'Billionaire Backed Mining Company' - Discussing the company's projects, management team and solid backing from Frank Giustra and Eric Sprott, NexGold Mining's (NEXG.v NXGCF) President and Director, Morgan Lekstrom, joined MI3 Finance, highlighting upcoming milestones: https://www.youtube.com/watch?v=Dwh8vLdmEhU
Overview
- Next Gold Mining: A gold development company led by Morgan Lekstrom, with backing from billionaire Frank Giustra, advancing a gold project in Ontario, Canada.
- Strategy: Following a buy-and-build approach to grow the company and increase production by acquiring and developing gold assets.
Company Background
- Founded with Frank Giustra's Support: Started working with Frank Giustra’s group 1.5 years ago, and now developing a 3-million-ounce gold resource in Ontario.
- Experienced Team: The company has assembled a strong leadership team, including Jeremy Wyeth as CEO (a known mine builder), Jim Gow (former Barrick president), and Rachel Pell (permitting and community relations expert).
Key Asset and Location
- Ontario Gold Project: Located in Dryden, Ontario, near the Trans-Canada Highway, with local workforce and infrastructure readily available.
- Resource Size: The project has a 3-million-ounce gold resource, with ongoing drilling (25,000 meters) and significant exploration potential (65 km strike length).
Share Structure and Financials
- Shares Outstanding: 76 million shares with $14 million in cash.
- Key Investors: Frank Giustra owns over 10%, with additional major stakes held by Extract Capital, Sprott Asset Management, and management.
- Retail Investors: Approximately 42% of shares are held by the public.
Growth and Milestones
- Drilling and Exploration: The company is running a 25,000-meter drill program with potential to expand resources.
- Upcoming Milestones: Feasibility study in Q1 2025, construction decision by Q3 2025, and eventual production of 110,000 ounces of gold per year.
Buy-and-Build Strategy
- Leverage to Gold: Investors gain exposure to gold prices and a well-positioned team to build the project from exploration through to production.
- Scalability: The company aims to scale to 200,000-400,000 ounces per year through asset acquisitions and development.
Relationship with Frank Giustra
- Mentorship: Frank Giustra has been a key mentor for Morgan Leom, offering extensive knowledge and guidance from his successful history in mining and other industries.
Personal Insights on Leadership and Challenges
- Morgan Leom’s Background: Previously worked with large mining companies like Freeport in Indonesia and Mongolia. He also has experience in capital markets, bringing projects from exploration to production.
- Discipline from Sports: Leom's background as a competitive hammer thrower instilled discipline and stress management, which he applies to his leadership role in the mining industry.
Offering leverage to gold with a strong team, financial backing, and a clear growth strategy, NEXG is positioned to create significant value through its buy-and-build approach, targeting mid-tier gold producer status within a few years.
Posted on Behalf of NexGold Mining Corp.