NexMetals Reports 72% Increase in Selebi Main Mineral Resource of 32.47 Mt @ 1.53% Cu, 0.98% Ni Inferred, Selebi North Mineral Resource Estimate Pending

NexMetals Mining Corp. (NEXM) released an updated Mineral Resource Estimate (MRE) for the Selebi Main deposit, one of two deposits at the past-producing Selebi Cu-Ni-Co mine in Botswana. The estimate, prepared by The MSA Group, uses a data cut-off of 21 September 2026 and an effective date of 28 September 2026.

The updated resource shows total tonnage growing approximately 72% to 32.47 million tonnes (Mt), up from 18.89 Mt in the Selebi Main portion of the 2024 MRE. Grades are reported at 1.53% copper (Cu) and 0.98% nickel (Ni), compared to 1.69% Cu and 0.88% Ni in 2024. Cobalt is included for the first time at 0.05% cobalt (Co). Contained metal totals 495,400 tonnes of Cu, a 55% increase from 319,200 tonnes, and 316,800 tonnes of Ni, a 91% increase from 165,500 tonnes, alongside 16,200 tonnes of Co. The total resource stands at 1,772 million pounds of copper equivalent (CuEq), all classified in the Inferred category.

The resource is split between the Upper Zone, containing 23.52 Mt at 1.61% Cu and 1.05% Ni, and the Lower Zone, containing 8.95 Mt at 1.31% Cu and 0.77% Ni. Ninety-one percent of the tonnage increase is attributed to new drilling in the Flexure Zone. The MRE utilizes a cut-off of US$75/t net smelter return (NSR), a minimum thickness of 1.5 m, and prices of US$5.10/lb Cu, US$9.10/lb Ni, and US$20.00/lb Co. Recoveries are set at 96.1% for Cu, 55.6% for Ni, and 60.2% for Co. Mining costs are estimated at US$47.60/t, general and administrative (G&A) costs at US$5.50/t, concentrate costs at US$20/t, and a 3% base-metal royalty applies.

The Selebi North MRE is explicitly excluded from this estimate and remains pending, to be reported separately in the near term. Step-out drilling completed after the cut-off, specifically holes SMD-26-217 and SMD-26-219, is not included in this estimate and is flagged as potential upside. NexMetals stated a cash balance of approximately US$10.5 million as of 30 September 2026. A technical report is to be filed within 45 days. Additionally, the company entered a paid European communications mandate with SRC Swiss Resource Capital AG for CHF 5,000 per month over six months.

CEO comments described the update as "a major milestone," noting that growth "exceeded our expectations" and framing the company as holding "a strong treasury position."

NexMetals Mining Corp. (NEXM) released its Selebi Mineral Resource Estimate (MRE) on January 15, 2026, a deliverable that followed a work-program commitment made in January 2026 to complete the estimate in the second half of the year. The company had pre-announced expanding thickness, grade, and strike around the Flexure Zone through a series of drilling releases from January to September 2026, designated SMD-25-205 through SMD-26-219. Despite the market having nine months to anticipate a large tonnage increase, the share price fell from $5.48 on the day of the work-program release to $2.61 on the day the MRE was published.

The resource update reports contained nickel up 91%, with cobola now reported as a third metal. Growth stems 91% from a new zone, the Flexure, rather than infill drilling, representing genuine resource expansion rather than reclassification. The estimate is NI 43-101 compliant, prepared by an independent Qualified Person, and includes a stated QA/QC regime comprising 5% certified reference materials, 5% blanks, and 5% coarse and pulp duplicates, along with a site visit and independent assay-certificate verification.

However, the entire resource is classified as Inferred, with zero Indicated or Measured categories. The release notes that Inferred resources are uncertain and may never be upgraded, a lower-confidence classification than Selkirk, which contains 1.1 billion pounds of copper equivalent in the Indicated category. Copper grade fell from 1.69% to 1.53%, a decrease of 9%. While the company headlines a 72% increase in tonnage, the falling copper grade indicates a mix shift toward lower-value material.

Comparisons of copper equivalent grades are not like-for-like. The 2024 Selebi Main was quoted at 3.51% CuEq, whereas this release computes CuEq at approximately 2.48% using a new formula and new price, recovery, and payability assumptions. The only clean comparisons sourced from the release are the contained metal figures: a 55% increase in copper and a 91% increase in nickel.

Mineralization was intersected to approximately 1,950 meters below surface. Stopes from the surface down to 800–1,000 meters are depleted, and the cut-off utilizes a US$47.60 per tonne mining cost, reflecting deep, hard-rock operating economics. Management chose to release the Selebi Main resource alone because the Selebi North resource is not yet finished, delaying the consolidated resource figure.

The company disclosed a cash balance of $10.5 million at September 30. According to the Management’s Discussion and Analysis, cash was $39.78 million at December 31, 2025, $26.22 million at March 31, 2026, and $16.96 million at June 30, 2026, representing a $29.3 million draw over nine months and approximately $6.5 million in the third quarter. The MD&A carries an explicit going-concern disclosure, and management has stated it will announce one or more financing transactions prior to the end of 2026.

This is not an earnings release, so no revenue, margin, or segment analysis is applicable. Prior-period context not disclosed in today's release includes a Q2 2026 net loss of C$11.86 million, an H1 2026 net loss of C$22.49 million, and a FY 2025 net loss of C$59.09 million.

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-PGE mines in the Selebi-Phikwe district, Central District, Botswana. The two projects lie approximately 75 km apart within an established mining camp.

The company’s flagship Selebi Mines comprise the Selebi Main and Selebi North deposits. This past-producing underground operation ceased in 2015–2016, with both deposits acquired out of BCL liquidation in 2022. The site features brownfield infrastructure, including two shafts (#2 Main, #4 North), a cable belt conveyor, a decline ramp to the 900 m level, paved roads, rail access, grid power, and water.

The second asset, the Selkirk Mine, is also a past-producing operation located approximately 75 km away. It is currently the more advanced asset, holding a 2026 Mineral Resource Estimate (MRE) effective 22 June 2026, which includes 78.2 Mt @ 0.66% CuEq Indicated and 15.1 Mt @ 0.60% CuEq Inferred resources. The project features a 1.02:1 strip ratio, and metallurgical testwork has confirmed the ability to produce separate, clean, smelter-spec copper and nickel concentrates via conventional flotation.

Mineral Resource Estimates have been published for both projects, though no mineral reserves have been declared for either. A Preliminary Economic Assessment (PEA) is pending for Selebi in the second half of 2026, while Selkirk economics remain contingent on technical results and are under strategic review, which may involve a partnership, spin-out, or further study.

The October 1, 2026 release concerns Selebi Main only. A more comprehensive view of the mineral resource and overall scale of the Selebi Mines will not exist until Selebi North is published.