NexMetals Initiates CEO Succession Plan

Executive Summary

• NexMetals Mining Corp. announced that CEO Morgan Lekstrom will step down on Jan 31 2026 and will remain on the Board of Directors.
• President Sean Whiteford will be appointed as the new Chief Executive Officer effective the same date.
• The transition follows a 2025 restructuring in which the company raised over $145 million, completed a $20.8 million term‑loan conversion, and prepaid a $25 million asset‑purchase milestone for the Selebi and Selkirk assets.

Key Details

• Effective Date: January 31 2026 – Morgan Lekstrom steps down as CEO; Sean Whiteford assumes the role.
• Board Continuity: Lekstrom will continue to serve on NexMetals’ Board of Directors.
• Background – Outgoing CEO:
• Led 2025 restructuring and raised >$145 million in financing.
• Oversaw equity conversion of a $20.8 million term loan from EdgePoint Investment Group Inc.
• Directed prepayment of the US$25 million milestone under the asset purchase agreement securing title to Selebi and Selkirk assets.
• Advanced technical evaluations, deep‑drilling programs, metallurgical breakthroughs, and initial economic studies for both Botswana projects.
• Background – Incoming CEO:
• President since 2023; over 30 years of exploration, operations, and business development experience across commodities and geographies.
• Former senior roles at BHP, Rio Tinto, and Cliffs Natural Resources.
• Will guide ongoing drilling programs and completion of initial economic studies for Selebi and Selkirk in 2026.
• Board Chair Comment (Paul Martin): Highlighted Lekstrom’s rapid turnaround and expressed confidence in Whiteford’s technical expertise to lead the next phase of project advancement.
• Outgoing CEO Statement (Morgan Lekstrom): Emphasized successful execution of the 2025 strategy, achievement of milestones ahead of schedule, and continued support as a board member.

Notable Quotes

• “Mr. Lekstrom joined the Company at a particularly challenging point in its history… we look forward to his continued contributions as a board member.” – Paul Martin, Chairman
• “I am proud to say that we have achieved our objectives ahead of schedule and the Company is now in a very strong position to execute on the many major milestones coming in 2026.” – Morgan Lekstrom

Materiality Assessment: Material – Neutral (significant leadership change with potential impact on strategic direction, but no immediate financial or operational results disclosed).