Announcement • Jul 10

Nexgold Mining Corp. Reports Additional Assay Results from Ongoing Reverse Circulation Infill Drill Program At Goldboro Gold Project

NexGold Mining Corp. reported additional assay results from its ongoing Reverse Circulation (RC) infill drill program at the Goldboro Gold Project in Nova Scotia. The company has elected to expand the RC Infill Drill Program from approximately 30,000 metres to 40,000 metres. The RC Infill Drill Program is focused on selected areas of the Goldboro Deposit and is designed to infill specific areas of the Goldboro Mineral Resource within the West and East pits at a nominal drill spacing of 12.5 metres and down to depths of 50 metres. Drill results in this news release represent 3,420 metres of drilling from 72 RC drill holes (RC-26-084 to RC-26-152, RC-26-197, RC-26-206 and RC-26-207) from the west pit. Cumulatively, the company has released results for 154 drill holes representing a total of 6,685 metres, with additional holes pending assay and more arriving to the lab daily. Drilling has intersected mineralization at Goldboro typical of the deposit and confirmed mineralization at more detail but in similar tenor of grade and thickness as those intersected in diamond drill holes within the same area but at a broader spacing as shown on vertical cross sections I-S. AThis high-density RC Infill Drill Program targets the first few years of planned production at the Goldboro Project where it is currently accessible by the drill rig. The goal of the drill program, and the rationale for using RC drilling, is to obtain a high-density data set that may be used to ultimately upgrade Mineral Resources from the Indicated to Measured category, using a drilling technique that more closely approximates production drilling and associated dilution. This information will be used in concert with more than 180,000 metres of diamond drill data currently available on the deposit to inform the first years of planned mining activity. The company expects to include the results of the RC Infill Drill Program in a future updated Mineral Resource Estimate that is independent of the ongoing updated Feasibility Study. As the updated Feasibility Study is estimated to be completed in the third quarter 2026, and this RC Infill Drill Program is still ongoing, the information from this program is not available to inform the current updated Goldboro Mineral Resource Estimate within the Feasibility Study timeframe. The company previously completed a technical report on the Goldboro 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 (the “2021 Feasibility Study”). The technical report is available on SEDAR+ and on the company’s website. The company has implemented a quality assurance and quality control (QA/QC) program to ensure that sampling and analytical procedures for exploration work are conducted in accordance with CIM Exploration Best Practice Guidelines. The program includes the regular insertion of certified reference materials, blanks, and laboratory prepared sample duplicates into the sample analysis stream. Laboratory QA/QC procedures also include internal standards, blanks, and repeat analyses. QA/QC results are reviewed on an ongoing basis by the company’s technical team, and any failures or anomalous results are investigated, with re-analysis requested where appropriate. Reverse circulation drill samples were collected at nominal one-metre intervals using a cyclone and riffle/rotary splitter system. All RC samples were weighed and sample weight variability and recovery checked throughout the drill program to ensure sample quality. A 2.5 kg sample weight was targeted throughout the program with an average recovery of ~85%. A geologist is always present at the rig to monitor drilling and sampling procedures. Representative split samples were placed in labelled sample bags, sealed, and transported under chain-of-custody procedures to ALS Canada Ltd. in Moncton, New Brunswick. ALS is independent of the company. Samples submitted for gold analysis by PhotonAssay™ were crushed to approximately 70% passing 2 mm, after which a representative 500 g split was collected using a riffle splitter and transferred into jars for analysis at ALS in Thunder Bay, Ontario. PhotonAssay™ uses high-energy X-rays to determine gold content from a large sample aliquot, typically 500 g of crushed material. The method is non-destructive and is particularly suited to gold systems where larger sample aliquots may improve representativity. For samples returning greater than 350 g/t Gold, an additional PhotonAssay™ analysis is completed using higher-grade standards. Due to the non-destructive nature of the PhotonAssay™ analysis, standard 30 g fire assay check analyses are conducted routinely on the jarred material to compare results with the PhotonAssay™ data and monitor analytical performance. Selected samples analyzed via PhotonAssay™ will be re-analyzed via total pulp metallics. For the total pulp metallics analysis, the entire sample is crushed to -10mesh and pulverized to 95% -150mesh. The total sample is then weighed and screened to 150mesh.

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