03:03 PM EDT, 09/25/2025 (MT Newswires) -- NexGold Mining ( NXGCF ) was at last look up near 14% and had hit fresh 52 week highs Thursday after saying it had entered into a royalty agreement with an affiliate of Appian Capital Advisory Limited in relation to its 100% owned Goldboro gold project.

Under the terms of the agreement, Appian will pay Goldboro Gold Mines, the subsidiary of NexGold holding title to the project, consideration of US$24 million for a 2.9% net smelter returns royalty covering all minerals produced from the project up until 1.25 million ounces of gold or gold equivalent is achieved, after which time the royalty is only payable on gold.

Thursday's statement noted the transaction is subject to customary closing conditions and is expected to close towards the end of September 2025.

Additionally, the company signed a non-binding letter of intent (LOI) with Appian for a senior secured credit facility of up to US$175 million from certain funds advised by Appian for the development and construction of NexGold's 100% owned Goldboro Gold Project.

"Appian has undertaken an extensive due diligence process on the Goldboro Gold Project and this royalty financing provides NexGold with important non-dilutive capital to help advance Goldboro towards construction, as well as deleveraging the balance sheet," said NexGold's President & Chief Executive Officer, Kevin Bullock. "The structure of the agreement allows us to retain future flexibility, including the option to buy back a significant portion of the Royalty and pursue future financings when necessary. We are also pleased to have signed an LOI to work towards project financing with Appian, which will assist in taking Goldboro through construction and into operations."

The company's shares were last seen up $0.20 to $1.70 on the TSX Venture Exchange.

Price: 1.69, Change: +0.19, Percent Change: +12.67