmental Efficiency

NexGold Mining Corp. is advancing its updated feasibility study (FS) for the Goliath Gold Project, with completion targeted for the third quarter of 2025. In a March 15 update published in J Taylor’s Gold, Energy & Tech Stocks, Jay Taylor reported that the company is emphasizing reductions in both capital expenditures and environmental impact as part of its development plan. The FS is being prepared under National Instrument 43-101 standards.

According to CEO Kevin Bullock, the study will integrate community feedback and propose modifications designed to reduce the project’s long-term liabilities. “We expect to decrease the footprint of the Tailings Storage Facility (TSF) and overall project infrastructure,” Bullock said, adding that the changes may allow for earlier closure of the TSF and Waste Rock Storage Facility, potentially starting as early as Year 4 of operations. Such adjustments could reduce future financial assurance obligations related to site rehabilitation.

Taylor noted that NexGold is working with several engineering and environmental consultants — including Ausenco, WSP, SLR Consulting Canada Ltd., Minnow Environmental Inc., RockEng, and SRK — on a revised site layout aimed at improving both economic and environmental outcomes. The final feasibility study will outline the full extent of these revisions.

Progress has also continued at Goldboro, where drilling is contributing to potential resource growth. In a May 20 research note, Red Cloud Securities analyst Ron Stewart described NexGold’s recent drill results as “slightly positive,” citing broad mineralized zones in underexplored areas. Intercepts included 1.86 grams per tonne (g/t) gold over 10.9 metres with a subinterval of 7.38 g/t over 0.6 metres, and 1.03 g/t over 18.9 metres including 19.45 g/t over 0.8 metres.

Stewart reported that approximately 17,000 metres of the planned 25,000-metre drill program had been completed by mid-May, with the remainder expected in the current quarter. The existing Goldboro resource includes 21.6 million tonnes at 3.72 g/t gold for 2.6 million ounces in the measured and indicated category, and 3.2 million tonnes at 4.73 g/t gold for approximately 0.5 million ounces inferred.

Red Cloud maintained a “Buy (Speculative)” rating on NexGold, with a CA$4.00 per share target based on a discounted cash flow model incorporating the Goldboro and Goliath projects.

Ownership and Share Structure

The company notes that management and insiders own 2.7% of NexGold.  

Institutions own 26.5%.   

Strategic investors own 31.1%. Frank Guistra owns 7.0%, Sprott owns 6.3%. Extract owns 7.8%. First Mining owns 1.8%. Matrix owns 0.9%, and Teck owns 0.9%.    

NexGold had 157.6 million shares and a market cap of C$129.2 million, following the closing of its recent C$10 million bought deal private placement financing.