NexMetals Secures Title to Selebi and Selkirk Assets in Botswana Following Completion of Milestone Payment

On December 2, 2025, NexMetals announced it has completed the contingent milestone payment of US$25 million to the BCL Liquidator. This payment secures unencumbered title to the Selebi and Selkirk assets in Botswana. CEO Morgan Lekstrom stated this marks an "important turning point" and provides a "clear runway to continue advancing these projects."

This news is a material and positive development, though it was fully expected by the market. The primary purpose of the recently closed C$80 million financing was to fund this exact milestone payment. The successful completion of this payment is a critical de-risking event, as it removes the single largest contingency hanging over the company's flagship assets.

Historically, the company has methodically advanced its projects: - Throughout 2025, it released a steady stream of positive drill results from both Selebi and Selkirk, demonstrating resource expansion potential. - On September 3, a key metallurgical breakthrough suggested the projects could produce separate, saleable concentrates, potentially eliminating the need for a costly on-site smelter. - This technical progress culminated in a financing announced on October 28 at C$65 million, which was upsized to C$80 million on October 30 due to strong demand. - The financing, priced at C$5.70 per unit, closed on November 17, with the stated use of proceeds being this milestone payment.

Today's news confirms management has executed its stated plan flawlessly. By securing clear title, NexMetals has solidified its ownership and can now confidently proceed with further exploration, resource updates, and economic studies. While the market had anticipated this event since the financing closed, its official completion removes all doubt and represents a fundamental step in transforming NexMetals from an explorer into a developer. The stock has been weak since the financing, likely absorbing the significant dilution. This confirmation of a major de-risking milestone could provide a floor for the share price.

NexMetals Mining Corp. is a Canadian-based exploration and development company focused on advancing its two flagship, past-producing assets in Botswana: the Selebi and Selkirk mines. These projects host significant deposits of critical metals, including copper, nickel, cobalt, and Platinum Group Elements (PGEs). The company's strategy involves aggressive resource expansion drilling, applying modern metallurgical techniques to de-risk and optimize project economics, and fast-tracking the assets towards a potential restart of production in a top-tier mining jurisdiction.