NevGold Corp. (TSX-V:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is pleased to announce its maiden gold-antimony Mineral Resource Estimate for the gold and antimony Limo Butte Project in Nevada.

NevGold CEO, Brandon Bonifacio, comments: “Our maiden, large-scale, oxide gold-antimony Mineral Resource Estimate is a monumental milestone in advancing our uniquely positioned Limo Butte Project in Nevada, as we have delivered on one of the largest, most strategic, antimony-gold resources in the United States. We have the potential to advance to a near-term antimony production scenario from the already mined material on surface, while we systematically advance the other deposits including Resurrection Ridge, Cadillac Valley, and the Northern Zones. The completion of the MRE also allows us to advance strategic discussions around the various potential antimony production scenarios at the Project. The current MRE has defined a critical project in the United States with a development path to play a leading role in building a domestic antimony supply chain, with long-term sustainable antimony-gold development in future project phases.”

Bonifacio continues: “This is the first version of the MRE that is based on drilling completed to the end of 2025, with strong potential for expansion in areas that we are focused on with our 20,000 meter 2026 drill campaign. The 2025 drill program was a “step-change” in our understanding of the project geology, as we successfully intercepted significant antimony-gold mineralization in 100% of the holes that we drilled testing the “under the older thrusted upper dolomite” target. This will be a key target for future MRE growth in the 2026 program, as we are focused on adding scale and more near-surface, high-grade oxide antimony-gold mineralization. There are currently two drill rigs at the Project drilling the important discoveries at the Bullet Zone and high-grade Armory Fault on the eastern side of the maiden MRE at Resurrection Ridge. We will also focus on testing the historical high-grade, past-producing antimony mines, including the Nevada Antimony Mine and Lage Antimony Prospect, that we could not drill last year due to access constraints. New 2026 drill results focused on expanding the current MRE will be released shortly as assays are received from the lab.”

Key Highlights 

• “Project Jumpstart Antimony” Proposes a Path to Potential Near-Term Antimony Production: 6,900 Sb tonnes Measured & Indicated at 0.28% Sb (2.3 Mt) and 500 Sb tonnes Inferred at 0.99% Sb (0.05 Mt) of antimony material at surface and already mined in past operations

• “Project Golden Bullet” With Near-Surface, Large-Scale Antimony MRE Amenable to Leach Processing with No Reliance on Downstream Smelting & Refining: 29,600 Sb tonnes Measured & Indicated at 0.26% Sb (11.3 Mt) and 48,100 Sb tonnes Inferred at 0.18% Sb (26.9 Mt) at 0.1% Sb cutoff subdomain within the 0.30 AuEq. cut-off pit shell (Base Case pit shell)

• • Higher Grade Sb Mineralization (0.25% Sb cutoff) within the Base Case of 18,600 Sb tonnes Measured & Indicated at 0.39% Sb (4.8 Mt) and 13,000 Sb tonnes Inferred at 0.43% Sb (3.1 Mt); the higher grade antimony mineralization starts at surface as seen in Figure 1
  • Total Sb in Base Case of 31,800 Sb tonnes Measured & Indicated at 0.21% Sb (15.2 Mt) and 75,700 Sb tonnes Inferred at 0.09% Sb (117.5 Mt) (see Table 1)

• 100% Oxide, Heap-Leach Gold MRE of 181,400 ozs Measured & Indicated at 0.37 g/t Au (15.2 Mt) and 1,203,500 ozs Inferred at 0.32 g/t Au (117.5 Mt) within Base Case pit shell (Table 1, Figure 2)

• • Higher Grade Au Mineralization (0.45 g/t Au cutoff) within the Base Case of 103,800 ozs Measured & Indicated at 0.95 g/t Au (3.4 Mt) and 448,000 ozs Inferred at 0.83 g/t Au (16.9 Mt)
  • The gold-antimony MRE described in this release contemplates construction of both gold and antimony processing circuits at the Project, however NevGold has analyzed gold-only extraction scenarios, which the Company believes could also provide for reasonable prospects of eventual economic extraction of gold at the Project. If the Company pivots to a gold-only project development strategy, management anticipates that the Project would have lower capital and operating costs, and a lower cut-off grade, than the gold-antimony extraction scenario presented in this MRE that used an AuEq. cut-off

• Mineralization Starts at Surface: both the gold and antimony mineralization outcrop at surface (Figure 1, Figure 2)

• Maiden MRE is the First Resource completed at Limo Butte in over 17 years: 2026 MRE is the first version of the MRE in modern history with a focus on gold and antimony and includes drilling to the end of 2025; NevGold has identified new zones of highly prospective gold-antimony mineralization which are the focus of 2026 drilling to expand this maiden MRE

• Dual-Commodity Optionality With Gold and Critical Mineral Antimony: robust gold-antimony resource that offers project phasing and optionality with exposure to both gold and antimony. The Company intends to focus on advancing dual-track scenarios: “Scenario Jumpstart Antimony” (at-surface, already mined, antimony material) and “Scenario Golden Bullet” (larger project area focused on gold-antimony at Resurrection Ridge, Cadillac Valley, Northern Zones, and other targets)

• Tier One Jurisdiction: the Project is located in Nevada, which is the top ranked global mining jurisdiction based on the Fraser Institute 2025 Annual Survey of Mining Companies

• Next Steps in 2026:

• • Targeted 20,000 meter drill program focused on MRE expansion and exploration
  • “Scenario Jumpstart Antimony”: Further metallurgical testwork to advance the Project to a Prefeasibility Study (“PFS”) on the near-term antimony production scenario from the material already mined and at surface
  • “Scenario Golden Bullet”: Preliminary Economic Assessment (“PEA”) on Resurrection Ridge, Cadillac Valley, and Northern Zones focused on gold-antimony
  • Advance strategic discussions in the United States around near-term antimony production

Figure 1 – Cross-section looking north through the MRE block model with 0.30 g/t AuEq. cut-off and sub-domain of 0.1% Sb. The higher-grade antimony mineralization outcrops at surface. To date, the Company has not completed any mine scheduling studies on the MRE. The Company intends to focus 2026 drilling on the eastern side of Resurrection Ridge with highly prospective expansion potential identified.

 Figure 2 – Cross-section looking north through the MRE block model with 0.30 g/t AuEq. cut-off. Gold mineralization starts at surface, and there is further mineralization expansion potential below and adjacent to current pit-shell used in the MRE. To date, the Company has not completed any mine scheduling studies on the MRE.

 Figure 3 – Limo Butte Project and identified target areas. A number of high priority targets have been defined focused on resource conversion, resource expansion, and new discoveries across the large, consolidated ~70 square kilometer (7,000 hectares) land package. NevGold maintains a continuous drill target pipeline at the Project, which will be advanced with the largest targeted drill program that the Company has drilled since acquiring Limo Butte in 2021. 

Table 1: Limo Butte – Base Case – Consolidated Mineral Resource Estimate (see notes below)

Table 2: Limo Butte – Antimony Sub-Domains within Base Case (see notes below)

Table 3: Limo Butte – Cut-Off Sensitivity Table on Base Case (see notes below)

Notes to Table 1, Table 2, Table 3:

1. Effective date of this mineral resource estimate is July 15, 2026.
2. All mineral resources have been estimated in accordance with Canadian Institute of Mining, Metallurgy and Petroleum definitions, as required under National Instrument 43-101. The Mineral Resource Statement was prepared by Greg Mosher, P. Geo (Global Mineral Resource Services, “GMRS”) in accordance with NI 43-101.
3. Ounce (troy) = metric tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative accuracy of the estimate.
4. The quantity and grade of reported Inferred Mineral Resources are uncertain in nature and there has not been sufficient work to define these Inferred Mineral Resources as Indicated or Measured Mineral Resources. It is reasonably expected that many of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration, however, there is no assurance that further exploration will result in all or any part of the Inferred Mineral Resources being converted into Indicated Mineral Resources.
5. Tonnages and ounces in the tables are rounded to the nearest thousand and hundred, respectively. Numbers may not total due to rounding.
6. There are no known legal, political, environmental, or other risks that could materially affect the development of the mineral resources.
7. Mineral Resources for Leach Pads, Pre-Strip Dump, Resurrection, and Cadillac Valley are reported at a cut-off grade of 0.30 g/t AuEq. for an open-pit mining scenario contemplating recovery of gold and antimony. Cut-off grades are based on a price of US$3,000/oz gold and US$35,000/tonne antimony, and a number of operating cost and recovery assumptions, including a reasonable contingency factor. Metallurgical recoveries of 80% for gold, and 75% for antimony were used. Densities based on lithology were assigned. Silver values were not considered for the purposes of determining the cut-off grade or the pit shell.
8. Mineral Resources for Northern Zones are reported at a cut-off grade of 0.15 g/t Au for an open-pit mining scenario contemplating recovery of gold as there is currently no antimony data for the Northern Zones. Cut-off grade was based on a price of US$3,000/oz gold, and a number of operating cost and recovery assumptions, including a reasonable contingency factor. Metallurgical recoveries of 80% for gold was used. Densities based on lithology were assigned. Silver values were not considered for the purposes of determining the cut-off grade or the pit shell.
9. Antimony mineral resources are reported as a subset of the total mineral resource within the conceptual pit shells used to constrain the total mineral resource in order to demonstrate potential for economic viability, as required under NI 43-101; mineralization outside of these pit shells is not reported as a mineral resource. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the estimated mineral resources will be converted into mineral reserves. These Mineral Resource estimates include inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated; however, there is no assurance that further exploration will result in all or any part of the Inferred Mineral Resources being converted to Indicated Mineral Resources. All figures are rounded to reflect the relative accuracy of the estimate.

Notes to Table 2:

1. Open pit antimony subdomain is reported at a cutoff grade 0.1% antimony within the overall 0.30 g/t AuEq. cutoff. These higher-grade antimony zones are reported separately in Table 2 to illustrate the potential for antimony production from the Project and are contained within the overall mineral resource estimate reported in Table 1. Antimony zones are reported only if they lie within the global resource estimate in Table 1.

Limo Butte – Summary

Limo Butte is a carlin type gold-antimony deposit located in central-eastern Nevada, approximately 80 kilometers north of Ely, Nevada. The Project is approximately 70 square kilometers (7,000 hectares) in size, which is comprised of 850 federal unpatented Bureau of Land Management (“BLM”) claims. The Project has 977 core, reverse circulation, and rotary drill holes totaling over 130,000 meters of drilling.

Figure 4 – Map of NevGold’s projects in the Western USA. 

Limo Butte – NevGold Geological Model Summary and Discovery of Bullet Zone and Armory Fault

The Devonian Pilot Shale is the principal local host to Carlin-type mineralization at Limousine Butte. At Limousine Butte, positive gold grades commonly coincide with silicification and jasperoid breccias within the Pilot Shale, and this alteration style is also host to elevated antimony.

NevGold’s 2021–2025 work included integrating historical drilling, new mapping, and surface sampling which produced an updated district model and refined property-wide controls on mineralization. At Resurrection Ridge, Devonian–Silurian dolomite is exposed immediately east of known gold-antimony mineralization. Earlier explorers inferred that the overlying Pilot Shale had been eroded in this area, and they did not test eastward, despite shallow high-grade intercepts in the easternmost holes drilled at Resurrection Ridge. The new model indicates the older dolomite was thrust over the prospective Pilot Shale unit, creating structural preparation and a fluid trap that preserves the favorable host at depth, the classic architecture for a Carlin-type system.

The 2025 drill program validated the new NevGold geological model. Holes collared in dolomite, passed through the upper thrust plate, and intersected gold and antimony at multiple horizons within the underlying Pilot Shale validating the new geological model and materially expanding the potential mineralization footprint at the Project.

The preserved Pilot Shale extends more than one kilometer east of prior drilling at Resurrection Ridge.

Drillhole Data and QAQC Procedures

Prior to the Company’s work, the Project was evaluated by several historical work programs starting in the 1980s including geological mapping, geochemical and geophysical surveying, and several metallurgical bulk samples. A total of 977 core, RC, and rotary drill holes totaling approximately 130,000 meters have been drilled and have been used in the MRE.

There is minimal documented QA/QC procedures or data available for drill programs prior to 2008. The Company drill program utilized full industry-standard survey control and QA/QC programs and is designed to systematically validate as much of the historical drilling as possible through collar surveys, re-logging, and re-sampling. Post 2008, the historic data collection chain of custody procedures and analytical results by previous operators appear adequate and were completed to industry standard practices.

NevGold QA/QC protocols are followed on the Project and include insertion of duplicate, blank and standard samples in all drill holes. A 30g gold fire assay and multi-elemental analysis ICP-OES method was completed by ISO 17025 certified American Assay Labs, Reno.

Reasonable Prospects of Eventual Economic Extraction

To support reasonable prospects for eventual economic extraction for the MRE, GMRS used the estimated block model to generate an optimized pit-shell using the following assumptions: a gold price of US$3,000/oz, antimony price of US$35,000/tonne, mining costs of US$2.20/tonne moved, processing costs including general and administration costs of US$7.00/tonne, heap-leach process recovery of 80% for gold, process recovery of 75% for antimony, and an overall pit slope angle of 55 degrees. Silver values were not used for the foregoing calculations. Mining and processing costs are based on industry norms and benchmarking for this type of deposit and contemplated mining method.

Technical Report

A technical report is being prepared on the MRE in accordance with NI 43-101 standards, and will be available on the Company’s website and on SEDAR+ at www.sedarplus.ca within 45 days of the date of this news release. The MRE was prepared by independent mining consulting firm GMRS.

Qualified Person Statements

Mr. Greg Mosher (P.Geo., M.Sc. Applied), Principal of GMRS is an independent “Qualified Person” under NI 43-101 and is responsible for the MRE. Mr. Mosher has prepared and approved the scientific and technical information related to the MRE contained in this news release. Mr. Mosher has verified the technical data disclosed in this news release, including the sampling, analytical and test data underlying the disclosure. The data used for the mineral resource estimates was verified by field inspection of mineralized outcrops, drillhole locations, drilling and sampling procedures (leach pad drilling) as well as a comparison of assays in the database compared to assay certificates.
Greg French, CPG, the Company’s Vice President, Exploration, and a “Qualified Person” under NI 43-101, has also reviewed and approved the scientific and technical information contained in this news release.

About NevGold

NevGold is an exploration and development company targeting large-scale mineral systems in the proven districts of Nevada and Idaho. NevGold owns a 100% interest in the Limousine Butte (gold-antimony) and Cedar Wash (gold) projects in Nevada, and the Nutmeg Mountain (gold) and Zeus (copper) projects in Idaho.