NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE) is one of a dozen companies on Red Cloud Securities' 2026 Endangered Species List, the mining investment bank noted in a report.
NexGold Mining Corp. (NEXG:TSX.V; NXGCF:OTCQX; TRC1:FSE) is one of 12 companies on Red Cloud Securities' 2026 Endangered Species List, priority takeover targets in the current equity market, the analysts wrote in a Dec. 2 thematic note.
"In our opinion, NexGold's two development assets offer a would-be acquirer the opportunity to create or enhance a growth pipeline in one fell swoop," wrote Ron Stewart, the Red Cloud analyst covering the company.
Red Cloud has a CA$4.30 per share (CA$4.30/share) target price on NexGold, trading at the time of Stewart's report at about CA$1.55/share. From there, the return to target is 177%.
NexGold remains a Buy.
The company has 241.3 million shares outstanding. Its market cap is CA$374 million (CA$374M). Its 52-week range is CA$0.61-1.82/share.
Stewart presented the reasons why NexGold made Red Cloud's Endangered Species List.
NexGold owns two development-stage gold assets, Goldboro in Nova Scotia and Goliath in northwestern Ontario, meaning an acquirer could scoop them both up in one transaction and, in so doing, create a growth pipeline or bolster an existing one.
The Canadian explorer-developer also has a third but earlier-stage asset, Niblack. This copper-gold-silver-zinc volcanogenic massive sulphide project in southeast Alaska hosts 400,000,000 pounds of copper equivalent in Indicated and Inferred mineral resources.
Goldboro and Goliath are in Canada, a premier mining jurisdiction.
Both projects are well advanced. Goldboro hosts 1,100,000 ounces (1.1 Moz) of contained gold in Probable and Probable (2P) mineral reserves and is fully permitted for construction. Goliath boasts 1.3 Moz of contained gold and 1.7 Moz of contained silver in its 2P reserves.
Goldboro and Goliath each are expected to cost about CA$300-350M to build, based on current studies, a manageable investment for a mid-tier.
Together, the two projects are expected to produce about 200,000 ounces per year.
"Goldboro represents the most likely first cab off the rank and could begin commercial production as early as 2028," Stewart wrote.
Both projects have "excellent" potential to increase their respective reserves and extend their respective life of mine. NexGold already has demonstrated this through the combined mineral reserves of both projects, amounting to about 2.4 Moz out of a 6 Moz total mineral inventory. Further, recent drilling at Goldboro extended mineralization to the east and at depth.
NexGold has worked hard to develop strong, supportive relationships with the First Nations and local communities, and these groups endorse the current development plans and timelines.
According to Stewart, NexGold's upcoming catalysts include an updated Goldboro mineral resource estimate, Goliath permitting and optimization on an ongoing basis, and an updated Goldboro feasibility study.
Red Cloud analysts pointed out the differences between their 2026 Endangered Species List and past iterations, highlighting what acquirers are now seeking and showing their priorities have changed.
1) In the new list, there is a greater proportion of companies with strategically scarce metals, like copper and uranium, than before, but gold names still dominate.
2) Company size is bigger overall, indicating that buyers will transact at higher valuations when an asset meets their specific need(s).
3) Takeout projects tend to be larger, more district-scale, and more technically advanced than historically.
4) Jurisdictions are less diverse, with a heavy concentration in Western-aligned regions.
"Overall, our new list is less about cheap ounces and more about critical, scarce, and development-ready assets," the Red Cloud analysts wrote.
Red Cloud analysts relayed 10 trends they see continuing or emerging in the mergers and acquisitions (M&A) arena next year.
1) Gold remains the top mineral among consolidation.
2) Mid-tier producers lead the acquirer pack because they have the financial flexibility to outbid seniors for assets due to their stronger balance sheets and higher equity valuations.
3) Deals primarily involve companies listed on the Toronto Stock Exchange, TSX Venture Exchange, Australian Stock Exchange, New York Stock Exchange, and London Stock Exchange, reflecting investor confidence in Western governance and transaction certainty.
4) Most transactions are mid-sized, in the US$10-400M range, because producers are more intent on filling a gap than pursuing a mega merger.
5) Acquirers are moving earlier in the development curve. The paucity of high-quality projects is pushing buyers toward advanced exploration and early pre-feasibility study assets.
6) Scarcity-driven interest in copper, silver, and uranium should rise. "Expect selective but high-conviction bidding for derisked assets in copper, silver, and uranium," the analysts wrote.
7) Select lithium and battery metals will rebound. Only high-grade or strategically positioned assets are likely to attract buyers while the sector stabilizes following two difficult years.
8) Crossborder M&A remains strong, especially in the upper value range. Despite geopolitical tension, U.S., United Kingdom, and Chinese buyers continue to participate in larger transactions.
9) Environmental, social and governance (ESG) and community agreements are important for acquirers. Increasingly, they reward companies with clean permitting paths, agreements with First Nations, and ESG frameworks mirroring the standards of major producers.
10) A multiyear project pipeline acquisition cycle is in motion. As producers turn to acquisitions to offset declining reserves, they are initiating multiyear competition for the remaining high-quality development pipeline.
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NexGold Mining Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of NexGold Mining Corp.Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.For additional disclosures, please click here.
Disclosures for Red Cloud Securities, NexGold Mining Corp., December 2, 2025
David A. Talbot | MD, Head of Equity Research Ron Stewart | MD, Mining Analyst Taylor Combaluzier, P.Geo. | VP, Mining Analyst Alina Islam | Mining Analyst Daniel Kozielewicz | Associate, Research Shikhar Sarpal | Associate, Research Surya Sankarasubramanian, CFA | Associate, Research Red Cloud Securities Inc. 120 Adelaide W, Suite 1400 Toronto ON, M5H 1T1 [email protected] https://redcloudresearch.com/ Disclosure Requirement Red Cloud Securities Inc. is registered as an Investment Dealer and is a member of the Canadian Investment Regulatory Organization (CIRO). Red Cloud Securities registration as an Investment Dealer is specific to the provinces of Alberta, British Columbia, Manitoba, Ontario, Quebec, and Saskatchewan. We are registered and authorized to conduct business solely within these jurisdictions. We do not operate in or hold registration in any other regions, territories, or countries outside of these provinces. 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