The Vancouver‑based junior explorer NevGold has closed an upsized brokered private placement totaling C$42,225,497 through the issuance of 22,223,946 common shares at C$1.90 per share. The financing, arranged by Clarus Securities as sole agent and bookrunner, includes a cash commission of $2,533,529.84 and 1,333,436 non‑transferable compensation options exercisable at the issue price until May 12, 2028. The issued securities and compensation options are subject to a hold period that expires on September 13, 2026. This capital raise is positioned to fund resource definition, metallurgy and near‑term project execution.
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What the financing enables
The company intends to allocate the net proceeds primarily toward advancing the Limousine Butte antimony‑gold project in Nevada and the Nutmeg Mountain gold project in Idaho, with the remainder earmarked for working capital and general corporate purposes. Management has emphasized that the structure — an upsized, no‑warrant placement — reflects institutional appetite and underpins a 12–18 month execution plan. Clarus received compensation in both cash and options tied to the Offering, and the transaction remains subject to final approval by the TSX Venture Exchange. The securities were offered under applicable exemptions and are not registered for sale in the United States.
Operational progress at Limousine Butte
Operationally, NevGold has been busy compiling drill, sonic and metallurgical data to support a maiden mineral resource estimate (MRE) targeted for Q2 2026 at Limousine Butte. Recent results include oxide‑dominant intercepts that the company reports as encouraging for a shallow, near‑surface processing concept: for example, a broad interval equivalent to 1.93 g/t AuEq over 100.6 metres at Resurrection Ridge, which contained a higher‑grade antimony fraction of 1.11% Sb over 6.1 metres. These intercepts, together with historical leach pad material and sonic drill confirmation, form the basis of a dual‑metal development pathway focused on reprocessing existing pads as an initial production route.
Metallurgical evidence and processing pathway
Phase II testwork on oxide material from historical leach pads has demonstrated sequential recovery characteristics: initial antimony extraction followed by gold recovery. The company reports gold recoveries averaging above 93% in cyanide shake tests, with individual samples reaching 99%, while acid leach antimony extraction ranged between 54% and 92%. These outcomes support a conceptual flow sheet where antimony is recovered first and gold is recovered from the residual material, enabling production without immediate new mining. Management highlights this as a potential near‑term antimony pathway with lower capital intensity compared with greenfield development.
Drilling and resource definition
NevGold has released results from its 2026 drill program (about 5,000 metres) and outlined plans for an expanded 2026 program, with approximately 20,000 metres targeted to test the Bullet Zone and the Armory Fault discovery. Sonic drill results from the historical leach pads returned consistent antimony and gold grades — for example, intervals around 0.31–0.34% Sb with gold in the range of 0.41–0.55 g/t Au over multi‑metre widths — supporting the continuity and potential economic thickness of oxide material at surface. The company’s stated objective is to convert these data into a NI 43‑101 compliant MRE and to advance a low‑impact processing option toward permitting and near‑term operations.
Strategic context and next milestones
NevGold’s timing intersects with policy and market tailwinds for both metals. Antimony is classified as a Critical Mineral by U.S. authorities, and recent supply‑chain scrutiny has increased interest in domestic sources. The company also holds a previously filed Plan of Operations approved by the Bureau of Land Management in November 2026 covering 68 km² and up to 200 acres of permitted disturbance over a 10‑year term, which de‑risks certain permitting pathways. In parallel, the Nutmeg Mountain asset carries a September 2026 NI 43‑101 MRE of 1,186,000 oz Indicated at 0.50 g/t Au and 548,000 oz Inferred at 0.34 g/t Au at a 0.20 g/t cutoff, providing optionality and diversification of project value.
Near‑term catalysts include the targeted Q2 2026 maiden antimony‑gold MRE, advancing metallurgical and engineering studies, additional drilling in 2026, and the potential to initiate antimony production by 2027 via reprocessing. The company also reiterates standard securities and regulatory disclaimers: the placed securities are not registered under the U.S. Securities Act and are not to be offered or sold in the United States absent registration or a qualifying exemption. Investors and stakeholders will watch the upcoming MRE, continued metallurgical confirmations and permitting steps as the primary value drivers for the financed program.