NexGold Mining Corp. (NEXG) continues to push its flagship Goldboro gold project in Nova Scotia toward a potential construction decision targeted for late 2026. During June, the company progressed several workstreams required to finalize an updated feasibility study, which management expects to complete by the end of the third quarter. This technical update, which will integrate data from recent drilling and revised cost estimates, is a prerequisite for advancing the company’s project financing plans, including a non-binding letter of intent for $175 million in financing from Appian Capital Advisory.

Operational readiness remains a primary focus, with engineering teams now finalizing designs for key site infrastructure. This includes work on the process plant and accommodation facilities. Procurement is also scaling up, with the company initiating requests for proposals for major components such as power substations and transformers. Subject to regulatory approvals and the completion of necessary contracts, the company is targeting the commencement of early earthworks at the site as early as September. These preparatory steps are being supported by active recruitment to strengthen the owner’s project team.

The company is also refining its geological understanding of the deposit to improve resource confidence. NexGold has decided to expand its ongoing reverse circulation infill drill program from 30,000 metres to 40,000 metres. This move reflects the success of recent drilling, which has intersected mineralization consistent with previous diamond drilling results. Recent highlights from this campaign include intercepts of 61.22 grams per tonne of gold over 12.0 metres and 5.85 grams per tonne of gold over 13.0 metres. The current infill program, which was approximately 62% complete as of July 9, aims to provide greater data density in areas planned for early-stage production.

Community engagement remains integral to the project's advancement. Recent efforts have included hosting information sessions for local contractors in Antigonish and continuing discussions with the Wellness Advisory Group, a body of Mi’kmaw female leaders that provides guidance on project-related wellness measures. Furthermore, the company has initiated the construction of fish habitat compensation projects at Sutherland’s Brook and the Pomquet River. Fulfilling these pre-construction permit conditions is viewed as a vital step in ensuring the project remains on track for its intended development schedule.

The market responded positively to the announcement, with the company’s shares rising 3.39% in the session coinciding with the release of the monthly development update. Investors are likely monitoring the progress of the feasibility study, as the project is already fully permitted, positioning it as a key focus for potential near-term construction. While the company maintains a disciplined approach to de-risking Goldboro, all technical, financial, and regulatory milestones remain subject to ongoing evaluation. The company continues to work through its planned workstreams, balancing site-level activity with broader infrastructure planning as it approaches its year-end target for a formal construction decision.

Read the full announcement: NexGold Continues to Advance Key Development Activities at the Goldboro Gold Project in Nova Scotia