When is the projected start of construction following the IA, and what does that mean for NexGold's cash flow and capital expenditure timeline?

Projected construction start: With the Industrial Approval received in late‑August 2025, NexGold’s management has signalled that the “first‑stone” construction phase is expected to break ground in the first half of 2026 – most analysts peg the target at Q1 2026 (approximately 6‑9 months after the IA). This timing reflects the typical 12‑month window needed to close the remaining financing tranche, finalize EPC contracts and complete any residual site‑work.

Cash‑flow and capex implications: The deferment of construction to 2026 pushes the bulk of the project’s capital‑expenditure out of the current fiscal year, easing near‑term cash‑burn. NexGold will therefore continue to rely on its existing cash reserves and any short‑term financing for exploration and permitting work, preserving liquidity through the remainder of 2025. However, the bulk of the $150‑$180 million capex package will be required in 2026‑27, meaning the company will need to secure a sizeable financing round (likely a mix of equity, senior debt and possibly a streaming partner) before construction begins. Investors should watch for a financing‑closure announcement in the next 3‑4 months; failure to lock that funding could delay the start‑up and compress cash flow further.

Trading take‑away: The IA news is a clear catalyst that upgrades the project’s timeline and reduces short‑term cash‑flow risk, which has already lifted the stock toward the 20‑day EMA and created bullish momentum on relatively low volume. A prudent entry strategy would be to look for a pull‑back to the 20‑day EMA (or the $0.12‑$0.13 support zone) and add to long positions, while keeping an eye on the financing‑closure milestone. A break below the 50‑day EMA with rising volume could signal financing stress and would merit a defensive trim. Overall, the IA pushes construction into 2026, improves cash‑flow timing in the near term, and makes NexGold a short‑to‑medium‑term bullish candidate pending successful financing.