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

Rhea-AI Summary

NexMetals (TSXV: NEXM; NASDAQ: NEXM) reported assay results from three additional Selebi North Underground drill holes testing the South Limb down-plunge continuity. SNUG-25-194 returned 32.45 metres @ 4.61% CuEq (1.61% Cu, 1.46% Ni), including 9.65 metres @ 5.88% CuEq (2.35% Cu, 1.72% Ni) and a 7.90 m interval at 5.85% CuEq. Two step-out holes (SNUG-25-191, -192) also hit South Limb mineralization. The company plans to update the 2024 MRE using 2025 expansion drilling and updated metallurgical results, continue drilling (SNUG-25-200 in progress), then transition to surface drilling for the 2026 Selebi Main expansion. Total 2025 program to date: 9,617 metres drilled in 10 completed holes (plus 6 abandoned, 1 in progress).

Positive

• SNUG-25-194: 32.45 m @ 4.61% CuEq
• 9.65 m @ 5.88% CuEq high-grade internal interval
• 2025 program drilled 9,617 m toward resource expansion
• Mineralization extended >315 m beyond prior MRE lower extent

Negative

• Reported lengths are drillhole metres; true widths unknown due to widely spaced holes
• Six holes abandoned in 2025 program, indicating drilling challenges

News Market Reaction – NEXM

+2.61%

2 alerts

+2.61% News Effect

+$2M Valuation Impact

$96M Market Cap

0.2x Rel. Volume

On the day this news was published, NEXM gained 2.61%, reflecting a moderate positive market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $2M to the company's valuation, bringing the market cap to $96M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Main intercept: 32.45 metres of 4.61% CuEq High-grade sub-interval: 7.90 metres of 5.85% CuEq High-grade sub-interval: 9.65 metres of 5.88% CuEq +5 more

8 metrics

Main intercept 32.45 metres of 4.61% CuEq SNUG-25-194 South Limb interval at Selebi North Underground

High-grade sub-interval 7.90 metres of 5.85% CuEq Included zone within SNUG-25-194 South Limb intercept

High-grade sub-interval 9.65 metres of 5.88% CuEq Included zone within SNUG-25-194 South Limb intercept

Metal grades 1.61% Cu, 1.46% Ni Average grades over 32.45 m SNUG-25-194 South Limb intercept

Additional drilling since 2024 MRE 42,000 metres Drilling completed since initial 2024 mineral resource estimate

Resource extension Over 315 metres Mineralization extended beyond lower extent of existing resource

2025 SNUG drilling 9,617 metres Total drilled in 2025 Selebi North Underground resource expansion program

CuEq pricing inputs US$10.50/lb Ni, US$4.75/lb Cu Assumed long-term prices used in CuEq calculation formula

Market Reality Check

Price: $4.11 Vol: Volume 120,300 is 1.32x t...

normal vol

$4.11 Last Close

Volume Volume 120,300 is 1.32x the 20-day average of 90,992. normal

Technical Price $4.21 is trading below the 200-day MA of $4.82 and well under the $10.35 52-week high.

Peers on Argus

NEXM fell 7.24% while key peers in the sector context were also negative (e.g., ...

2 Up

NEXM fell 7.24% while key peers in the sector context were also negative (e.g., LGO -11.26%). However, the momentum scanner flagged peers like FURY and NVA moving up, and overall flags this as not a sector-wide move.

Historical Context

5 past events · Latest: Jan 20 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 20	Drilling results	Positive	+2.5%	Initial 2025 hinge drilling at Selebi Main with high-grade sulphide intercepts.
Jan 15	Work program update	Positive	-1.7%	Outlined 2026 technical programs and timelines plus accelerated CEO transition.
Jan 08	Board appointment	Positive	-1.0%	Added experienced former Kinross COO to board and new technical committee.
Dec 18	Warrant listing	Negative	-2.7%	Listing of <b>14,035,100</b> warrants from an <b>$80M</b> public offering.
Dec 15	CEO succession	Negative	-2.2%	CEO succession plan and disclosure of significant past and potential payouts.

Pattern Detected

Positive operational and corporate updates have often seen muted or negative next-day reactions, while financing- and warrant-related news aligned with share price declines.

Recent Company History

Over the last few months, NEXM has focused on advancing its Selebi and Selkirk assets. News included successful drilling outside the 2024 MRE, detailed 2026 work programs, leadership changes, and a sizeable $80 million unit offering with listed warrants. Several positive technical and management updates (e.g., hinge drilling results on Jan 20, 2026) saw limited or negative price follow-through, while financing and warrant-listing news on Dec 18, 2025 aligned with share price weakness. Today’s strong Selebi North drilling fits this pattern of constructive asset news versus a soft tape.

Market Pulse Summary

This announcement highlights high-grade step-out drilling at Selebi North, including 32.45 metres at...

Analysis

This announcement highlights high-grade step-out drilling at Selebi North, including 32.45 metres at 4.61% CuEq and several tighter, higher-grade intervals, supporting continuity along the South Limb. Management plans to fold these results and over 42,000 metres of post-2024 drilling into an updated MRE. Investors may track upcoming assays, the 2026 resource update, and ongoing underground and surface programs to gauge how this work translates into overall project scale.

Key Terms

cueq, mineral resource estimate, mre, qualified person, +4 more

8 terms

cueq technical

"32.45 metres of 4.61% CuEq (1.61% Cu, 1.46% Ni)"

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

"Update the Mineral Resource Estimate ("MRE") with the 2025 resource expansion"

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.

mre technical

"Since the initial 2024 MRE, an additional 42,000 metres of drilling has been"

A mineral resource estimate (MRE) is a technical calculation of how much of a metal or mineral likely exists in a project area and how concentrated it is, using drilling, sampling and geological models. For investors it’s like a baker’s recipe that shows how much usable product you can expect and how reliable that forecast is — higher, more certain estimates can boost a project’s value and reduce investment risk.

qualified person regulatory

"reviewed and approved by Sharon Taylor, VP Exploration of the Company, MSc, P.Geo, and a "qualified person""

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.

national instrument 43-101 regulatory

"for the purposes of National Instrument 43-101 and Subpart 1300 of Regulation S-K."

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

regulation s-k regulatory

"for the purposes of National Instrument 43-101 and Subpart 1300 of Regulation S-K."

A set of U.S. Securities and Exchange Commission rules that tell public companies which narrative and qualitative details must be disclosed in filings, such as risk factors, management discussion, executive pay, legal proceedings and business description. Think of it as a standardized checklist or blueprint that ensures investors get the same types of background information from every company so they can compare risks, management quality and strategy before making investment decisions.

icp-aes technical

"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.

peroxide fusion technical

"Analyses for Ni, Cu and Co are completed using a peroxide fusion preparation"

Peroxide fusion is a laboratory sample-preparation method that uses strong oxidizing chemicals to fully dissolve rock, soil or ore so metals and other elements can be measured accurately. It matters to investors because assay results derived from this process influence reported mineral grades, reserves and project economics; using a more aggressive digestion can reveal metals that gentler tests miss, like using a stronger blender to get every bit of fruit into a smoothie for a truer taste.

AI-generated analysis. Not financial advice.

Vancouver, British Columbia--(Newsfile Corp. - January 27, 2026) - NexMetals Mining Corp. (TSXV: NEXM) (NASDAQ: NEXM) (the "Company" or "NEXM") reports assay results from an additional three drill holes successfully intersecting high-grade mineralization at the Selebi North Underground ("SNUG") deposit. Drill holes SNUG-25-191, 192 and 194 were designed to test the strike continuity of mineralization in the down plunge extent of the South Limb of the Selebi North deposit.

Highlights

• Drill Hole SNUG-25-194: intersected South Limb (Figure 1)
                    South Limb: 32.45 metres of 4.61% CuEq (1.61% Cu, 1.46% Ni)
                    including: 7.90 metres of 5.85% CuEq (1.11% Cu, 2.30% Ni)
                               and: 9.65 metres of 5.88% CuEq (2.35% Cu, 1.72% Ni)
• Results continue to strengthen confidence in the size and continuity of the deposit.

Next Steps

• Update the Mineral Resource Estimate ("MRE") with the 2025 resource expansion drillholes and updated metallurgical test results.
• Drilling is ongoing and drill hole SNUG-25-200 is currently testing the down plunge extension of N3.
• Upon completion, the SNUG drill will transition to surface drilling for the 2026 Selebi Main resource expansion program (see news release dated January 15, 2026).
• Deliver assay results for SNUG-25-197 and SNUG-25-199 which are currently pending.

Figure 1: Location of 2025 drill holes relative to the 2024 MRE and underground infrastructure.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/281748_c6ba43fb1439cb03_002full.jpg

Sean Whiteford, CEO of the Company, commented: "These impressive assay results from SNUG-25-194 continue to confirm high grade continuity along the down plunge extension of the South Limb and reinforce our confidence in the growth potential of the deposit. Since the initial 2024 MRE, an additional 42,000 metres of drilling has been completed, and mineralization has been extended to a distance of over 315 metres beyond the lower extent of the resource (see news release dated August 13, 2025). These results will be incorporated into an updated MRE, in 2026."

Total metres drilled as part of the 2025 Selebi North Underground resource expansion program is 9,617 metres in 10 completed holes, 6 abandoned holes and 1 in-progress hole. Assay results for three of these holes are reported below in Table 1 and drill hole collar details are provided in Table 2. SNUG-25-191 and SNUG-25-192 were step-out holes to test South Limb mineralization along strike, and this drilling was required for the updated MRE. Both holes intersected South Limb mineralization outside the thick zone of mineralization in the fold nose.

The various mineralized zones have been historically mined and subsequently named N2 Limb, N3 Limb and South Limb to demarcate their location on the folded mineralized horizon. Additional drilling is needed to properly determine true width of mineralization on each limb and define the folded mineralization.

Table 1: Assay Results Selebi North Deposit

Hole-ID	From (m)	To (m)	Length (m)1	Cu (%)	Ni (%)	Co (%)2	Limb	CuEq (%)3
SNUG-25-191	666.60	668.00	1.40	0.64	1.67	0.07	South	4.08
SNUG-25-192	796.85	797.45	0.60	1.20	1.13	0.04	South	3.51
SNUG-25-194	789.10	821.55	32.45	1.61	1.46	0.08	South	4.61
incl	789.10	797.00	7.90	1.11	2.30	0.12	South	5.85
and	802.50	812.15	9.65	2.35	1.72	0.09	South	5.88
and	813.80	816.75	2.95	2.14	1.39	0.07	South	5.00
and	818.80	821.55	2.75	2.02	1.98	0.10	South	6.09

 

¹Length refers to drillhole length and not true width. True widths are unknown because of widely spaced drillholes in folded mineralized horizon.
²Co is not included in the MRE as cobalt analyses are not consistently available throughout the deposit.
³CuEq was calculated using the formula CuEq=Cu+2.06*Ni assuming long-term prices of US$10.50/lb Ni and US$4.75/lb Cu, and nickel and copper recoveries of 72.0% and 92.4%, respectively, derived from metallurgical studies which consider a conceptual bulk concentrate scenario.

Table 2: Drill Collar Information Selebi North Deposit

HOLE ID	Mine  East	Mine  North	Elevation	Dip	Mine Azimuth	Hole  Length	Comment
SNUG-25-191	35367.1	84410.6	81.18	-62.2	158.8	752.7	Rig #2 810mL P5
SNUG-25-192	35367.1	84410.5	81.19	-56.2	155.5	857.7	Rig #2 810mL P5
SNUG-25-194	35366.9	84410.6	81.22	-55.4	160.0	950.8	Rig #2 810mL P5

 

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.

Quality Control

Drill core samples are BQTK (40.7 mm diameter). All samples are ½ core cut by a diamond saw on site. Half of the core is retained for reference purposes. Samples are generally 1.0 to 1.5 metre intervals or less at the discretion of the site geologists. 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).

Holes are numbered as follows: SNUG (Selebi North Underground) + year + hole number starting at 013.

Technical Report

The MRE on the Selebi Mine is supported by the technical report entitled "Technical Report, Selebi Mines, Central District, Republic of Botswana" and dated September 20, 2024 (with an effective date of June 30, 2024) (the "Selebi Technical Report"), and prepared by SLR Consulting (Canada) Ltd. for NEXM. Reference should be made to the full text of the Selebi Technical Report, 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.

About NexMetals Mining Corp.

NexMetals Mining Corp. is a TSX.V and NASDAQ listed mineral exploration and development company focused on redeveloping the past-producing Selebi and Selkirk copper-nickel-cobalt-platinum group element mines in Botswana. NexMetals has confirmed the scale of mineralization is larger than historical estimates, supported by NI 43-101-compliant resource estimates, with ongoing down-hole geophysics, drilling, and metallurgical programs aimed at expanding resources and supporting future economic studies. The Company is led by an experienced management and technical team with a proven track record in global mineral projects, emphasizing disciplined execution, transparent governance, and long-term stakeholder value creation.

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

Sean Whiteford
CEO
swhiteford@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: ongoing and expected drilling at SNUG; the Company's belief in expanded mineralization beyond the existing MRE; the release of assay results and the expected timing thereof; the expected continuity and scale of the South Limb, N2 and N3 mineralized systems; the Company's intention to transition to surface drilling at SNUG; the Company's intention to update its MRE in 2026; the implementation of the objectives, goals and future plans of the Company including the proposed advancement of the Selebi Mine as currently contemplated; the expectation that exploration activities (including drill results) will accurately predict mineralization; the expectation that the Company will implement its drilling, geoscience and metallurgical work on its properties and work plans generally; the implementation of the objectives, goals and future plans of the Company including the proposed advancement of the Selebi Mine as currently contemplated; the effective targeting activities proposed by the Company; the benefits of the Company's approach to exploration; management's belief that the historical resource could be indicative of the presence of mineralization on the deposits; and the anticipated benefits of the Company's approach to the 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 metallurgical test results; the ability of exploration results to predict mineralization, prefeasibility or the feasibility of mine production; the risk that mineralized corridor will not continue at depth; the risk that assay results will not be as anticipated or received when anticipated; the risk that continuity and scale of the South Limb, N2 and N3 mineralized systems will not be as expected; additional drilling is needed to properly determine true width of mineralization on each limb and define the folded mineralization; 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/281748

FAQ

What did NexMetals (NEXM) report for drill hole SNUG-25-194 on January 27, 2026?

SNUG-25-194 intersected 32.45 metres @ 4.61% CuEq (1.61% Cu, 1.46% Ni), including 9.65 metres @ 5.88% CuEq.

How will the SNUG-25-194 results affect NexMetals' Selebi North MRE (NEXM)?

The company plans to incorporate the 2025 expansion drillholes and updated metallurgical data into an updated MRE in 2026.

How much drilling did NexMetals complete in the 2025 Selebi North Underground program?

The 2025 program reports 9,617 metres drilled: 10 completed holes, 6 abandoned holes and 1 in progress.

Are the reported assay intervals true widths for NexMetals' NEXM drill results?

No; the release states lengths are drillhole metres and true widths are unknown due to widely spaced drillholes.

Which additional NexMetals drill results from Selebi North are pending after January 27, 2026?

Assay results for SNUG-25-197 and SNUG-25-199 are reported as pending.