NexMetals Drills 32.45 Metres of 4.61% CuEq Including 5.88% CuEq Over 9.65 Metres Showing Continuity of High-Grade Mineralization at Selebi North

The most recent news release (January 27, 2026) reports assay results from the Selebi North Underground (SNUG) deposit in Botswana. The standout result is hole SNUG-25-194, which intersected 32.45 metres of 4.61% Copper Equivalent (CuEq), including a very high-grade core of 9.65 metres at 5.88% CuEq. This hole was a "bridge" between two previous step-out holes and confirms the down-plunge continuity of the South Limb. The company has completed 42,000 metres of drilling since the 2024 Mineral Resource Estimate (MRE) and has extended mineralization 315 metres beyond the previous resource limits.

The impact is Material - Positive for the company's geological model, but less so for the immediate share price given the current market climate for explorers. - Technical Validation: The results confirm that the Selebi North system is not only continuous but remains high-grade (4%+ CuEq) at depth. - Resource Growth: The 315-metre extension beyond the current MRE suggests a significant tonnage increase is coming in the H2 2026 update. - Operational Efficiency: The company is using three Zinex U-5 drills and has reached its planned meterage (9,617m for this specific program). - Risk Note: The operational update reveals a high abandonment rate—out of 17 holes in this specific sequence, 6 were abandoned. This suggests challenging ground conditions or technical drilling difficulties at these depths (600m-900m).

NexMetals is focused on the redevelopment of the Selebi and Selkirk mines in Botswana. - Flagship Project: The Selebi Mines (Selebi Main and Selebi North). These are past-producing nickel-copper mines. - Strategy: Moving from a 2024 foundational year to a 2026 "resource growth" phase. - Key Advantage: Botswana is a top-tier mining jurisdiction with high stability and government support for diversification away from diamonds.