NexGold Q2 Cash and Losses Ahead of Goldboro Build
NexGold Mining Corp. (TSX.V: NEXG; OTCQX: NXGCF) on Aug. 14 reported second-quarter 2026 results, with cash and short-term investments of CA$101.1 million as of June 30, down from CA$104.5 million at March 31. The company posted a net loss of CA$16.0 million (CA$0.06 per share) for the three months ended June 30, wider than the CA$11.4 million loss (CA$0.05 per share) in the prior quarter, driven by exploration and project development spending.
Goldboro Infill Drilling Expands to 40,000 Meters
At the Goldboro Gold Project in Nova Scotia, NexGold advanced an updated Feasibility Study, including an updated open-pit Mineral Resource Estimate, cost estimates, and engineering work. During Q2, the company launched a 30,000-meter reverse circulation infill drill program, later expanded to approximately 40,000 meters after encouraging results. Selected intercepts included 61.22 g/t gold over 12.0 meters in hole RC-26-073, 5.85 g/t gold over 13.0 meters in RC-26-037, and 3.82 g/t gold over 13.0 meters in RC-26-060.
Red Cloud Securities analyst Ron Stewart, in a June 26 note, said the first 82 holes (3,265 meters) confirmed grade and thickness from diamond drilling, “materially de-risk[ing] initial mining.” He noted the results would not be included in the updated feasibility study but would play “a pivotal role in the final investment decision later this year.” The program also targets converting 484k oz Au of inferred resources to measured category.
Goliath Drilling and First Nations Agreements Progress
At the Goliath Gold Complex in Ontario, NexGold continued a 25,000-meter infill and expansion drill program at the Goldlund Deposit, completing 9,173 meters in Q2 (23 holes) for a program total of 21,986 meters. Highlights included 15.21 g/t gold over 20.1 meters in GL-26-007, 5.11 g/t gold over 21.8 meters in GL-26-014, and 4.51 g/t gold over 21.9 meters in GL-26-012.
The company also signed a Memorandum of Understanding with Eagle Lake First Nation and Lac Seul First Nation for Goliath, building on the Goldboro Benefits Agreement with the Assembly of Nova Scotia Mi’kmaw Chiefs and the Municipality of Guysborough.
Analysts Hold Buy Ratings as Gold Holds Above $4,300
Analyst coverage remains positive. National Bank Financial’s Alex Terentiew reiterated a Buy with a CA$6.00 target on March 26, while Red Cloud’s Stewart reaffirmed a Buy (Speculative) with a CA$4.30 target on June 26. As of Aug. 13, NexGold had ~255.04 million shares outstanding and a market cap of CA$336.65 million.
Gold traded at US$4,329.39 per ounce on Aug. 13, up ~6.3% over the prior month, according to JM Bullion and Yahoo Finance. The metal remains ~22% below its Jan. 28 record of US$5,602, after a near-30% drop to its June 30 low. Central bank buying, including the People’s Bank of China’s 19.9 tons in July (its 21st straight month of accumulation), and fading expectations of Fed tightening are supporting prices, per analysts contacted by CNBC.
2026 Milestones: Feasibility, Financing, and Early Works
NexGold’s August 2026 corporate presentation lists Goldboro’s updated Mineral Resource Estimate, updated Feasibility Study, detailed engineering, procurement of long-lead equipment, and project financing as near-term steps. A final investment and construction decision is expected in 2026, with an early works construction program slated for the second half of the year. The company also plans to finalize contracting strategies and build its Owner’s Project Team.
CEO Kevin Bullock said Q2 activity was “very active” with a “strong focus on continued execution, advancement, and strengthening” of both projects. Management and insiders hold 2% of shares, while institutions and strategic investors, including Frank Giustra (5%), own 66%.
Watch for the updated Feasibility Study and Mineral Resource Estimate, expected before the final investment decision. A positive construction decision, likely in Q4 2026, would mark the key catalyst; any delay in financing or permitting would test the thesis.
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