Northwire Canada EditionSunday, November 8, 2026
Sign inSubscribe
Northwire
⌕
Gold 4,079.60 −0.8% Silver 51.94 −0.8% Copper 6.24 −0.5% Oil 90.83 +0.3% Palladium 1,017.10 −2.6% KRN 0.260 −7.1% GSKR 2.84 +5.6% ADE 0.125 +4.2% NRM 0.055 +0.0% BBB 0.520 −1.9% LGD 2.09 +1.9% DEC 0.110 +0.0% LCE 0.200 +0.0% NILI 0.515 −1.0% CDE 21.85 +6.7% CAN 0.045 +0.0% LORD 0.100 +0.0% HBM 29.49 +2.3% ELEF 0.265 +120.8% MUN 0.300 +0.0% SAGA 0.400 +6.7% Gold 4,079.60 −0.8% Silver 51.94 −0.8% Copper 6.24 −0.5% Oil 90.83 +0.3% Palladium 1,017.10 −2.6% KRN 0.260 −7.1% GSKR 2.84 +5.6% ADE 0.125 +4.2% NRM 0.055 +0.0% BBB 0.520 −1.9% LGD 2.09 +1.9% DEC 0.110 +0.0% LCE 0.200 +0.0% NILI 0.515 −1.0% CDE 21.85 +6.7% CAN 0.045 +0.0% LORD 0.100 +0.0% HBM 29.49 +2.3% ELEF 0.265 +120.8% MUN 0.300 +0.0% SAGA 0.400 +6.7%
Technical Study

NexMetals Reports Metallurgical Results Confirming Separate High Grade Saleable Cu-Ni-PGE Concentrates and Demonstrating Improved Recoveries at Selkirk

NexMetals

By The Northwire Desk — AI Analysis Apr 27, 2026 · 07:01 NEXM · 3.16 NexMetals Mining Corp.
Executive Summary

Executive Summary of April 27, 2026 Release

  • NexMetals Mining Corp. announced initial Locked Cycle Test (LCT) results from its Selkirk Project in Botswana.
  • Results demonstrate a validated processing pathway to produce separate copper and nickel concentrates.
  • Metallurgical improvements include a 16% increase in copper recovery and a 60% jump in nickel concentrate grade compared to the 2024 Mineral Resource Estimate (MRE).
  • The company is evaluating additional metals including PGEs, gold, cobalt, and silver which were not comprehensively assayed historically.
  • An updated Mineral Resource Estimate (MRE) for Selkirk is expected in Q2 2026.

Key Technical Metrics

  • Copper Concentrate: Achieved 81.3% recovery at a 30.2% Cu grade; copper losses to tailings reduced by 56%.
  • Nickel Concentrate: Delivered 10.9% Ni at 54.4% recovery, representing a 60% increase in grade from the 6.8% Ni reported in the 2024 MRE.
  • Additional Metal Credits: Copper concentrate includes payable precious metal credits of 1.91 g/t Pt, 36.2 g/t Pd, 3.0 g/t Au, and 78.7 g/t Ag.
  • Nickel Concentrate includes 3.05 g/t Pt, 6.26 g/t Pd, 18.6 g/t Ag, and 0.61% Co.

Management Commentary

  • CEO Sean Whiteford stated Selkirk is an advanced asset that remains underappreciated and undervalued in today's market.
  • The results mark a major step toward unlocking value with strong step-changes across key metrics compared to the 2024 MRE.
  • Work is uncovering additional value from metals not comprehensively assayed in historical datasets.
Material Impact

Evaluation of News Impact

  • The news confirms technical viability for separate concentrate production, reducing the need for an on-site smelter and lowering capital intensity.
  • Improved recoveries and grades directly enhance project economics and potential Net Smelter Return (NSR).
  • Identification of PGE credits adds incremental value to the Selkirk resource model which is currently being updated.

Contextual Analysis vs Historical News

  • This follows a series of positive technical announcements throughout 2025 and early 2026, including financing ($80M in Nov 2025), title security (Dec 2025), and CEO transition (Jan 2026).
  • Previous drilling results at Selebi North (April 1, 2026) confirmed high-grade continuity, while this news focuses on Selkirk metallurgy.
  • The market has reacted negatively to previous positive technical news, with the stock declining from $12.60 in June 2025 to current levels near $3.16.
  • This release is consistent with the company's stated roadmap for Q2 2026 MRE updates and does not introduce unexpected financial terms or M&A activity.
NEXM · Price
Company Overview

Corporate Profile

  • NexMetals Mining Corp. is a Canadian mining company focused on reactivating past-producing copper-nickel-cobalt-PGE mines in Botswana.
  • Projects include Selebi Mines (Underground) and Selkirk Mine (Open-pit potential).
  • Jurisdiction: Republic of Botswana, considered a tier-one mining jurisdiction with stable political environment.

Selebi Mines

  • Status: Past-producing, permitted, title owned unencumbered as of Dec 2025.
  • Mine Type: Underground using existing shafts and infrastructure.
  • Resource: Inferred resource of 24.7 Mt @ 3.40% CuEq (Selebi North: 5.8 Mt; Selebi Main: 18.9 Mt).
  • Metallurgy: Confirmed ability to produce separate high-grade copper and nickel-cobalt concentrates without a smelter.

Selkirk Mine

  • Status: Past-producing, permitted, title owned unencumbered as of Dec 2025.
  • Mine Type: Open-pit potential with underground exploration.
  • Resource: Inferred resource of 44.2 Mt @ 0.81% CuEq (includes Pd and Pt).
  • Metallurgy: Recent LCT results confirm separate concentrates and improved recoveries.
Read the original news release →

More from NexMetals Mining Corp.

Oct 20, 2026 · 07:01

NexMetals triples its Selebi North resource estimate, prompting an immediate capital raise to address ongoing cash burn concerns.

Resource Estimate Oct 01, 2026 · 07:01

NexMetals reports a 72% increase in the Selebi Main resource, which remains entirely Inferred, while its cash balance has decreased to $10.5 million.

Resource Estimate Sep 23, 2026 · 07:01

NexMetals confirms a 6.5% CuEq step-out assay within a 1.5 km trend at its project.

Drill Results Aug 17, 2026 · 07:01

NexMetals expands the trend with a 450 m step-out, though assays are pending to confirm the evidence.

Drill Results Aug 07, 2026 · 17:16

NexMetals’ Selkirk MRE confirms 70% copper equivalent growth, though a capital raise remains a key overhang for the project.

Resource Estimate Jul 22, 2026 · 07:01

NexMetals reports high-grade massive sulphide intercepts at Selebi Main, extending a kilometre-scale trend and validating resource expansion potential.

Drill Results