Mr. Kevin Bullock reports

NEXGOLD ANNOUNCES COMMENCEMENT OF EARLY WORKS CONSTRUCTION ACTIVITIES AT THE GOLDBORO GOLD PROJECT, NOVA SCOTIA

Nexgold Mining Corp. has commenced site preparation and early works construction activities at the Goldboro gold project in Nova Scotia.

These activities are intended to derisk the potential commencement of full-scale construction, which, if approved by the company's board of directors, is currently targeted to commence in Q1 2027. The board's final construction decision is currently anticipated to be considered during Q4 2026.

Site preparation and early works construction activities are primarily focused on establishing environmental controls and ensuring traditional community recreational access to areas during the planned period of construction following the final construction decision.

Activities include:

• Construction of elements of a public-access bypass road such as installation of culverts at water crossings;
• Installation of critical sediment and erosion control infrastructure;
• Tree clearing for the employee accommodations facility pad, till and organics stockpiles, sedimentation ponds, and the construction management facilities area;
• Mobilization of site services contractors to support site construction activities.

Nexgold has engaged the Mi'kma'ki-Municipal LP in the execution of the site preparation and early works construction activities. The Mi'kma'ki-Municipal is a majority indigenous-owned partnership between Municipal Enterprises Ltd. (a subsidiary within the Municipal Group of Companies, and an affiliate of Dexter Construction Company Ltd.) and the 13 Mi'kmaw first nations communities of Nova Scotia, represented by Wskijnu'k Mtmo'taqnuow Agency Ltd.

Kevin Bullock, president, chief executive officer and director of Nexgold, commented: "Commencing early works construction activities at Goldboro is a significant milestone for the project and reflects the culmination of years of planning and development. We are also proud of our work with the Mi'kma'ki-Municipal LP, which demonstrates our ongoing commitment to sustainable development, collaboration with the Mi'kmaq people of Nova Scotia and investment in local communities.

"While key mine planning, engineering, procurement, community engagement and recruitment activities remain ongoing, we are now prudently deploying capital toward activities designed to further derisk Goldboro ahead of a potential construction decision.

"In parallel with these early works, we are finalizing the updated feasibility study to support a potential construction decision, both of which we are currently anticipating in the fourth quarter of 2026. We are also continuing to advance critical detailed engineering activities to support early construction contracts, procurement of long-lead equipment and various project execution planning initiatives."

Construction and commissioning of Goldboro are expected to take approximately 26 months, leading to an operation with an 11-year open pit life of mine and average gold production of approximately 100,000 ounces per year. The project is also expected to generate significant economic benefits for the region, including the creation of more than 300 on-site construction jobs, over 200 full-time on-site operational positions and more than 500 spin-off jobs annually during operations. The foregoing mine life, production and employment estimates are derived from the company's National Instrument 43-101 technical report and feasibility study for the project dated Jan. 11, 2022, and are based on mineral reserves disclosed therein. Such estimates may be revised as a result of the updated feasibility study currently being finalized by the company.

Qualified person

The scientific and technical information contained in this news release has been reviewed, verified and approved by Brian Jackson, PEng, vice-president, projects. Mr. Jackson is a qualified person 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-per-cent interest in the high-grade Niblack copper-gold-zinc-silver VMS (volcanogenic massive sulphide) project in southeast 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.

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 Dec. 16, 2021, and a report date of Jan. 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 Feb. 22, 2023, led by independent consultants Ausenco Engineering Canada Inc., are available under the company's issuer profile on SEDAR+ and on Nexgold's website.

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