NexMetals Outlines 2026 Technical Work Programs to Advance Selebi and Selkirk Deposits in Botswana and Accelerates CEO Transition

Rhea-AI Summary

NexMetals (TSXV: NEXM; NASDAQ: NEXM) outlined its 2026 technical work programs for the Selebi and Selkirk Cu-Ni-Co-PGE projects in Botswana and confirmed an accelerated CEO transition with Sean Whiteford now CEO. Key 2026 plans include ~30,000 metres of Selebi Main surface drilling with BHEM, additional Selebi North underground development, ongoing metallurgical flowsheet optimization, an updated MRE for Selebi in H2 2026 and Selkirk MRE in H1 2026, and a PEA for Selebi targeted H2 2026 (Selkirk PEA timing contingent on results). 2025 work delivered expanded mineralization, successful bench-scale metallurgical tests producing separate copper and nickel-cobalt concentrates, secured unencumbered title to both assets, and balance sheet strengthening via financings.

Positive

• Secured unencumbered title to Selebi and Selkirk assets
• Planned ~30,000 metres of Selebi Main surface drilling in 2026
• Bench-scale metallurgical tests produced clean copper and nickel-cobalt concentrates
• Selebi MRE update targeted for H2 2026; Selkirk MRE targeted for H1 2026
• CEO transition completed with Sean Whiteford assuming CEO role

Negative

• PEA timing for Selkirk is contingent on ongoing technical results, creating schedule uncertainty
• Resource and economic progress depend on pending assay, BHEM and metallurgical results

News Market Reaction – NEXM

-1.73%

1 alert

-1.73% News Effect

On the day this news was published, NEXM declined 1.73%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Selebi Main drilling: 30,000 metres Gap length: two kilometre gap MRE timing Selebi: H2 2026 +5 more

8 metrics

Selebi Main drilling 30,000 metres Planned 2026 surface drilling program at Selebi Main

Gap length two kilometre gap Hinge program between Selebi Main and Selebi North deposits

MRE timing Selebi H2 2026 Planned Mineral Resource Estimate update for Selebi Mine

PEA timing Selebi H2 2026 Planned Preliminary Economic Assessment for Selebi Mine

MRE timing Selkirk H1 2026 Planned Mineral Resource Estimate update for Selkirk Mine

CEO transition date January 15, 2026 Sean Whiteford assumes Chief Executive Officer role

2025 drill program Hinge program Program targeting link between Selebi deposits

Underground development additional development To improve drilling access at Selebi North

Market Reality Check

Price: $2.87 Vol: Volume 48,921 is below th...

low vol

$2.87 Last Close

Volume Volume 48,921 is below the 20-day average of 72,350 (relative volume 0.68). low

Technical Shares trade below the 200-day MA of 4.86 with price at 4.04, reflecting prior weakness.

Peers on Argus

Pre-news, NEXM was down 0.49% while peers were mixed: FURY up 17.83%, ATLX up 6....

Pre-news, NEXM was down 0.49% while peers were mixed: FURY up 17.83%, ATLX up 6.36%, LGO up 6.3%, USGO up 4.61%, and PLL down 9.6%. Moves do not show a unified sector trend.

Historical Context

5 past events · Latest: Jan 08 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 08	Board appointment	Positive	-1.0%	Veteran mining executive joins board and new technical committee.
Dec 18	Warrant listing	Positive	-2.7%	Approval and listing of 14,035,100 financing warrants on TSXV.
Dec 15	CEO succession plan	Positive	-2.2%	Planned CEO change alongside recapitalization and debt conversion.
Dec 03	Drill results Selkirk	Positive	+4.7%	Strong CuEq intercepts from metallurgical drill program at Selkirk.
Dec 02	Title secured	Positive	-3.7%	US$25M milestone payment securing unencumbered asset title.

Pattern Detected

Recent fundamentally positive releases have often seen negative or muted next-day price reactions.

Recent Company History

Over the last six weeks, NexMetals advanced ownership and technical work at Selebi and Selkirk, secured unencumbered title via a US$25 million milestone payment, and reported strong Selkirk intercepts, including 231.00 m @ 1.09% CuEq. The company also upsized and completed an C$80,000,070 financing with listed warrants, and initiated a CEO transition completed in January 2026. Despite these generally constructive steps, four of the last five news events were followed by negative 24-hour price moves, indicating a pattern of selling into good news.

Market Pulse Summary

This announcement sets out NexMetals’ 2026 work plan, including 30,000 metres of drilling at Selebi ...

Analysis

This announcement sets out NexMetals’ 2026 work plan, including 30,000 metres of drilling at Selebi Main, continued underground development at Selebi North, and targeted MRE and PEA completions in H1/H2 2026. It also confirms the early completion of the CEO transition to Sean Whiteford. In context of recent financings and title security for Selebi and Selkirk, investors may focus on delivery of drilling assays, metallurgical results, and updated resource estimates as key markers of de‑risking over the coming year.

Key Terms

cu-ni-co-pge, borehole electromagnetic ("bhem"), mineral resource estimate ("mre"), preliminary economic assesment ("pea"), +4 more

8 terms

cu-ni-co-pge medical

"across the copper-nickel-cobalt-platinum group element sulphide ("Cu-Ni-Co-PGE") Selebi and"

Cu-Ni-Co-PGE denotes a mix of metals — copper (Cu), nickel (Ni), cobalt (Co) and platinum group elements (PGE) — often reported together when describing a mineral deposit, mining project or commodity exposure. Investors care because these metals power electrical grids, electric vehicles and industrial catalysts, so a deposit with multiple valuable metals is like a grocery basket with several high-demand items: it can boost revenue, reduce reliance on one commodity’s price and affect project economics and risk.

borehole electromagnetic ("bhem") technical

"Selebi Main Surface Drilling Program – borehole electromagnetic ("BHEM") surveying and drilling"

A borehole electromagnetic (BHEM) survey sends electromagnetic signals from or through a borehole to map conductive materials underground, like mapping where water, minerals, or hydrocarbons gather around a drilled hole. For investors, BHEM helps companies narrow where to drill or mine and estimate how much recoverable resource might exist, reducing exploration risk much like using a precise metal detector before digging.

mineral resource estimate ("mre") technical

"Mineral Resource Estimate ("MRE") Update – planned completion in H2 2026."

A mineral resource estimate (MRE) is a scientific calculation of how much metal or mineral likely exists in a particular deposit and how rich that material is, based on drilling samples and geological data. Think of it like estimating the pounds of apples in an orchard by sampling a few trees: it gives investors a practical sense of the size and quality of a potential mine, plus the uncertainty around those numbers, which directly affects project value, financing and investment risk.

preliminary economic assesment ("pea") financial

"Preliminary Economic Assesment ("PEA") – planned completion in H2 2026."

A preliminary economic assessment (PEA) is an early-stage financial study that estimates whether a proposed mining project could be profitable, using basic engineering layouts and broad assumptions about costs, production and prices. It matters to investors because it provides a first look at potential scale, costs and returns—like a rough prototype budget for a new product—but carries significant uncertainty and requires more detailed studies before making firm investment decisions.

inferred resource technical

"The objective is to meaningfully expand the Inferred resource base and provide"

An inferred resource is an early-stage estimate of how much mineral material may be present and its likely quality, based on limited sampling and basic geological patterns rather than detailed data. It matters to investors because it indicates potential upside but carries high uncertainty—like a rough hand-drawn map that hints at treasure but needs much more surveying and testing before anyone can count on its value for planning or valuation.

flowsheet technical

"Advanced metallurgical flowsheet development, including successful bench scale testing"

A flowsheet is a structured table that records a series of clinical or operational data points—such as vital signs, lab results, medication doses, procedures or milestone dates—so each patient or case can be tracked over time. For investors, a flowsheet turns detailed trial or operational activity into a clear timeline that highlights progress, gaps or problems, helping assess development speed, regulatory readiness and potential delays much like a trip log shows a journey’s pace and hiccups.

national instrument 43-101 regulatory

"qualified person" for the purposes of National Instrument 43-101 and Subpart 1300"

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

"qualified person" 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.

AI-generated analysis. Not financial advice.

Vancouver, British Columbia--(Newsfile Corp. - January 15, 2026) - NexMetals Mining Corp. (TSXV: NEXM) (NASDAQ: NEXM) ("NEXM" or the "Company") is pleased to outline the strategy and work programs for 2026 across the copper-nickel-cobalt-platinum group element sulphide ("Cu-Ni-Co-PGE") Selebi and Selkirk mines in Botswana. Building on the Company's success made in 2025 that expanded mineralization and advanced technical studies, the Company believes it is well positioned in 2026 to accelerate resource growth and advance both projects toward future economic assessments. The Company is also pleased to report that the previously announced leadership transition has been completed ahead of schedule and Sean Whiteford has assumed the role of Chief Executive Officer. The board of directors would like to formally welcome Sean to his new role and thank Morgan Lekstrom for his contribution to the successful succession.

Achievements in 2025 – Setting the Foundation for Growth

• Secured unencumbered title to the Selebi and Selkirk assets in Botswana following completion of the Asset Purchase Agreement milestone payment.
• Strengthened balance sheet through strategic financings to support exploration, underground development and technical programs across Selebi and Selkirk.
• Advanced the drill program targeting the two kilometre gap between the Selebi Main and Selebi North deposits.
• Advanced surface and underground exploration drilling at the Selebi Main and Selebi North deposits, expanding the mineralized footprint and improving geological understanding, and progressed underground development at Selebi North.
• Advanced metallurgical flowsheet development, including successful bench scale testing of blended Selebi Main and Selebi North material, with results demonstrating that a clean, high grade, saleable separate copper and nickel cobalt concentrates could be produced.
• Successfully completed the metallurgical drill program at Selkirk and advanced metallurgical flowsheet development work.
• Drill core resampling program at Selkirk was completed, supporting resource modelling and future economic studies.

2026 Strategy Highlights – Moving Toward Economic Studies

Selebi Mine

• Selebi Main Surface Drilling Program – borehole electromagnetic ("BHEM") surveying and drilling approximately 30,000 metres at Selebi Main targeting resource expansion.
• Selebi North Underground Development – additional development to establish better drilling access for future infill drilling required for economic studies.
• Metallurgy – continue to refine and optimize the metallurgical flowsheet for Selebi Mine material.
• Mineral Resource Estimate ("MRE") Update – planned completion in H2 2026.
• Preliminary Economic Assesment ("PEA") – planned completion in H2 2026.

Selkirk Mine

• Metallurgy – Continue to progress the metallurgical testing and provide technical basis to support resource update and future economic studies.
• MRE Update – planned completion in H1 2026.
• PEA – Timing contingent on ongoing technical results.

What to Expect in H1 2026

• Initial assay and BHEM results from the surface drilling program targeting the two kilometre gap potentially linking the Selebi deposits, also known as the Hinge program.
• Remaining assay and BHEM results from the Selebi North underground drilling program.
• Metallurgical results from ongoing Selkirk flowsheet and locked cycle test work.
• Assay results from the Selkirk resampling program.
• Assay results from exploration drilling on airborne EM targets and soil sampling programs.

Sean Whiteford, CEO of the Company, commented: "This year represents an important step forward for the Company as we move from foundational work into focused, data-driven resource growth and technical de-risking across Selebi and Selkirk. The success delivered throughout 2025 has positioned us well for this next phase. I want to sincerely thank Morgan for his contributions to NexMetals.

"With additional drills mobilized and the operational control that comes from owning our rigs, we are advancing our program efficiently and responsibly. Our 2026 work plan is structured to deliver drilling results and metallurgical data required to support updated resource estimates and future economic studies. We expect a steady flow of technical results throughout the year and believe the work completed in 2026 will significantly advance the projects and fully establish the scale and opportunity of the Selebi and Selkirk deposits. We look forward to sharing additional detail on our 2026 programs in due course."

Selebi Main Surface Drilling and BHEM Program

The Company has initiated a resources expansion drilling program supported by BHEM, building on targets identified from the Hinge drilling program. The program will test both the Main Zone and the Lower Zone, where historical drilling and BHEM modelling suggest increasing thickness and continuity down-dip and down plunge toward the north. Drill hole sequencing will be informed by ongoing geophysical interpretation, allowing the Company to position toward conductive plates as results are received. The objective is to meaningfully expand the Inferred resource base and provide the geological data necessary to support an updated MRE planned later in 2026. As drilling progresses, NEXM expects results to be released on a steady basis throughout the year.

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 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
President and Incoming CEO
swhiteford@nexmetalsmining.com

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

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 expanding resources and redeveloping the Selebi and Selkirk projects and the intended preparation of initial economic studies for the projects; the Company's strategy for 2026 at Selebi, including BHEM surveying and drilling at Selebi Main targeting resource expansion, additional development at Selebi North to establish better drilling access for future infill drilling required for economic studies, optimization of the metallurgical flowsheet, and preparation of an updated MRE and a PEA in H2 2026; the Company's strategy for 2026 at Selkirk, including metallurgical testing to support an MRE update in H1 2026 and the potential preparation and timing of a PEA; expected assay results from exploration drilling, soil sampling and resampling programs; the Company's expectations that a clean, high grade, saleable separate copper and nickel cobalt concentrates could be produced at Selebi; the Company's belief that work completed in 2026 will significantly advance the projects and fully establish the scale and opportunity of the Selebi and Selkirk deposits; the anticipated impact of the proposed BHEM program; and the Company's objective of meaningfully expanding its Inferred resource base. 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/280449

FAQ

What 2026 drilling does NexMetals (NEXM) plan at Selebi?

NexMetals plans approximately 30,000 metres of Selebi Main surface drilling supported by BHEM in 2026 targeting resource expansion.

When will NexMetals (NEXM) update the Selebi and Selkirk resource estimates?

The company targets a Selkirk MRE in H1 2026 and a Selebi MRE in H2 2026.

What is the timing for NexMetals' (NEXM) preliminary economic assessments?

Selebi PEA is planned for H2 2026; Selkirk PEA timing is contingent on ongoing technical results.

Has NexMetals (NEXM) completed its CEO transition?

Yes. Sean Whiteford has assumed the role of CEO and the board acknowledged the completed succession.

What metallurgical progress did NexMetals (NEXM) report for Selebi and Selkirk?

2025 work included bench-scale and flowsheet testing showing a clean, high-grade separate copper and nickel-cobalt concentrates; Selkirk locked-cycle and flowsheet testing is ongoing.

When will NexMetals (NEXM) release early 2026 assay and geophysics results?

Initial assay and BHEM results from the H1 2026 Selebi surface (Hinge) program and remaining Selebi North underground results are expected in H1 2026 on a steady basis.