NexGold Mining Corp.: NexGold Reports Q2 2026 Financial and Operating Results

TORONTO, Aug. 13, 2026 (GLOBE NEWSWIRE) -- NexGold Mining Corp. TSXV: NEXG; OTCQX: NXGCF) ("NexGold" or the "Company") announced its financial and operating results for the three and six months ended June 30, 2026. The second quarter of 2026 was highlighted by continued advancement of the Goldboro Gold Project ("Goldboro") and Goliath Gold Complex ("Goliath Complex"), including ongoing drilling programs, completion of regional geophysical surveys at Goldboro, and progress toward an updated Goldboro Feasibility Study.

The Company's condensed consolidated interim financial statements and related management's discussion and analysis ("MD&A") for the three and six months ended June 30, 2026 are available under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.nexgold.com. Unless otherwise indicated, all dollar amounts are expressed in Canadian dollars.

Kevin Bullock, President, CEO & Director of NexGold, commented: "NexGold was very active in the second quarter of 2026, with a strong focus on the continued execution, advancement, and strengthening of its two cornerstone development projects. At Goldboro, the Company continued to make progress across several key development activities in advance of a potential construction decision later this year. Most notably, the updated Goldboro Feasibility Study remains on track for completion in 2026. The Company also advanced a reverse circulation infill drill program at Goldboro designed to enhance confidence in mine planning for the initial years contemplated in the current mine plan. Results received to date have supported the objectives of the program, leading the Company to increase the planned program from 30,000 metres to 40,000 metres.

"At the Goliath Complex, exploration activities continued as part of the 25,000-metre infill and expansion drilling program, supporting the ongoing evaluation and advancement of the open pit Mineral Resources at the Goldlund Deposit. We also entered into a Memorandum of Understanding with Eagle Lake First Nation and Lac Seul First Nation to establish a framework for ongoing collaboration, relationship-building, and negotiation related to the Goliath Complex. This represents an important step toward building respectful and constructive relationships that have the potential to deliver long-term benefits for all parties.

"This is an exciting time for NexGold. With several milestones anticipated in the second half of 2026, we remain focused on maintaining the momentum generated during the first half of the year. Looking ahead, we are committed to advancing our projects responsibly and positioning NexGold for potential future growth as we work toward our objective of becoming a Canadian mid-tier gold producer."

Second Quarter 2026 and Recent Highlights

Financial

• At June 30, 2026, the Company had cash and short-term investments of $101.1 million, compared to $104.5 million at March 31, 2026. The Company reported a net loss of $16.0 million, or $0.06 per share, for the three months ended June 30, 2026, compared to a net loss of $11.4 million, or $0.05 per share, for the three months ended March 31, 2026. The increase in net loss during the quarter was primarily attributable to exploration expenditures and project development activities, as discussed in the Company's financial statements and MD&A.

Project Highlights

• The Company continued to advance a range of key development activities at Goldboro during the second quarter of 2026 to support ongoing project evaluation and inform a potential future construction decision including:
  • Advancing work on the updated Goldboro Feasibility Study, including the completion of an updated open pit Mineral Resource Estimate, progression of capital and operating cost estimates, and ongoing technical, engineering, and risk assessment activities;
  • Further expanding the Owner's Project Team through the recruitment and onboarding of additional personnel to support technical evaluation, project planning and oversight;
  • Advancing geological modelling activities, including the completion of wireframe and block models, to support an updated Mineral Resource Estimate;
  • Commencing mine plan development activities;
  • Continuing engagement with Nova Scotia Power regarding long-term power supply options;
  • Completing the geotechnical investigation drilling program to support geotechnical assessments related to mine infrastructure, pit slopes, foundations and tailings facilities;
  • Issuing requests for proposal for an early earthworks contract and an employee accommodation facility;
  • Preparing and issuing preliminary procurement packages for mechanical and electrical equipment;
  • Advancing procurement activities for selected long-lead equipment; and
  • Developing preliminary project execution materials, including draft schedules, management plans, procedures and contract documentation, to support the evaluation of potential construction and project execution strategies.

Exploration Highlights

• The Company continued its 25,000-metre infill and expansion drill program at the Goliath Complex, focused on the Goldlund Deposit. During the second quarter of 2026, the Company completed 9,173 metres in 23 drill holes, bringing the total completed since the program commenced to 21,986 metres of the planned 25,000-metre diamond drill program.
  • Selected drill intercepts from the infill and expansion drill program include: 15.21 g/t gold over 20.1 metres in drill hole GL-26-007; 5.11 g/t gold over 21.8 metres in drill hole GL-26-014, and 4.51 g/t gold over 21.9 metres in drill hole GL-26-012.
• The Company commenced a 30,000-metre reverse circulation infill drill program ("RC infill drill program") at Goldboro during the second quarter of 2026, focused on areas contemplated in the initial years of the current mine plan that are accessible by drill rig. The program is intended to increase data density and improve geological confidence in these areas, which may support future Mineral Resource estimation and classification work.
  • Selected drill intercepts from the RC infill drill program include: 61.22 g/t gold over 12.0 metres in drill hole RC-26-073; 5.85 g/t gold over 13.0 metres in drill hole RC-26-037; and 3.82 g/t gold over 13.0 metres in drill hole RC-26-060.
  • Subsequent to quarter-end, the Company expanded the RC infill drill program from 30,000 metres to approximately 40,000 metres. Based on the expanded program, approximately 62% of the planned drilling had been completed as of June 30, 2026.
• The Company also initiated two geophysical surveys at Goldboro during the second quarter of 2026: a 2,496 line-kilometre airborne Versatile Time Domain Electromagnetic survey and a 2,656-line kilometre FALCON® fixed-wing airborne gravity gradiometer survey covering 32,007 hectares (approximately 320 km²) of prospective exploration lands. The surveys are intended to assist in the identification and evaluation of exploration targets and to enhance the Company's understanding of regional geological controls. Both surveys have been completed, and interpretation of the survey data remains ongoing.

Community Highlights

• The Company continued to implement the Benefits Agreement with the Assembly of Nova Scotia Mi'kmaw Chiefs and the Community Benefits Agreement with the Municipality of the District of Guysborough regarding Goldboro. The Company also hosted a series of local community information sessions and provided regular project updates to a wide range of stakeholder groups.
• The Company entered into a Memorandum of Understanding with Eagle Lake First Nation and Lac Seul First Nation, establishing a framework for ongoing collaboration, relationship-building and negotiation related to the Goliath Complex.

Qualified Persons

The scientific and technical information contained in this news release has been reviewed and approved by Paul McNeill, P.Geo., Vice President, Exploration, with respect to geological information, and by Brian Jackson, P.Eng., Vice-President, Projects, with respect to engineering and metallurgical information. Mr. McNeill and Mr. Jackson are each Qualified Persons as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About NexGold Mining Corp.

NexGold is a gold-focused company with assets in Canada and Alaska, including the Goldboro Gold Project in Nova Scotia, the Goliath Gold Complex (which includes the Goliath, Goldlund and Miller deposits) in Northwestern Ontario, and additional exploration projects across Canada. NexGold also holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project in southeast Alaska. NexGold is committed to ongoing, meaningful engagement with regional communities and Indigenous Nations to support sustainable development, safe operations, and shared economic and social benefits.

Further details about NexGold-including a Feasibility Study for the Goldboro Gold Project prepared by Nordmin Engineering Ltd., entitled "NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia" with an effective date of December 16, 2021 and a report date of January 11, 2022, and a Prefeasibility Study for the Goliath Gold Complex entitled "Goliath Gold Complex - NI 43-101 Technical Report and Prefeasibility Study" and dated March 27, 2023 with an effective date of February 22, 2023, led by independent consultants Ausenco Engineering Canada Inc.-are available under the Company's issuer profile on SEDAR+ at www.sedarplus.ca and on NexGold's website at www.nexgold.com.

Contact:

Orin Baranowsky Chief Financial Officer [phone] [e-mail]

Greg DiTomaso Investor Relations [phone] [e-mail]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Cautionary Note Regarding Forward-Looking Information

This news release contains or incorporates by reference "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of applicable U.S. securities laws (collectively, "forward-looking information"). Except for statements of historical fact, certain information contained herein constitutes forward-looking information including, but not limited: to information regarding the Company's strategic objectives and growth plans; the timing, scope and results of drilling and exploration activities; the potential upgrading of Mineral Resource classifications; the identification and evaluation of exploration targets; anticipated mine planning development activities; expected milestones and catalysts during the second half of 2026; initiatives expected to be undertaken by management; the timing of a potential construction decision; the Company's objective of becoming a Canadian gold producer; and the timing, advancement, completion and results of technical studies, including the updated Goldboro Feasibility Study. Generally, forward-looking information is characterized by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "is projected", "anticipates" or "does not anticipate", "believes", "targets", or variations of such words and phrases. Forward-looking information may also be identified in statements where certain actions, events or results "may", "could", "should", "would", "might", "will be taken", "occur" or "be achieved".

Forward-looking information involves known or unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those projected by such forward-looking statements. Such factors include, among others: the plan for, and actual results of, current exploration activities; expectations relating to future exploration, development and production activities as well as growth potential for NexGold's operations; risks relating to the interpretation of geophysical survey data; risks relating to Mineral Resource estimation and classification; risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; reliance on third-parties, including governmental entities, for mining activities; the ability of NexGold to complete further exploration activities, including drilling at the Goliath Gold Complex and Goldboro deposits; the ability of the Company to obtain required approvals; the results of exploration activities; risks relating to mining activities; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of mineral resources, production and cost estimates; risks relating to consultation and engagement with Indigenous communities and the timing or outcome of related agreements and approvals; health, safety and environmental risks; worldwide demand for gold and base metals; gold price and other commodity price and exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; changes in legislation, including but not limited to tax laws, royalties and environmental regulations; and those factors described in the Management's Discussion and Analysis for the year ended December 31, 2025 of the Company and in the Company's most recent disclosure documents filed under its SEDAR+ profile at www.sedarplus.ca. Although management of the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented to assist shareholders in understanding the Company's plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information contained herein, except in accordance with applicable securities laws.