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NeXGold Mining Corp.

TSXV:NEXGLive AI agent

Treasury Metals Inc.

Investor website: https://nexgold.com/

About

Treasury Metals Inc. is focused on the Goliath Gold Complex, a prospective 65-km trend in a 330 km2 land package located in the Wabigoon-Greenstone belt in northwestern Ontario. The project includes three distinct sites and is strategically positioned near major transportation routes and local communities, facilitating year-round operations and access to resources.

Verified company data

Cash position
$101.1M
Shares outstanding
241.3M
Fully diluted shares
354.3M
Mineral resource
The Mineral Resource Estimate presented in Table 3 was prepared by Independent Qualified Person Glen Kuntz, P. Geo., of Nordmin. The Mineral Resource Estimate is based on validated results of 681 surface and underground drill holes for a total of 121,540 metres of diamond drilling completed between 1984 and the effective date of November 15, 2021, including 55,803 metres conducted by Anaconda. **Table 3**: Mineral Resource Estimate for the Goldboro Gold Project – Effective Date November 15, 2021 | | | | | | | | --- | --- | --- | --- | --- | --- | | **Resource Type** | **Gold Cut-off (g/t gold)** | **Category** | **Tonnes** | **Grade** **(g/t gold)** | **Gold Troy 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 2.40 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._ _Reported from within a mineralization envelope accounting for mineral continuity.
Projects
["Goldboro Gold Project\n\nLocation: Guysborough County, Nova Scotia, Canada\n\nStage: Feasibility Study Completed\n\nDevelopment Stage: Permitting and compliance underway\n\nProven & Probable Reserves: 1,150,200 ounces (15.8 million tonnes at 2.26 g/t gold)\n\nMeasured & Indicated Resources: 2.58 million ounces (21.6 million tonnes at 3.72 g/t gold)\n\nInferred Resources: 484,000 ounces (3.18 million tonnes at 4.73 g/t gold)\n\nLife of Mine (LOM): 10.9 Years\n\nAverage Annual Production: 100,000 ounces\n\nTo date, the Company has arranged access to the Property for the purpose of exploration through agreements with both private and Crown entities. Much of the Property, including all the BR, EG historical workings, is underlain by Crown Land. Similarly, access to private lands, and securing agreements with landowners has been generally manageable. At the effective date of this Technical Report, the Company held access agreements that specifically apply to surface core drilling. The Company has the necessary Crown Land permits for additional drilling and trenching or expects to receive them through normal exploration permitting process.\n\nThe Project will require the acquisition of some privately owned property. The Company has engaged a third-party to complete the relevant property assessments, negotiate property acquisitions, and manage and document the process. Should some individuals refuse to sell through this process, the Company would then pursue the expropriation process to acquire the property which could cause delays, however, would unlikely cause any delays in the overall permitting process.\n\nThe Company continues to successfully manage the Industrial Approval (IA) related to the underground Bulk Sample collected in 2018.\n\nThe presence of past mining operation infrastructure, including several historical tailings sites associated with the past operation of the historical Boston Richardson Mine within the Gold Brook Lake-Seal Harbour Lake watershed, are recognized as important environmental site factors. Provincial regulators indemnified Orex in 1995 from any environmental liabilities resulting from historical mining activities, assuming that old tailings storage areas are not impacted during exploration or mining activities. A historic tailings management plan will be developed in consultation with Nova Scotia Environment and Climate Change (NSECC) to manage the areas that will be directly disturbed by the Project.\n\nInfrastructure: The 2022 Feasibility Study outlines the main project infrastructure components, including the mine, process plant, TMF (Tailings Management Facility), site accommodation facilities, access roads, power supply and distribution, freshwater supply and distribution, and a water treatment plant.\n\nThe Property, located on the eastern shore of Nova Scotia, Canada, approximately 1.6 km north of the village of Goldboro, benefits from substantial nearby infrastructure, services, and skilled labor. The proximity to Route 316 reduces infrastructure costs compared to remote sites. The Property is 175 km northeast of Halifax and 60 km southeast of Antigonish. Route 316 provides access via Goldbrook Road, which crosses the Property near historic mining features. Elevation is approximately 70 m above sea level, and logging roads offer further site access.\n\nThe earthworks primarily involve preparing mine infrastructure, process plant, and TMF. On-site haulage roads will support heavy traffic, with dual-lane roads (16.5 m wide) between pits and stockpiles and single-lane roads (11 m wide) to the TMF.\n\nApproximately 5,300 m² of ancillary buildings (excluding accommodation and process plant structures) will be pre-engineered steel structures on conventional foundations, with space allocated for future expansion.\n\nPower supply will come from Nova Scotia Power’s 25 kV distribution line along Route 316, requiring a 1.6 km tap line to the site substation. The distribution network will include 13.8 kV overhead lines for site infrastructure. Peak power demand is estimated at 10 MW, with an average of 7.5 MW.\n\nWater supply infrastructure includes an intake structure, booster stations, and transmission pipelines from Gold Brook Lake to the mill and potable water facilities. Potable and process water flow rates are estimated at 22 m³/h, with potable water treatment designed to meet Canadian Drinking Water Guidelines.\n\nWastewater treatment is divided into two units: one for employee accommodations (350 people) and another for other facilities (84 people). Sewage treatment aligns with Atlantic Canada Wastewater Guidelines.\n\nThe Mine Water Management Plan (MWMP) ensures compliance with regulatory discharge requirements, including:\n\n- Metal and Diamond Mining Environmental Regulations (MDMER)\n- Canadian Council of Ministers of the Environment (CCME) Aquatic Life Guidelines\n- Nova Scotia Environment Quality Standards (EQS)\n\nPredictive modeling indicates that water at some locations may only require total suspended solids (TSS) removal for discharge, while contingency measures (e.g., shutoff valves) will redirect non-compliant water to treatment systems. MWMP objectives include:\n\n1. Dewatering and treating ponded water for infrastructure development.\n2. Managing and discharging site contact water during construction and operations.\n3. Diverting clean off-site water away from mine infrastructure to reduce treatment volumes.\n\nMining Methods: Based on the January 2022 feasibility study (FS), conventional open pit mining methods will be used to extract a portion of the Deposit. This method was selected considering the deposit’s size, shape, orientation, and proximity to the surface. Drilling, blasting, loading, and hauling will be used to mine the open pit material within the designed pit to meet the mine production schedule.\n\nOpen pit mining will include conventional drilling and blasting with a combination of a backhoe type excavator, hydraulic excavator, and front-end loader type excavator loading broken rock into haul trucks, which will haul the material from the bench to the crusher, run of mine (ROM) stockpile or waste stockpiling areas depending on the material type. Ancillary equipment includes dozers, graders, and various maintenance, support, service and utility vehicles. This Technical Report considers a mining contractor operator scenario.\n\nThe FS is based on a conventional truck-shovel open pit mining operation within two pits. The open pit production period is approximately 10.9 years with 1 year of pre-production (prior to process plant start-up). It is envisaged that the PMF will be loaded directly into the processing plant crusher hopper but there will be a need for a ROM stockpile to allow for stoppages, for stockpiling in the pre-production period, and possibly some blending. The operation scenario for the FS involves:\n\n- Open pit mining at an average mining rate of 12.8 Mt per year.\n- Gold process facility with a 1.46 Mtpa (4,000 t/d) capacity.\n- Approximate 6 month ramp up period in Year 1 (YR1) for process facility.\n- 1 year pre-production mining period to coincide with the tailings management facility (TMF) Initial Stage development."]
Leadership
Kevin Bullock (President & CEO, Mr. Bullock is a registered Professional Mining Engineer with over 35 years of experience in mining exploration, development, and operations. He has held senior positions at various companies including Volta Resources and Signal Gold.), Orin Baranowsky (CFO, Mr. Baranowsky brings over 25 years of finance and capital markets experience and has been CFO of NexGold since April 2021.), Brian Jackson (VP, Projects, Mr. Jackson is a seasoned EPCM executive with over 35 years of engineering and project execution experience across various sectors.), Paul McNeill (VP, Exploration, Mr. McNeill has extensive experience in gold and uranium exploration and has worked with several exploration and development companies.), Deidre Puddister (VP, Sustainability, Ms. Puddister has ~25 years of experience in environmental compliance and community engagement across multiple sectors.), Amanda Abballe (VP, HR, Ms. Abballe has over 20 years of human resources experience and has been responsible for driving the company’s people and talent strategy globally.)

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