NeXGold Mining : FS (NEXG Consolidated Financial Statements December 31 2025)

About this update from Nexgold

-- Independent auditor's report To the Audit Committee of NexGold Mining Corp. Our opinion In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of NexGold Mining Corp. and its subsidiaries (together, the Company) as at December 31, 2025 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards). What we have audited The Company's consolidated financial statements comprise: the consolidated statement of financial position as at December 31, 2025; the consolidated statement of operations for the year then ended; the consolidated statement of other comprehensive loss for the year then ended; the consolidated statement of changes in shareholders' equity for the year then ended; the consolidated statement of cash flows for the year then ended; and the notes to the consolidated financial statements, comprising material accounting policy information and other explanatory information. PricewaterhouseCoopers LLP PwC Tower, 18 York Street, Suite 2500 Toronto, Ontario, Canada M5J 0B2 T.: +1 416 863 1133, F.: +1 416 365 8215 Fax to mail: [email protected] "PwC" refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership. Basis for opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the consolidated financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada. We have fulfilled our other ethical responsibilities in accordance with these requirements. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the year ended December 31, 2025. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter How our audit addressed the key audit matter Assessment of impairment indicators of mineral properties Refer to note 2 - Material accounting policy information, note 3 - Accounting estimates and judgments and note 12 -Mineral properties to the consolidated financial statements. The carrying value of the Company's mineral properties amounted to $140.1 million as at December 31, 2025. At each reporting period, management applies judgment in assessing whether there are any indicators of impairment relating to mineral properties. Indicators of impairment may include (i) the period for which the Company has the right to explore has expired or will expire in the future and is not expected to be renewed; (ii) substantive expenditure on exploration activities Our approach to addressing the matter included the following procedures, among others: Assessed the judgment made by management in determining the impairment indicators, which included the following: Obtained, for a sample of claims, by reference to government registries, evidence to support (i) the right to explore the area and (ii) claim expiration dates. Read minutes of Board of Directors meetings and obtained budget approvals to evidence continued and planned exploration expenditure for 2026. Key audit matter How our audit addressed the key audit matter and evaluation of mineral resources in the specific area is neither budgeted nor planned; (iii) exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources; and (iv) sufficient data exists to indicate that the carrying amount of the mineral properties is unlikely to be recovered in full from successful development or by sale. No impairment indicators were identified by management as at December 31, 2025. We considered this a key audit matter due to (i) the significance of the mineral properties balance and (ii) the judgments made by management in its assessment of indicators of impairment related to mineral properties, which have resulted in a high degree of subjectivity in performing audit procedures related to these judgments applied by management. Discussed with management to understand if there were any proposals received to purchase the mineral properties for a value that might be considered an indicator of impairment. Assessed whether there is any evidence that extracting the resources will not be technically feasible or commercially viable, or if other facts and circumstances suggest that the carrying amount exceeds the recoverable amount, based on evidence obtained in other areas of the audit. Comparative information The consolidated financial statements of the Company for the year ended December 31, 2024 were audited by another auditor who expressed an unmodified opinion on those consolidated financial statements on April 14, 2025. Other information Management is responsible for the other information. The other information comprises the Management's Discussion and Analysis. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of management and those charged with governance for the consolidated financial statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process. Auditor's responsibilities for the audit of the consolidated financial statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

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