"Buy-&-build is the new mantra of this Dryden mine builder" "Buy-and-build is the new mantra of this Dryden mine builder" - NexGold Mining (NEXG.v)
With plans to start constructing an open-pit mine in the Dryden area by 2026, NEXG is aiming to become the next next mid-tier Canadian gold producer with its flagship Goliath Gold Complex and its three deposits: Goliath, Goldlund, and Miller.
Following the company's rebranding and merger, NexGold's president, Morgan Lekstrom, stated they are 18 months away from a construction decision.
Aims to develop multiple 100,000-ounce-per-year gold producers, NEXG has $16 million in the bank and is focused on development and exploration at the Goliath Complex through 2025.
Focused on finalizing permitting and construction alongside significant exploration targeting the expansion of its resource base up to 10 million ounces, project highlights include:
- NPV: $493 million at a 5% discount rate
- IRR: 33.5%, based on a gold price of US$1,950 per ounce
- Mine Life: 13 years
- Annual Production: 109,000 ounces of gold
- Cash Cost: US$892 per ounce
A final feasibility study for the Goliath open-pit mine is expected in mid-2025, with permits and agreements in place by next year. Construction is anticipated to begin in early 2026.
Further, NEXG also plans to return to exploration drilling to expand the gold resource, particularly targeting a 65-kilometre-long strike length with high-grade prospects between the Goliath and Goldlund deposits.
The company's strategy includes acquiring underappreciated projects with significant exploration investment and indicated gold resources of at least one million ounces, focusing on projects past the environmental assessment phase and near infrastructure.
For more information, refer to Northern Ontario Business' feature on NEXG: https://www.northernontariobusiness.com/industry-news/mining/buy-and-build-is-the-new-mantra-of-this-dryden-mine-builder-9288086
Posted on Behalf of NexGold Mining Corp.