NexMetals Nearly Triples Selebi North Indicated Mineral Resources to 8.95 Million Tonnes and Increases Inferred Mineral Resources to 9.48 Million Tonnes

NexMetals Mining Corp. announced an updated Mineral Resource Estimate for its Selebi North deposit in Botswana, effective June 30, 2026. The company reported that Indicated Mineral Resources nearly tripled to 8.95 million tonnes grading 1.03% Cu, 1.08% Ni, and 0.06% Co, containing 412 million pounds of Copper Equivalent. Inferred Mineral Resources increased by 63% to 9.48 million tonnes at 1.21% Cu and 1.13% Ni. Combined Inferred Resources for Selebi North and Selebi Main total 41.95 million tonnes, containing 2,255 million pounds of CuEq.

Resource growth was supported by 42,633 meters of drilling in 92 holes since the June 30, 2024 data cut-off, converting approximately 20% of previously Inferred resources to Indicated. Economic parameters use long-term metal prices of $5.10/lb Cu, $9.10/lb Ni, and $20.00/lb Co, with an NSR cut-off of US$75/t and a minimum mining thickness of 1.5 meters.

Geological findings indicate the Selebi North South Limb turns toward Selebi Main at depth, suggesting a potential geological connection, while magnesium-rich rock interpretations point to a possible intrusive keel hosting magmatic sulphides. The Company is engaged with National Bank of Canada Capital Markets to evaluate funding alternatives to minimize shareholder dilution. Additionally, DRA Global has been engaged to complete a Preliminary Economic Assessment for the Selkirk asset.

NexMetals Mining Corp. (NEXM) has released an updated Mineral Resource Estimate (MRE) that validates its exploration model and substantially increases the geological confidence of the Selebi North deposit. The conversion of resources to Indicated status and the identification of a potential geological connection between Selebi North and Selebi Main at depth materially de-risks the long-term scale of the project.

The update was an expected component of the company’s 2026 technical work program. The market has been pricing in resource growth throughout the year, and the stock has declined from approximately $7.97 to approximately $2.00 over the past 12 months, reflecting concerns over cash burn and dilution rather than a lack of technical progress.

The explicit mention of engaging National Bank of Canada Capital Markets to evaluate funding alternatives represents a critical forward-looking element. With a cash balance of approximately $10.5 million as of September 30, 2026, and a quarterly burn rate exceeding $10 million, the company faces an imminent capital raise. This resource update provides a stronger asset base to negotiate better terms, but it does not solve the immediate liquidity constraint.

The news is positive but incremental to the broader redevelopment narrative. It does not trigger an immediate change in the company's financial trajectory or eliminate the going concern uncertainty.

NexMetals Mining Corp. (NEXM) is a pre-revenue exploration and redevelopment company focused on copper, nickel, cobalt, and platinum group elements (Cu-Ni-Co-PGE) in Botswana. Its flagship projects are the Selebi Mines, comprising Selebi Main and Selebi North, and the Selkirk Mine, located in Selebi-Phikwe. These projects are situated 75 km apart within an established mining camp.

The company holds a 115 km² mining lease covering the Selebi Mines. These sites were past-producing underground and open-pit operations, with production ceasing in 2017 following the liquidation of Botswana Copper Limited (BCL). NexMetals is currently in a redevelopment phase, advancing updated NI 43-101 mineral resource estimates, metallurgical testing, and economic studies. No mineral reserves have been defined.

Infrastructure at the sites includes existing shafts, a cable belt conveyor, office buildings, paved roads, rail access, grid power, water supply, and a skilled local workforce.