NevGold converts year of drilling into U.S. antimony resource

Issued on behalf of NevGold Corp. (TSXV: NAU)

VANCOUVER, British Columbia, Aug. 10, 2026 (GLOBE NEWSWIRE) -- Canada News Group News Commentary - Antimony is not a metal that shows up in many investor conversations, but it occupies a permanent place in the thinking of defense planners. It hardens the lead in ammunition, it is central to flame retardants, and it appears in night vision and other optical applications where substitutes are poor or nonexistent. The United States produces very little of it domestically, which is why the metal sits on the federal critical minerals list and why every credible domestic source now draws attention it would never have attracted a decade ago. Against that backdrop, NevGold Corp. (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) has spent the past several months converting a steady run of drill results into something more durable: a defined, large-scale antimony and gold resource in Nevada, and a stated path toward producing from it.

A Brownfield Head Start

The asset at the center of the story is the Limousine Butte Project, which the company refers to as Limo Butte, in Nevada. What separates it from most critical minerals stories is not the geology alone but the setting. Limo Butte is a brownfield site with a past-producing history, and the gold and antimony mineralization outcrops at surface. Historical gold leach pads on the property hold material that was mined and leached for gold decades ago, when antimony was simply not the point. That material is still sitting there, already broken and already on surface.

That distinction matters more than it might sound. Most of the world's antimony projects are sulphide, narrow vein systems that require underground mining and produce a concentrate that has to travel somewhere else to be refined. NevGold has described Limo Butte instead as a large, near-surface footprint of oxide antimony mineralization that is amenable to leaching. In March, CEO Brandon Bonifacio told investors the company continues to validate that it holds “one of the highest grade antimony projects in North America,” pointing to the near-surface, oxide character of the system as the reason it avoids the complexity that weighs on conventional antimony development.

The Drill Results That Built the Case

The technical case accumulated in stages through the first half of 2026. In March, the company reported a hole that returned 11.42 grams per tonne gold equivalent over 7.7 meters, made up of 2.64% antimony and 1.17 grams per tonne gold, sitting inside a broader 27.4 meter interval grading 4.91 grams per tonne gold equivalent at 1.09% antimony and 0.67 grams per tonne gold.

In April, NevGold reported an intercept of 1.11% antimony over 6.1 meters within a much longer 100.6 meter run grading 1.93 grams per tonne gold equivalent, at 1.07 grams per tonne gold and 0.22% antimony, starting from surface. The same month brought results from the historical gold leach pads, including 0.34% antimony and 0.41 grams per tonne gold over 12.5 meters. By May, the company reported that every drillhole completed on the historic crushed leach pad had returned consistent oxide antimony and gold mineralization, including 0.32% antimony and 0.39 grams per tonne gold over 14.9 meters.

Alongside the drilling, the company ran surface work on a pre-strip dump adjacent to the historical Golden Butte pit, material understood to have come from near the historical Nevada Antimony Mine and Lage Antimony Prospect, which were mined for high-grade antimony during the Second World War era. Grab and grid sampling there returned values up to 53.7% antimony, with fourteen samples above 2% antimony. Grab samples are selective by nature and are not representative of the deposit as a whole, a caveat worth holding onto, but the numbers point to how enriched some of the surface material at the site is.

Metallurgy filled in the other half of the picture. Phase II testwork announced in April returned gold recoveries of up to 99% on oxide antimony and gold material, and identified further antimony mineralization at surface in a historical gold waste dump. Recovery is the question that decides whether an oxide resource is an accounting exercise or a business, and the early answer on the gold side was strong.

A Treasury Built Before It Was Needed

NevGold also spent the spring removing the financing question from the table, which is the more common cause of death for junior developers than geology ever is. In April the company announced a brokered private placement with Clarus Securities as sole agent and bookrunner, then upsized it on strong demand from an initial C$25,000,010 to up to 22,223,946 shares at C$1.90 per share, for gross proceeds of up to roughly C$42.2 million. That financing closed in May.

In June the company completed a debt settlement with Mercer Street Global Opportunity Fund II, issuing 227,544 shares at C$2.44 to settle accrued original issue discount of C$555,208.33 on its convertible security, the principal of which had already been fully converted. Bonifacio described the company at that point as “exceptionally well-capitalized,” citing cash of approximately C$50 million. NevGold was also named to the 2026 TSX Venture 50, the exchange's annual ranking of its top performing issuers, after a 2025 in which its share price appreciated 330% and its market capitalization grew 515%.

The Maiden Resource

All of it converged on July 15, when NevGold published the maiden gold and antimony Mineral Resource Estimate for Limo Butte. The estimate defined 29,600 tonnes of antimony in the Measured and Indicated categories at 0.26% antimony, plus 48,100 tonnes Inferred at 0.18%. On the gold side it defined 181,400 ounces Measured and Indicated and 1,203,500 ounces Inferred, using a 0.30 gram per tonne gold equivalent cut-off. It is the first resource completed at Limo Butte in more than 17 years and the first in modern times built around both metals, incorporating drilling through the end of 2025.

Bonifacio framed the result as delivering “one of the largest, most strategic, antimony-gold resources in the United States.” Embedded inside the larger estimate is the piece that speaks most directly to timing: 6,900 tonnes of antimony Measured and Indicated at 0.28%, and 500 tonnes Inferred at 0.99%, in material that is already at surface and already mined. That subset is the basis for the company's near-term production thinking, because it involves rehandling and processing material rather than opening a mine.

The company has been explicit that it has not completed any mine scheduling studies on the resource, and that mineral resources are not mineral reserves and do not have demonstrated economic viability. The scientific and technical information, including the identity and independence status of the Qualified Person and the assumptions and parameters underlying the estimate, is set out in the company's July 15, 2026 news release and associated technical disclosure, which investors should read in full.

Two Paths, Two Timelines

What NevGold has described publicly is a project with two development scenarios running in parallel rather than in sequence. The first, which the company calls a jumpstart antimony production scenario, would build a processing facility to treat the already-mined material on the leach pads, for a low capital cost, with permitting running through the second half of 2026 into 2027 on an estimated nine to twelve month timeline. Because that pathway involves rehandling and processing rather than mining, the permitting burden is lighter. The company has pointed to potential antimony production at the end of 2027 or early 2028 under that scenario.

The second is a full commercial gold and antimony mining operation, a larger and later proposition with a materially larger budget and a target window around 2029 to 2030. Both scenarios are drawn from the company's own corporate disclosure, and NevGold has stated that a Technical Report still needs to be completed before any formal capital cost estimate exists. They are planning parameters, not commitments.

Drilling has not paused while that work advances. The company commenced a 20,000 meter program in May focused on resource building, expansion, and new discoveries, with attention on the Bullet Zone and Armory Fault discoveries and other project-wide targets. It has said 2026 drilling will concentrate on the eastern side of Resurrection Ridge, where it has identified expansion potential, while Cadillac Valley and the Northern Zones remain in the pipeline. Beyond Limo Butte, NevGold holds a 100% interest in the Cedar Wash gold project in Nevada and the Nutmeg Mountain gold and Zeus copper projects in Idaho.

The Wider Field

NevGold is an exploration and development company with no revenue, and the names below are far larger and further along. They are referenced only to sketch the sector NevGold is operating in, and are not peers or financial comparables.

Perpetua Resources Corp. (Nasdaq: PPTA) is the closest reference point in the sector, and NevGold has publicly congratulated the company on its progress. Perpetua is building the Stibnite Gold Project in Idaho, tied to the only identified domestic antimony reserve, backed by a US$2.9 billion senior secured loan approved by the U.S. Export-Import Bank under the Make More in America Initiative. On August 7, 2026, shares moved up around 5.6% in pre-market trading after the company reported higher-grade gold and antimony exploration targets and a potential new source of tungsten within the project. The company is still pre-revenue and carrying construction and permitting risk, and B. Riley trimmed its price target earlier in August.

United States Antimony Corporation (NYSE: UAMY) operates what it describes as the only integrated antimony mining-to-smelting chain outside China and Russia, with facilities in Montana and Mexico and expansion work in Alaska. The company has pointed to roughly US$354 million in antimony contracts, including a five-year sole-source arrangement with the U.S. Defense Logistics Agency and Defense Production Act funding. Shares rose on an August 5 update on mining activities and have gained roughly 12.7% over the past two weeks, though the stock remains far below its 52 week high of US$19.71 and the company is not yet profitable.

Almonty Industries Inc. (Nasdaq: ALM) (TSX: AII) is a tungsten producer positioned around defense and advanced technology demand, with its flagship Sangdong mine in South Korea among the largest tungsten deposits in the world. The company also moved onto U.S. ground through its acquisition of U.S. Tungsten and the Gentung project in Montana. Shares climbed on news that Sangdong had entered production. Tungsten is a different metal with a different market, and the read-across to antimony is thematic rather than direct.

Critical Metals Corp. (Nasdaq: CRML) holds a majority interest in the Tanbreez heavy rare earth project in Greenland and has secured a letter of intent from the U.S. Export-Import Bank. It is pre-revenue and sits at the more speculative end of the critical minerals complex, but it illustrates how far Western governments are now willing to go to underwrite non-Chinese supply, which is the same current NevGold is swimming in.

What Still Has to Go Right

The bull case for NevGold is unusually legible: a brownfield site, oxide material already sitting on surface, strong early gold recoveries, a defined resource, a funded treasury, and a permitting pathway that avoids new mining for the first phase. The risks are equally legible. This is a resource, not a reserve, and the company has said so plainly. No mine scheduling studies have been completed. Cost figures for both development scenarios are internal estimates awaiting a Technical Report. Permitting timelines are estimates and regulatory processes slip. Antimony pricing has been volatile and is heavily influenced by policy decisions made outside the company's control. The shares themselves have moved through a wide range over the past year, and a junior with no revenue remains exposed to the financing window staying open.

What the past six months changed is the nature of the question. A year ago NevGold was asking investors to believe in drill results. Today it has a defined resource, a funded balance sheet, and two costed development scenarios on the table. The remaining question is execution, on permits and on process, and that is a considerably better question for a junior to be facing than the one it started with.

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Article Source:

[1] NevGold Corp. news releases dated March 19, April 2, April 9, April 14, April 20, May 12, May 14, May 21, May 28, June 11, and July 15, 2026. Company website: www.nev-gold.com

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Qualified Person and Mineral Resource Cautionary Note. The scientific and technical information in this article regarding the Limousine Butte Project is derived from NevGold Corp.'s public disclosure, including its news release dated July 15, 2026 and the associated technical disclosure, which should be reviewed in full, including the name, credentials, and independence status of the Qualified Person as defined under National Instrument 43-101, and the key assumptions, parameters, and methods underlying the Mineral Resource Estimate. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that they will be upgraded to a higher category. The Company has not completed any mine scheduling studies on the Mineral Resource Estimate, and no preliminary economic assessment, pre-feasibility study, or feasibility study has been completed on the Project.

Cautionary Note Regarding Exploration Results and Historical Information. Drill intercepts described in this article are reported as core lengths and may not represent true widths. Grab and grid surface samples are selective by nature and are not necessarily representative of the mineralization hosted on the property. Metallurgical recoveries reported from testwork are laboratory results and may not be indicative of results achieved at commercial scale. References to historical mining, historical workings, historical estimates, and adjacent or nearby projects and deposits are provided for regional and geological context only, have not been verified by the Company as current mineral resources, and are not indicative of the mineralization on the Limousine Butte Project. Development scenarios, permitting timelines, and potential production dates referenced in this article are company estimates only, remain subject to a Technical Report that has not yet been completed, and should not be relied upon as formal capital cost estimates or as commitments. Additional information is available on SEDAR+ at www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Statements. This publication may contain forward-looking statements, including statements regarding NevGold Corp.'s exploration and development plans, drill programs, Mineral Resource Estimate, potential development scenarios, permitting timelines, potential antimony production timing, capital requirements, and business prospects. Forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties, including technical, developmental, metallurgical, regulatory, permitting, environmental, financing, competitive, commodity price, and market risks. Actual results may differ materially from those projected. Readers should refer to NevGold Corp.'s filings on SEDAR+ for a full discussion of risk factors.

Cautionary Note Regarding Referenced Companies. References to Perpetua Resources Corp., United States Antimony Corporation, Almonty Industries Inc., and Critical Metals Corp. are provided solely as market and sector context. Those companies are not peers, competitors, or financial comparables of NevGold Corp., and differ substantially in size, stage, capitalization, operations, commodity exposure, and business model. Their results and share performance describe those companies only, are not indicative of NevGold Corp.'s prospects or results, and must not be relied upon in evaluating the profiled company. The mining and critical minerals sector has been volatile. No partnership, affiliation, or endorsement is implied.

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Globe Newswire

August 10, 2026 - 6:07 AM PDT

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