NexMetals Drills 231 Metres of 1.09% CuEq, Including 97 Metres of 1.28% CuEq Establishing Scale, Grade and Expansion Potential at Selkirk

Rhea-AI Summary

NexMetals (TSXV:NEXM, NASDAQ:NEXM) reported assay results from the final three holes of its 2025 metallurgical drill program at Selkirk, Botswana, returning a standout intercept of 231.00 m @ 1.09% CuEq, including 97.00 m @ 1.28% CuEq and 47.90 m @ 1.42% CuEq.

All 2025 assays will be incorporated into an updated Mineral Resource Estimate (MRE). Drill core from eleven 2025 holes now supports metallurgical testing at Blue Coast Research to refine the flowsheet and recoveries. The 2024 MRE cut-off of US$25/t equates to 0.46% CuEq, and several reported intervals lie above that cut-off. Some mineralization was intercepted both within the conceptual pit shell and beneath the current MRE, indicating potential near-surface and depth expansion.

Positive

• 231.00 m @ 1.09% CuEq intercept (SMET-25-009)
• 97.00 m @ 1.28% CuEq higher-grade internal interval
• Assays from 11 holes now support metallurgical testing at Blue Coast Research
• Intervals occur inside conceptual pit and below MRE, showing expansion potential

Negative

• Some reported intervals are below 1.0% CuEq (e.g., SMET-25-011 at 0.79% CuEq)
• Portions of mineralization are intercepted beneath the current conceptual pit, requiring deeper evaluation

News Market Reaction – NEXM

+4.67% 2.3x vol

7 alerts

+4.67% News Effect

+2.6% Peak Tracked

-4.7% Trough Tracked

+$4M Valuation Impact

$84M Market Cap

2.3x Rel. Volume

On the day this news was published, NEXM gained 4.67%, reflecting a moderate positive market reaction. Argus tracked a peak move of +2.6% during that session. Argus tracked a trough of -4.7% from its starting point during tracking. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $4M to the company's valuation, bringing the market cap to $84M at that time. Trading volume was elevated at 2.3x the daily average, suggesting notable buying interest.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Main intercept: 231.00 m @ 1.09% CuEq High-grade interval: 97.00 m @ 1.28% CuEq Highest grade slice: 47.90 m @ 1.42% CuEq +5 more

8 metrics

Main intercept 231.00 m @ 1.09% CuEq Hole SMET-25-009 at Selkirk metallurgical drill program

High-grade interval 97.00 m @ 1.28% CuEq Included interval within SMET-25-009

Highest grade slice 47.90 m @ 1.42% CuEq Included high-grade zone in SMET-25-009

Cut-off NSR US$25.00/t Net smelter return cut-off in 2024 MRE

Cut-off grade 0.46% CuEq CuEq grade corresponding to NSR cut-off in 2024 MRE

SMET-25-010 interval 171.00 m @ 0.85% CuEq Metallurgical hole SMET-25-010 at Selkirk

SMET-25-011 deep interval 152.90 m @ 0.79% CuEq SMET-25-011 outside MRE beneath conceptual pit

Technical Report date January 8, 2025 NI 43-101 Technical Report effective November 1, 2024

Market Reality Check

Price: $3.36 Vol: Volume 118,824 is 1.51x t...

high vol

$3.36 Last Close

Volume Volume 118,824 is 1.51x the 20-day average of 78,727 ahead of this assay update. high

Technical Shares trade below the 200-day MA of 5.08 and sit 66.18% under the 10.35 52-week high, near the 52-week low at 3.37.

Peers on Argus

While NEXM was down 2.73%, metal peers were mixed: USGO +3.1%, FURY +8.06%, ATLX...

While NEXM was down 2.73%, metal peers were mixed: USGO +3.1%, FURY +8.06%, ATLX +1.81%, LGO +1.9%, and PLL -9.6%, pointing to stock-specific dynamics rather than a unified sector move.

Historical Context

5 past events · Latest: Dec 03 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 03	Drill results Selkirk	Positive	+4.7%	Strong CuEq intercepts to feed updated Selkirk Mineral Resource Estimate.
Dec 02	Title secured Botswana	Positive	-3.7%	US$25M milestone payment securing unencumbered title to Selebi and Selkirk.
Nov 18	Equity incentive grants	Neutral	-0.8%	Annual RSU and DSU grants to management and directors under incentive plan.
Nov 17	C$80M unit offering	Negative	-3.8%	Dilutive C$80M unit financing with warrants to fund Botswana milestones.
Oct 30	Offering upsized	Neutral	+0.0%	Upsizing of planned public unit offering from C$65M to C$80M.

Pattern Detected

News seen as operationally positive (drilling, title security) has not consistently produced sustained upside, while financing-related announcements have often aligned with downside or flat price reactions.

Recent Company History

Over the last few months, NexMetals advanced both project ownership and funding. On Oct 30, 2025, it upsized a unit offering to C$80M, then closed the C$80,000,070 financing on Nov 17, 2025, followed by equity incentive grants on Nov 18, 2025. A US$25M milestone payment on Dec 2, 2025 secured unencumbered title to Selebi and Selkirk. Today’s Dec 3, 2025 release adds strong Selkirk drill intercepts that will feed an updated MRE, building on this sequence of de-risking and technical work.

Market Pulse Summary

This announcement details strong assay results from Selkirk, including 231.00 m @ 1.09% CuEq and int...

Analysis

This announcement details strong assay results from Selkirk, including 231.00 m @ 1.09% CuEq and intervals above the 0.46% CuEq cut-off used in the 2024 MRE. All 2025 holes will feed an updated resource and ongoing metallurgical work. In recent months, NexMetals secured project title and raised C$80M to fund milestones, while remaining pre‑revenue with losses. Investors may watch the updated MRE, metallurgical recoveries, and future funding steps to gauge how this technical progress translates into project advancement.

Key Terms

CuEq, Mineral Resource Estimate, net smelter return, NI 43-101, +4 more

8 terms

CuEq technical

"231.00 metres of 1.09% CuEq (0.39% Cu, 0.38% Ni, 0.64 ppm Pd..."

CuEq (copper equivalent) converts the value of multiple metals in a mineral deposit into the amount of copper that would have the same value, producing a single, comparable grade number. For investors it acts like converting different currencies into one money — simplifying comparison of deposits and potential revenue, but its accuracy depends on the metal prices, recovery rates and cost assumptions used to make the conversion, so detailed reports are still needed.

Mineral Resource Estimate technical

"All mineralization from SMET-25-011 was intercepted below the Mineral Resource Estimate ("MRE")..."

A mineral resource estimate is a calculated approximation of how much metal or mineral material likely exists in a particular deposit and where it sits underground, similar to estimating how many cookies are in a jar by peeking at the layers. It matters to investors because it provides a data-based starting point for judging a project's potential value, future production and risks, while not guaranteeing recoverable or profitable amounts.

net smelter return financial

"Current cut-off of US$25.00 per tonne net smelter return defined in the 2024 MRE..."

Net smelter return is the percentage of revenue from selling a mineral or metal that a mining company or project owner receives after deducting costs like refining and transportation. It functions like a share of the profits from the mineral's sale, giving investors an idea of how much money the project generates. This measure helps investors assess the potential profitability of a mining asset.

NI 43-101 regulatory

"prepared in accordance with NI 43-101 and Subpart 1300 of Regulation S-K..."

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

Subpart 1300 of Regulation S-K regulatory

"prepared in accordance with NI 43-101 and Subpart 1300 of Regulation S-K..."

Subpart 1300 of Regulation S-K is a set of U.S. Securities and Exchange Commission rules that standardize how mining companies must disclose their mineral deposits and estimates of recoverable resources and reserves. It requires independent technical verification, clear categories for certainty, and standardized reporting so investors can compare projects the way they compare financial statements; think of it as a common recipe that makes different mines’ ingredient lists trustworthy and comparable for valuation.

ICP-AES technical

"Analyses for Ni, Cu and Co are completed using a peroxide fusion preparation and ICP-AES finish (ME-ICP81)."

ICP-AES (Inductively Coupled Plasma–Atomic Emission Spectroscopy) is a laboratory technique that identifies and measures the amounts of metals and other elements in a sample by turning the sample into a hot glowing gas and reading the light colors it emits—like using a prism to tell which ingredients are present and how much. Investors care because it provides reliable, quantitative proof of metal content, contamination levels or product purity, which affects resource valuation, regulatory compliance and product quality across mining, manufacturing and environmental contexts.

fire assay technical

"Analyses for Pt, Pd, and Au are by fire assay (30 grams nominal sample weight)..."

Fire assay is a laboratory process used to accurately measure the amount of precious metals, like gold or silver, in a sample of ore or material. It involves heating the sample intensely to separate the metals from other substances, much like melting and purifying metal to determine its purity. This method is important to investors because it provides precise data on the metal content, helping to assess the value of mining operations or mineral deposits.

qualified person regulatory

"reviewed and approved by Sharon Taylor... and a "qualified person" for the purposes of National Instrument 43-101..."

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

AI-generated analysis. Not financial advice.

Vancouver, British Columbia--(Newsfile Corp. - December 3, 2025) - NexMetals Mining Corp. (TSXV: NEXM) (NASDAQ: NEXM) (the "Company") announces assay results from the final three holes of the 2025 metallurgical drill program at the past producing Copper, Nickel, Cobalt and Platinum Group Elements ("Cu-Ni-Co-PGE") Selkirk Mine in Botswana.

Why This Matters: Consistent grade over large intervals indicates potential for a low strip ratio, open pit development (see "Technical Report" below).

• Results from the final 3 holes of the 2025 metallurgical program confirm wide, continuous zones of mineralization suitable for the ongoing metallurgical test work.

  • SMET-25-009: wide interval of continuous mineralization

    • 231.00 metres of 1.09% CuEq (0.39% Cu, 0.38% Ni, 0.64 ppm Pd, 0.15 ppm Pt)
      incl. 97.00 metres of 1.28% CuEq (0.46% Cu, 0.43% Ni, 0.76 ppm Pd, 0.18 ppm Pt
      incl. 47.90 metres of 1.42% CuEq (0.52% Cu, 0.49% Ni, 0.83 ppm Pd, 0.17 ppm Pt)

• All mineralization from SMET-25-011 was intercepted below the Mineral Resource Estimate ("MRE") and the conceptual pit demonstrating the potential for expansion of the deposit at depth.

• Mineralization intercepted above the MRE and within the current conceptual pit shell demonstrates the potential for expansion of the deposit toward the surface.

• All assay results reported to date will be incorporated into an updated MRE.

• Drill core from all eleven 2025 holes reported to date is now supporting the metallurgical testwork underway at Blue Coast Research in British Columbia. This work will help optimize the flowsheet, maximize recoveries, and advance the evaluation of separating the concentrate.

• Current cut-off of US$25.00 per tonne net smelter return defined in the 2024 MRE translates to 0.46% CuEq. Any material above this cut-off grade could potentially be mined.

Figure 1: Location of 2025 metallurgical drill holes, resampled drillholes and Mineral Resource Estimate.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/276734_4b449c0b64264a87_002full.jpg

Morgan Lekstrom, CEO of the Company, commented: "The takeaway from this metallurgical drilling program is the sizable, mineralized continuity across this deposit. Delivering wide intervals of consistent high-grade mineralization reinforces just how big this system is and gives us the confidence to advance the next stage of our technical work. With all assays from the 2025 metallurgical drill program now reported, our technical team is focused on advancing the metallurgical work currently underway and ongoing assessment of processing options. This next stage will refine the flowsheet, confirm recoveries across the program, and drive the technical work that will inform future development decisions. Selkirk is increasingly demonstrating its potential as a significant additional value driver for NexMetals."

Table 1: Assay Results Selkirk Deposit

HOLE ID	FROM (m)	TO (m)	1LENGTH (m)	2Est. True Thickness (m)	Cu (%)	NI (%)	Co (%)	Pd (ppm)	Pt (ppm)	Au (ppm)	3CuEq (%)
SMET-25-009	77.00	308.00	231.00	123	0.39	0.38	0.02	0.64	0.15	0.07	1.09
incl.	129.00	226.00	97.00	66	0.46	0.43	0.03	0.76	0.18	0.08	1.28
and	257.00	304.90	47.90	33	0.52	0.49	0.03	0.83	0.17	0.07	1.42
SMET-25-010	110.00	281.00	171.00	102	0.29	0.29	0.02	0.51	0.12	0.05	0.85
incl.	110.00	268.00	158.00	94	0.30	0.30	0.02	0.52	0.12	0.05	0.86
incl.	146.00	196.00	50.00	30	0.40	0.43	0.02	0.68	0.16	0.08	1.18
SMET-25-011	112.00	125.00	13.00	8	0.15	0.19	0.01	0.35	0.09	0.03	0.52
SMET-25-011	171.10	324.00	152.90	95	0.25	0.26	0.02	0.54	0.12	0.05	0.79
incl.	275.10	319.00	43.90	29	0.35	0.34	0.02	0.75	0.16	0.06	1.07
OUTSIDE MRE AND WITHIN CONCEPTUAL PIT
SMET-25-009	77.00	102.00	25.00	13	0.21	0.23	0.02	0.33	0.08	0.05	0.61
OUTSIDE MRE AND BENEATH CONCEPTUAL PIT
SMET-25-009	294.00	308.00	14.00	10	0.40	0.55	0.04	0.96	0.16	0.06	1.42
SMET-25-011	112.00	125.00	13.00	8	0.15	0.19	0.01	0.35	0.09	0.03	0.52
SMET-25-011	171.10	324.00	152.90	95	0.25	0.26	0.02	0.54	0.12	0.05	0.79
incl.	275.10	319.00	43.90	29	0.35	0.34	0.02	0.75	0.16	0.06	1.07

 

¹Length refers to drillhole length and not true width.

²True thickness is estimated using the MRE wireframe where available.

³CuEq% calculated using the formula Cu% + Ni%*(55.605/53.913) + Pd g/t*(22.948/53.913) + Pt g/t*(14.891/53.913) using metal prices and recoveries listed in the 2025 Technical Report.

Table 2: Drill Collar Information Selkirk Deposit

HOLE ID	1Easting	1Northing	1Elevation	Dip	Azimuth	Hole Length (m)
SMET-25-009	575330.4	7642547.7	989.3	-88.1	334.7	455.2
SMET-25-010	575284.7	7642459.4	984.4	-70.4	36.3	388.9
SMET-25-011	575205.0	7642236.3	982.7	-68.8	39.4	403.6

 

¹Coordinates are WGS84z35S with geoidal elevations

Technical Report

The MRE on the Selkirk Mine is supported by the Technical Report entitled "NI 43-101 Technical Report Selkirk Nickel Project, North East District, Republic of Botswana", dated January 8, 2025 (with an effective date of November 1, 2024). Reference should be made to the full text of the Technical Report for the assumptions, qualifications and limitations set forth therein, which was prepared in accordance with NI 43-101 and Subpart 1300 of Regulation S-K and is available on SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov), in each case, under NEXM's issuer profile.

Quality Control

The Selkirk metallurgical drill program was completed by Discovery Drilling using a Boyles 56 machine. Drill core samples are HQ (63.5 mm diameter) that were sawn in half with one half sawn in half again to produce quartered core. Selected portions of the remaining core were sent to Blue Coast Research for metallurgical flotation studies with the reminder retained for reference purposes. The quartered core samples submitted to the lab were generally 1 metre in length. Sample preparation and lab analysis was completed at ALS Chemex in Johannesburg, South Africa. Commercially prepared blank samples and certified Cu/Ni sulphide analytical control standards with a range of grades are inserted in every batch of 20 samples or a minimum of one set per sample batch. Analyses for Ni, Cu and Co are completed using a peroxide fusion preparation and ICP-AES finish (ME-ICP81). Analyses for Pt, Pd, and Au are by fire assay (30 grams nominal sample weight) with an ICP-AES finish (PGM-ICP23).

Qualified Person

All scientific and technical information in this news release has been reviewed and approved by Sharon Taylor, VP Exploration of the Company, MSc, P.Geo, and a "qualified person" for the purposes of National Instrument 43-101 and Subpart 1300 of Regulation S-K.

About NexMetals Mining Corp.

NexMetals Mining Corp. is a mineral exploration and development company that is focused on the redevelopment of the previously producing copper, nickel and cobalt resources mines owned by the Company in the Republic of Botswana.

NexMetals is committed to governance through transparent accountability and open communication within our team and our stakeholders. NexMetals' team brings extensive experience across the full spectrum of mine discovery and development. Collectively, the team has contributed to dozens of projects, including work on the Company's Selebi and Selkirk mines. Senior team members each have on average, more than 20 years of experience spanning geology, engineering, operations, and project development.

For further information about NexMetals Mining Corp., please contact:

Morgan Lekstrom
CEO and Director
morganl@nexmetalsmining.com

Jaclyn Ruptash
V.P., Communications and Investor Relations
jaclyn@nexmetalsmining.com
1-833-770-4334

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Neither the TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Nasdaq Stock Market LLC accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements" within the meaning of the United States federal securities laws and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking information") based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. For the purposes of this release, forward looking information includes, but is not limited to, the implementation of the objectives, goals and future plans of the Company including the proposed advancement of the Selkirk Mine as currently contemplated; the preparation of an updated MRE incorporating assay results received to date; the Company's expectations as to the size and continuity of the deposit; the Company's goal of optimizing the flowsheet, maximizing recoveries and advancing the evaluation of separating the concentrate; the potential for open-pit development with a low strip ratio; the potential for material above the cut-off grade to be mined; and the anticipated benefits of the Company's approach to its resource development plan. These forward-looking statements, by their nature, require the Company to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates; the preliminary nature of drilling and metallurgical test results; the ability of exploration results to predict mineralization; the ability of the Company to implement its drilling, geoscience and metallurgical work on its properties and work plans generally; prefeasibility or the feasibility of mine production; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Company's filings with the U.S. Securities and Exchange Commission on EDGAR (www.sec.gov) and public disclosure record on SEDAR+ (www.sedarplus.ca), in each case, under NEXM's issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276734

FAQ

What were the key assay results for NexMetals (NEXM) from the 2025 Selkirk metallurgical drill program?

SMET-25-009 returned 231.00 m @ 1.09% CuEq, including 97.00 m @ 1.28% CuEq and 47.90 m @ 1.42% CuEq.

Will NexMetals (NEXM) update the Selkirk Mineral Resource Estimate after these assays?

Yes; all 2025 assay results will be incorporated into an updated MRE.

How does the Selkirk 2024 MRE cut-off compare to reported CuEq grades for NEXM?

The 2024 MRE used a US$25/t NSR cut-off, equivalent to 0.46% CuEq; key intervals reported exceed that cut-off.

What metallurgical work is NexMetals (NEXM) doing with the 2025 drill core?

Drill core is undergoing metallurgical flotation studies at Blue Coast Research to refine the flowsheet and confirm recoveries.

Do the 2025 results indicate exploration upside at Selkirk for NexMetals (NEXM)?

Yes; mineralization was intercepted both within the conceptual pit and below the current MRE, indicating potential near-surface and depth expansion.

Which NexMetals (NEXM) hole showed the longest continuous mineralized interval in 2025?

SMET-25-009 showed the longest continuous interval: 231.00 m.