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TSX.V: NEXG 1OTCQX: NXGCFOTCQX: NXGCF CANADA’S NEXT MID-TIER GOLD PRODUCER CORPORATE PRESENTATION FEBRUARY 2026 TSX.V: NEXG OTCQX: NXGCF
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TSX.V: NEXG 2OTCQX: NXGCF CAUTIONARY STATEMENTS Disclaimer This presentation is not, and in no circumstances is it to be construed as, a prospectus, an advertisement, or a public offering of securities. No securities regulatory authority or similar authority has reviewed or in any way passed upon the document or the merits of the Company’s securities, and any representation to the contrary is an offence. Except where otherwise indicated, the information contained in this presentation has been prepared by NexGold and there is no representation or warranty by NexGold or any other person as to the accuracy or completeness of the information set forth herein. Except as otherwise stated, information included in this presentation is given as of the date hereof and is subject to change without notice. The delivery of this presentation shall not imply that the information herein is correct as of any date after the date hereof. This presentation does not constitute (and may not be construed to be) a solicitation or offer by NexGold or its directors, officers, employees, representatives or agents to buy or sell any securities of any person in any jurisdiction, or a solicitation of a proxy of any securityholder or person in any jurisdiction, in each case, within the meaning of applicable laws. All dollar amounts referenced herein, unless otherwise indicated, are expressed in Canadian dollars (C$). The footnotes, endnotes and appendices to this presentation contain important information. Forward-looking Statements Certain information in this presentation contains “forward‐looking statements” and “forward‐looking information” within the meaning of applicable Canadian securities legislation and applicable United States securities laws (referred to herein as forward‐looking statements). Forward‐looking statements include, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Company’s property; success of exploration or development activities; permitting timelines and requirements; requirements for additional capital; environmental requirements; planned exploration and development of properties and the results thereof; and planned expenditures and budgets and the execution thereof. Often, but not always, forward‐looking information can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will”, “budget”, “scheduled”, “forecasts”, “anticipates”, “potential”, “base case” or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Assumptions and factors include: exploration and production for precious metals; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resource and reserve estimates; health, safety and environmental risks; worldwide demand for gold and base metals; gold price and other commodity price and exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Forward‐looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by the forward‐looking statements. Forward looking statements or information relates to, among other things, the Company’s corporate strategies, mineral resource estimates, potential mineralization and plans for further exploration, which will require additional funding. These forward‐looking statements are based on management’s current expectations and beliefs (including the belief in the accuracy of the mineral resource estimate) but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward‐looking statements or information. Information in this presentation is not intended to be a comprehensive review of all matters and developments concerning the Company and Company does not assume any obligation to update, or to publicly announce, any such statements, events or developments, except as required by law. Cautionary Statement Regarding Mineral Resource and Mineral Reserve Estimates This Presentation uses the terms Measured, Indicated and Inferred mineral resources as a relative measure of the level of confidence in the mineral resource and reserve estimates. Readers are cautioned that mineral resources are not mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The mineral resource estimates disclosed in this Presentation may be materially affected by geology, environmental, permitting, legal, title, socio‐political, marketing or other relevant issues. It cannot be assumed that all or any part of an Inferred mineral resource will ever be upgraded to an Indicated or Measured mineral resource category; however, it is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration. Mineral resource estimates are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's "CIM Definition Standards on Mineral Resources and Mineral Reserves" incorporated by reference into Canadian National Instrument 43‐101 – Standards for Disclosure of Mineral Projects (NI 43‐101). Under NI 43‐101, estimates of Inferred mineral resources may not form the basis of feasibility or prefeasibility studies or economic studies except for preliminary economic assessments. Readers are cautioned not to assume that further work on the stated mineral resources will lead to mineral reserves that can be mined economically. Technical Disclosure Unless otherwise indicated, NexGold has prepared the technical information in this presentation, including mineral resource and mineral reserve estimates, based on information contained in (1) the prefeasibility study (“PFS”) for the Goliath Gold Complex entitled “Goliath Gold Complex – NI 43‐101 Technical Report and Prefeasibility Study” dated March 27, 2023 with an effective date of February 22, 2023.; (2) the feasibility study for the Goldboro Gold Project entitled “NI 43‐101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia” dated January 11, 2022, with an effective date of December 16, 2021; and (3) the mineral resource estimate prepared for Blackwolf Copper and Gold Ltd. for the Niblack Project entitled “2022 Mineral Resource Update for the Niblack Polymetallic Project, Prince of Wales Island, Alaska, USA” dated March 30, 2023 with an effective date of February 14, 2023. For readers to fully understand the information in this presentation, they should read the Technical Reports in their entirety, including all qualifications, assumptions and exclusions that relate to the studies. The Technical Reports are intended to be read as a whole, and sections should not be read or relied upon out of context. The Technical Reports are available under the Company’s issuer profile on SEDAR+ at www.sedarplus.ca, on the OTCQX at www.otcmarkets.com and on the Company's website. Paul McNeill, P.Geo., is a Qualified Person, as defined by the National Instrument 43‐101, has reviewed and approved the scientific and technical information in this presentation.
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TSX.V: NEXG 3OTCQX: NXGCF THE NEXT CANADIAN GOLD MID‐TIER Building the premier Canadian gold investment vehicle 2 PROJECTS ADVANCING TOWARD PRODUCTION +200,000oz/yr TARGETED GOLD PRODUCTION PERMITTED FOR CONSTRUCTION FLAGSHIP GOLDBORO GOLD PROJECT PERMITTED TO BE CANADA’S NEXT GOLD MINE CONSTRUCTION DECISION (EXPECTED IN 2026) ~4.7Moz Au COMBINED M&I RESOURCES +$100M CASH POSITION (AS OF 12/31/25) GOLIATH (PFS, 2023) GOLDBORO (FS, 2022) Avg. Annual Production 91Koz Au 100Koz Au Mine Life 13 years 10.9 years NPV5% (After-Tax) $336M $328M IRR (After-Tax) 25.4% 25.5% 3
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TSX.V: NEXG 4OTCQX: NXGCF FOUNDATION LAID FOR AN EMERGING PRODUCER NexGold was created in 2024 with a clear purpose: Develop high-quality Canadian gold projects • NexGold has consistently executed to de‐risk, delever, and advance its portfolio 2024 BUILDING THE PORTFOLIO THROUGH STRATEGIC M&A Treasury Metals acquired Blackwolf Copper and Gold to create NexGold NexGold acquired Signal Gold Inc. Combined multiple gold projects: Goldboro (NS) and the Goliath Gold Complex (ON) 2025 PERMITTING SUCCESS, DELEVERAGING & CAPITALIZATION Received all major federal and provincial permits to advance Goldboro to a construction decision as well as implemented Benefits Agreement with the Assembly of N.S. Mi’kmaw Chiefs Deleveraged balance sheet through debt repayment and royalty financing Clear line of site on financing Goldboro to be Canada’s next Gold Mine: C$112.5M equity raise and US$175M Project Financing LOI 2026 ADVANCEMENT, OPTIMIZATION & CONSTRUCTION DECISION Goldboro: o Construction decision expected in 2026 o Feasibility Study update, mineral resource estimate update, close‐spaced infill drilling o Planning, detailed engineering, procurement, early works construction Goliath: o Focus on project optimization o Exploration and drilling to better define and grow mineral resources o Environmental studies and permitting
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TSX.V: NEXG 5OTCQX: NXGCF 0 50 100 150 200 250 300 350 Goldboro Goliath Goldboro UG Goldboro / Goliath Expansions Target Annual Gold Production (koz) Phase 1 Production from Goldboro Phase 2 Goldboro + Goliath Phase 3 Goldboro Underground Phase 4 Goldboro + Goliath Expansions 300-350koz With significant growth potential at both assets, NexGold has a clear path to becoming a +200,000 oz/yr gold producer THE PATHWAY TO 200,000oz AND BEYOND TSX.V: NEXG OTCQX: NXGCF 100koz 200koz 250koz
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TSX.V: NEXG 6OTCQX: NXGCF THE NEXGOLD OPPORTUNITY: POSITIONED TO RE‐RATE Quality Canadian gold miners are highly sought after by the market – and execution gets rewarded Wesdome Artemis Gold Atlantic Gold Osisko Mining NexGold Projects & Location Eagle River (ON) Kiena (QC) Blackwater (BC) Moose River (NS) Windfall (QC) (50% interest) Goldboro (NS) Goliath (ON) Annual Production 186koz (FY 2025) 265koz – 290koz (2026 guidance) 90koz (FY 2018) Expected production: 306koz 2 Expected production: +100koz (Goldboro) +100koz (Goliath)1 Resources (M&I) ~0.4Moz ~11.7Moz ~2.1Moz (2018) ~4.1Moz ~4.7Moz Cash Costs/oz $1,050 ‐ $1,150 (2026 guidance) $661 (Q3 2025) $424 (FY 2018) $587 2 (incl. byproduct credits) $773 (Goldboro) $892 (Goliath)1 AISC/oz $1,525 – $1,700 (2026 guidance) $925 – $1,025 (2026 guidance) $556 (FY 2018) $7582 $849 (Goldboro) $1,037 (Goliath)1 Market Cap C$3.7B C$9.1B C$722M (acq. in 2019) C$2.16B (acq. In 2024) C$462M Source: Company reports, as of Feb 18, 2026; figures are in US$ unless otherwise indicated (1) Estimates for years 1‐9 of production at Goliath Gold Complex (2) Projected LOM estimates from Osisko’s Nov 25, 2022 Feasibility Study • Canada is a tier‐1 mining jurisdiction due to its talent/knowledge base, security, and clear rules around land tenure and tax • NexGold presents a compelling early‐stage opportunity and compares favourably with several Canadian mining success stories:
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TSX.V: NEXG 7OTCQX: NXGCF Executive Management CFO Orin Baranowsky President & CEO Kevin Bullock Mr. Bullock is a registered Professional Mining Engineer in the province of Ontario. Board member of B2Gold 25+ years in finance; raised over $1.5B in financing for exploration and development at mining companies Amanda Abballe VP, Human Resources Deidre Puddister VP, Sustainability Brian Jackson VP, Projects Paul McNeill VP, Exploration Strategic Advisors CEO of the Fiore Group, a private firm managing a board of private equity investments and companies Over 20 years of experience in the capital markets, mineral exploration and development sectors with a focus on enhancing shareholder value Board of Directors Margot Naudie Rob McLeod Andy Bowering Morgan Lekstrom Mary‐Lynn Oke Kevin Bullock Jim Gowans Chairman President & CEO, Director Frank Giustra Shawn Khunkhun SKILLED MANAGEMENT AND BOARD
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TSX.V: NEXG 8OTCQX: NXGCFOTCQX: NXGCF PROJECTS TSX.V: NEXG OTCQX: NXGCF
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TSX.V: NEXG 9OTCQX: NXGCF GOLIATH GOLD COMPLEX GOLDBORO GOLD PROJECT GOLDBORO, NOVA SCOTIA 10.9 YR MINE LIFE +100Koz/yr PRODUCTION (YRS 1-9) 2.6Moz M&I RESOURCES C$328M AFTER-TAX NPV (5%) C$271M INITIAL CAPITAL
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TSX.V: NEXG 10OTCQX: NXGCF GOLDBORO: PERMITTED AND ADVANCING Leading scale and grade: Largest gold deposit in Nova Scotia (prospective ~305km2 land package) Highest‐grade undeveloped open pit mineral resource on Canada’s east coast (~1.4M oz Au @ 2.82 g/t Au in M&I) with potential underground extension (~1.2M oz Au @ 6.09 g/t Au in M&I) Prolific and stable jurisdiction with good access to infrastructure: Over 8M oz of known gold mineralization in 11 different deposits within a 150km radius of Goldboro 175km east of Halifax with access to significant infrastructure, services and skilled labour Permitted for a construction decision with First Nations support Goldboro has all the necessary Provincial and Federal permits required to advance to a construction decision Signed Benefits Agreement with the Assembly of Nova Scotia Mi’kmaw Chiefs in hand; a significant opportunity to advance Goldboro in a mutually beneficial manner Exploration growth potential in all directions Mineralization traced for over 3.4km of strike, with the deepest hole drilled at just 550m depth (open) Ongoing plan targeting exploration potential with analysis of historical data, geophysical surveys, which have led to the recent identification of four high‐priority growth targets Atlantic Canada’s highest-grade undeveloped open pit gold project Goldboro has all the elements of a great operation: Resource Classification Tonnes (kt) Au (g/t) Au (koz) Measured 9,255 3.56 1,059 Indicated 12,338 3.84 1,523 M&I 21,593 3.72 2,583 Inferred 3,181 4.73 484 10 Halifax Goldboro
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TSX.V: NEXG 11OTCQX: NXGCF GOLDBORO: SIGNIFICANT EXPLORATION POTENTIAL Selected highlights from the previous drill programs: • 26.09 g/t gold over 8.9m (105.5 to 114.4m) in hole BR‐23‐393 including 79.18 g/t gold over 0.5m and 371.59 g/t gold over 0.5m; • 20.59 g/t gold over 3.0m (122.4 to 125.4m) in hole BR‐23‐383 including 113.90 g/t gold over 0.5m; • 11.79 g/t gold over 4.1m (49.9 to 54.0m) in hole BR‐23‐386 including 47.23 g/t gold over 1.0m; • 1.02 g/t gold over 16.4m (190.0 to 206.4m) in hole BR‐25‐508; • 11.87 g/t gold over 6.1m (62.4 to 68.5m) in hole BR‐25‐475; • 4.84 g/t gold over 3.0m (54.9 to 57.9m) in hole BR‐23‐385. High grades were also intersected in the 2025 infill drill program in the west pit, including: • 130.70 g/t gold over 0.5m at 79.9m in hole BR‐22‐380; • 109.91 g/t gold over 0.5m at 92.8m in hole BR‐23‐399; • 77.70 g/t gold over 0.5m at 123.0m in hole BR‐22‐379; • 48.25 g/t gold over 1.8m at 76.8m in hole BR‐24‐455 • 21.00 g/t gold over 1.0m at 210.3m in hole BR‐22‐377; and • 28.10 g/t gold over 0.5m at 112.1m in hole BR‐23‐381.
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TSX.V: NEXG 12OTCQX: NXGCF SCALE POTENTIAL: OPPORTUNITY AT DEPTH, GRADE
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TSX.V: NEXG 13OTCQX: NXGCF GOLDBORO: 2026 DEVELOPMENT PLANS NexGold is focused on setting Goldboro up for long-term success with several key milestones in 2026 o Update Mineral Resource Estimate for recently completed infill drilling o Update Feasibility Study, including OpEx, capex and gold price assumptions o Build organizational capacity (internal team and project partners) to successfully execute the project o Finalize contracting and procurement strategies and detailed schedule development o Advance detailed engineering to support construction requirements and timing o Commence procurement for long‐lead equipment o Finalize project financing arrangements and make final investment and construction decision o Initiate early works construction program in H2 2026 to de‐risk and enable a full construction ramp‐up TECHNICAL REPORTS PROJECT EXECUTION & PLANNING o Commence detailed, close‐spaced infill drilling to define potential near‐surface Mineral Resources o Discover additional deposits and mineral resources EXPLORATION
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TSX.V: NEXG 14OTCQX: NXGCF GOLIATH GOLD COMPLEX GOLIATH GOLD COMPLEX DRYDEN, ONTARIO 13+ YR MINE LIFE +100Koz/yr PRODUCTION (YRS 1-9) 2.1Moz M&I RESOURCES C$336M AFTER-TAX NPV (5%) C$335M INITIAL CAPITAL
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TSX.V: NEXG 15OTCQX: NXGCF GOLIATH: ROBUST OPEN PIT‐UNDERGROUND PROJECT Multi-deposit property provides scale to support 100,000 oz/yr operation Resource Classification Tonnes (kt) Au (g/t) Au (koz) Ag (g/t) Ag (koz) Measured 6,393 1.33 273.6 5.17 1,062.7 Indicated 61,318 0.95 1,865.0 2.92 2,459.3 M&I 67,711 0.98 2,138.6 3.42 3,522.0 Inferred 32,571 0.75 782.8 0.84 91.5 District scale land package in established Canadian gold camp • 330km2 land package in the Dryden camp, a prolific gold district including the Goliath, Goldlund and Miller deposits • Surrounded by major gold producers like Kinross, Agnico Eagle, Barrick and more owning nearby multi‐million‐ounce gold projects World-class infrastructure and talent • 20km east of Dryden, Ontario • Close to the Trans‐Canada Highway, Ontario Provincial Highway 72, CP Rail and Hydro One infrastructure Environmental approval • Federal Environmental Assessment received in 2019 Exploration potential • 65km of prospective strike length • Numerous gold occurrences across property package
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TSX.V: NEXG 16OTCQX: NXGCF Trans- Canada Highway HWY 72 Goldlund Deposit Miller Deposit Goliath Deposit GOLIATH: WORLD CLASS INFRASTRUCTURE World class infrastructure at our doorstep, including: Trans‐Canada Highway Ontario Provincial Hwy 72 CP Rail Hydro Ready access to experienced and available workforce in Dryden and Sioux Lookout Federal Environmental Assessment approval received for Goliath Deposit Potential co‐development opportunity at Goldlund as a past producer Trans-Canada Highway OTCQX: NXGCFTSX.V: NEXG
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TSX.V: NEXG 17OTCQX: NXGCF GOLIATH: 2026 DEVELOPMENT PLANS NexGold is working to optimize, de-risk and advance the Goliath Gold Complex o 25,000m infill drill program at Goldlund to improve mineral resource definition at depth and expand open pit mineral resources o Additional exploration to discover and grow mineral resources across the entire property package o Environmental baseline and technical studies to support permitting, in collaboration with First Nations communities and local stakeholders o Evaluation of several potential project plans and configurations EXPLORE ADVANCE & DE-RISK • With Goldboro moving to a construction decision in 2026, NexGold has taken the decision to assess various alternatives for the project that yield the optimum plan and configuration for a future operation • NexGold is methodically moving Goliath forward, undertaking the following value‐adding activities in 2026
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TSX.V: NEXG 18OTCQX: NXGCFOTCQX: NXGCF INVESTOR TAKEAWAYS TSX.V: NEXG OTCQX: NXGCF
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TSX.V: NEXG 19OTCQX: NXGCFTSX.V: NEXG Symbol TSXV: NEXG | OTCQX: NXGCF Shares Outstanding (after recent financings and based on pro forma adjustments) 245.7M Warrants ($0.84 - $1.92 exercise price, avg exercise price $1.66) 104.4M Fully Diluted 356.4M Market Capitalization (as of current share price) $462M Share Price (February 19, 2026) $1.88 52 Week High/Low $2.25/$0.61 Cash Position (as of December 31, 2025) >$100M Average Daily Trading Volume (Trailing 3-month average, consolidated Canadian and US Trading) >1.7mm shares/day WELL‐FUNDED WITH STRONG SPONSORSHIP 5% Frank Giustra 2% NEXG Mgmt + BOD 61% Institutional 32% Retail and Other National Bank Financial Alex Terentiew Paradigm Capital Lauren McConnell Red Cloud Ron Stewart Analyst Coverage Capital Markets Data
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TSX.V: NEXG 20OTCQX: NXGCF MAJOR UPSIDE POTENTIAL RELATIVE TO PEERS Closing the Valuation Gap: Enhancing Market Position $1,328 $1,191 $934 $862 $820 $680 $482 $462 $257 $110 $102 $0 $250 $500 $750 $1,000 $1,250 $1,500 $5,707 0.00x 0.20x 0.40x 0.60x 0.80x 1.00x 1.20x NexGold is well-positioned, with two near-permitted projects in Canada, to close the valuation gap with its peers in the mining sector, representing significant upside re-rate potential for shareholders. Source: Company reports, as of February 18, 2026Source: Company reports, as of February 18, 2026 Market Cap (C$M) P/NAV Valuations at US$3,000 Gold
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TSX.V: NEXG 21OTCQX: NXGCF CANADA’S NEXT MID-TIER GOLD PRODUCER Multiple high-quality Canadian gold projects: • Key permits in hand for flagship Goldboro Gold Project; construction decision expected in 2026 • Goliath Gold Complex a robust development project; currently being optimized and strengthened Well-defined production growth trajectory: • Clear pathway to 200,000oz Au/year from both assets, with potential to reach 350,000oz Au/year organically Strong financial position: • Debt‐free with >C$100M cash position and US$175M project financing LOI • Clear financing path forward for Goldboro Significant re-rate potential: • Goldboro construction decision is a key catalyst • Canadian operators that demonstrate a steady track record of execution are highly sought after and rewarded by the market
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Contact Call Us Chat with us TSX.V: NEXG OTCQX: NXGCF
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APPENDICES TSX.V: NEXG OTCQX: NXGCF
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TSX.V: NEXG 24OTCQX: NXGCF NIBLACK 6 Mt NI 43-101 mineral resource, updated February 2023 Geological reinterpretation confirmed by 2021 drilling now provides significant expansion potential in multiple directions 2020/2021 drill highlights includes grades up to 4.93 g/t Au, 145 g/t Ag and 5.18% Cu Existing production-sized underground portal, allowing for drilling from underground Excellent metallurgy Mineral Resource Classification Zone Tonnes Cu % Au g/t Ag g/t Zn % Cu Mlbs Au oz Ag oz Zn Mlbs Indicated Lookout 5,391,000 0.92 1.88 30.0 1.72 108.9 326,600 5,165,200 204.9 Trio 460,000 1.16 1.30 20.0 1.75 11.8 19,200 293,800 17.7 Total 5,851,000 0.94 1.83 29.0 1.73 120.7 345,800 5,462,000 222.6 Inferred Lookout 159,000 0.93 1.63 18.0 1.31 3.3 8,300 93,300 4.6 Trio 55,000 0.91 1.20 18.0 1.61 1.1 2,100 31,700 1.9 Total 214,000 0.93 1.52 18.0 1.38 4.4 10,400 125,000 6.5 TSX.V: NEXG
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TSX.V: NEXG 25OTCQX: NXGCF C$328 MILLION, IRR 25.5% ~11 YEARS ~100,000 OUNCES C$271 MILLION 1.2 NPV TO INITIAL CAPITAL 95.8% US$773 per OUNCE US$849 per OUNCE AFTER‐TAX NPV 5% (US$1,600/oz Gold Price) OPEN PIT MINE LIFE AVERAGE ANNUAL LOM GOLD PRODUCTION INITIAL CAPITAL COSTS LOM OPERATION CASH COST PER OUNCE LOM AISC PER OUNCE AVERAGE GOLD RECOVERY AFTER‐TAX IRR (US$1,600/oz Gold Price) GOLDBORO: A ROBUST OPEN PIT PROJECT
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TSX.V: NEXG 26OTCQX: NXGCF GOLDBORO: COMPELLING ECONOMICS AND LEVERAGE Goldboro Feasibility Study Plan: A capital-efficient, phased approach • Production starting from the open pit, providing lead time to drill, upgrade and grow underground mineral resources. Underground development beginning in year 6 Attractive leverage to gold price: • Feasibility Study cites a US$1,600/oz gold price. For example, a US$1,920/oz gold price (still significantly below spot prices) would boost NPV (5%) from C$328M to over C$556M, for an after‐tax IRR of 37.5% and a 2.2‐year payback period General LOM Total Avg. Gold Price (US$/oz) $1,600 Mine Life (Years) 10.9 Production Avg. Mill Feed Grade (g/t) 2.26 Recovery Rate Au (%) 95.8% Overall Strip Ratio Waste:ore 8.0 Avg. Annual Prod. – Au (koz) 100 Operating Costs Open Pit Mining Cost (C$/t milled) $4.99 Processing Cost (C$/t milled) $13.45 Refining & Transport (C$/t milled) $4.23 Total Operating Costs (C$/t milled) $67.05 Cash Costs (US$/oz Au) $773 AISC (US$/oz Au) $849 Capital Costs Initial Capital (C$M) $271.0 Reclamation and Other (C$M) $50.3 Sustaining Capital (C$M) $63.1 NPV After‐Tax NPV (5%) (C$M) $328 After‐Tax IRR % 25.5% Payback (Years) 2.9 (10,000) 10,000 30,000 50,000 70,000 90,000 110,000 130,000 ($250,000) ($150,000) ($50,000) $50,000 $150,000 $250,000 $350,000 $450,000 YR‐2 YR‐1 YR1 YR2 YR3 YR4 YR5 YR6 YR7 YR8 YR9 YR10 YR11 Gold Production (OZ) CDN $ Gold Production After‐tax Cash Flow Cumulative After‐tax Cash Flow @ US $1,600 Au, 0.80 Exchange Rate Feasibility Study NPV: >C$1B at spot prices
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TSX.V: NEXG 27OTCQX: NXGCF GOLDBORO: 2021 MINERAL RESOURCE ESTIMATE Mineral Resource Type Gold Cut‐off (g/t gold) Category Tonnes Grade (g/t gold) Gold Ounces Open Pit 0.45 Measured 7,680,000 2.76 681,000 Indicated 7,988,000 2.89 741,000 Measured + Indicated 15,668,000 2.82 1,422,000 Inferred 975,000 2.11 66,000 Underground 2.40 Measured 1,576,000 7.45 377,000 Indicated 4,350,000 5.59 782,000 Measured + Indicated 5,925,000 6.09 1,159,000 Inferred 2,206,000 5.89 418,000 Combined Open Pit and Underground* 0.45 and 2.40 Measured 9,255,000 3.56 1,058,000 Indicated 12,338,000 3.84 1,523,000 Measured + Indicated 21,593,000 3.72 2,581,000 Inferred 3,181,000 4.73 484,000 * Combined Open Pit and Underground Mineral Resources; The Open Pit Mineral Resource is based on a 0.45 g/t gold cut-off grade, and the Underground Mineral Resource is based on 2.40 g/t gold cut-off grade. Mineral Resource Estimate Notes 1. Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mineral Resources that are not mineral reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. 2. Mineral Resources are inclusive of Mineral Reserves. 3. Open Pit Mineral Resources are reported at a cut-off grade of 0.45 g/t gold that is based on a gold price of C$2,000/oz (~US$1,600/oz) and a metallurgical recovery factor of 89% around cut-off as calculated from ((GRADE-(0.0262*LN(GRADE)+0.0712))/GRADE*100)-0.083. 4. Underground Mineral Resource is reported at a cut-off grade of 2.60 g/t gold that is based on a gold price of C$2,000/oz (~US$1,600/oz) and a gold processing recovery factor of 97%. 5. Assays were variably capped on a wireframe-by-wireframe basis. 6. Specific gravity was applied using weighted averages to each individual wireframe. 7. Effective date of the Mineral Resource Estimate is November 15, 2021. 8. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly. 9. Excludes unclassified mineralization located within mined out areas. 10. Reported from within a mineralization envelope accounting for mineral continuity. November 2021 Mineral Resource based on: • 681 surface and underground drill holes • A total of 121,540m of diamond drilling, including 55,803m have been conducted by the Company High-quality Mineral Resource with Significant Growth Potential • Immediate surface mineralization potential to the west demonstrated by recent drilling and geophysical IP Surveys • ~42,000m drilled (~300 drill holes) post‐2021 Mineral Resource Estimate provide additional confidence in resource model • 30,500ha (305 km2) including a 28km strike length along the Upper Seal Harbour trend and 23km in the Lower Seal Harbour trend
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TSX.V: NEXG 28OTCQX: NXGCF GOLDBORO: INFRASTRUCTURE AND FACILITIES Infrastructure contained in a single watershed • Fully‐lined Tailings Storage Facility designed for 16.4 million tonnes of tailings and 10.8 million tonnes of co‐ placed Waste Rock • Employee Accommodation Facilities to house up to 175 personnel during operations, 350 personnel during construction. • CIP Process Plant (including gravity circuit) • Diversion of public road access • Waste Rock Storage areas designed for 122 million tonnes of waste • Organic stockpile areas • Water Management Limiting infrastructure to one watershed is expected to reduce environmental impacts and simplify permitting
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TSX.V: NEXG 29OTCQX: NXGCF GOLDBORO: PHASED‐DEVELOPMENT APPROACH The Company is approaching the development of Goldboro in a disciplined, capital efficient, phased approach, with the Phase I Feasibility Study focused on the surface mining component of a longer-term plan that would incorporate underground mining into the Project • Starting with open pit mining provides lead time to drill off, upgrade and grow underground mineral resources • Based on the June 2021 Preliminary Economic Assessment, UG development would start in Year 6 • The Phase II development is expected to take 18‐24 months for underground production to start up • Based on the PEA, the potential feed split would then be 2,200 t/d from the pit, 1,800 t/d from underground
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TSX.V: NEXG 30OTCQX: NXGCF GOLDBORO: TARGETING EXPANSION Opportunity for further regional mineral resource growth based on ~4,000-line kilometre airborne magnetic and very low frequency (“VLF”) electromagnetic surveys • Survey indicates numerous geophysical anomalies associated with both the Goldboro and Lower Seal Harbour Trends, a combined 51km of strike potential • The preliminary analysis of the historical data along with recently completed airborne and ground geophysical surveys has led to the identification of an initial four high‐priority growth targets: the Stewart, Fowler, Armstrong and Hurricane targets • The Company has initiated a geological mapping and prospecting program to further refine and test new targets and develop detailed exploration plans to ultimately drill test the highest priority targets
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TSX.V: NEXG 31OTCQX: NXGCF GOLDBORO: SCALE POTENTIAL • Mineralization now traced for over 3.4km of strike length • Indications of further mineralization along strike and down plunge • Deepest hole drilled to date is 550m vertical and continues to be open
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TSX.V: NEXG 32OTCQX: NXGCF GOLDBORO: THE FOWLER TARGET • The Fowler target is located within the Goldboro Trend, a 28‐km‐long geological trend defined by an anticlinal fold structure that hosts the Goldboro Deposit • The Goldboro Deposit is hosted within a geological level referred to as the Richardson sequence which plunges eastward • Geological mapping and geophysics indicate that in the Fowler area, the structure changes its plunge to westward such that the Richardson sequence that hosts the Goldboro Deposit may resurface 8km east of the existing Mineral Resource • The Company has collected 335 soil samples at Fowler to complement existing historical sampling and surveys, which assayed up to 144 ppb gold with 51 samples assaying 10 ppb gold and above
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TSX.V: NEXG 33OTCQX: NXGCF GOLIATH: A ROBUST OPEN PIT‐UNDERGROUND PROJECT C$336 MILLION, IRR 25.4% 13+ YEARS ~109,000 OUNCES C$335 MILLION 1.0 NPV TO INITIAL CAPITAL 92.8% US$892 per OUNCE US$1,037 per OUNCE AFTER‐TAX NPV 5% (US$1,750/oz Gold Price) MINE LIFE AVERAGE ANNUAL GOLD PRODUCTION YR 1‐9 INITIAL CAPITAL COST LOM OPERATION CASH COST PER OUNCE YR 1‐9 LOM AISC PER OUNCE YR 1‐9 AVERAGE GOLD RECOVERY AFTER‐TAX IRR (US$1,750/oz Gold Price)
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TSX.V: NEXG 34OTCQX: NXGCF GOLIATH: PREFEASIBILITY STUDY General LOM Total Avg. Gold Price (US$/oz) $1,750 Silver Price (US$/oz) $21 Mine Life (Years) 13 Production Head Grade Au (g/t) 1.30 Head Grade Ag (g/t) 1.77 Recovery Rate Au (%) 92.8% Recovery Rate Ag (%) 60.0% Avg. Annual Prod. ‐ Au (koz) 90 Avg. Annual Prod. – Ag (koz) 80 Avg. Annual Prod. – AuEq (koz) 91 Operating Costs Mining Cost (C$/t milled) $32.83 Processing Cost (C$/t milled) $11.34 G&A Cost (C$/t milled) $3.54 Total Operating Costs (C$/t milled) $47.71 Cash Costs (US$/oz Au) $935 AISC (US$/oz Au) $1,072 Capital Costs Initial Capital (C$M) $335 Closure Capital (C$M) $29 Sustaining Capital (C$M) $198 NPV After‐Tax NPV (5%) (C$M) $336 After‐Tax IRR % 25.4% Payback (Years) 2.8 The February 2023 Prefeasibility Study for Goliath considers a 13‐year mine life with average production >100Koz Au in the first nine years. The PFS outlines a 6.5Ktpd gravity‐CIL plant with gold recoveries of 92.8%. The PFS represents significant increases to production and other operational metrics compared to the project’s 2021 PEA, with the project now expected to recover a total of 1.2Moz of gold over its life. The PFS uses a gold price of US$1,750/oz, a silver price of US$21/oz and FX rates of $0.75, offering significant upside on spot prices. At US$1,950 Au, the PFS represents a post‐tax NPV(5%) of C$493mm, a 33.5% IRR and a 2.3‐year payback period, indicating a significant leverage to higher gold prices. The PFS characterizes the project as technically simple, enhancing Goliath’s feasibility and efficiency. Of note is that the PFS does not account for prospective exploration upside that the Company is currently executing on via a drill campaign that has already yielded results at the Fold Nose area, among others, including high‐grade mineralization such as 10.98 g/t Au over 10.5m and 6.97 g/t Au over 7.1m. PFS NPV >C$1B at Spot Prices Source: Company Disclosures, S&P CapIQ 1. PFS equivalent metal pricing include US$1,750/oz Au, and US$21.0/oz Ag 0 200 400 600 800 1000 1200 1400 0 20 40 60 80 100 120 140 160 Y-2 Y-1 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Y15 Annual Production Goliath LOM Au + Ag Production Gold Production Silver Production AISC
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TSX.V: NEXG 35OTCQX: NXGCF GOLIATH: NI43‐101 MINERAL RESERVE ESTIMATE Notes on Mineral Reserves: 1. Mineral reserves with an effective date of December 31, 2022 are founded on and included within the mineral resource estim ates, with an effective date of January 17, 2022. 2. Mineral reserves were developed in accordance with CIM Definition Standards (2014). 3. Open pit mineral reserves incorporate 10%, 7% and 9% dilution for Goliath, Goldlund and Miller, respectively. Open pit mineral reserves include 1% loss for Goliath and Miller, no losses are included for Goldlund. Goliath underground mineral reserves include 5% dilution and 0% loss for development. For stopes at Goliath underground, the mineral reserves include 15% dilution (both downhole and uphole stopes) and 90% (downhole) and 80% (uphole) recovery. 4. Open pit mineral reserves are reported based on open pit mining within designed pits above cut ‐off values of C$15.22/t, C$16.00/t and C$23.63/t for Goliath, Goldlund and Miller, respectively. Goliath underground mineral reserves are reported based on underground mining within designed underground stope s above a mill feed cut‐off value of C$107.66/t (inclusive of 15% mining dilution). The cut ‐off values are based on a gold price of US$1,550/oz Au, a silver price of US$22, transportation costs of C$5/oz Au, payabilities of 99% Au and 97% Ag, LOM average gold recoveries of 94.2% for Goliath, 94.3% for Goldlund and 94.0% for Miller, and a silver recovery of 60% for Goliath. 5. Underground mineral reserves following Year 13 have been r emoved from the LOM plan and thus are excluded in the mineral reserve table above. Some low grade Goldlund material above cut‐off is not fed to the plant and therefore not included in the mineral reserves. 6. The Qualified Person for the open pit mineral reserve estimate is Colleen MacDougall, Peng; and the Qualified Person for the underground mineral reserve estimate is Sean Kautzman, Peng, both are SRK Consulting (Canada) Inc. employees. 7. Rounding may result in apparent summation differences between tonnes , grade and contained metal. Deposit Quantity (‘000 tonnes) Grade Gold (g/t) Contained Gold (‘000 oz) Grade Silver (g/t) Contained Silver (‘000 oz) Open Pit – Goliath Proven 3,969 1.05 134 3.22 410 Probable 5,580 0.67 119 2.20 395 Proven & Probable 9,549 0.83 254 2.62 805 Open Pit – Goldlund Proven ‐ ‐ ‐ ‐ ‐ Probable 16,256 1.19 621 ‐ ‐ Proven & Probable 16,256 1.19 621 - - Open Pit – Miller Proven ‐ ‐ ‐ ‐ ‐ Probable 738 1.03 24 ‐ ‐ Proven & Probable 738 1.03 24 - - Underground – Goliath Proven 596 3.96 76 16.73 321 Probable 3,180 2.85 292 5.85 598 Proven & Probable 3,776 3.03 368 7.56 918 Total Proven 4,565 1.43 210 4.98 731 Probable 25,754 1.28 1,057 1.20 993 Total Proven & Probable 30,319 1.30 1,267 1.77 1,724
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TSX.V: NEXG 36OTCQX: NXGCF GOLIATH: NI43‐101 MINERAL RESOURCE ESTIMATE Deposit Cut-off Grade (g/t) Quantity (‘000 tonnes) Grade Gold (g/t) Contained Gold (‘000 oz) Measured Resources Goliath Open Pit 0.25 6,223 1.20 240 Goliath Underground 2.2 170 6.24 34 Total Measured 6,393 1.33 274 Indicated Resources Goliath Open Pit 0.3 23,081 0.75 559 Goliath Underground 2.2 2,550 3.55 291 Goldlund Open Pit 0.3 33,353 0.85 911 Goldlund Underground 2.2 222 4.06 29 Miller Open Pit 0.3 2,112 1.10 75 Total Indicated 61,318 0.95 1,865 Total Measured and Indicated 67,711 0.98 2,139 Inferred Resources Goliath Open Pit 0.3 3,330 0.66 70 Goliath Underground 2.2 48 2.95 5 Goldlund Open Pit 0.3 28,833 0.73 680 Goldlund Underground 2.2 222 3.26 23 Miller Open Pit 0.3 138 1.01 5 Total Inferred 32,571 0.75 783 Notes on Mineral Resources : 1. Mineral Resources were estimated by ordinary kriging by Dr. Gilles Arseneau, associate consultant of SRK Consulting (Canada) Inc., Mineral Resources were prepared in accordance with NI 43‐101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. Mineral Resources that are not mineral reserves do not have demonstrated economic viability. 2. Mineral Resource effective date January 17, 2022. 3. Goliath Open Pit Mineral Resources are reported within an optimized constraining shell at a cut‐off grade of 0.25g/t gold that is based on a gold price of US$1,700/oz, a silver price of US$23/oz, and a gold and silver processing recovery of 93.873*Au(g/t)^0.021 and 60% respectively. 4. Goldlund Open Pit Mineral Resources are reported within an optimized constraining shell at a cut‐off grade of 0.3g/t gold that is based on a gold price of US$1,700/oz and a gold processing recovery of 90.344xAu(g/t)^0.0527. 5. Miller Open Pit Mineral Resources are reported within an optimized constraining shell at a cut‐off grade of 0.3 g/t gold that is based on a gold price of US$1,700/oz and a gold processing recovery of 93.873*Au(g/t)^0.021. 6. Goliath Underground Mineral Resources are reported inside shapes generated from Deswick Mining Stope Optimiser (DSO) at a cut‐off grade of 2.2g/t gold that is based on a gold price of US$1,700/oz, a silver price of US$23/oz, and a gold and silver processing recovery of 93.873*Au(g/t)^0.021 and 60% respectively. 7. Goldlund Underground Mineral Resources are reported inside DSO shapes at a cut‐off grade of 2.2g/t gold that is based on a gold price of US$1,700/oz and a gold processing recovery of 90.344xAu(g/t)^0.0527. 8. Gold and Silver assays were capped prior to compositing based on probability plot analysis for each individual zones. Assays were composited to 1.5 m for Goliath, 2.0 m for Goldlund and 1.0 m for Miller. 9. Excludes unclassified mineralization located within mined out areas. 10. Silver grade and ounces are derived from the Goliath tonnage only. 11. Goliath Open Pit and Goldlund/Miller cut‐off grades are 0.25g/t and 0.30g/t, respectively. 12. All figures are rounded to reflect the estimates’ relative accuracy, and totals may not add correctly. 13. Mineral resources are inclusive of mineral reserves.