Infill Drill Results from Nova Scotia Impress Analyst
Research Report

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Disclosures for Red Cloud Securities, NexGold Mining Corp., July 25, 2025

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NexGold Mining Corp.'s (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE) latest batch of infill drill results from its Goldboro gold project in Nova Scotia are positive and similar to previous ones, reported Ron Stewart, mining analyst at Red Cloud Securities, in a July 25 research note.

"These results confirm gold mineralization over previously unrecognized areas," Stewart wrote. "They should bolster the size of the Goldboro resource in the updated mineral resource estimate, anticipated in H2/25."

419% Uplift Suggested

NexGold was trading at the time of Stewart's report at about CA$0.77 per share, at a discount to peers at 0.11x price:net asset value versus 0.22x, noted the analyst.

Red Cloud maintained its target price on the gold explorer-developer of CA$4 per share. This target implies a potential return for investors of 419%.

NexGold remains a Buy.

Notable Grades Shown

Newly reported results are of 11 infill holes placed, in the areas of the proposed East and West pits, as part of the 25,000 meter (25,000m) diamond drill program underway, Stewart reported.

Highlights of this batch include:

• 108.76 grams per ton gold (108.76 g/t Au) over 1.4m, including 304 g/t Au over 0.5m (BR-25-578; East pit)
• 67.23 g/t Au over 2.2m, including 286 g/t Au over 0.5m (BR-25-571; East pit)
• 1.46 g/t Au over 13m, including 15.3 g/t Au over 0.5m (BR-25-567; West pit)
• 1.12 g/t Au over 16.5m, including 10.25 g/t Au over 1m (BR-25-571; East pit)

Stewart pointed out that the new drill data are consistent with those from previous drilling such that the existing geological model seems to broadly predict where gold mineralization is present. The forming picture is one of gold mineralization occurring in folded quartz veins, or reef structures, comprised of narrow, less than 2m, high-grade cores. Within the fold hinge, mineralized zones may expand to greater than 10m in width.

Resource Growth Likely

The purpose of infill drilling certain areas of the open pit is to improve grade continuity and upgrade resources, Stewart noted. The existing combined open pit and underground resource is 21,600,000 tons (21.6 Mt) at 3.72 g/t Au for 2,600,000 ounces (2.6 Moz) in the Measured and Indicated category. The Inferred resource is 3.2 Mt of 4.73 g/t Au for 500,000 ounces (500 Koz).

All told, NexGold so far has reported assays for about 111 holes, constituting about 80% of the current program, wrote the analyst. These results look favorable in terms of resource expansion and upgrading.

Model Gets Updated

Stewart reported that Red Cloud adjusted its model on NexGold to reflect its latest financial results as well as updated commodity prices. The model has Goldboro being advanced before Goliath though both projects have similar production profiles. Red Cloud has Goldboro producing about 100 Koz of Au per year over a 12-year mine life at an average US$1,180 per ounce all-in sustaining cost. The mining investment bank pushed out the Goldboro production start to 2028 and has Goliath production commencing subsequently in 2031.

"Which project ultimately gets developed first shouldn't have a significant impact on our modeled valuation," noted the analyst.

Lots of Catalysts Ahead

Events to watch for, Stewart indicated, include additional drill results from Goldboro on an ongoing basis, an updated mineral resource estimate due before year-end and a feasibility study of Goliath, also expected this year.

Permitting progress on either project and a construction decision on either Goldboro or Goliath are other potential positive catalysts.

More Stock Data

Stewart reported that NexGold has 157.5 million shares outstanding. Its market cap is CA$121.3 million, and its 52-week range is CA$0.61–0.90 per share.

Management and insiders own 9.2% of the company. Other major shareholders are Sprott Inc. with 6.2%, Extract Advisors LLC with 5.05% and Middlefield Capital Corp. with 1.43%.