Mr. Kevin Bullock reports

NEXGOLD ADVANCING KEY DEVELOPMENT ACTIVITIES ON SCHEDULE AT THE GOLDBORO GOLD PROJECT IN NOVA SCOTIA

Nexgold Mining Corp. has provided an update on the advancement of key development activities at its 100-per-cent-owned and fully permitted Goldboro gold project in Nova Scotia.

Kevin Bullock, president, chief executive officer and director of Nexgold, commented: "Our team continues to execute at Goldboro, with ongoing work focused on an updated mineral resource estimate in support of an updated feasibility study, as well as mine planning, procurement, engineering, early earthworks, key personnel recruitment, continued community engagement and exploration activities. The company intends to provide regular updates as it advances toward a potential construction decision, currently targeted for late Q3 2026.

"Permitted, shovel-ready, Canadian gold projects like Goldboro are incredibly rare, and we understand not only how special this opportunity is, but also the importance of getting it right. We intend to steadily advance Goldboro in a disciplined, thoughtful and responsible manner with the objective of reducing risk and supporting long-term project viability. As the most advanced asset in Nexgold's portfolio, Goldboro is expected to play a central role in the company's growth strategy as it moves toward becoming a multiasset Canadian gold producer."

Key achievements and project updates (April to May, 2026)

Community

Nexgold has been actively implementing the mutual benefits agreement (MBA), signed in 2024 with the Assembly of Nova Scotia Mi'kmaw Chiefs (ANSMC), through the established implementation committee, which met multiple times in 2026. Per the MBA, the committee includes representatives from Kwilmu'kw Maw-klusuaqn, ANSMC and Nexgold.

In addition to regularly scheduled meetings, the committee has facilitated a wellness advisory committee meeting and webinar for all chiefs and councils, as well as multiple Mi'kmaw community meetings.

Since 2022, Nexgold has been implementing its community benefits agreement with the Municipality of the District of Guysborough through continuing initiatives such as regular council updates, quarterly meetings with the community liaison committee, school bursaries and community investments.

The company hosted a series of local open houses and information sessions in late May, 2026, and intends to continue hosting such events going forward.

Permitting

All major provincial and federal permits for the project have been obtained, including the environmental assessment (2022), mineral lease (2024), Crown land lease and licence (2024/2025), Schedule 2 amendment (2025), industrial approval (2025), and Fisheries Act authorization (2025).

In 2026, the Nexgold team has advanced work to meet preconstruction permit conditions on schedule and is finalizing plans related to wetland compensation, fisheries offsetting and compensation, and biodiversity and land offsetting. Fisheries offsetting programs are expected to commence in 2026, in advance of construction.

Updated feasibility study

An updated feasibility study for Goldboro is a key item that is expected to support continuing project development activities, including the company's previously announced non-binding $175-million (U.S.) letter of intent with Appian Capital Advisory Ltd. in respect of potential project financing, as well as inform the board of directors in its consideration of a potential construction decision. The company currently anticipates completion of the updated feasibility study by the end of Q3 2026.

The company and its consultants made significant progress on the updated feasibility study during April and May, 2026, including:

• Completed wire frames and continued geological modelling to support the feasibility study, including an additional 58,008 metres of diamond drill core from 329 drill holes completed since the previous mineral resource estimate;
• Advanced development of revised capital and operating cost estimates, project execution plan and overall project schedule;
• Completed a geotechnical drilling and test-pit program designed to support and augment existing data required for detailed mine infrastructure, pit slopes, foundations and tailings related infrastructure design; this program included drilling an additional 66 geotechnical holes (1,738 metres) and 154 test pits and auger holes as well as completing seismic and soil resistivity geophysical surveys at the process plant and an electrical resistivity tomography survey at the tailings management facility;
• Completed acid rock drainage modelling that incorporated an additional 146 characterization samples and 5,027 geochemical analyses to support acid rock drainage estimation throughout the deposit, as well as detailed materials handling studies;
• Continued to advance engineering for the process plant and associated infrastructure, including development of process flow diagrams, piping and instrumentation diagrams, 3-D models, equipment specifications, electrical single-line diagrams, and multiday hazard and operability review;
• Continued to advance engineering for site earthworks and roads;
• Evaluation of multiple vendor/contractor quotations to support development of the updated capital cost estimate for mechanical equipment packages, electrical equipment packages, building packages and construction contracts;
• Completed a water well drilling program designed to support and augment existing data required for detailed groundwater quality and flow characteristics prior to construction and for monitoring throughout the mining operations; this was a requirement of the industrial approval; the program includes drilling and testing on 30 additional wells (total of 500 metres); Nexgold has drilled 120 wells to date;
• Initiated development of an updated mine plan;
• Substantially completed an autonomous haul study;
• Commenced design updates for the tailings management facility.

Engineering and technical activities

In April and May, 2026, the company and its engineering consultants commenced and advanced various detailed engineering and technical activities at Goldboro, including:

• Advanced detailed engineering to support the early earthworks contract and the employee accommodations facility contract requests for proposals (RFPs); the start of early earthworks construction is tentatively scheduled for September, 2026;
• Advanced detailed engineering for the process plant area and the non-process infrastructure areas;
• Prepared the technical documentation required to support equipment procurement packages for the two longest-delivery-time items, including the main substation and the power transformers; technical documentation for other long-lead equipment to follow shortly;
• Engaged Pinnacle Logistics Solutions to develop a logistics and materials management plan for the project;
• Received the draft facilities study for the new 69-kilovolt powerline to the project site from Nova Scotia Power.

Procurement

Early contracting and procurement activities in April and May, 2026, at Goldboro included:

• Issued RFPs for the early earthworks contract and the employee accommodations facility contract;
• Issued an RFP for a site services contract;
• Eight additional RFPs for site services contracts are in various stages of development and will be issued to bidders shortly.

Exploration

Exploration at Goldboro continued to advance through April and May 2026. The company's exploration activities included:

• In late March, 2026, the company launched a 30,000-metre reverse circulation infill drill program targeting the first few years of planned production where it is currently accessible by drill rig. This drill program is intended to increase data density in these target areas and may support the potential upgrading of mineral resource classifications. The company will provide assay results from the drill program as they become available.
• The company initiated two geophysical surveys in May, 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 over 32,007 hectares (approximately 320 square kilometres) of prospective exploration land at the project (see Nexgold's news release dated May 12, 2026). The surveys, which are intended to support the development of additional exploration targets and characterize regional geological controls, are expected to be completed in the second quarter of 2026.

Human resources

Nexgold is actively recruiting across a range of technical, operational and support roles, with attention on the owner's project team, to build a strong and sustainable work force for the region. The company's hiring strategy is focused on creating long-term employment opportunities while working closely with local communities, indigenous partners, educational institutions and regional organizations to identify and develop local talent.

Through continuing engagement and work force planning initiatives, the project is committed to fostering a safe, inclusive and skilled work force that will contribute to the long-term economic growth of the surrounding communities and Nova Scotia as a whole. Human resources activities in April and May, 2026, included:

• Added key personnel to the owner's project team to support technical evaluation, project planning and oversight at Goldboro; the owner's project team has expanded to 17 members, with plans to further strengthen project management, HSE (health, safety and environment) and construction management capabilities.

Qualified person

Paul McNeill, PGeo, vice-president, exploration, of Nexgold, is a qualified person as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects, and has reviewed and approved the scientific and technical disclosure contained in this news release on behalf of Nexgold.

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-per-cent interest in the high-grade Niblack copper-gold-zinc-silver VMS (volcanogenic massive sulphide) project in southeastern Alaska. Nexgold is committed to continuing, meaningful engagement with regional communities and indigenous nations to support sustainable development, safe operations, and shared economic and social benefits.

We seek Safe Harbor.