Two Metals, One Junior: NevGold Delivers 99% Gold Recovery, 1.11% Antimony Intercepts, and a C$42.2M Upsized Financing in Three Weeks
NevGold Corp. (TSXV:NAU, OTCQX:NAUFF, FRA: 5E50)) advances a dual-metal production thesis at Limousine Butte (Nevada) and Nutmeg Mountain (Idaho) — pairing a U.S. Critical Mineral (antimony) and a safe-haven commodity at multi-year highs (gold) — with a maiden antimony-gold Mineral Resource Estimate targeted for Q2 2026 and near-term production targeted for 2027.
Companies mentioned in this article:
NevGold Corp. (TSXV:NAU, OTCQX:NAUFF, FRA: 5E50)), Orla Mining Ltd. (NYSE:ORLA), Integra Resources Corp. (NYSE:ITRG), Military Metals Corp. (OTCQB:MILIF), Critical Metals Corp. (NASDAQ:CRML)
Key Takeaways:
- NevGold upsized its brokered private placement to C$42,225,497 on April 20, 2026 (22,223,946 shares at C$1.90), led by Clarus Securities as sole agent and bookrunner, expected to close on or about May 12, 2026.
- April 9, 2026 drill intercepts at Limousine Butte included 1.93 g/t gold equivalent over 100.6 meters from surface (1.07 g/t Au + 0.22% Sb) at Resurrection Ridge, incorporating 1.11% antimony over 6.1 meters.
- April 2, 2026 Phase II metallurgical testwork on the historical gold leach pad material showed up to 99% gold recovery on residual tailings after antimony extraction, with average gold recoveries above 93%.
- April 14, 2026 sonic drill results on the historic leach pads showed consistent antimony-gold grades exceeding Phase I test pit sampling; maiden antimony-gold Mineral Resource Estimate targeted Q2 2026; production targeted 2027 from reprocessing existing material with no new mining required.
- September 2025 Nutmeg Mountain NI 43-101 MRE: 1,186,000 oz Indicated at 0.50 g/t Au + 548,000 oz Inferred at 0.34 g/t Au at a 0.20 g/t cutoff, with mineralization starting at surface and a conceptual strip ratio of less than 1:1.
NEW YORK, April 23, 2026 (GLOBE NEWSWIRE) -- Equity Insider News Commentary — Gold has spent 2026 establishing and then re-establishing record highs as investors reach for inflation hedges, geopolitical hedges, and dollar alternatives. Antimony — a U.S.-designated Critical Mineral — has quietly become one of the most strategically sensitive metals on the Department of War's watchlist after China imposed export restrictions on the United States in late 2024. Most juniors give investors exposure to one commodity cycle. A small number give exposure to both.
One of them has just stacked four news releases in six weeks that, together, lay out a credible near-term production pathway: a maiden Mineral Resource Estimate in the second quarter of 2026, drilling that continues to return surprises on both metals, metallurgical testwork that validates the processing economics, and a just-upsized financing that removes the treasury overhang through the next inflection.
NevGold: A Dual-Metal Junior in Two of America's Best Mining Jurisdictions
NevGold Corp. (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt: 5E50) is a Vancouver-based exploration and development company with a portfolio of four 100%-owned projects concentrated in Nevada and Idaho. Limousine Butte (gold-antimony, Nevada) and Nutmeg Mountain (gold, Idaho) are the two flagships; Cedar Wash (gold, Nevada) and Zeus (copper, Idaho) round out the pipeline.
On April 20, 2026, NevGold announced that its previously announced C$25 million brokered private placement had been upsized to C$42,225,497 on strong demand. [1] The upsized offering consists of 22,223,946 shares at C$1.90, led by Clarus Securities Inc. as sole agent and bookrunner, expected to close on or about May 12, 2026. Use of proceeds: advancing Limousine Butte and Nutmeg Mountain, working capital, and general corporate purposes. [1] For context, an upsized brokered deal at a price that holds in the current market environment for a junior explorer is a non-trivial signal about institutional appetite.
The Antimony Half of the Story: Limousine Butte
The April 9, 2026, drill disclosure was arguably the headline of the quarter. At Resurrection Ridge, NevGold intersected 1.93 g/t gold equivalent over 100.6 meters from surface (1.07 g/t Au + 0.22% Sb), with a 1.11% antimony intercept over 6.1 meters inside that broader interval. [2] Limo Butte sits on 68 km² of contiguous claims in White Pine County, Nevada, with a BLM-approved Plan of Operations in place covering the full land package and up to 200 acres of permitted disturbance. [2] NevGold's CEO, Brandon Bonifacio, described Limo Butte as "one of the highest grade antimony projects in North America that is near-surface and oxide." [2]
A second piece of the Limo Butte story is the historical gold leach pads. The pads were built during 1989–1990 mining operations when gold traded below US$400 per ounce and antimony was not considered economic. That material was crushed, stacked, and left in place — and now sits at surface, already fragmented, inside a brownfield with existing infrastructure. On April 14, 2026, NevGold disclosed sonic drill results from the first 10 of 17 holes on the Crushed leach pad, returning 0.34% Sb with 0.41 g/t Au over 12.5 meters, 0.33% Sb with 0.55 g/t Au over 11.0 meters, and 0.31% Sb with 0.50 g/t Au over 14.6 meters — each above the Phase I test pit averages of 0.27% Sb and 0.34 g/t Au. [3]
The piece that ties the whole antimony thesis together is metallurgy. On April 2, 2026, Phase II testwork disclosed up to 99% gold recovery from cyanide shake tests on residual leach pad material after antimony had already been removed, with average recoveries above 93%. [4] Acid leach antimony extraction ranged from 54% to 92% across the samples tested. The sequence matters: antimony is leached first, gold is recovered second, and the two metals can be produced from the same feed without the recovery of one interfering with the other.
The maiden antimony-gold NI 43-101 Mineral Resource Estimate at Limo Butte is targeted for Q2 2026. [2] [3] NevGold's stated objective: near-term antimony production by 2027 from reprocessing the historical leach pads — without any new mining activity required. [3]
The Gold Half of the Story: Nutmeg Mountain
Nutmeg Mountain sits on 1,724 hectares in Washington County, Idaho, and carries the Company's largest currently-defined gold resource. The September 2025 NI 43-101 MRE, prepared by Greg Mosher, P.Geo. (Global Mineral Resource Services) with an effective date of August 29, 2025, estimated 1,186,000 ounces Indicated at 0.50 g/t Au and 548,000 ounces Inferred at 0.34 g/t Au at a 0.20 g/t cutoff. [5] Tightening the cutoff to 0.60 g/t yields 560,000 oz Indicated at 0.92 g/t. Mineralization starts at surface, the conceptual pit-shell strip ratio is less than 1:1, and the 934 historical drill holes averaged just 75 meters deep — meaning the higher-grade epithermal feeder structures that typically sit below near-surface disseminated oxide blankets have yet to be systematically tested. [5]
Where NevGold Sits on the U.S.-Listed Peer Map
A non-exhaustive look at four US-listed comparables, each sitting in part of the same gold-or-critical-minerals thesis NevGold is executing against:
Orla Mining Ltd. (NYSE:ORLA)
Orla is a growing gold producer with a headline development asset in Nevada. On April 13, 2026, the Company reported Q1 2026 production of 81,206 ounces and reaffirmed 2026 guidance of 340,000 to 360,000 ounces. [6] Orla's flagship Nevada asset is the South Railroad Gold Project in Elko County, on the Carlin Trend, which transitioned to the execution phase in early 2026 with full construction targeted to begin in mid-2026 pending final permits. [6] South Railroad's updated feasibility study, filed February 2026, outlined an after-tax NPV of USD 783 million and an IRR of 48% at a USD 3,100 per ounce gold price assumption, with average annual production of 104,000 ounces over a projected 10-year life. [7]
Integra Resources Corp. (NYSE:ITRG)
Integra is a particularly close geographic peer: the Company operates the Florida Canyon Mine in Nevada and is advancing two flagship development-stage heap leach projects — the DeLamar Gold-Silver Project in southwestern Idaho and the Nevada North Project (Wildcat Deposit) in western Nevada. On April 9, 2026, Integra announced the launch of its largest drill program in Company history: a 50,000-meter program spanning all three assets, with 42,500 meters focused on near-mine oxide gold at Florida Canyon, 5,500 meters at Nevada North, and 2,500 meters at DeLamar. [8] Q1 2026 drill results released April 14 included intercepts of 138.1 meters at 0.32 g/t Au and 128.0 meters at 0.36 g/t Au. [9] Integra's 2026 production guidance is 70,000 to 75,000 ounces from Florida Canyon. [8] The "near-surface oxide heap leach in the Great Basin" thesis is essentially the same one NevGold is executing at Nutmeg Mountain.
Military Metals Corp. (OTCQB:MILIF)
Military Metals is a pure-play antimony explorer with its flagship Trojarová Antimony-Gold Project in western Slovakia. On April 8, 2026, the Company announced a maiden Inferred Mineral Resource Estimate of 6.5 Mt at 1.02% Sb and 1.06 g/t Au — 67,000 tonnes of contained antimony and 222,000 ounces of contained gold. [10] The MRE was prepared by SLR Consulting (Canada) Ltd. in accordance with NI 43-101, with an effective date of April 6, 2026, and used price assumptions of US$29,000 per tonne antimony and US$3,000 per ounce gold. [10] Military Metals describes Trojarová as the largest antimony resource in the European Union defined by a modern regulatory standard. MILIF is a useful reference point for NevGold's own upcoming Q2 2026 maiden MRE at Limousine Butte — the market has a fresh benchmark for pricing antimony-gold resource estimates.
Critical Metals Corp. (NASDAQ:CRML)
Critical Metals Corp. is a Nasdaq-listed critical minerals developer whose flagship asset is the Tanbreez heavy rare earth deposit in southern Greenland. On April 17, 2026, the Company announced that the Government of Greenland had approved the transfer of the remaining 50.5% interest in Tanbreez Mining Greenland A/S to Critical Metals Corp., bringing total ownership to 92.5%. [11] The stock closed up 35.5% on the day of the announcement, at USD 12.56, on volume of 72.8 million shares (approximately 427% above the three-month average). [12] The Tanbreez resource base is 45 million tonnes grading 0.40% total rare earth oxides with 27% in heavy rare earths (dysprosium, terbium, yttrium). [11] The thematic read-through for NevGold is straightforward: the market is willing to aggressively re-rate US-listed Western-aligned critical minerals developers on catalytic news flow — and NevGold has its own catalytic news flow sequence running through Q2 2026.
Why the NevGold Setup Matters Now
The structure of the NevGold opportunity, as it stands in April 2026, is a set of overlapping tailwinds:
- Gold at or near record highs. Nutmeg Mountain's 1.186 Moz Indicated gold resource becomes meaningfully more economic with every incremental move in the gold price, and the near-surface oxide profile lends itself to the lowest-cost heap-leach operating category in the junior gold space. [5]
- Antimony supply chain re-shoring. With U.S. import reliance at 100% and China's December 2024 export restrictions specifically targeting the U.S., domestic antimony projects are receiving unprecedented federal attention. NevGold's Limousine Butte is positioned to become one of a very short list of near-term domestic antimony producers. [2] [3] [4]
- Two-metal cash flow architecture. Phase II metallurgical testwork validated that antimony and gold can be sequentially recovered from the same feedstock, with gold recoveries of up to 99% on residual tailings after antimony extraction. [4]
- Funded through Q2 2026 maiden MRE and 20,000m of planned 2026 drilling. The upsized C$42.2 million financing removes the near-term treasury overhang and funds the Company through the next two catalyst windows. [1]
- Permitting already in hand at Limo Butte. The Bureau of Land Management approved a comprehensive Plan of Operations covering the full 68 km² property in November 2024, with up to 200 acres of permitted disturbance over a 10-year term. [2]
The maiden antimony-gold NI 43-101 Mineral Resource Estimate at Limousine Butte is the next direct catalyst. On the gold side, Nutmeg Mountain continues to advance toward a Preliminary Economic Assessment. Combined, NevGold (TSXV:NAU, OTCQX:NAUFF, FRA: 5E50)) offers investors exposure to two of the most structurally important metals in 2026 — at junior-explorer valuations.
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Sources:
[1] NevGold Corp., "NevGold Announces Upsized C$42MM Brokered Private Placement Financing," GlobeNewswire, April 20, 2026. https://www.globenewswire.com/news-release/2026/04/20/3277330/0/en/nevgold-announces-upsized-42mm-brokered-private-placement-financing.html
[2] NevGold Corp., "NevGold Intercepts 1.11% Antimony Over 6.1 Meters, Within 1.93 g/t AuEq Over 100.6 Meters (1.07 g/t Au And 0.22% Antimony) From Surface," GlobeNewswire, April 9, 2026. https://www.globenewswire.com/news-release/2026/04/09/3270842/0/en/NevGold-Intercepts-1-11-Antimony-Over-6-1-Meters-Within-1-93-g-t-AuEq-Over-100-6-Meters-1-07-g-t-Au-And-0-22-Antimony-From-Surface-Focus-On-Maiden-Antimony-Gold-Mineral-Resource-Es.html
[3] NevGold Corp., "NevGold Announces Positive, Consistent Drill Results on Historic Gold Leach Pads Including 0.34% Antimony And 0.41 g/t Au Over 12.5 Meters," GlobeNewswire, April 14, 2026. https://www.globenewswire.com/news-release/2026/04/14/3273242/0/en/NevGold-Announces-Positive-Consistent-Drill-Results-on-Historic-Gold-Leach-Pads-Including-0-34-Antimony-And-0-41-g-t-Au-Over-12-5-Meters-Path-to-Near-Term-Antimony-Production-Conti.html
[4] NevGold Corp., "NevGold Announces Up to 99% Gold Recovery From Phase II Metallurgical Testwork on Oxide Antimony-Gold," GlobeNewswire, April 2, 2026.
[5] NevGold Corp., September 2025 NI 43-101 Mineral Resource Estimate for the Nutmeg Mountain Project, prepared by Greg Mosher, P.Geo., Global Mineral Resource Services, effective date August 29, 2025.
[6] Orla Mining Ltd., "Orla Mining Reports First Quarter 2026 Gold Production," April 13, 2026.
[7] Mining.com, "Orla to start South Railroad gold project build in Nevada this year," January 2026, summarizing South Railroad updated feasibility study metrics. https://www.mining.com/orla-to-start-south-railroad-gold-project-build-this-year/
[8] Integra Resources Corp., "Integra Launches Largest Drill Program in Its History: 50,000-Meter Expanded Program," April 9, 2026. https://www.prnewswire.com/news-releases/integra-launches-largest-drill-program-in-its-history-50-000-meter-expanded-program-targeting-resource-growth-mine-life-extension-and-advanced-engineering-at-florida-canyon-delamar-and-nevada-north-302737521.html
[9] Integra Resources Corp., "Integra Announces Results from Near-Mine Oxide Gold Drilling at Florida Canyon," April 14, 2026.
[10] Military Metals Corp., "Military Metals Reports Maiden Inferred Resource Estimate Containing 67,000 Tonnes of Antimony and 222,000 Ounces of Gold at Flagship Trojarová Project," April 8, 2026.
[11] Critical Metals Corp., "Greenland Government Approves Transfer of Final 50.5% of Tanbreez, Taking Critical Metals Corp. to 92.5% Ownership," GlobeNewswire, April 17, 2026. https://www.globenewswire.com/news-release/2026/04/17/3276135/0/en/Greenland-Government-Approves-Transfer-of-Final-50-5-of-Tanbreez-Taking-Critical-Metals-Corp-to-92-5-Ownership.html
[12] The Motley Fool coverage of CRML intraday trading on April 17, 2026.
