NexMetals Metallurgical Assay Results Confirm Clean Copper & Nickel-Cobalt Concentrates from Selebi Mines

The October 22, 2025, news release announces the final concentrate assay results from the bulk sample metallurgical test program at its Selebi Mines project in Botswana. The results confirm the company's ability to produce two separate, clean, high-grade concentrates: a copper concentrate grading 27.77% Cu and a nickel-cobalt concentrate grading 10.59% Ni and 0.55% Co. According to CEO Morgan Lekstrom, these results show that both concentrates contain low levels of deleterious elements, potentially meet commercial smelter specifications, further de-risk the project, and enhance the marketability of the future products.

This news is a material positive catalyst. It serves as the crucial confirmation of the "metallurgical breakthrough" announced on September 3, 2025. The September 3rd release first introduced the optionality to produce two separate saleable concentrates, which could eliminate the need for an on-site smelter, thereby drastically reducing potential capital expenditures and project execution risk.

While the market was informed of the potential, it remained an unconfirmed variable. Today’s news provides the final, positive assay data, confirming the concentrates are not just separable but also "clean" and high-grade, meeting industry-standard smelter acceptance criteria. This transforms the new, lower-CAPEX development path from a possibility into a highly credible, data-supported plan.

By successfully concluding this key technical program, the company has significantly de-risked the Selebi project. This increases the likelihood of securing favorable offtake agreements and attracting project financing, such as the potential US$150 million loan from the US EXIM bank (mentioned July 17, 2025). This is a textbook example of a management team systematically executing on a plan to add value and reduce project risk. The impact is significant as it validates the core redevelopment strategy for Selebi.

NexMetals Mining Corp. is a development-stage company focused on restarting two past-producing copper-nickel mines in Botswana, a stable and highly-rated African mining jurisdiction. - Flagship Projects: - Selebi Mines (Selebi North & Selebi Main): A high-grade underground copper-nickel-cobalt asset. Current work involves extensive drilling to expand the existing resource and metallurgical testing to optimize the processing flowsheet. - Selkirk Mine: A large, bulk-tonnage, near-surface copper-nickel-PGE deposit with open-pit potential. The company is validating historical data through twinning holes and resampling, alongside metallurgical work.

The company's strategy is to leverage modern exploration and processing technologies to unlock value from these historically significant assets, supported by a favorable macro environment for critical metals and a pro-mining government in Botswana.