NeXGold Mining Corp.

NeXGold Mining Corp. is a junior gold development company headquartered in Toronto, Canada, operating primarily in Canada. The company's portfolio consists of 2 development projects, in addition to several early-stage exploration prospects. Key assets include Goldboro and Goliath. The company operates as a public exploration and development entity focused on advancing its 100%-owned projects toward production. Its business model centers on progressing assets through comprehensive permitting processes, feasibility-level studies, and targeted exploration to support future open-pit and underground mining operations. A key operational characteristic is the leveraging of co-development synergies between assets, including the use of shared infrastructure to enhance economic efficiencies. The enterprise employs a disciplined approach to de-risking projects through extensive technical work, including metallurgical testing, comminution studies, and geotechnical investigations to optimize plant design and minimize operational uncertainties. Strategic acquisitions have been utilized to eliminate single-asset risk and consolidate a portfolio of development-stage projects. The organization's competitive approach is to establish itself as an advanced, near-term developer by systematically advancing its core assets toward construction-ready status.

Strategic direction is centered on creating a near-term developer through the advancement of two core projects, supported by a deleveraged balance sheet and improved access to capital following recent acquisitions. Key objectives for 2025 include completing a Feasibility Study for one asset and a Feasibility Study update for another, alongside progressing permitting and community engagement activities. Operational optimization is a core focus, with initiatives aimed at reducing the overall development footprint, minimizing effluent discharge, and lowering potential capital costs through refined engineering and design. A significant component of the value-creation strategy involves aggressive exploration to expand the mineral base. This includes a 25,000-metre drill program initiated in January 2025 designed to infill and upgrade resource confidence, and a separate multi-phased 25,000-metre program to test for extensions and new discoveries. These drilling campaigns are supplemented by geophysical and geochemical surveys to generate a pipeline of new targets and demonstrate the scale potential of the asset base.

Executive leadership underwent significant restructuring in 2024, with Kevin Bullock appointed President and Chief Executive Officer in December, while the former CEO, Jeremy Wyeth, transitioned to the role of Chief Operating Officer. The company also strengthened its strategic advisory capacity in July 2024 with the appointments of Frank Giustra and Shawn Khunkhun as strategic advisors. The Board of Directors experienced several changes, including 4 resignations and 4 new appointments throughout the year, reflecting a strategic realignment of governance expertise. The governance framework is structured around 4 board committees: the Audit Committee, the Compensation Committee, the Corporate Governance and Nominating Committee, and the Technical, Health, Safety and Environment Committee. Each committee operates under a formal charter outlining its mandate and responsibilities. The Board and Audit Committee convene at least 4 times annually to provide oversight, complemented by a corporate Code of Conduct and Ethics that governs all personnel.

A primary focus of the sustainability approach is fostering collaborative relationships with Indigenous Peoples. In 2024, the company signed a historic Benefits Agreement with the Assembly of Nova Scotia Mi’kmaw Chiefs, outlining economic, environmental, and cultural benefits throughout the project life. A new Relationship Agreement was also signed with the Wabigoon Lake Ojibway Nation, establishing a framework for collaboration, capacity funding, and negotiation of a life-of-mine agreement. Environmental stewardship is advanced through ongoing monitoring programs, with baseline data collection dating back to 2008 at one site. Specific initiatives include optimizing mine development plans to reduce the tailings facility footprint and minimize impacts on fish habitat. The organization is improving its water management system by refining numerical and quality models using the latest monitoring data and technical studies. Ongoing geochemical studies are conducted to inform waste rock management strategies and water quality predictions. A joint Environmental Management Committee is being implemented with 2 nations to integrate traditional knowledge into project planning.

The corporate structure was significantly transformed in 2024 through two key acquisitions. On July 3, 2024, the company completed a plan of arrangement to acquire Blackwolf Copper and Gold Ltd., which became a wholly-owned subsidiary. Subsequently, on December 13, 2024, a plan of arrangement was completed to acquire Signal Gold Inc., also making it a wholly-owned subsidiary. The organization holds its interest in the Weebigee Project through a joint venture with S2 Minerals Inc., which acts as operator with a 50.1% interest under an agreement updated in the fourth quarter of 2022. Goldeye Explorations Limited operates as another wholly-owned subsidiary. Significant royalty agreements are in place, including a 2.2% net smelter return royalty on the Goliath Complex sold to Sprott Resource and Streaming Royalty Corp in April 2022 and a 0.6% net smelter return royalty on the Goldboro Project sold to Nebari Royalty I ULC in December 2024. In the third quarter of 2024, the company relinquished all claims within the Hyder Area Properties portfolio.