NexMetals Announces Upsizing of Public Offering to $80 Million

On October 30, 2025, NexMetals announced that it has upsized its previously announced public offering from C$65 million to C$80 million. The offering consists of approximately 14.04 million units priced at C$5.70 per unit. Each unit includes one common share and one common share purchase warrant, with each warrant allowing the holder to purchase an additional share at C$8.00 for a period of 24 months. The company stated the increase was due to strong institutional demand. The proceeds will be used to prepay a milestone payment under the Asset Purchase Agreement for the Selebi and Selkirk mines, to advance exploration and development in Botswana, and for general corporate purposes.

This news is materially positive. While the initial financing announcement on October 28 caused a significant share price drop due to the dilutive nature and the offering price of $5.70 being a discount to the market price, the upsizing is a powerful counter-signal.

The ability to increase the financing by over 23% to C$80 million explicitly due to "strong institutional demand" is a major vote of confidence in the company's assets, management, and strategy at the offered price. It validates the long-term potential seen by sophisticated investors, mitigating the negative short-term sentiment around the dilution.

This financing is transformative. It provides the company with a substantial treasury, removing any near-term financing overhang and de-risking its ability to execute on key milestones. Securing the funds to prepay the asset purchase agreement milestone is critical for obtaining full title to the mines, a crucial de-risking step. With a pro-forma cash position approaching C$100 million (based on C$26.5M cash at June 30 plus ~C$80M gross proceeds), the company is fully funded to aggressively advance both Selebi and Selkirk towards economic studies, which is the next major value creation catalyst. The dilution is now a known factor, and the market can focus on the operational progress this capital will enable.

NexMetals Mining Corp. is a Canadian-based mineral exploration and development company. Its flagship assets are the past-producing Selebi and Selkirk mines located in Botswana, a top-tier African mining jurisdiction. - Selebi Project: A high-grade underground copper-nickel-cobalt deposit. The company's recent work has focused on resource expansion drilling (Selebi North) and metallurgical de-risking. A major breakthrough demonstrated the ability to produce separate, saleable copper and nickel-cobalt concentrates, potentially eliminating the need for a costly on-site smelter. - Selkirk Project: A large-tonnage, near-surface copper-nickel-PGE deposit with open-pit potential. Recent drilling has focused on confirming the scale and consistency of mineralization and expanding the resource. The properties are subject to Net Smelter Royalties (NSRs), but the company holds rights to repurchase all of the Selkirk NSR and half of the Selebi NSR.