NexMetals Increases Selkirk Mineral Resource by 70%, Establishing 1.1 Billion Pounds of Copper Equivalent in the Indicated Category and 200 Million Pounds in Inferred Category

On June 24, 2026, NexMetals announced an updated Mineral Resource Estimate (2026 MRE) for the Selkirk copper‑nickel‑cobalt‑PGE project in Botswana. The new estimate establishes ~1.1 billion pounds of copper equivalent (CuEq) in the Indicated category (78.2 Mt grading 0.66% CuEq) and a further ~200 million pounds CuEq in the Inferred category (15.1 Mt grading 0.60% CuEq). This represents a 63% increase in contained CuEq compared with the previous 2024 MRE, and importantly converts the entire previous Inferred resource into Indicated.

The update incorporates: - Enhanced metallurgical recoveries and a modified cut‑off grade (NSR US$25/t), - Inclusion of cobalt, silver and gold as payable metals alongside copper, nickel, platinum and palladium, - A reduced strip ratio of 1.02:1 (from 1.65:1), reflecting expanded near‑surface tonnage.

The company now plans to file a NI 43‑101 Technical Report within 45 days and is evaluating strategic alternatives for Selkirk, including a potential partnership, a spin‑out or advancement to a pre‑feasibility study.

Earlier releases (June 4 2026, April 27 2026) had already demonstrated the ability to produce clean, saleable separate copper and nickel concentrates from Selkirk, with improved recoveries. The 2026 MRE crystallises those technical improvements.

Stepping back through the historical sequence: - The Selkirk project was acquired out of liquidation in 2022; a maiden Inferred resource (44.2 Mt @ 0.81% CuEq) was published in 2024. - During late 2025 and early 2026, a 34‑hole resampling campaign, metallurgical testwork and drilling substantially expanded the mineralised footprint and confirmed high‑grade footwall zones. - The most recent resource update delivers exactly what the company had promised – an updated MRE in Q2 2026 – but the magnitude (a 63% jump in total contained CuEq and full conversion to Indicated) likely exceeds the market’s base case.

The 2026 Selkirk MRE is clearly a materially positive development. It turns a project that was previously a large Inferred resource into a significant indicated resource with a favourable open‑pit geometry (low strip ratio, near‑surface start). For a company with a basic market cap of only ~$112 million, a 1.1 billion‑pound indicated copper equivalent resource is a major asset upgrade.

The conversion to Indicated category is a key de‑risking step, enabling more advanced economic studies; management’s explicit mention of a possible spin‑out or partnership opens the door to value crystallisation that is not yet reflected in the stock price.

However, the news must be weighed against the company’s weak financial position. As of Q1 2026, NexMetals had only $26.2 million in cash and a working capital of $26.5 million. MD&A explicitly warns of a material uncertainty related to going concern, stating that additional financing will be needed to advance both Selebi and Selkirk toward development. The company burns roughly $10‑12 million per quarter. Thus the resource upgrade, while important, does not solve the near‑term funding problem.

The market reaction will depend on whether this resource improvement can be translated into a transaction that brings in capital, or whether the going‑concern overhang keeps a lid on the share price.

NexMetals Mining Corp. is a pre‑revenue mineral exploration and development company advancing two past‑producing, permitted copper‑nickel‑cobalt‑PGE mines in Botswana: Selebi (the flagship) and Selkirk. The projects are 75 km apart and sit within a well‑established mining camp.

Selebi Mines (Selebi Main + Selebi North): - 2024 MRE: 3.0 Mt Indicated @ 2.92% CuEq, 24.7 Mt Inferred @ 3.40% CuEq. - High‑grade ortho‑magmatic sulphide mineralisation; historically mined until 2016. - 2025‑2026 drilling is expanding the resource, especially in the emerging “Flexure Zone” down‑plunge of Selebi Main. - A PEA is targeted for H2 2026.

Selkirk Mine: - Now has 78.2 Mt Indicated @ 0.66% CuEq plus 15.1 Mt Inferred @ 0.60% CuEq, both amenable to open‑pit mining. - Metallurgical testwork confirms separate saleable copper and nickel concentrates meeting smelter spec.

Both projects benefit from existing infrastructure (shafts, grid power, water, rail) and are located in Botswana, ranked #1 in Africa for mining investment. The company has a Nasdaq listing.