Northwire Canada EditionSaturday, November 7, 2026
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Gold 4,079.60 −0.8% Silver 51.94 −0.8% Copper 6.24 −0.5% Oil 90.83 +0.3% Palladium 1,017.10 −2.6% KRN 0.260 −7.1% GSKR 2.84 +5.6% ADE 0.125 +4.2% NRM 0.055 +0.0% BBB 0.520 −1.9% LGD 2.09 +1.9% DEC 0.110 +0.0% LCE 0.200 +0.0% NILI 0.515 −1.0% CDE 21.85 +6.7% CAN 0.045 +0.0% LORD 0.100 +0.0% HBM 29.49 +2.3% ELEF 0.265 +120.8% MUN 0.300 +0.0% SAGA 0.400 +6.7% Gold 4,079.60 −0.8% Silver 51.94 −0.8% Copper 6.24 −0.5% Oil 90.83 +0.3% Palladium 1,017.10 −2.6% KRN 0.260 −7.1% GSKR 2.84 +5.6% ADE 0.125 +4.2% NRM 0.055 +0.0% BBB 0.520 −1.9% LGD 2.09 +1.9% DEC 0.110 +0.0% LCE 0.200 +0.0% NILI 0.515 −1.0% CDE 21.85 +6.7% CAN 0.045 +0.0% LORD 0.100 +0.0% HBM 29.49 +2.3% ELEF 0.265 +120.8% MUN 0.300 +0.0% SAGA 0.400 +6.7%
Drill Results

NexMetals Expands the Selebi System Intersecting 10.40 Metres of 6.82% CuEq (3.09% Cu, 1.83% Ni) at Selebi Main, 320 Metres Beyond the 2024 MRE

Drilling Confirms Flexure Zone Continuity as NexMetals Eyes H2 Resource Update Amidst Valuation Compression

By The Northwire Desk — AI Analysis May 07, 2026 · 07:05 NEXM · 3.53 NexMetals Mining Corp.
Executive Summary
  • NexMetals Mining Corp. reported significant assay results from surface drilling at the Selebi Mines Project in Botswana on May 7, 2026.
  • Drill hole SMD-26-209 intersected 10.40 metres of 6.82% CuEq (3.09% Cu, 1.83% Ni).
  • Mineralization extends 320 metres beyond the limits of the 2024 Mineral Resource Estimate (MRE), confirming down-plunge continuity in the Flexure Zone.
  • Five drill rigs are currently active at Selebi Main, with drilling spacing tightened to 200 metres to support resource expansion.
  • An updated MRE is expected in H2 2026, anticipating significantly larger tonnage than the 2024 estimate.
  • All reported holes returned grades and widths above the 2024 MRE cut-off grade.
Material Impact
  • The news confirms the viability of the "Flexure Zone" identified in February/March 2026, validating the geological model rather than introducing a new discovery paradigm.
  • While technically positive, the market has already priced in exploration success through previous releases (Feb-Mar 2026) without significant price appreciation, suggesting skepticism regarding resource-to-reserve conversion or dilution concerns.
  • The confirmation of extension beyond the MRE supports the H2 2026 update timeline but does not guarantee immediate economic viability without a Preliminary Economic Assessment (PEA).
  • Given the consistent stream of "Material - Positive" drilling news throughout late 2025 and early 2026 that failed to sustain price momentum, this release is viewed as incremental progress on an established work program rather than a fundamental valuation reset.
NEXM · Price
Company Overview
  • Company: NexMetals Mining Corp., focused on reactivating past-producing Cu-Ni-Co-PGE assets in Botswana.
  • Flagship Projects: Selebi Mines (Underground) and Selkirk Mine (Open-pit potential).
  • Selebi Status: Past-producing, permitted, title secured via $25M milestone payment completed Dec 2025.
  • Selkirk Status: Past-producing, permitted, title secured; metallurgical results confirm separate high-grade copper and nickel concentrates.
  • Jurisdiction: Botswana (Tier-one mining jurisdiction with stable political environment).
  • Infrastructure: Existing underground infrastructure at Selebi North (shafts, power, water) reduces restart CAPEX compared to greenfield projects.
Read the original news release →

More from NexMetals Mining Corp.

Oct 20, 2026 · 07:01

NexMetals triples its Selebi North resource estimate, prompting an immediate capital raise to address ongoing cash burn concerns.

Resource Estimate Oct 01, 2026 · 07:01

NexMetals reports a 72% increase in the Selebi Main resource, which remains entirely Inferred, while its cash balance has decreased to $10.5 million.

Resource Estimate Sep 23, 2026 · 07:01

NexMetals confirms a 6.5% CuEq step-out assay within a 1.5 km trend at its project.

Drill Results Aug 17, 2026 · 07:01

NexMetals expands the trend with a 450 m step-out, though assays are pending to confirm the evidence.

Drill Results Aug 07, 2026 · 17:16

NexMetals’ Selkirk MRE confirms 70% copper equivalent growth, though a capital raise remains a key overhang for the project.

Resource Estimate Jul 22, 2026 · 07:01

NexMetals reports high-grade massive sulphide intercepts at Selebi Main, extending a kilometre-scale trend and validating resource expansion potential.

Drill Results