NexMetals Expands the Selebi System Intersecting 10.40 Metres of 6.82% CuEq (3.09% Cu, 1.83% Ni) at Selebi Main, 320 Metres Beyond the 2024 MRE

Rhea-AI Summary

NexMetals (TSXV:NEXM; NASDAQ:NEXM) reported surface drilling results at Selebi Mines on May 7, 2026, including 10.40 metres of 6.82% CuEq (3.09% Cu, 1.83% Ni) at Selebi Main, 320 metres beyond the 2024 MRE. Drill results show down-plunge continuity, multiple mineralized horizons, and a program now tightening to 200-metre spacing with five rigs active. An updated MRE is targeted for the second half of 2026 to incorporate these results. Total program to date: 22,061 metres drilled across completed, extended, abandoned, and in-progress holes.

Positive

• 10.40 m @ 6.82% CuEq intersected 320 m beyond 2024 MRE
• Drilling shows down-plunge continuity and additional mineralized horizons
• Program tightened to 200-metre spacing to support resource upgrade
• Five rigs active to accelerate delineation and MRE update
• 22,061 metres drilled to date across the surface program

Negative

• Four surface holes were abandoned during the program
• CuEq uses price and recovery assumptions that affect reported equivalence
• Cobalt analyses not consistently available and excluded from the MRE

News Market Reaction – NEXM

+9.51% 2.0x vol

9 alerts

+9.51% Session close to close

+21.7% Peak in 29 hr 21 min

$119.74M Market Cap

2.0x Rel. Volume

In the May 7 session, NEXM gained 9.51%, reflecting a notable positive market reaction. Argus tracked a peak move of +21.7% during that session. Our momentum scanner triggered 9 alerts that day, indicating moderate trading interest and price volatility. Trading volume was elevated at 2.0x the daily average, suggesting notable buying interest.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved +9.5% in the session following this news. A strong positive reaction aligns with rec...

Analysis

The stock moved +9.5% in the session following this news. A strong positive reaction aligns with recent patterns where drilling and metallurgical updates often preceded gains, as seen after the Apr 27 and Apr 1 releases. Today’s assays convert prior visual sulphide observations at Selebi Main into high‑grade CuEq intercepts beyond the 2024 MRE. With the stock still trading well below the 10.35 52‑week high and under the 4.15 200‑day MA, investors have previously treated such results as incremental de‑risking rather than full re‑rating events.

Key Figures

Selebi MRE Indicated: 3.0 Mt at 2.92% CuEq Selebi MRE Inferred: 24.7 Mt at 3.40% CuEq SMD-26-209 intercept: 10.40 m at 6.82% CuEq +5 more

8 metrics

Selebi MRE Indicated 3.0 Mt at 2.92% CuEq Combined Indicated Mineral Resource (0.90% Cu, 0.98% Ni)

Selebi MRE Inferred 24.7 Mt at 3.40% CuEq Combined Inferred Mineral Resource (1.50% Cu, 0.92% Ni)

SMD-26-209 intercept 10.40 m at 6.82% CuEq Selebi Main, 3.09% Cu and 1.83% Ni, 320 m beyond 2024 MRE

SMD-25-203 main zone 16.10 m at 1.78% CuEq Selebi Main Main Zone sulphide mineralization

Lower Zone 2 7.45 m at 2.05% CuEq SMD-26-208 Lower Zone 2 at Selebi Main

Drilling completed 22,061 metres Surface drilling program total in completed, extended, abandoned and in‑progress holes

Drill spacing 200 metres Current follow‑up drilling spacing to support updated MRE

Active drill rigs 5 rigs Four holes in progress at Selebi Main plus one added company‑owned rig

Historical Context

5 past events · Latest: Apr 27 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 27	Metallurgy results	Positive	+7.2%	Locked‑cycle Selkirk tests showed saleable Cu and Ni concentrates with better recoveries.
Apr 09	Governance update	Neutral	+0.8%	Board nomination changes and option grants ahead of the May 27, 2026 AGM.
Apr 01	Drill results	Positive	+4.1%	Selebi North drilling confirmed high‑grade continuity and expanded the South Limb footprint.
Mar 26	Drill visuals	Positive	-3.4%	Announced visual sulphide intercepts at Selebi Main with assays pending for SMD‑26‑209.
Mar 19	Resampling results	Positive	+1.2%	Selkirk resampling added CuEq intercepts and PGE data for an updated MRE.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent technical and project updates have often seen positive one‑day price reactions, with only one notable divergence on earlier visual drill results.

Recent Company History

Over the last few months, NexMetals has repeatedly reported project‑advancement milestones, including Selkirk resampling, Selebi North drilling, and improved Selkirk metallurgy, all feeding into planned updated MREs and economic studies. Most of these announcements, such as the Apr 27 metallurgical results and Apr 1 Selebi North drilling, were followed by positive one‑day moves. Today’s Selebi Main assay confirmation extends that sequence by adding grades and widths for a previously visual intercept.

Key Terms

mineral resource, indicated, inferred, borehole electromagnetic, +2 more

6 terms

mineral resource technical

"which host a combined Mineral Resource of 3.0 Mt at 2.92% CuEq"

A mineral resource is a naturally occurring concentration of minerals in the ground that is considered valuable and likely recoverable based on geological evidence and preliminary studies. For investors, it signals the potential size and worth of a deposit—like a marked treasure area on a map—while also carrying uncertainty about how much can actually be mined and at what cost, affecting project value and risk.

indicated technical

"3.0 Mt at 2.92% CuEq (0.90% Cu and 0.98% Ni) Indicated and 24.7 Mt"

Indicated describes a medical use or patient group for which a drug, device, or treatment has been shown or authorized to work; it's like a label that says which problem the product is meant to fix. For investors, a new or expanded indication can directly change a product’s potential sales and market size, similar to a store adding a new aisle of goods that attracts more customers.

inferred technical

"Indicated and 24.7 Mt at 3.40% CuEq (1.50% Cu and 0.92% Ni) Inferred."

Inferred means a conclusion or piece of information drawn from available clues rather than directly observed or confirmed. For investors, an inference is like reading a weather forecast from cloud patterns: it helps form expectations about a company’s performance or risks when hard data is missing, but it carries uncertainty and should be weighed alongside verified facts.

borehole electromagnetic technical

"Based on drilling results and borehole electromagnetic ("BHEM") data, follow-up drilling"

A borehole electromagnetic test is a geophysical technique that sends and measures electromagnetic signals from equipment placed in a drilled hole to map the electrical properties of the surrounding rock and fluids. For investors, it provides non‑destructive clues about where minerals, water or hydrocarbons might be located and how concentrated they are, reducing the guesswork and cost of further drilling much like an MRI gives a clearer picture before surgery.

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.

icp-aes technical

"using a peroxide fusion preparation and ICP-AES finish (ME-ICP81). Analyses for Pt, Pd"

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.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Vancouver, British Columbia--(Newsfile Corp. - May 7, 2026) - NexMetals Mining Corp. (TSXV: NEXM) (NASDAQ: NEXM) ("NEXM" or the "Company") is pleased to report assay results from its surface drilling program at the Selebi Mines Project in Botswana, targeting the gap between the Selebi Main and North deposits and advancing resource expansion. The Selebi Mines Project comprises two deposits, Selebi Main and Selebi North, which host a combined Mineral Resource of 3.0 Mt at 2.92% CuEq (0.90% Cu and 0.98% Ni) Indicated and 24.7 Mt at 3.40% CuEq (1.50% Cu and 0.92% Ni) Inferred. Drilling has intersected mineralization 320 metres beyond the 2024 Mineral Resource Estimate ("2024 MRE"), confirming strong down-plunge continuity and highlighting the potential for additional mineralized horizons at depth at Selebi Main.

What You Need to Know: Mineralization Expanded at Selebi Main

• SMD-26-209 intersected 10.40 Metres of 6.82% CuEq (3.09% Cu, 1.83% Ni), located 320 metres down-dip of the 2024 MRE.
• Results are consistent with SMD-25-205 (11.05 metres of 7.31% CuEq, see news release dated February 26, 2026), located 350 metres to the northeast, demonstrating expansion potential within the Flexure Zone, extending down-dip and down-plunge from Selebi Main.
  • SMD-25-201 and SMD-25-203 tested the southern portion of the 2km gap between the Selebi Main and Selebi North deposits:
  • SMD-25-201 intersected multiple intervals of massive sulphide mineralization (see news release dated January 20, 2026).
• SMD-25-203 intersected 16.10 metres of sulphide mineralization, located 385 metres down-plunge of SMD-25-201 and 620 metres beyond the 2024 MRE (see Table 1).
• Based on drilling results and borehole electromagnetic ("BHEM") data, follow-up drilling is now focused on a 200-metre spacing, with the goal of incorporating these new results into an updated MRE expected to be completed in the second half of 2026.
  • SMD-26-208 intersected three mineralized horizons, including a lower zone with a thickness of 7.45 metres (see Table 1).
• Four holes are currently in progress at Selebi Main, with a fifth, Company-owned, drill rig recently added to accelerate the program.

What Does This Mean

• Confirmation that the Selebi Main mineralization extends well beyond 2024 MRE boundaries.
• A third zone is emerging beneath the two known zones.
• The updated MRE is expected to have a significantly larger tonnage than the 2024 MRE, at both Selebi Main and Selebi North.

Sean Whiteford, CEO of the Company, commented: "Drilling at Selebi Main continues to demonstrate strong continuity within the Flexure Zone, with mineralization now extending well beyond the limits of the 2024 MRE. Importantly, all holes reported today have returned grades and widths above the 2024 MRE cut-off, reinforcing the quality and consistency of the system as we expand both down-dip and down-plunge. With drilling now tightening to a 200-metre spacing and five rigs active, we are well positioned to support a meaningful increase in the next MRE."

Figure 1: Long section of Selebi Main, current drill hole locations relative to the 2024 MRE and the Selebi North deposit. 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/296394_7d83821824586b2a_002full.jpg

Figure 2: Selebi Main drill hole locations SMD-25-203, SMD-25-207, SMD-26-208 and SMD-26-209. Borehole electromagnetic plate geometry highlighting new mineralized horizons. 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/296394_7d83821824586b2a_003full.jpg

To date, a total of 22,061 metres in 8 completed holes, 1 hole extension, 4 abandoned holes and 4 in-progress holes have been completed as part of the surface drilling program. Assay results for SMD-25-203, SMD-25-207, SMD-25-208 and SMD-25-209 are reported below in Table 1 and drill hole collar details are provided in Table 2.

Table 1: 2025 Surface Drilling Results

Hole-ID	From (m)	To (m)	Length (m)	Est. True Thickness1	Cu (%)	Ni (%)	Co (%)2	Zone	CuEq (%)3
SMD-25-203	1928.65	1944.75	16.10	15.9	0.76	0.50	0.02	Main Zone	1.78
including	1928.65	1942.15	13.50	13.3	0.86	0.56	0.02	Main Zone	2.02
including	1932.50	1942.15	9.65	9.5	1.10	0.55	0.02	Main Zone	2.22
including	1937.40	1942.15	4.75	4.7	1.42	0.81	0.03	Main Zone	3.09
SMD-25-203	1964.40	1965.45	1.05	0.95	1.64	1.92	0.09	Lower Zone	5.58
SMD-25-203	1968.20	1969.20	1.00	0.90	0.83	1.84	0.02	Lower Zone	4.62
SMD-25-207	1644.90	1645.30	0.40	0.37	0.17	1.88	0.12	Main Zone	4.05
SMD-25-207	1661.85	1663.70	1.85	1.70	1.22	0.58	0.02	Lower Zone	2.42
including	1661.85	1662.35	0.50	0.48	1.02	0.96	0.04	Lower Zone	3.00
SMD-26-208	1581.30	1585.00	3.70	3.55	1.95	1.32	0.06	Main Zone	4.66
including	1581.30	1583.40	2.10	2.01	2.50	2.13	0.09	Main Zone	6.89
SMD-26-208	1589.55	1590.55	1.00	0.85	0.94	1.53	0.06	Main Zone	4.10
SMD-26-208	1611.90	1616.70	4.80	4.70	1.23	0.54	0.02	Lower Zone	2.34
including	1614.40	1616.25	1.85	1.81	1.09	1.11	0.05	Lower Zone	3.38
SMD-26-208	1628.90	1636.35	7.45	7.35	0.67	0.67	0.03	Lower Zone 2	2.05
SMD-26-209	1768.55	1778.95	10.40	10.30	3.09	1.83	0.08	Main Zone	6.82
including	1768.55	1772.20	3.65	3.61	3.45	1.79	0.08	Main Zone	7.72
and	1773.05	1778.95	5.90	5.84	3.27	2.07	0.09	Main Zone	7.21

 

¹Length refers to drillhole length and not true width. True widths are estimated where density of drilling is sufficient for an estimation. Some true widths cannot be estimated due to insufficient drill density.
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: 2025 Surface Drilling Collar Information

HOLE ID	UTM East	UTM North	Elevation	Dip	True North Azimuth	Hole Length
SMD-25-203	582550.8	7564012.8	905.8	-78.1	112.1	2,010.4
SMD-25-207	582644.0	7563223.9	905.4	-81.2	108.2	1,739.6
SMD-25-208	582752.1	7563358.1	903.6	-78.7	111.0	1678.2
SMD-25-209	582465.3	7563469.4	908.0	-74.7	100.2	1861.9

 

Detailed Drilling and BHEM Information

SMD-25-203, a 385-metre down-plunge step-out from SMD-25-201, intersected multiple intervals of massive sulphides mineralization over 16.1 metres.

SMD-25-207, SMD-26-208 and SMD-26-209 were drilled at a 200-metre spacing to allow for the expansion of the Inferred Resource.

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. Sharon Taylor has verified the data disclosed in this news release, including the sampling, analytical and test data underlying the disclosure, through multiple visits to drill sites and sample preparation facilities, assessment and oversight of sample preparation protocols, and review of the QA/QC procedures applied to analytical results received from ALS Chemex. No limitations or failures to verify were identified that could materially affect the results.

Quality Control

The program is being executed using three company-owned underground Zinex U5 drills which were converted into surface A5 drills, and two Marcotte HTM2500s drill purchased by the Company capable of drilling to depths of 2,550 metres (NQ core).

Drill core samples are either NQ (47.75 mm diameter) or BQ (36.40 mm diameter). All samples are ½ core samples cut by a diamond saw on site and the remaining 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 Geochemistry 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).

Holes are numbered as follows: SMD (Selebi Main Deposit) + year + hole number starting at 201.

BHEM Surveys

The BHEM surveys at Selebi utilize the Crone PEM system operated by local Batswana staff. Survey data is collected using a 3-component fluxgate probe collecting full waveform data. Surveys have been collected using timebases between 50 and 1000ms (0.25 Hz to 5 Hz). The data has been processed to a calculated residual step response to better quantify the conductive sources. This added processing has proven to be highly valuable because of the size of the highly conductive mineralized system.

Technical Report

The 2024 MRE on the Selebi Mines is supported by the technical report entitled "Technical Report, Selebi Mines, Central District, Republic of Botswana" dated September 20, 2024 (with an effective date of June 30, 2024) (the "Selebi Technical Report"), and the technical report summary entitled "S-K 1300 Technical Report Summary Selebi Mines, Central District, Republic of Botswana, Premium Resources Ltd." dated December 17, 2024 (with an effective date of June 30, 2024) (the "Selebi Technical Report Summary"), each 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 is available on SEDAR+ (www.sedarplus.ca) and the Selebi Technical Report Summary, which was prepared in accordance with Subpart 1300 of Regulation S-K and is available in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission on 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- and Regulation S-K 1300-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
info@nexmetalsmining.com
1-866-NEXM (6396)

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.

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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 potential for additional mineralized horizons at depth at Selebi Main; the expansion potential within the Flexure Zone; belief in the emergence of a third zone beneath the two known zones; incorporating new drilling results into an updated MRE expected to be completed in the second half of 2026; the updated MRE having a significantly larger tonnage than the 2024 MRE; and the Company being well positioned to support a meaningful increase in the next Mineral Resource update. 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 SEC 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/296394

FAQ

What did NexMetals (NEXM) announce on May 7, 2026 about Selebi Main drilling?

They reported a 10.40-metre intercept grading 6.82% CuEq, 320 metres beyond the 2024 MRE. According to the company, results show down-plunge continuity, multiple mineralized horizons, and support tighter 200-metre drill spacing ahead of an updated MRE.

When does NexMetals expect to release an updated MRE for Selebi (NEXM)?

The company expects an updated MRE in the second half of 2026. According to the company, follow-up drilling at 200-metre spacing and five active rigs aims to provide data for that update.

How extensive is NexMetals' 2025–2026 Selebi surface drilling program (NEXM)?

To date the program totals 22,061 metres including completed and in-progress holes. According to the company, this includes 8 completed holes, one extension, four abandoned holes, and four in progress.

What is the significance of the 10.40 m @ 6.82% CuEq intercept for NEXM shareholders?

The intercept indicates mineralization extends beyond the 2024 MRE, potentially increasing resource size. According to the company, tighter drilling and ongoing assays aim to support a materially larger MRE when updated.

What assumptions underlie the CuEq figures NexMetals (NEXM) reported?

CuEq was calculated assuming US$10.50/lb Ni, US$4.75/lb Cu, and recoveries of 72.0% for Ni and 92.4% for Cu. According to the company, those price and recovery inputs drive the reported CuEq values.