# MDA Source Brief: https://evesgoldminers.com/research/source-briefs/nexgold-mining-corp-mda-c11450d8 Original source: https://nexgold.com/wp-content/uploads/2026/03/NEXG-MDA-December-31-2025.pdf EGM generated: 2026-09-27 Company: NexGold Mining Corp. (NEXG) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # MDA Source: https://nexgold.com/wp-content/uploads/2026/03/NEXG-MDA-December-31-2025.pdf Fetched: 2026-09-12T07:06:08.933+00:00 Source artifact: c11450d8-8caf-4b9d-8dc4-0e7e86fdcc88 Normalizer input: text ## Content # MDA TABLE OF CONTENTS DESCRIPTION OF THE BUSINESS ......................... 3 TRENDS AND RISKS THAT HAVE AFFECTED THE COMPANY’S FINANCIAL CONDITION .................. 31 2025 HIGHLIGHTS .................................................... 4 OFF-BALANCE SHEET TRANSACTIONS ............. 31 MANAGEMENT OUTLOOK FOR 2026 ..................... 6 CONTINGENCIES AND COMMITMENT ................. 31 SUMMARY OF MINERAL EXPLORATION PROPERTIES ............................................................ 7 RELATED PARTY TRANSACTIONS...................... 32 GOLDBORO PROJECT ................................ 7 Compensation of Key Management Personnel .................................................... 33 GOLIATH COMPLEX, ONTARIO ................ 12 DIVIDENDS.............................................................. 33 OTHER EXPLORATION PROJECTS/PROPERTIES ......................... 18 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS ........................................................ 33 Weebigee-Sandy Lake Joint Venture .......... 18 RISKS AND UNCERTAINTIES ............................... 33 Niblack Project ............................................. 18 MANAGEMENT’S RESPONSIBILITY FOR MINERAL PROPERTIES ......................................... 18 FINANCIAL INFORMATION.................................... 41 SELECTED ANNUAL INFORMATION.................... 19 INTERNAL CONTROLS OVER FINANCIAL REPORTING ............................................................ 41 SUMMARY OF QUARTERLY RESULTS ................ 21 Disclosure Controls and Procedures ........... 41 FINANCINGS ........................................................... 22 Internal Controls over Financial Reporting .. 41 Sale of Royalty to SRSR.............................. 22 Limitations of Controls and Procedures ...... 42 Sale of Royalty to Nebari Royalty I ULC...... 23 NON-IFRS MEASURES .......................................... 42 Extract Convertible Debt .............................. 23 Working Capital ........................................... 42 Nebari Facility .............................................. 24 Cash Costs and Cash Costs Per Ounce ..... 42 Sale of Royalty to Appian ............................ 24 All-in Sustaining Costs (“AISC”) and All-in July 2024 Flow-Through Financing ............. 24 Sustaining Cost Per Ounce ......................... 43 November 2024 Flow-Through Financing ... 25 Free Cash Flow ........................................... 43 April 2025 Private Placement ...................... 25 Earnings Before Interest, Taxes, Depreciation October 2025 Private Placement and Flow- and Amortization (EBITDA) ......................... 43 Through Financing ....................................... 25 CORPORATE GOVERNANCE................................ 43 Appian LOI – Project Financing ................... 25 ADDITIONAL INFORMATION ................................. 43 FINANCIAL INSTRUMENTS AND RELATED RISKS QUALIFIED PERSON AND TECHNICAL ................................................................................. 26 INFORMATION ........................................................ 43 Management of Capital................................ 26 CAUTIONARY STATEMENTS ................................ 44 Financial Instruments Risk Exposure .......... 26 Cautionary Statement Regarding Forward- Sensitivity Analysis ...................................... 27 Looking Information ..................................... 44 Fair Value Hierarchy .................................... 28 Cautionary Note to United States Investors 44 LIQUIDITY AND CAPITAL RESOURCES .............. 28 SHARE CAPITAL .................................................... 29 Warrants ...................................................... 30 Share-Based Compensation ....................... 30 MANAGEMENT’S DISCUSSION AND ANALYSIS For the year ended December 31, 2025 This management's discussion and analysis ("MD&A") reflects the assessment by management of the activities, consolidated financial condition and consolidated results of the operations of NexGold Mining Corp. ("NexGold" or the "Company") for the year ended December 31, 2025. This MD&A should be read in conjunction with the Company's audited consolidated financial statements for the years ended December 31, 2025 and 2024 and the notes thereto (the "Financial Statements"), which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. This MD&A should also be read in conjunction with the risk factors described in the “Risks and Uncertainties” section of this MD&A. Additional information, including the Financial Statements and press releases, have been filed through the System for Electronic Document Analysis and Retrieval Plus (“SEDAR+”) and are available online under the Company’s issuer profile at www.sedarplus.ca. All dollar figures in this MD&A are expressed in Canadian dollars, unless stated otherwise. References to CAD and US$ are to Canadian dollars and United States ("U.S.”) dollars, respectively. This MD&A is dated March 26, 2026 and information contained herein is presented as of such date, unless otherwise indicated. The Company has included various references in this MD&A that constitute “specified financial measures” within the meaning of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the Canadian Securities Administrators, including operating cash cost per ounce, all-in sustaining costs (“AISC”) per ounce, and working capital. None of these specified measures is a standardized financial measure under IFRS Accounting Standards and these measures might not be comparable to similar financial measures disclosed by other issuers. intended to provide additional information to the reader and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS Accounting Standards. See “Non-IFRS Measures” in this MD&A. Further information about the Company and its operations is available under the Company's issuer profile on SEDAR+ at www.sedarplus.ca, on the OTCQX® Best Market ("OTCQX") at www.otcmarkets.com and on the Company's website at www.nexgold.com. DESCRIPTION OF THE BUSINESS NexGold is a Canadian public gold exploration and development company focused on advancing its two 100%-owned Canadian gold projects: the Goldboro Gold Project (“Goldboro Project”) in Nova Scotia; and the Goliath Gold Complex (the “Goliath Complex”) in Ontario, which includes the district-scale Goliath, Goldlund and Miller deposits. The Goldboro Project and the Goliath Complex both benefit from access to first-rate infrastructure—near Antigonish and Halifax, Nova Scotia for the Goldboro Project, and near Dryden and Sioux Lookout in northwestern Ontario within the Kenora Mining Division for the Goliath Complex. NexGold is advancing these projects through their respective permitting processes to advance construction and future mine production for open-pit gold mines and/or underground operations. The Company operates from its corporate headquarters in Toronto, Ontario, and project offices in Goldboro, Guysborough County, Nova Scotia (at the Goldboro Project site), Wabigoon, Ontario (at the Goliath Complex site) and St. John’s, Newfoundland. Additional corporate information can be found on the Company's website at www.nexgold.com. The Company's issued and outstanding common shares ("Common Shares") are listed on the TSX Venture Exchange (the "TSXV") under the ticker symbol “NEXG”. The Common Shares also trade on the OTCQX® Best Market under the symbol "NXGCF". On December 13, 2024, the Company completed a plan of arrangement under the Business Corporations Act (Ontario) with Signal Gold Inc. (“Signal Gold”), a mineral exploration company with a mineral property interest in the Goldboro Project (the “Signal Acquisition”). The Goldboro Project is a significant growth project subject to a positive Feasibility Study which has potential for further mineral resource expansion, particularly towards the west along strike and at depth (see the technical report 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, for further details). The Company is focused on preparing an updated mineral resource estimate to form the basis for an updated Feasibility Study for the Goldboro Project, as well as continuing additional optimization work to demonstrate the potential scale of the Goldboro Deposit and the greater Goldboro Gold District. On August 2, 2022, the Goldboro Project received its environmental assessment approval from the Nova Scotia Minister of Environment and Climate Change, a significant regulatory milestone which enabled the Company to progress with other key permits including the Industrial Approval, Fisheries Act Authorization and Schedule II Amendment, and the Mining and Crown Land Leases, which were all received, and or granted, in 2025. The Goldboro Project has received all key federal and provincial permits required to advance towards construction and operations. NexGold Mining Corp. Page 3 MANAGEMENT’S DISCUSSION AND ANALYSIS For the year ended December 31, 2025 In 2019, the Federal Minister of Environment released a Canadian Environmental Assessment Act (CEAA 2012) decision statement for the proposed Goliath Deposit project, which concluded that the project was unlikely to result in significant adverse effects to the environment. In February 2023, the Company completed an independent Prefeasibility Study (the “GGC PFS”) for the Goliath Complex prepared in accordance with Canadian National Instrument 43-101 – Standards for Disclosure for Mineral Projects (“NI 43-101”). The technical report, entitled “Goliath Gold Complex – NI 43-101 Technical Report and Prefeasibility Study” and dated March 27, 2023 with an effective date of February 22, 2023 (the “GGC Technical Report”), was filed on March 27, 2023 under the Company’s profile on SEDAR+ at www.sedarplus.ca. The GGC Technical Report is the current technical report for the Goliath Complex. In addition, the Company continues to explore areas of the Goliath Complex that present attractive near-mine targets. The Company continues to advance environmental monitoring programs, First Nation negotiations and community consultations to support mine permitting. The Company is currently carrying out internal optimization studies on the Goliath Complex. The Company requires equity capital and other financing to fund working capital and development activities, corporate overhead costs, exploration and other costs relating to the advancement of exploration and mining properties. The Company's ability to continue as an active mineral property developer and explorer is dependent upon its ability to obtain adequate financing and to reach profitable levels of operation. There is no assurance that financing efforts will be successful, sufficient or on terms acceptable to the Company, or if the Company will attain profitable levels of operation in the future. This MD&A contains "forward-looking" information that is subject to risk factors set out in a cautionary note contained herein (see “Cautionary Statements” in this MD&A). 2025 HIGHLIGHTS Permitting • On May 22, 2025, the Company announced that the Crown Land Lease and License for the Goldboro Project was approved by Cabinet and was granted by the Government of Nova Scotia, an integral step towards the development of the Goldboro Project allowing the potential for infrastructure development on the lands for which it covers. The Crown Land Lease and License authorize the Company to build and o [Excerpt trimmed for readability. Open the original source for the complete filing or document.]