Gold Miner Secures Final Major Provincial Permit for Nova Scotia Project

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NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE) has received its Industrial Approval (IA) from the Government of Nova Scotia for its Goldboro Gold Project, marking one of the final regulatory milestones before potential construction. The approval was issued under the province's Environment Act and includes binding terms and conditions to ensure project compliance with environmental standards.

The company originally submitted its application for Industrial Approval on August 28, 2023. In June 2025, the application was deemed complete following an extensive review process led by the Nova Scotia Department of Environment and Climate Change (NS ECC). The IA was granted in August 2025 and is consistent with the conditions laid out in the Environmental Assessment (EA) approval NexGold obtained in August 2022.

Kevin Bullock, President and CEO of NexGold, stated in the news release, "We are extremely pleased to have received our industrial approval for the Goldboro gold project. We are grateful for the diligence shown over the last two years by NS ECC and members of the LIFT team in their review, and the support the project has now received from the Honourable Timothy Halman, Nova Scotia Minister of Environment and Climate Change." Bullock further added, "With the receipt of the IA, we have received one of the last key permits required to advance towards construction and operations and I am very proud of the hard work by the NexGold team in achieving this successful outcome for the advancement of the Goldboro Gold Project."

The IA builds upon a multi-year permitting timeline for Goldboro, which includes previous approvals for Environmental Assessment, Crown Land Lease, Mineral Lease, and amendments to the federal Metal and Diamond Mining Effluent Regulations (Schedule 2). The company expects to receive Fisheries Act Authorization, which addresses potential impacts to local aquatic habitats, in the fourth quarter of 2025, which would be the last Federal Permit required for the project.

Strength in the Storm: Gold Market Remains Resilient

The gold sector held firm through August as investors navigated an uncertain global economic environment marked by rising debt, persistent inflation, and equity market volatility. On August 20, gold futures opened at US$3,359 per ounce, up 1.4% from the previous close and just below the August 11 peak of US$3,383.90. This represented a 34.2% year-over-year increase, reflecting continued strength in the market.

In an August 19 commentary for GoldFix, VBL underscored long-term depreciation trends among fiat currencies, observing that they have lost over 99% of their purchasing power relative to gold since 1971. "Gold, which is far more honest than policy makers, rises because paper money always dies under the weight of dishonest spending," he wrote.

Analyst Matthew Piepenburg echoed these concerns on the 20th, highlighting global debt surpassing US$300 trillion and stating that "debt destroys currencies, freedom and nations," while emphasizing gold's historical role in wealth preservation. Similarly, the August edition of the Von Greyerz Monthly Gold Briefing advocated for physical ownership, describing metals in segregated or allocated accounts as "timeless, honest and essential."

John Newell of John Newell & Associates rated NexGold as a "Strong Speculative Buy," citing its position as a mid-tier gold developer with a clear path toward production.

In an August 27 report for Stockhead, Phoebe Shields noted that gains in gold prices helped lift the Australian Securities Exchange. The ASX 200 increased 0.28%, supported by a 2.48% rise in the ASX All Ordinaries Gold Index, which contributed to a broader 1.42% gain in the materials sector.

She emphasized that gold's sustained price above US$3,300 has offered investors a degree of stability amid fluctuating U.S. policy, inflation concerns, and geopolitical tensions. Shields also highlighted Australia's status as the world's third-largest gold producer as a factor reinforcing its appeal as a safe-haven asset.

Gold futures opened at US$3,452.60 per ounce on Thursday, August 28, rising 1.4% from the previous day's close of US$3,404.60. Catherine Brock of Yahoo Finance noted that this marked the first time gold opened above the US$3,400 level since August 8. The gain followed Nvidia's quarterly earnings report, which exceeded expectations on sales and profits but fell short in data center revenue, a key segment tied to AI growth. The mixed results introduced uncertainty around near-term equity market performance, prompting renewed interest in gold as a safe-haven asset. Year-over-year, gold prices have increased 38%, up from US$2,501 per ounce on August 28, 2024.

Analysts Endorse NexGold's Dual-Project Strategy

On July 25, Ron Stewart of Red Cloud Securities reiterated a Buy rating on NexGold Mining Corp., maintaining a target price of CA$4 per share. At the time of the report, this represented a 419% upside. Stewart highlighted recent infill drilling at the Goldboro project, noting that the results were consistent with earlier data and supported the existing geological model. "These results confirm gold mineralization over previously unrecognized areas," he wrote, adding that the findings could contribute to an expanded mineral resource estimate expected in the second half of 2025. Stewart cited a current Measured and Indicated mineral resource of 2.6 million ounces at Goldboro, with an additional 500,000 ounces in the Inferred category.

Red Cloud's financial model was updated to incorporate revised gold price assumptions and recent company data. The firm assumed that Goldboro would be developed before the Goliath project, with Goldboro estimated to produce 100,000 ounces of gold annually over a 12-year mine life at an average all-in sustaining cost (AISC) of US$1,180 per ounce. The model projected Goldboro beginning production in 2028, followed by Goliath in 2031. Stewart noted that the development sequence would not significantly impact overall valuation. He also identified several potential catalysts for the company, including further drill results, an updated mineral resource estimate, permitting milestones, and a feasibility study for Goliath.

*On August 15, John Newell of John Newell & Associates rated NexGold as a "Strong Speculative Buy," citing its position as a mid-tier gold developer with a clear path toward production. Newell pointed to more than 6 million ounces of total mineral resources across all categories and described NexGold's plan to develop mines capable of producing approximately 100,000 ounces of gold annually. He emphasized that both Goldboro in Nova Scotia and the Goliath Gold Complex in Ontario are advancing through the permitting process and are supported by favorable economic studies. Newell referenced an after-tax net present value (NPV) of CA$336 million for Goliath, based on a US$1,750 per ounce gold price, and CA$328 million for Goldboro at US$1,600 per ounce. He concluded that NexGold "offers investors a rare combination of scale, jurisdictional safety, and near-term catalysts."

In a follow-up report dated August 21, Stewart reiterated Red Cloud's Buy rating and CA$4.00 target price for NexGold, emphasizing the value of the dual-asset strategy. He wrote, "We believe NexGold has one of the largest, most advanced-stage development asset portfolios in Canada," and noted both projects are in tier-one jurisdictions. The firm valued the Goldboro project at CA$2.00 per share and Goliath at CA$1.70, with an additional CA$0.30 per share for cash and other assets. Stewart pointed to the company's final major permit for Goldboro, announced on August 19, as a key milestone that brings the project closer to shovel-ready status and enhances its development timeline.

Looking Ahead: A Pathway Through Permits and Infrastructure

With the Industrial Approval secured, the Goldboro project is positioned among a small group of advanced-stage gold assets in Canada with a full slate of key provincial and federal permits expected to be in hand. The Goldboro project's Feasibility Study, released in 2022, outlines an approximately 11-year open pit operation with average annual gold production of 100,000 ounces. The study estimates initial capital expenditures of C$271 million, with an after-tax Net Present Value (NPV) of C$328 million and an Internal Rate of Return (IRR) of 25.5% at a US$1,600 per ounce gold price. An updated mineral resource estimate is expected in the second half of 2025, providing revised inputs for an updated Feasibility Study.  

As detailed in the NexGold investor presentation, Goldboro's development is structured in phases. Phase I focuses on surface mining while providing time for underground exploration and development, potentially extending the mine's overall life. Supporting infrastructure is centralized within a single watershed, including a lined tailings storage facility, employee housing, and a CIP (carbon-in-pulp) process plant. This layout has been designed to minimize environmental impact and streamline regulatory oversight.

The company also holds the Goliath Gold Complex in northwestern Ontario, which has received its own Environmental Assessment approval and is based on a Prefeasibility Study completed in March 2023. A Feasibility Study for Goliath is expected in H2 2025. Together, Goldboro and Goliath represent the core of NexGold's production profile, totaling over 2.4 million ounces of gold equivalent in pro forma life-of-mine output.

With robust financial positioning (CA$8.5 million in cash and a CA$160.5 million market capitalization as of August 27, 2025) NexGold continues to advance its dual-asset strategy in Canada's gold sector while engaging in ongoing exploration and permitting activities across its portfolio.

Ownership and Share Structure

The company notes that management and insiders own 2.9% of NexGold.  Institutions and strategic investors, including Frank Giustra who owns 7.0%, own 51.9% of the shares in the company.      

NexGold has 158.9 million shares issued and outstanding and a market cap of CA$160.5 million.