NexMetals amendment: Extract Advisors holds 2.84M shares

Rhea-AI Filing Summary

NexMetals Mining Corp. reports an amendment to Schedule 13G disclosing beneficial ownership positions held by Extract Advisors LLC, its managing member Darin Milmeister, and Extract Capital Master Fund Ltd.

The filing shows Extract Advisors LLC beneficially holds 2,841,922 shares (7.6%), Darin Milmeister is reported with 2,841,922 shares (7.6%), and Extract Capital Master Fund Ltd. holds 2,745,768 shares (7.3%). The percentages are calculated using 35,512,606 shares outstanding as of March 13, 2026 and include shares the reporting persons may acquire through warrant exercises within sixty (60) days.

The report states these amounts include Shares held by the Fund and another pooled vehicle managed by the Adviser, and each Reporting Person disclaims beneficial ownership except to the extent of any pecuniary interest.

Insights

Governance & Ownership Analyst

Amendment clarifies ownership size and warrant-related potential voting power.

The filing quantifies reported holdings: 2,841,922 shares for Extract Advisors LLC and the same amount attributed to Darin Milmeister, and 2,745,768 shares for the Fund, using an outstanding share base of March 13, 2026. It notes inclusion of shares exercisable via warrants within 60 days.

Material dependencies include the actual exercise of those warrants and the reporting persons' shared voting/dispositive powers. Subsequent public filings or warrant exercises will clarify whether the exercisable rights convert into present voting influence.

Key Figures

Shares outstanding: 35,512,606 shares Extract Advisors LLC holdings: 2,841,922 shares Darin Milmeister reported position: 2,841,922 shares +2 more

5 metrics

Shares outstanding 35,512,606 shares as of March 13, 2026

Extract Advisors LLC holdings 2,841,922 shares reported beneficial ownership (7.6%) including exercisable warrants

Darin Milmeister reported position 2,841,922 shares reported beneficial ownership (7.6%) shared voting/dispositive power

Extract Capital Master Fund Ltd. holdings 2,745,768 shares reported beneficial ownership (7.3%) including exercisable warrants

Warrant exercise window 60 days shares includable for percentage calculations if exercisable within 60 days

Key Terms

beneficially owned, warrants, shared dispositive power, Schedule 13G/A

4 terms

beneficially owned regulatory

"Amount beneficially owned: Extract Advisors LLC - 2,841,922"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

warrants financial

"include the approximate number of Shares which may be acquired through the exercise of warrants within sixty (60) days"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

shared dispositive power regulatory

"Shared Dispositive Power 2,841,922.00"

Schedule 13G/A regulatory

"(Amendment No. 2 ) NexMetals Mining Corp."

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Extract Advisors LLC report in NEXM?

Extract Advisors LLC reports beneficial ownership of 2,841,922 shares, representing 7.6% of the class based on 35,512,606 shares outstanding as of March 13, 2026. The figure includes shares potentially acquirable by warrant exercise within 60 days.

How many shares does Extract Capital Master Fund Ltd. report owning in NEXM?

Extract Capital Master Fund Ltd. reports beneficial ownership of 2,745,768 shares, representing 7.3% of the class using the issuer's stated outstanding shares of 35,512,606 as of March 13, 2026. The count includes potential warrant exercises within 60 days.

Do these filings show sole voting or dispositive power for the reporting persons?

The filing shows no sole voting or sole dispositive power for the reporting persons and reports shared voting and shared dispositive power for the listed share amounts (e.g., 2,841,922 shared for Extract Advisors LLC).

Are the reported percentages based on current outstanding shares or include exercisable warrants?

The reported percentages are calculated from the issuer's stated 35,512,606 shares outstanding as of March 13, 2026 and include the approximate number of shares the Reporting Persons could acquire through warrant exercises within 60 days.

Does the filing admit the reporting persons are beneficial owners under Section 13?

No. The filing explicitly states it "shall not be deemed an admission" that the Reporting Persons are beneficial owners for purposes of Section 13, and each disclaims beneficial ownership except to the extent of any pecuniary interest.

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

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Accepted by SEC EDGAR 05/15/2026 - 05:20 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

NexMetals Mining Corp.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

65346E204

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 65346E204

1

Names of Reporting Persons

Extract Advisors LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,841,922.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,841,922.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,841,922.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.6 %

12

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person: Please see note in Item 4(a).

SCHEDULE 13G

CUSIP Number(s): 65346E204

1

Names of Reporting Persons

Darin Milmeister

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,841,922.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,841,922.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,841,922.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.6 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Please see note in Item 4(a).

SCHEDULE 13G

CUSIP Number(s): 65346E204

1

Names of Reporting Persons

Extract Capital Master Fund Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,745,768.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,745,768.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,745,768.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.3 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Please see note in Item 4(a).

SCHEDULE 13G

Item 1.
(a)	Name of issuer: NexMetals Mining Corp.
(b)	Address of issuer's principal executive offices: 3123-595 Burrard Street Vancouver, British Columbia, Canada V7X 1J1
Item 2.
(a)	Name of person filing: Extract Advisors LLC* Darin Milmeister* Extract Capital Master Fund Ltd.*
(b)	Address or principal business office or, if none, residence: 4500 Park Granada Unit 202, Calabasas, CA 91302
(c)	Citizenship: Extract Advisors LLC - Delaware Darin Milmeister - United States Extract Capital Master Fund Ltd. - Cayman Islands
(d)	Title of class of securities: Common Shares, no par value
(e)	CUSIP No.: 65346E204
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Extract Advisors LLC - 2,841,922* Darin Milmeister - 2,841,922* Extract Capital Master Fund Ltd. - 2,745,768* *The common shares (the "Shares") reported herein for NexMetals Mining Corp. (the "Issuer") include (i) Shares held by Extract Capital Master Fund Ltd. (the "Fund") as well as another pooled investment vehicle, which are both managed by Extract Advisors LLC (the "Adviser"); and (ii) the approximate number of Shares which may be acquired through the exercise of warrants within sixty (60) days. Darin Milmeister serves as the managing member of the Adviser (the "Managing Member," and collectively with the Adviser and the Fund, the "Reporting Persons"). As of the reporting date, the Fund held 2,745,768 Shares and the Adviser held 2,841,922 Shares. The percentages reported herein are calculated based upon (i) the statement in the Issuer's Form 10-K filed on March 13, 2026 that there were 35,512,606 Shares outstanding as of March 13, 2026; and (ii) plus the approximate total number of Shares that the Reporting Persons have the right to acquire through the exercise of certain of its warrants within sixty (60) days. This report shall not be deemed an admission that the Reporting Persons are beneficial owners of the Shares for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each of the Reporting Persons herein disclaims beneficial ownership of the Shares reported herein except to the extent of the Reporting Person's pecuniary interest, if any, therein.
(b)	Percent of class: Extract Advisors LLC - 7.6%* Darin Milmeister - 7.6%* Extract Capital Master Fund Ltd. - 7.3%*
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Extract Advisors LLC - 0 Darin Milmeister - 0 Extract Capital Master Fund Ltd. - 0
	(ii) Shared power to vote or to direct the vote: Extract Advisors LLC - 2,841,922* Darin Milmeister - 2,841,922* Extract Capital Master Fund Ltd. - 2,745,768*
	(iii) Sole power to dispose or to direct the disposition of: Extract Advisors LLC - 0 Darin Milmeister - 0 Extract Capital Master Fund Ltd. - 0
	(iv) Shared power to dispose or to direct the disposition of: Extract Advisors LLC - 2,841,922* Darin Milmeister - 2,841,922* Extract Capital Master Fund Ltd. - 2,745,768*
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Extract Advisors LLC

Signature:	/s/ Darin Milmeister
Name/Title:	Darin Milmeister, Managing Member
Date:	05/15/2026

Darin Milmeister

Signature:	/s/ Darin Milmeister
Name/Title:	Darin Milmeister, Individually
Date:	05/15/2026

Extract Capital Master Fund Ltd.

Signature:	/s/ Darin Milmeister
Name/Title:	Darin Milmeister, Director
Date:	05/15/2026