Mr. Morgan Lekstrom reports

NEXGOLD COMMENCES PHASE 1 OF A 25,000-METRE EXPANSION AND DISCOVERY DRILLING CAMPAIGN AT THE GOLIATH GOLD COMPLEX

Nexgold Mining Corp. has commenced a multistage exploration program, including a 25,000-metre diamond drilling program at its Goliath gold complex located in Northwestern Ontario. Phase 1 of this campaign is focused on the area between the Goliath and Goldlund deposits, which are separated by 25 kilometres and have seen very little historical drilling in between.

Highlights of 25,000-metre expansion and discovery drilling program:

• Phase 1 to include 4,000 metres at the Interlakes target between Goliath and Goldlund;

• Expected nine to 12 months of consistent drilling activity;

• Three highly anticipated targets: down dip at Goliath, strike extension of Goldlund and the Interlakes target between Goliath and Goldlund.

Morgan Lekstrom, president of Nexgold, commented: "We are refocusing the company on a dual path that emphasizes high potential exploration and working through the provincial permitting along with local steps for a build. Starting with the very exciting Interlakes target and then expanding on higher-grade areas at Goliath and Goldlund, this drill season will mark a new step for Nexgold and our Goliath gold complex. A new revitalization of exploration is being undertaken to show the potential scale and size of this district while advancing key discovery areas within our 65-kilometre strike length. Having three million ounces already in the company and the signs of adding multiple other areas on the strike, this is a perfect time to focus the company on creating a larger district."

Phase 1 drilling program

The first phase of the 25,000-metre drill program has been initiated and will focus on opportunities for growth, expansion and discoveries within the project's 65-kilometre strike. This will be accomplished by targeting structural trends across the belt that are similar to known deposits and have evidence of gold mineralization.

Interlakes drill program, between Goliath and Goldlund deposits

The program will start by drilling 4,000 metres to test the Interlakes target, a structurally complex area between two granitoid plutons in a region with historical gold anomalies. The planned drill holes will investigate several favourable targets identified in recent desktop studies and reconnaissance traverses. On the northern edge of the Interlakes target area, historic drill holes intercepted a hydrothermally altered, albitized, locally sulphide-mineralized shear zone (52F16SW2005), which correlates well with the prospectivity models developed by Mira Geoscience. Near the centre of the Interlakes area, a historic drill hole encountered a high-grade gold intercept of 1.33 ounces per tonne over two feet in pyritized quartz carbonated altered granodiorite rocks (52F16SW0033). In the south end of the Interlakes area, anomalous soil results adjacent to sericitic alteration within a mineralized shear zone were identified in previous field and drill programs (52F16SW2005). Following these initial targets, down-dip high grade trends at each of Goliath, Goldlund and Miller will be drilled to expand known mineralization. Subsequent targets will be announced alongside the released results.

Investor relations

The company has entered into an agreement with Triomphe Holdings Ltd. (doing business as Capital Analytica) for investor relations and communication services. The consulting agreement has an initial term of six months, commencing Aug. 6, 2024, under which the company will pay to Capital Analytica an aggregate of $120,000 at a rate of $20,000 per month, and has an option to renew the consulting agreement for an additional six months at a rate of $10,000 per month, unless terminated earlier in accordance with the consulting agreement.

Pursuant to the terms of the consulting agreement, Capital Analytica will provide continuing capital markets consultation, continuing social media consultation regarding engagement and enhancement, social sentiment reporting, social engagement reporting, discussion forum monitoring and reporting, corporate video dissemination, and other related investor relations services.

Capital Analytica is a Nanaimo-based company owned and operated by Jeff French, who is arm's length to the company and holds no securities, directly or indirectly, of the company.

Qualified person

Adam Larsen, BSc, PGeo, director of exploration, is considered a qualified person for the purposes of 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 Mining is a gold-focused company with assets in Canada. Nexgold's Goliath gold complex (which includes the Goliath, Goldlund and Miller deposits) is located in Northwestern Ontario. The deposits benefit substantially from excellent access to the Trans-Canada Highway, related power and rail infrastructure and close proximity to several communities including Dryden, Ont. For information on the Goliath gold complex, please refer to the technical report, prepared in accordance with NI 43-101, 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. The technical report is available on SEDAR+.

The company also owns several other projects throughout Canada, including the Weebigee-Sandy Lake gold project joint venture, and grassroots gold exploration property Gold Rock. Nexgold is committed to inclusive, informed and meaningful dialogue with regional communities and indigenous nations throughout the life of all its projects and on all aspects, including creating sustainable economic opportunities, providing safe workplaces, enhancing of social value and promoting community well-being.

We seek Safe Harbor.