NexMetals Files NI 43-101 Technical Report for 2026 Selkirk Mineral Resource Estimate
Rhea-AI Summary
NexMetals Mining (TSXV/NASDAQ: NEXM) has filed an independent NI 43-101 technical report for the June 22, 2026 Mineral Resource Estimate on its Selkirk nickel-copper-PGE project in Botswana. The 2026 MRE defines an Indicated Mineral Resource of 78.2 million tonnes grading 0.66% CuEq, containing about 1.1 billion pounds of copper equivalent, and an Inferred Mineral Resource of 15.1 million tonnes grading 0.60% CuEq, with roughly 200 million pounds of copper equivalent.
According to NexMetals, the 2026 MRE increases Selkirk’s CuEq metal inventory by approximately 70% and converts a substantial portion of resources from Inferred to Indicated, based on re-assaying and twin drilling. Resources are reported within an optimized pit shell at a US$25/t NSR cut-off, with no Mineral Reserves defined.
Positive
- Selkirk CuEq metal inventory increased by ~70% in 2026 MRE
- Indicated Resource 78.2 Mt at 0.66% CuEq, ~1.1B lbs CuEq
- Inferred Resource 15.1 Mt at 0.60% CuEq, ~200M lbs CuEq
- Significant upgrade from Inferred to Indicated after re-assaying and twin drilling
- Resource reported within optimized pit shell at US$25/t NSR cut-off
- Independent NI 43-101 report by The MSA Group supports the 2026 MRE
Negative
- Selkirk currently has no Mineral Reserves defined
- Mineral Resources have no demonstrated economic viability at this stage
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 22 | Selebi drill results | Positive | +2.2% | High-grade assay results expanded a kilometre-scale massive sulphide trend. |
| Jun 24 | Selkirk resource update | Positive | +0.0% | The resource estimate increased Selkirk's contained copper-equivalent inventory. |
| Jun 04 | Metallurgical test results | Positive | +8.1% | Copper and nickel concentrates met commercial smelter specifications. |
| Jun 01 | Selebi drilling update | Positive | -0.7% | Visual drilling results identified massive sulphide mineralization while assays remained pending. |
| May 27 | Annual meeting results | Neutral | +1.8% | Shareholders approved director, auditor and equity incentive plan resolutions. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
NEXM's prior resource and exploration announcements produced mixed outcomes, including a 0% move after the earlier Selkirk resource update.
Key Terms
ni 43-101 regulatory
cueq technical
nsr financial
ordinary kriging technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - August 7, 2026) - NexMetals Mining Corp. (TSXV: NEXM) (NASDAQ: NEXM) (the "Company" or "NEXM") is pleased to announce that it has filed an independent National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") technical report supporting the 2026 Mineral Resource Estimate (the "2026 MRE") for its Selkirk Project in Botswana, originally announced on June 24, 2026. Selkirk is a past-producing copper-nickel-platinum group elements ("PGEs") project located approximately 75 kilometres northeast of the Company's flagship Selebi Project.
The 2026 MRE outlines an Indicated Mineral Resource of 78.2 million tonnes grading
The technical report, entitled "NI 43-101 Technical Report - June 2026 Mineral Resource Estimate
Selkirk Nickel-Copper-PGE Project, Botswana", was prepared by The MSA Group (Pty) Ltd. ("MSA") with an effective date of June 22, 2026. The technical report has been filed under the Company's profile on SEDAR+ at www.sedarplus.ca, furnished under the Company's profile on EDGAR at www.sec.gov and is also available on the Company's website. The Company plans to file a related Regulation S-K 1300 compliant technical report on a Current Report on Form 8-K on EDGAR as soon as reasonably practicable. There are no material differences between the technical report and the Mineral Resource Estimate previously disclosed.
Table 1. 2026 MRE Summary
| Grade | ||||||||||
| Classification | Tonnes (Millions) | NSR (US$) | Grade (% CuEq)* | Ni (%) | Cu (%) | Co (%) | Pt (g/t) | Pd (g/t) | Au (g/t) | Ag (g/t) |
| Measured | - | - | - | - | - | - | - | - | - | - |
| Indicated | 78.2 | 56 | 0.66 | 0.21 | 0.23 | 0.012 | 0.10 | 0.42 | 0.05 | 0.72 |
| Inferred | 15.1 | 51 | 0.60 | 0.18 | 0.21 | 0.010 | 0.09 | 0.40 | 0.05 | 0.77 |
| Total Contained (Mlbs CuEq)* | Contained Metal | |||||||||
| Ni (kt) | Cu (kt) | Co (kt) | Pt (koz) | Pd (koz) | Au (koz) | Ag (koz) | ||||
| Measured | - | - | - | - | - | - | - | - | ||
| Indicated | 1,138 | 163 | 181 | 9.2 | 245 | 1,066 | 120 | 1,818 | ||
| Inferred | 200 | 27 | 32 | 1.6 | 45 | 193 | 25 | 372 | ||
*CuEq is calculated using the formula
CuEq (%)=Cu(%)+Ni(%)*(85.1/91.4)+Co(%)*(93.8/91.4)+Pt(g/t)*(22.4/91.4)+Pd(g/t)*(33.1/91.4)+Au(g/t)*(68.5/91.4)+Ag(g/t)*(0.8/91.4)
Notes:
- All tabulated data have been rounded and as a result minor computational errors may occur.
- Mineral Resources, which are not Mineral Reserves, have no demonstrated economic viability. There is no guarantee that that all or any part of the Mineral Resource will be converted into a Mineral Reserve. The estimate of Mineral Resources may be materially affected by geology, environment, permitting, legal title, taxation, socio-political, marketing, or other relevant issues.
- kt = thousand tonnes, Mlbs = Million pounds, koz = thousand ounces.
- The 2026 MRE has been prepared in accordance with the CIM Definition Standards (2014) and CIM Best Practice Guidelines (2019) with an effective date of June 22, 2026.
- Mineral Resources are reported at a cut-off value of US
$25 /t Net Smelter Return ("NSR") defined as received value of final metal recovered minus off-site costs. - Mineral Resources are estimated using long-term prices of US
$9.10 /lb Ni, US$5.10 /lb Cu, US$20.00 /lb Co, US$1,800 /oz Pt, US$1,550 /oz Pd, US$3,600 /oz Au and US$52.00 /oz Ag. The same metal prices were used in CuEq and NSR calculations. - Mineral Resources are estimated using nickel, copper, cobalt, platinum, palladium, gold and silver recoveries of
54% ,88% ,53% ,56% ,78% ,72% and61% , respectively, derived from metallurgical studies which consider a two-concentrate scenario. - Payabilities and off-site treatment and refining costs were derived from an independent marketing study commissioned by NEXM.
- The CuEq value was calculated based on relative recovered value received for each metal excluding costs. Received value for each metal was calculated using the formula: in-situ grade*concentrator recovery*payability*metal price. The ratio between received copper value and total other metal value was then used to calculate CuEq, i.e., CuEq = (1+value excluding Cu / Cu value) * Cu grade.
- Bulk density has been estimated in the block model based on an extensive data set of measurements taken from drillhole cores.
- Mineral Resources are reported within an optimized pit shell using NSR values, mining cost of US
$3 /tonne (additional US$0.008 per metre depth from pit rim), concentrate costs of US$20 /tonne, G&A of US$1.35 per tonne, 45°pit slope to base of partially weathered and 60° in fresh rock. - There are no Mineral Reserves.
Mineral Resource Data and Quality Control
The historical sampling data was collected by the previous owner and operator, Tati Nickel Mining Company ("TNMC"), which included Ni and Cu assays and selective Pd, Pd and Au assays. The historical data was verified through completion of eleven twin diamond drillholes and approximately 6,000 samples taken for assay from the remaining TNMC core by NEXM. Resampling included intervals previously sampled by TNMC, as well as some extension sampling, and included a full suite of elements including Ni, Cu, Co, Pt, Pd, Au and Ag. Statistical checks completed by MSA revealed no material bias between the historical and recent sample assays.
Data from drillholes completed prior to TNMC, as well as TNMC underground drilling and channel sampling, was not verifiable and was not included in the 2026 MRE. A total of 216 diamond drillholes were used to estimate the 2026 MRE, including the TNMC drillholes, NEXM's twin drilling and an infill drillhole completed by NEXM.
The TNMC assays were completed at the TNMC Phoenix Laboratory. At the time of preparation and analysis, TNMC owned both the Phoenix Mine and Selkirk, and the laboratory was not independent of the operator. From 2011, the Phoenix Mine Laboratory held accreditation with the South African National Accreditation System (SANAS), and with the International Organization for Standardization/International Electrotechnical Commission (ISO/IEC) 17025 for chemical analyses. Ni and Cu were analysed by XRF and Pt, Pd and Au by 50 g lead collection fire assay. Relative Density measurements were obtained by water immersion method.
The Company's drill core was logged, photographed and marked for sampling in nominal lengths of one metre. The core samples were cut in half longitudinally using a rotating diamond saw. The bagged core samples were given a unique sample reference number, bagged and despatched to ALS Laboratories Ltd. ("ALS") in Johannesburg, South Africa for analysis (SANAS Accredited Testing Laboratory, No. T0387). Samples were analysed for Ni, Cu, and Co using a peroxide fusion preparation and inductively coupled plasma atomic emission spectrometry (ICP-AES) finish (ME-ICP81). Analyses for Pt, Pd, and Au were by fire assay (30 g nominal sample weight) with an ICP-AES finish (PGMICP23), also by ALS. A suite of 48 elements, including Ag, was analysed using a 4-acid digest and ICP-AES finish (ME-ICP61). Specific gravity measurements were also completed by ALS.
NEXM's drilling and resampling was subjected to a comprehensive programme of quality assurance and quality control by the Company, independent of the laboratories' own QA/QC measures, including certified reference materials (
Mineral Resource Estimate
The 2026 MRE was completed by The MSA Group in Johannesburg, South Africa.
The 2026 MRE was estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Best Practice Guidelines and is reported in accordance with the 2014 CIM Definition Standards, which have been incorporated by reference into NI 43-101.
The Selkirk Mineral Resource is contained within the Selkirk Meta Gabbro, which is a massive roughly sub-vertical body plunging at a moderate dip to the south-southwest approximately 300 to 450 m wide and has been intersected by drilling from surface to over 500 m deep. Sulphide mineralisation consists primarily of disseminated pyrrhotite and chalcopyrite and veins and pods of massive sulphide. The Selkirk Meta Gabbro has been intruded by several phases of later dykes which are barren.
Estimation comprised modelling of the Selkirk metagabbro, dykes and a surface representing the base of oxidation, followed by the construction of an implicit probability mineralised shell within the metagabbro including drillhole sample intervals greater than an NSR value of US
The Mineral Resource was reported using a NSR based optimised pit-shell. Using concentrate costs of US
Qualified Persons
Mr. J.C. Witley (BSc Hons, MSc (Eng.)) is a geologist with more than 35 years' experience in base and precious metals exploration and mining as well as Mineral Resource evaluation and reporting. He is Head of Mineral Resources for The MSA Group (an independent consulting company), is registered as Pr.Sci.Nat. with the South African Council for Natural Scientific Professions (SACNASP) and is a Fellow of the Geological Society of South Africa (GSSA). Mr. Witley has the appropriate relevant qualifications and experience to be considered a "Qualified Person" for the style and type of mineralisation and activity being undertaken as defined in NI 43-101 and is considered independent of NEXM pursuant to NI 43-101. Mr. Witley has reviewed and approved the technical and scientific information within this news release pertaining to the 2026 MRE.
Verification included a site visit by the QP to inspect historical mineralized core, observe existing infrastructure, including the Selkirk underground ramp and remains of massive sulphide stockpiles at surface, and inspect several surface drillhole collar locations (both historical and recent). The mineralisation in five of the twin holes was inspected by the QP. In addition, a selection of samples collected by NEXM have been verified against independently accessed assay certificates, and a random selection of historical database results have been compared against digital records.
Renee Goold, P.Eng., is a metallurgist with 17 years of experience in the base and precious metals mining industry. Her experience encompasses the full range of project development, from scoping studies through detailed design and into operations. Ms. Goold is the Manager of Processing and Metallurgy at Fuse Advisors (a part of SLR) and is registered as a Professional Engineer with Engineers and Geoscientists British Columbia (EGBC).
The scientific and technical content of this news release has been reviewed and approved by Sharon Taylor, V.P. Exploration of the Company, MSc, P.Geo, who is a "qualified person" for the purposes of NI 43-101.
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. At Selebi, the Company 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
1-866-794-NEXM (6396)
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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 2026 MRE at the Selkirk Project. 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, the risk that any of the assumptions underlying the 2026 MRE materially vary or prove to be incorrect, capital and operating costs varying significantly from estimates; the preliminary nature of drilling and metallurgical test results; payabilities of metals varying from expectations; the ability of exploration results to predict mineralization; the risk that the Company will not be able to expand or enhance its current mineral resource estimates; 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; the feasibility of anticipated commercial options regarding Selkirk such as potential partnerships or a spin-out; 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 the Company'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.
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