NexMetals Extends Trend of Thick Massive Sulphides to 1.45 Kilometres with Visual Intercept in Hole SMD-26-219 at Selebi Main

NexMetals Mining Corp. (NEXM) reported visual drill results from hole SMD-26-219 at its Selebi Main project in Botswana. The hole was completed to a depth of 1,958.5 metres, with all assays currently pending. The company stated that the hole extends the Flexure Zone trend approximately 450 metres beyond prior drilling, resulting in an interpreted trend length of 1.45 kilometres.

In the Main Zone, the company identified a 20.0 metre visually mineralized interval from 1,858.50 to 1,878.50 metres. This interval includes two narrow massive sulphide sections measuring 1.60 metres and 0.55 metres, as well as a 5.00 metre interval. In the Lower Zone, a 7.55 metre interval was observed from 1,909.20 to 1,916.75 metres, which includes 6.60 metres dominated by massive sulphides from 1,910.15 to 1,916.75 metres.

BHEM results indicated a strong off-hole Main Zone conductor up-plunge, alongside a large in-hole Lower Zone response trending down-dip and down-plunge toward Selebi North. The hole is not included in the 2026 Mineral Resource Estimate (MRE) due to the July 31, 2026 cut-off. Additionally, the board approved an advance notice policy for director nominations.

NexMetals Mining Corp. (NEXM) released visual drill results that do not alter the company’s resource, mine life, or economic thesis, as the data contains no assay information. Consequently, the hole is excluded from the upcoming 2026 Mineral Resource Estimate (MRE), meaning it provides no near-term resource impact. While drill results remain the core value driver for the pre-revenue explorer/developer, visual-only findings are considered weaker than assayed data.

The market has not re-rated into this result; the stock is trading near its 52-week low of $2.92, down from $8.60 in October 2025. Against the anchor result SMD-25-205 at 80.8%m, this release cannot be compared on grade because there is no grade. The visual step-out represents a legitimate exploration positive, but it is not yet material without assays, true width, and continuity confirmation.

The company has $26.2M cash as of March 31, 2026, and carries a going concern flag; future drilling and studies will require additional financing.

NexMetals Mining Corp. is a pre-revenue mineral exploration and development company listed on the TSX-V and Nasdaq. Its principal assets are the past-producing Selebi and Selkirk mines in Botswana, which benefit from existing infrastructure including shafts, ramps, conveyors, rail, power, water, and a skilled workforce.

Historical production at the Selebi Main mine totaled approximately 26 million tonnes mined between 1980 and 2016, while Selebi North produced approximately 14 million tonnes from 1990 to 2016. The Selebi Mines feature a Cu-Ni-Co massive sulphide system, with a 2024 Mineral Resource Estimate (MRE) reporting Indicated resources of 3.0 million tonnes at 0.90% CuEq and Inferred resources of 24.7 million tonnes at 1.50% CuEq. The Selkirk Mine is a Cu-Ni-Co-PGE deposit, with a 2026 MRE indicating Indicated resources of 78.2 million tonnes at 0.66% CuEq and Inferred resources of 15.1 million tonnes at 0.60% CuEq.

As of March 31, 2026, the company held $26.2 million in cash and $26.5 million in working capital. However, NexMetals has no revenue, reported a net loss of $10.6 million for the first quarter of 2026, and management has disclosed a going concern material uncertainty.