NexMetals Reports 7.55 Metres of 6.48% CuEq (2.70% Cu, 1.83% Ni) in SMD-26-219, Visual Intercept SMD-26-217 Intersects Three Mineralized Zones and Extends High-Grade Trend to Approximately 1.5 Kilometres

NexMetals Mining Corp. (NEXM) reported results from two drill holes at the Selebi Main deposit in Botswana, targeting the "High-Grade Trend" within the Flexure Zone between Selebi Main and Selebi North.

SMD-26-219, a step-out hole toward Selebi North completed to 1,956.8 m, returned the following assays:

• Main Zone: 19.50 m @ 1.48% CuEq (0.47% Cu, 0.49% Ni, 0.02% Co) from 1,858.50 m, estimated true thickness 18.8 m
• incl. 6.80 m @ 2.51% CuEq from 1,861.20 m (TT 6.55 m)
• incl. 1.60 m @ 6.70% CuEq from 1,861.20 m (TT 1.55 m; the table's "from" depth of 1681.20 m is a typo)
• and 0.55 m @ 5.36% CuEq from 1,864.20 m
• Lower Zone: 13.50 m @ 4.21% CuEq (1.69% Cu, 1.22% Ni, 0.05% Co) from 1,903.25 m, TT 13.30 m
• incl. 7.55 m @ 6.48% CuEq (2.70% Cu, 1.83% Ni, 0.09% Co) from 1,909.20 m, TT 7.45 m
• incl. 6.60 m @ 6.17% CuEq; 2.60 m @ 6.14% CuEq; and 3.50 m @ 7.02% CuEq

SMD-26-217, completed to 2,050.9 m approximately 100 m further toward Selebi North, provided visual observations while assays remain pending. The Main Zone interval from 1,920.30 m to 1,941.15 m (20.85 m) was described as dominated by 19.90 m of weakly mineralised amphibolite schist containing two sub-metre massive sulphide intervals of 0.80 m and 0.15 m. The Lower Zone interval from 1,974.75 m to 1,981.35 m (6.60 m) consisted of 5.00 m massive sulphide plus 1.60 m disseminated sulphide. A new Third Zone was identified from 1,994.30 m to 2,000.90 m (6.60 m), located approximately 8.65-9 m below the Lower Zone, comprising 2.30 m disseminated to semi-massive mineralised amphibolite underlain by 4.30 m of massive pyrrhotite-chalcopyrite.

The High-Grade Trend is now defined over approximately 1.5 km, with BHEM data indicating the conductor continues laterally and down-plunge beyond SMD-26-217. NexMetals is on track for a 2026 Mineral Resource Estimate (MRE) in Q3 2026, with a data cut-off date of 21 September 2026. Consequently, SMD-26-219 is included in the resource model, while SMD-26-217 is not.

NexMetals Mining Corp. (NEXM) is a pre-revenue, pre-reserve redeveloper with a NI 43-101 resource but no reserves, no Preliminary Economic Assessment (PEA), and a going-concern disclosure. Its drilling constitutes resource-definition and step-out work on a known deposit rather than a grassroots discovery. The primary market-moving events for the company are the 2026 Mineral Resource Estimate (MRE), scheduled for Q3 2026 with a 21 September cut-off, the Selebi PEA expected in H2 2026, and strategic options for the Selkirk project.

The recent release confirms that a previously visualized 7.55-meter interval assays 6.48% CuEq, comprising 2.70% Cu and 1.83% Ni. The company explicitly confirmed that hole SMD-26-219 will be incorporated into the 2026 MRE. The drilling also identified a new Third Zone horizon and extended the interpreted trend from approximately 1.45 km to 1.5 km. While the interval itself, the massive-sulphide visual, the trend concept, the 2026 MRE timing, and the Flexure Zone thesis were previously known, the Third Zone currently has no assays, and the claim that mineralization "continues at depth" rests on BHEM data.

The most significant historical intercept remains SMD-26-212-W1, drilled on 22 July 2026, which returned 11.15 meters at 7.65% CuEq (85.3 CuEq-m). This stands as the best modern Selebi Main intercept, with secondary anchors including SMD-25-205 (11.05 meters at 7.31%, 80.8 CuEq-m) and SMD-26-209 (10.40 meters at 6.82%, 70.9 CuEq-m).

On the day the anchor result was published, the stock traded at C$3.23 and closed at C$3.10 the following day. The stock is currently trading at C$3.03, a level below which the best hole of the entire programme was released. The share price sits approximately 65% below its October 2025 high of C$8.60 and is just 3% above its 52-week low of C$2.93.

The new best interval returned 48.9 CuEq-m at 6.48% CuEq and 7.45 meters true width, compared to the anchor’s 85.3 CuEq-m at 7.65%. This represents approximately 57% of the anchor's grade-metres at a modestly lower grade. While this is a weaker result in absolute terms, it is not the "well under half at degraded grade" configuration that defines a material miss. The result is partly offset by a genuine step-out of 450 meters down-plunge and 175 meters along strike, plus the identification of a new mineralised horizon.

However, the result is not materially better in grade-and-width substance than anything previously demonstrated on the property. It represents the third or fourth hole of comparable quality in the same trend, rather than a step-change in scale or grade. The near-term price driver remains the MRE, the PEA, and financing.

Prior-period financial context not disclosed in this release includes a FY-2025 net loss of C$59.1 million, a Q1-2026 net loss of C$10.6 million, and a Q2-2026 net loss of C$11.9 million. Cash holdings were C$16.96 million at 30 June 2026, down from C$39.78 million at 31 December 2025. Operating cash burn was C$21.1 million in H1 2026, with total debt standing at C$1.42 million. The book value per share is C$1.73. A going-concern flag has been disclosed, and management states the cash runway extends into Q4 2026, with an intention to announce one or more financing transactions before year-end 2026. Fully diluted shares stand at 60.44 million against 35.65 million basic shares, implying substantial latent dilution, though most of this sits in warrants struck at C$8.00, which are currently approximately 165% out of the money.

This release adds supporting evidence and likely tonnage to the 2026 MRE but does not change the perceived scale, grade, or odds of the system by a step. It reinforces what the market already knew. On a C$108 million equity, the release is unlikely to be worth 15% on its own.

NexMetals Mining Corp. (TSXV: NEXM, NASDAQ: NEXM) is a pre-revenue exploration and development company redeveloping the past-producing Selebi and Selkirk copper-nickel-cobalt-platinum-group-element mines in Botswana, which it acquired out of the BCL liquidation in 2022. Both assets are located 75 km apart in established mining camps featuring shafts, power, water, rail, and a skilled workforce. Botswana ranks first in Africa and seventh globally on the Fraser Institute's 2025 mining investment attractiveness survey.

The company’s portfolio includes the Selebi Mines, comprising Selebi Main and Selebi North. A 2024 Mineral Resource Estimate (MRE) identified 3.0 Mt Indicated at 2.92% CuEq in Selebi North, and 24.7 Mt Inferred at 3.40% CuEq, broken down into Selebi Main (18.9 Mt @ 1.69% CuEq) and Selebi North (5.83 Mt @ 3.11% CuEq), at a US$70/t NSR cut-off. Historic production totaled approximately 26 Mt from Selebi Main (1980-2016) and approximately 14 Mt from Selebi North (1990-2016). No reserves have been reported, with a 2026 MRE and Preliminary Economic Assessment (PEA) expected in the second half of 2026.

The Selkirk Mine holds a 2026 MRE of 78.2 Mt at 0.66% CuEq (1.1 Bln lb CuEq) Indicated and 15.1 Mt at 0.60% CuEq Inferred, at a US$25/t NSR cut-off. The conversion from Inferred to Indicated resources resulted from 11 twin holes and approximately 6,000 resampled intervals. Metallurgy testing conducted in June 2026 confirmed the production of separate clean copper and nickel concentrates that meet commercial smelter specifications with low deleterious elements. Strategic options, including partnership, spin-out, or advancement to pre-feasibility, are currently under evaluation.

Ownership terms for the assets carry an aggregate purchase price of US$56.75M. Payments included US$1.75M plus US$5.178M paid on acquisition, and US$25M pre-paid in December 2025 to secure unencumbered title. The remaining US$30M is payable on the earlier of construction completion, production start-up, or 1 December 2029. There is no government free carry.

NexMetals has a capital structure of 35,648,164 basic shares, 9,127,796 tradeable warrants with a C$8.00 strike, 903,883 options, 484,086 RSUs, and 243,987 DSUs, resulting in 60,443,674 fully diluted shares. The market capitalization is approximately C$108M at C$3.03. Key holders include "Next of the China (2018)" at 30%, other institutions at 21.3%, retail at 17.5%, and management at 3.7%, with Condire Investors and EdgePoint holding 17.6% as institutional backers.

Management includes Sean Whiteford as CEO since January 2026, formerly of BHP, Rio Tinto, and Cliffs; Boris Kamstra as COO, formerly of Alphamin; Brett MacKay as CFO, formerly of Lundin; Sharon Taylor as VP Geophysics/Exploration and QP; and David Eichenberg as VP Geology. The board is chaired by Paul Martin.