GOLDBORO: In a transformative move for Canada’s gold mining sector, NexGold Mining Corp. and Signal Gold Inc. have officially merged, forming a powerhouse in near-term gold development with a local project rooted in one of the country’s historic gold districts.
The merger, completed in December 2024, creates a company primed to become Canada’s next mid-tier gold producer.
This strategic consolidation unites Signal Gold’s Goldboro Project in the storied Goldboro Gold District with NexGold’s Goliath Gold Complex in Northern Ontario. Together, the combined entity boasts 4.7 million ounces of measured and indicated resources and an ambitious plan to exceed 200,000 ounces of annual production.
The newly merged company, operating under the NexGold name, is led by President and CEO Kevin Bullock and overseen by Chairman Jim Gowans. The leadership team believes this merger eliminates single-asset risk and consolidates two advanced-stage projects – both already holding environmental assessment approvals.
“This is a critical step forward,” Bullock said. “We’ve created a stronger company with two cornerstone assets and strengthened our balance sheet, giving us an opportunity to generate immense value for shareholders.”
The Goldboro Project holds provincial approval and is set to move closer to a construction decision within the next year.
The merger was accompanied by a successful $18.5 million upsized concurrent financing round. This included a flow-through private placement by NexGold and a subscription receipt offering by Signal Gold. These funds, along with a restructured US$12 million credit facility from long-time mining financier Nebari, were used to retire both companies’ previous debts.
The merger also marks a milestone in Indigenous relations in Nova Scotia. NexGold finalized a Benefits Agreement with the Assembly of Nova Scotia Mi’kmaq – reportedly the first of its kind in the province. This agreement demonstrates NexGold’s commitment to sustainable development and shared economic prosperity.
For Nova Scotia, the merger brings renewed focus to the Goldboro Gold Project. This region, once a gold mining hub, is set to play a central role in the province’s mining revival.
The consolidation brings investment, jobs, and infrastructure to the area. More importantly, it positions Goldboro as a foundational project in NexGold’s growth strategy.
Gowans summed up the broader significance.
“With exploration potential, community partnerships, and a path to development, NexGold is building not just a company, but a future for responsible gold mining in Canada.”
With 142 million shares outstanding and leadership from mining veterans, NexGold is ready to enter its next chapter. Project financing discussions are already underway, and 2025 is expected to bring construction decisions at both sites.
As Bullock and his team turn vision into execution, industry watchers and local communities alike will be paying close attention. In an era of rising gold prices and demand for secure supply chains, NexGold’s emergence may well mark the dawn of a new Canadian mining success story.