Kevin Bullock, President, CEO & Director of NexGold, commented: "We are pleased with the progress the Company has made in advancing, de-risking and strengthening our two key projects in the first quarter of 2026. Our team was active at the Goldboro Gold Project throughout the first quarter, undertaking several key development activities that are necessary for both advancing the project to a construction decision, and setting the project up for long-term success. We also worked toward optimizing our Goliath Gold Complex, continuing our 25,000-metre infill and expansion drilling program to increase our confidence in the open pit Mineral Resources at the Goldlund Deposit, and are encouraged by the positive results the program has yielded to date.
The first quarter of 2026 was a strong start to the year for NexGold, as our team was successful in executing on our key strategic priorities at each project. Looking ahead, we expect to build on these successes through steady advancement and consistent execution, as we lay a solid foundation for becoming Canada's next mid-tier gold producer."
First Quarter 2026 and Recent Highlights
Financial
At March 31, 2026, the Company had cash and short-term investments of $104.5 million, compared to $107.7 million at December 31, 2025. The decrease reflects net cash used in operating activities of $8.6 million, partially offset by $5.5 million of proceeds from the exercise of warrants and stock options.
The net loss for the period was $11.4 million, or $0.05 per share, compared to a net loss of $9.4 million, or $0.07 per share, in the prior period.
Project Highlights
At the Goldboro Gold Project ("Goldboro"), the Company advanced a range of development activities during the quarter to support ongoing project evaluation and inform a potential future construction decision including:
Progressing work on the Goldboro Feasibility Study update, including advancing technical, engineering and risk assessment activities;
Expanding the Owner's Project Team with additional personnel to support technical evaluation, project planning and oversight;
Advancing geological modelling, including the development and refinement of wireframe and block models, in support of a potential mineral resource update;
Conducting discussions with Nova Scotia Power regarding potential long-term power supply options;
Initiating a geotechnical drill program to support geotechnical interpretations for ...
