NexMetals Reports 11.05 Metres of 7.31% CuEq in SMD-25-205 Located 130 Metres Down-Dip from the Selebi Main Resource Within the Emerging Selebi Main Flexure Zone

Rhea-AI Summary

NEXM (TSXV/NASDAQ: NEXM) reports high‑grade drill intercepts at Selebi Main, including 11.05 m of 7.31% CuEq in SMD‑25‑205 and multiple mineralized zones beyond the current MRE (notably SMD‑25‑203 located 685 m outside the 2024 Selebi Main resource).

Results define an emerging Selebi Main Flexure Zone tied to a 700×700 m BHEM conductor and support continued resource expansion; 15,540 metres of 2025 program drilling completed to date.

Positive

• 11.05 m @ 7.31% CuEq in SMD-25-205
• SMD-25-203 located 685 m outside Selebi Main MRE
• Flexure Zone aligns with 700 m × 700 m BHEM conductor
• 15,540 metres drilled to date in 2025 program

Negative

• Some intercept true widths cannot be estimated due to drill density
• Assay results remain pending for multiple reported holes
• One hole abandoned due to excessive deviation

News Market Reaction – NEXM

+11.99% 2.4x vol

12 alerts

+11.99% News Effect

+7.6% Peak in 6 hr 14 min

+$9M Valuation Impact

$89M Market Cap

2.4x Rel. Volume

On the day this news was published, NEXM gained 11.99%, reflecting a significant positive market reaction. Argus tracked a peak move of +7.6% during that session. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $9M to the company's valuation, bringing the market cap to $89M at that time. Trading volume was elevated at 2.4x the daily average, suggesting notable buying interest.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Main Zone intercept: 11.05 m @ 7.31% CuEq (3.00% Cu, 2.09% Ni) High-grade sub-interval: 5.75 m @ 8.73% CuEq (3.98% Cu, 2.31% Ni) Lower Zone intercept: 1.05 m @ 7.84% CuEq +5 more

8 metrics

Main Zone intercept 11.05 m @ 7.31% CuEq (3.00% Cu, 2.09% Ni) SMD-25-205 Selebi Main Flexure Zone

High-grade sub-interval 5.75 m @ 8.73% CuEq (3.98% Cu, 2.31% Ni) Within SMD-25-205 Main Zone

Lower Zone intercept 1.05 m @ 7.84% CuEq SMD-25-205 Lower Zone

SMD-25-204 interval 0.85 m @ 6.24% CuEq Selebi North, 1,000 m beyond MRE

Step-out distance 685 m beyond current Selebi Main MRE Location of SMD-25-203

Flexure Zone conductor 700 m x 700 m plate “Super Conductor” BHEM plate at Selebi Main

Drilling completed 15,540 m Selebi Main surface program to date

CuEq price assumptions US$10.50/lb Ni, US$4.75/lb Cu CuEq formula with 72.0% Ni and 92.4% Cu recoveries

Market Reality Check

Price: $2.87 Vol: Volume 22,353 is 0.29x th...

low vol

$2.87 Last Close

Volume Volume 22,353 is 0.29x the 20-day average (78,419), indicating subdued trading. low

Technical Price at $3.60 is below the 200-day MA of $4.67 and 65.22% below the 52-week high of $10.35.

Peers on Argus

NEXM fell 2.96% while peers were mixed: USGO +1.56%, FURY +0.26%, ATLX +0.55%, L...

2 Up

NEXM fell 2.96% while peers were mixed: USGO +1.56%, FURY +0.26%, ATLX +0.55%, LGO +1.94%, and PLL -9.60%, pointing to stock-specific factors rather than a broad sector move.

Historical Context

5 past events · Latest: Feb 09 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 09	Board change	Neutral	-0.3%	CEO reappointed to board after director resignation and prior restructuring.
Feb 02	Management hire & awards	Neutral	-7.4%	New VP Geology appointment with RSUs and stock options granted.
Jan 27	Selebi North drilling	Positive	+2.6%	High-grade CuEq intercepts and plans to update 2024 MRE.
Jan 20	Selebi Main drilling	Positive	+2.5%	Initial 2025 hinge drilling with 11.05 m sulphide intercept and BHEM target.
Jan 15	Work programs & CEO	Positive	-1.7%	Outlined 2026 work plan, MRE/PEA timing, and accelerated CEO transition.

Pattern Detected

Exploration and drilling updates have generally aligned with modest positive price reactions, while leadership, governance and compensation news have more often coincided with negative moves.

Recent Company History

Over recent months, NEXM combined technical progress at Selebi with corporate changes. Drilling updates on Jan 20 and Jan 27 highlighted high-grade CuEq intercepts and plans to update the 2024 MRE, both followed by positive price reactions. Strategic planning and CEO transition details on Jan 15 and a VP Geology appointment with equity awards on Feb 2 coincided with share price declines. A board change on Feb 9 had minimal impact. Today’s flexure-zone drilling results extend this technical growth narrative at Selebi Main.

Market Pulse Summary

The stock surged +12.0% in the session following this news. A strong positive reaction aligns with t...

Analysis

The stock surged +12.0% in the session following this news. A strong positive reaction aligns with the high-grade intercepts and clear step-outs beyond the current Selebi Main MRE. Prior drilling releases on Jan 20 and Jan 27 also coincided with gains, suggesting investors have rewarded tangible resource expansion progress. However, the stock trades well below its $10.35 52-week high and remains under its $4.67 200-day MA, so positioning, prior financings, and overall sector sentiment could still influence the durability of any sharp move.

Key Terms

cueq, mineral resource estimate, ni 43-101, regulation s-k, +2 more

6 terms

cueq technical

"Main Zone – 11.05 metres of 7.31% CuEq (3.00% Cu and 2.09% 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

"beyond the current Selebi Main 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.

ni 43-101 regulatory

"a "qualified person" for the purposes of National Instrument 43-101"

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.

regulation s-k regulatory

"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

"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.

AI-generated analysis. Not financial advice.

Vancouver, British Columbia--(Newsfile Corp. - February 26, 2026) - NexMetals Mining Corp. (TSXV: NEXM) (NASDAQ: NEXM) ("NEXM" or the "Company") reports additional high-grade drill results from its ongoing surface drilling program targeting the emerging Selebi Main Flexure Zone. Recent drilling has intersected significant copper-nickel mineralization beyond the current Selebi Main Mineral Resource Estimate ("MRE"), confirming the presence of a newly interpreted flexure in the mineralized system and demonstrating strong potential for additional high-grade resource expansion adjacent to the existing Selebi Main deposit.

Assay results reported in this news release are for drill holes SMD-25-204 and SMD-25-205. All other drill holes referenced herein intersected visual sulphide mineralization, with assay results currently pending. Drill core photos for all holes referenced in this release are available on the Company's website at https://nexmetalsmining.com/selebi-core-samples/.

HIGHLIGHTS:

• Drill hole SMD-25-205 intersected two zones of mineralization 215 metres up dip from SMD-25-201.
  • Main Zone – 11.05 metres of 7.31% CuEq (3.00% Cu and 2.09% Ni) including 5.75 metres of 8.73% CuEq (3.98% Cu and 2.31% Ni)
  • Lower Zone - 1.05 metres of 7.84% CuEq

• Drill hole SMD-25-203 intersected two zones of mineralization 685 metres beyond the current Selebi Main MRE:
  • Main Zone – 18.30 metre mineralized zone that includes multiple intervals of massive, semi-massive, and disseminated sulphides
  • Lower Zone – two zones of massive sulphides within a 4.55 metre interval

• Drill hole SMD-26-208 intersected three zones of massive and disseminated sulphides located 230 metres up plunge of SMD-25-205
  • Upper Zone – 2.15 metre interval of massive sulphides
  • Main Zone – 3.05 metre interval of massive and disseminated sulphides
  • Lower Zone – 10.5 metre interval of massive and disseminated sulphides

• Drill Hole SMD-25-204 intersected multiple, narrow massive sulphide intervals including 0.85 metres of 6.24% CuEq at a distance of 1,000 metres beyond the Selebi North MRE

Interpretation and Resource Expansion Potential

• All 2025 drill holes reported to date have intersected mineralization significant distances outside the current MRE. SMD-25-203 is located 685 metres northwest of the 2024 Selebi Main MRE.
• Results confirm the presence of an emerging Flexure Zone where the mineralized system changes orientation, extending both down-dip and down-plunge from the existing Selebi Main resource.
• This Flexure Zone encompasses the recently identified 700 metre x 700 metre Super Conductor BHEM plate (see news release dated January 20, 2026), as well as additional strong conductive responses extending beyond SMD-25-203.
• These results confirm that the Selebi Main mineralized system remains open well beyond current resource boundaries, highlighting strong potential to add significant tonnes in future MRE updates.

Figure 1 – Selebi Mine Long Section

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/285533_1e46b88744c739f0_002full.jpg

Figure 2 – Selebi Main drill hole locations, and borehole electromagnetic plate geometry highlighting new mineralized horizons

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/285533_1e46b88744c739f0_003full.jpg

Figure 3 – SMD-25-203 and SMD-26-208 core photos/sulphide intersections

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/285533_1e46b88744c739f0_004full.jpg

Sean Whiteford, CEO of the Company, commented: "The Selebi camp continues to deliver both scale and grade. The identification of a Flexure Zone at Selebi Main, supported by strong BHEM conductors, provides a clear target for resource expansion. With step out holes over 685m from the current Selebi Main resource and wide intercepts of high-grade massive sulphides (up to 11.05m of 7.31% CuEq), the 2026 resource expansion program is off to a tremendous start."

To date, the Company has completed 15,540 metres across seven completed holes, one hole extension, one abandoned hole, and three holes currently in progress as part of the Selebi Main surface drilling program. This drilling continues to target extensions of the Selebi Main mineralized system associated with high-priority BHEM conductors.

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-25-204	1852.60	1852.95	0.35	unknown	0.63	1.80	0.10	Main Zone	4.34
SMD-25-204	1853.95	1854.30	0.35	unknown	0.46	2.53	0.13	Main Zone	5.67
SMD-25-204	1855.65	1856.50	0.85	unknown	4.29	0.95	0.05	Main Zone	6.24
SMD-25-204	1858.00	1858.35	0.35	unknown	2.47	0.14	0.01	Main Zone	2.76
SMD-25-205	1686.70	1697.75	11.05	10.7	3.00	2.09	0.09	Main Zone	7.31
Incl.	1692.00	1697.75	5.75	5.6	3.98	2.31	0.10	Main Zone	8.73
SMD-25-205	1708.30	1709.35	1.05	1.0	3.16	2.27	0.10	Lower Zone	7.84

 

¹Length refers to drillhole length in metres 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: 2025-2026 Surface Drill Collar Information

HOLE ID	UTM East	UTM North	Elevation	Dip	True North Azimuth	Hole Length	Comment
SMD-25-203	582550.8	7564012.8	905.8	-78.2	109.9	2,010.4
SMD-25-204	583002.8	7564891.7	893.8	-78.4	114.8	2,146.9
SMD-25-205	582693.6	7563648.3	903.9	-77.7	117.4	1,799.5
SMD-25-206	582643.8	7563224.1	905.2	-81.1	108.2	13.1	Abandoned due to excessive deviation
SMD-25-207	582644.0	7563223.9	905.4	-81.2	108.2	1,737.6
SMD-26-208	582752.1	7563358.1	903.6	-77.0	111.5	1678.2
SMD-26-209	582465.3	7563469.4	908.0	-74.1	101.9	1,880	Planned Depth Drilling in progress
SMD-26-210	582807.4	7563850.3	901.2	-75.1	114.7	1,825	Planned Depth Drilling in progress
SMD-26-211	582519.8	7563779.5	906.5	-75.0	111.3	2,100	Planned Depth Drilling in progress

 

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

The program is being executed using two company-owned underground Zinex U5 drills which were converted into surface A5 drills, and a new Marcotte HTM2500 drill purchased by the Company capable of drilling to depths of 2,550 metres (NQ core) which arrived on site in July 2025.

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 invaluable because of the size of the highly conductive mineralized system.

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
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 potential for additional high-grade resource expansion adjacent to the existing Selebi Main deposit; the potential to add significant tonnes in future MRE updates. 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. Such assumptions include, without limitation: the Company's ability to successfully complete its planned exploration and drilling programmes; the geological interpretations of the Selebi Main deposit are accurate and additional mineralization can be identified; the Company will have sufficient funding and resources to carry out its exploration activities; the regulatory environment will remain favourable and all required permits and approvals will be obtained in a timely manner; general economic and market conditions will remain stable; and the Company's ability to retain qualified personnel. 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/285533

FAQ

What did NEXM report for SMD-25-205 on February 26, 2026?

SMD-25-205 returned 11.05 metres of 7.31% CuEq as the main intercept. According to the company, the hole also contained a 5.75 m higher-grade internal interval and a separate lower zone of mineralization.

How far outside the current Selebi Main MRE was the SMD-25-203 intercept (NEXM)?

SMD-25-203 is located 685 metres beyond the 2024 Selebi Main MRE. According to the company, that hole intersected an 18.30 metre mineralized zone with massive and semi-massive sulphides.

What is the Selebi Main Flexure Zone and its significance for NEXM?

The Flexure Zone is an interpreted change in system orientation linked to new mineralized horizons. According to the company, it coincides with strong BHEM conductors and targets material resource expansion.

How much drilling has NEXM completed in the 2025 Selebi Main surface program?

The company has completed 15,540 metres of drilling to date across multiple holes. According to the company, work includes seven completed holes, one extension, and several holes in progress.

Are there any data or operational caveats investors should note about NEXM assays?

Yes. Some intervals lack reliable true-width estimates and multiple hole assays are pending. According to the company, sample prep, QA/QC, and lab analyses follow ALS Geochemistry protocols.