NexGold Mining and Wabigoon Lake Ojibway Nation Sign New Relationship Agreement for Goliath Gold Complex

TORONTO, Aug. 06, 2024 - NeXGold Mining Corp. (TSXV: NEXG) (OTCQX: NXGCF) (the "Company" or "NexGold") and Wabigoon Lake Ojibway Nation ("WLON") today announced a new Relationship Agreement (the "Agreement") - a significant step towards Reconciliation and shared success in Canada's mining sector. The Agreement compensates for historical exploration activities in the traditional territories of Wabigoon Lake Ojibway Nation and paves the way for improved First Nation participation in the future Goliath Gold Complex ("the Project").

Jeremy Wyeth, CEO of NexGold, stated, "NexGold couldn't be prouder to be embarking on this renewed relationship. As a company, we're honoured to operate on the traditional lands of the Wabigoon Lake Ojibway Nation, and we are committed to working together meaningfully and respectfully throughout the life of the Project and beyond. This agreement reaffirms the importance of strong and progressive collaborations with First Nations in the mining industry."

Chief Clayton Wetelainen, Wabigoon Lake Ojibway Nation said, "We are a modern First Nation focused on sustainability and economic opportunity. As we create new business relationships, we require new arrangements for all activities on our lands. We must protect our rights and interests, inherent in our original use and occupation of our traditional territory since time immemorial."

The new Agreement supports a jointly developed framework for collaboration between NexGold and Wabigoon Lake Ojibway Nation for the Goliath Gold Complex. Some of the significant commitments within the agreement include:

• Reconciliation measures that recognize and respect the inherent rights and Treaty and Aboriginal rights of Wabigoon Lake Ojibway Nation;
• Capacity funding for continued engagement and consultation activities as well as agreed methods for information sharing and permit application reviews;
• The formation of a technical working group;
• New opportunities to maximize First Nation participation in Project activities through education, training, and mentorship opportunities;
• Interim benefits from Exploration and other activities at the Project; and;
• The negotiation of a life-of-mine agreement for the Goliath Gold Complex.

The 2024 Relationship Agreement replaces the long-standing Memorandum of Understanding ("MOU") that was signed between Tamaka Gold Corporation and Wabigoon Lake Ojibway Nation in 2011.

"NexGold looks forward to pursuing new approaches and innovative opportunities with Wabigoon Lake Ojibway Nation to strengthen our relationship," said Rachel Pineault, Vice President of HR, Sustainability, NexGold. "We know that the Nation's unique knowledge and guidance will bring tremendous benefits to the Goliath Gold Complex for the long term."

About NexGold Mining Corp.

NexGold Mining Corp. is a gold-focused company with assets in Canada. NexGold's Goliath Gold Complex (which includes the Goliath, Goldlund and Miller deposits) is located in Northwestern Ontario. For information on the Goliath Gold Complex, refer to the technical report, prepared in accordance with NI 43-101, 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, led by independent consultants Ausenco Engineering Canada Inc. The technical report is available on SEDAR+ at www.sedarplus.ca, on the OTCQX at www.otcmarkets.com and on the Company website at www.nexgold.com.

The Company also owns several other projects throughout Canada, including the Weebigee-Sandy Lake Gold Project JV, and grassroots gold exploration property Gold Rock. In addition, NexGold holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska, as well as five Hyder Area gold-silver and base metal properties in southeast Alaska. NexGold is committed to inclusive, informed and meaningful dialogue with regional communities and Indigenous Nations throughout the life of all our Projects and on all aspects, including creating sustainable economic opportunities, providing safe workplaces, enhancing of social value, and promoting community well-being. For further details about NexGold, please visit the Company's website at www.nexgold.com.

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This news release contains statements that constitute "forward-looking statements". Forward-looking statements are statements that are not historical facts and include, but are not limited to, disclosure regarding possible events, that are based on assumptions and courses of action, and in certain cases, can be identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur, or the negative forms of any of these words and other similar expressions. These forward-looking statements are based on management's current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law. For additional information on risks and uncertainties, see the Company's annual information form dated March 21, 2024 for the year ended December 31, 2023 available on SEDAR+ at www.sedarplus.ca. and described from time to time in subsequent documents filed with applicable securities regulatory authorities.