NevGold Secures C$42.2M Financing Ahead of Q2 Antimony-Gold Estimate
NevGold raised C$42.2 million via an upsized brokered private placement to fund its Limousine Butte and Nutmeg Mountain projects and ongoing drilling. The company reported 1.11% antimony over 6.1 meters and up to 99% gold recovery in metallurgical tests, paving the way for a Q2 2026 maiden antimony-gold resource estimate.
1. Financing Upsized to C$42.2M
NevGold increased its brokered private placement from C$25 million to C$42,225,497 through the issuance of 22,223,946 shares at C$1.90, with closing expected around May 12, 2026. Net proceeds will advance exploration at Limousine Butte and Nutmeg Mountain, support an expanded 2026 drill program, and cover working capital and corporate expenses.
2. Drill Results Highlight Antimony and Gold Potential
On April 9, oxide drilling at Limousine Butte’s Resurrection Ridge returned 1.93 g/t gold equivalent over 100.6 meters from surface, including a high-grade 1.11% antimony intercept over 6.1 meters. All 30 holes from the 2025 program (approximately 5,000 meters) have been released, and a 20,000-meter campaign is planned in 2026 targeting the Bullet Zone and Armory Fault discovery.
3. Metallurgical Tests Confirm Sequential Recovery Process
Phase II testwork on oxide material from historical leach pads achieved average gold recoveries above 93%, with individual samples reaching 99%, following antimony leach extractions ranging from 54% to 92%. The results validate a sequential extraction process enabling dual-metal production from the same feed without new mining activity.
4. Maiden Antimony-Gold MRE Set for Q2 2026
NevGold is targeting a maiden NI 43-101 Mineral Resource Estimate at Limousine Butte in Q2 2026 to underpin a potential antimony production pathway by 2027 via leach pad reprocessing. The U.S. Bureau of Land Management approved a Plan of Operations covering 68 km² and permitting up to 200 acres of disturbance over a ten-year term.