NexMetals Mining Corp. Schedule 13G/A reports that Extract Advisors LLC and affiliated parties collectively disclose beneficial interests tied to warrants and common shares. The filing lists Extract Advisors LLC: 1,971,622 shares (5.4%), Darin Milmeister: 1,971,622 shares (5.4%), and Extract Capital Master Fund Ltd.: 1,875,468 shares (5.1%). The percentages are calculated using an outstanding base of 21,455,608 shares as of November 13, 2025 plus 14,035,100 shares underlying units from a November 17, 2025 public offering and certain warrants exercisable within sixty days. The report disclaims affirmative beneficial‑ownership admission and attributes shared voting and dispositive power to the Reporting Persons.
Positive
None.
Negative
None.
Insights
Disclosure clarifies shared voting/control and warrant inclusion in percentage calc.
The filing states shared voting and dispositive power of 1,971,622 shares for the Adviser and Darin Milmeister and 1,875,468 for the Fund. It explicitly includes the approximate number of Shares issuable upon warrant exercise within sixty (60) days in the percent calculation.
Timing and cash‑flow treatment for potential exercises are not described in the excerpt; subsequent filings or transactions would show whether warrants convert into actual open‑market supply.
Positions are modest single‑digit stakes; percentages use expanded share base.
The reported percentages—5.4% for the Adviser and Darin Milmeister and 5.1% for the Fund— derive from an adjusted denominator that adds 14,035,100 shares from a public offering to the reported 21,455,608 outstanding figure as of November 13, 2025. The filing also incorporates warrants exercisable within sixty (60) days.
Impact on voting power or overhang depends on whether those warrants are exercised; future filings will provide concrete conversion or disposition details.
Key Figures
Extract Advisors shares:1,971,622 sharesDarin Milmeister shares:1,971,622 sharesExtract Capital Master Fund shares:1,875,468 shares+4 more
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 exercisable within sixty (60) daysmarket
"approximate number of Shares which may be acquired through the exercise of warrants within sixty (60) days"
shared voting and dispositive powerregulatory
"Shared Voting Power 1,971,622.00 ... Shared Dispositive Power 1,971,622.00"
pooled investment vehiclefinancial
"Shares held by Extract Capital Master Fund Ltd. ... and another pooled investment vehicle"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
NexMetals Mining Corp.
(Name of Issuer)
Common Shares, no par value
(Title of Class of Securities)
65346E204
(CUSIP Number)
03/02/2026
(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
1,971,622.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,971,622.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,971,622.00
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)
5.4 %
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
1,971,622.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,971,622.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,971,620.00
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)
5.4 %
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
1,875,468.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,875,468.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,875,468.00
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)
5.1 %
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 - 1,971,622*
Darin Milmeister - 1,971,622*
Extract Capital Master Fund Ltd. - 1,875,468*
*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 1,875,468 Shares and the Adviser held 1,971,622 Shares. The percentages reported herein are calculated based upon (i) the statement in the Issuer's Form 10-Q filed on November 13, 2025 that there were 21,455,608 Shares outstanding as of November 13, 2025; plus (ii) 14,035,100 Shares underlying the units issued in the Issuer's public offering that closed on November 17, 2025; and (iii) 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 - 5.4%*
Darin Milmeister - 5.4%*
Extract Capital Master Fund Ltd. - 5.1%*
(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 - 1,971,622*
Darin Milmeister - 1,971,622*
Extract Capital Master Fund Ltd. - 1,875,468*
(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 - 1,971,622*
Darin Milmeister - 1,971,622*
Extract Capital Master Fund Ltd. - 1,875,468*
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.
What stake does Extract Advisors report in NexMetals (NEXM)?
Extract Advisors reports beneficial interests equal to 1,971,622 shares (5.4%). The percentage uses an adjusted share base including 21,455,608 outstanding shares and 14,035,100 offering-related shares.
How many shares does Extract Capital Master Fund Ltd. hold in NEXM?
The Fund holds 1,875,468 shares (5.1%). That percentage is calculated using the issuer's stated outstanding shares plus the public offering units and certain warrants exercisable within sixty days.
Do the Reporting Persons claim sole ownership of the NEXM shares?
No. The Reporting Persons disclaim admission of beneficial ownership and report shared voting and dispositive power for the listed share amounts, not sole power.
Were warrants included in the ownership calculation?
Yes. The percentages incorporate the approximate number of shares that may be acquired upon exercise of warrants within sixty (60) days, as stated in Item 4(a).
What share counts anchored the percent calculations for NEXM?
Calculations use 21,455,608 shares outstanding as of November 13, 2025 plus 14,035,100 shares underlying units from the November 17, 2025 public offering and exercisable warrants.
