Upsized from $50 Million Due to Strong Demand

Vancouver, British Columbia–(Newsfile Corp. – October 28, 2025) – NexMetals Mining Corp. (TSXV: NEXM) (Nasdaq: NEXM) (the “Company” or “NEXM“) is pleased to announce a “best efforts” public offering (the “Offering“) pursuant to an agreement with SCP Resource Finance LP (“SCP“) as sole bookrunner and together with Raymond James Ltd (“RJ“) as co-lead agents (“Co-Lead Agents“), on their own behalf and on behalf of a syndicate of one or more additional agents, of up to 11,403,509 units of the Company (the “Units” or “Offered Securities“) at a price of C$5.70 per Unit for aggregate gross proceeds of up to C$65 million.

Each Unit will consist of one common share of the Company (each, a “Common Share“) and one common share purchase warrant of the Company (each, a “Warrant“). Each Warrant will entitle the holder to acquire one Common Share for a period expiring 24 months following the date of issuance at a price of C$8.00.

The net proceeds from the Offering are expected to be used to fund the prepayment of the first contingent milestone payment under the Asset Purchase Agreement (“APA“) for the Selebi and Selkirk mines, the timing of which is planned prior to the end of 2025, to advance exploration and development activities at the Company’s mineral assets in Botswana, and for working capital and general corporate purposes.

Morgan Lekstrom, CEO of the Company, commented: “Allocating a portion of this financing toward the prepayment of the APA would mark a critical step in securing title to both the Selebi and Selkirk assets, while allowing significant advancement on the high-grade projects in Botswana. Once completed, this will support long-term value creation while further derisking the assets.”

The Offered Securities will be sold by way of a short-form prospectus in each of the provinces of Canada, except Quebec. The Units will also be offered (i) in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the U.S. Securities Act, and (ii) in such other jurisdictions outside of Canada and the United States provided that a placement therein does not give rise to any prospectus, registration or continuous disclosure obligations on the part of the Company (collectively, the “Selling Jurisdictions“).

The Company has granted to the Co-Lead Agents an option (the “Over-Allotment Option“) to purchase up to that number of additional Offered Securities which equal to 15% of the Offered Securities issued pursuant to the Offering to cover over-allotments and for market stabilization purposes. The Over-Allotment Option will be exercisable in whole or in part, at any time and from time to time, for a period of 30 days from and including the Closing Date (as defined herein).

In connection with the Offering, the Company has agreed to pay to the Agents a cash fee equal to 6% of the gross proceeds of the Offering (including upon any exercise of the Over-Allotment Option), subject to a reduced cash fee equal to 2.0% payable in respect of sales to certain individuals on a “president’s list” for gross proceeds of up to C$5 million.

The Offering is expected to close on or about November 13, 2025 (the “Closing Date“) and remains subject to the receipt of all necessary approvals.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been registered under the United States Securities Act of 1933, as amended (the “1933 Act“) or any U.S. state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable U.S. state securities laws, or an exemption from such registration requirements is available.

About NexMetals Mining Corp.

NexMetals Mining Corp. is a mineral exploration and development company that is focused on the redevelopment of the previously producing copper, nickel and cobalt resources mines owned by the Company in the Republic of Botswana.

NexMetals is committed to governance through transparent accountability and open communication within our team and our stakeholders. NexMetals’ team brings extensive experience across the full spectrum of mine discovery and development. Collectively, the team has contributed to dozens of projects, including work on the Company’s Selebi and Selkirk mines. Senior team members each have on average, more than 20 years of experience spanning geology, engineering, operations, and project development.

Follow Us

X: https://x.com/NexMetalsCorp
LinkedIn: https://www.linkedin.com/company/NexMetalsMiningCorp
Facebook: https://www.facebook.com/NexMetalsMiningCorp

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, statements regarding closing of the Offering, the proceeds to be raised under the Offering and the intended use of net proceeds of the Offering. 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 receipt of regulatory approvals for the Offering; changes in equity markets; inflation; fluctuations in commodity prices; 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.com), 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.

Not for distribution to U.S. Newswire Services or for release, publication, distribution or dissemination directly or indirectly, in whole or in part, in or into the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272222

]]> /investors/news-releases/corporate-presentation/ Mon, 27 Oct 2025 18:41:13 +0000 https://nexmetals.wpenginepowered.com/?p=818 /investors/news-releases/nexmetals-metallurgical-assay-results-confirm-clean-copper-nickel-cobalt-concentrates-from-selebi-mines/ Wed, 22 Oct 2025 11:00:00 +0000 https://nexmetals.wpenginepowered.com/nexmetals-metallurgical-assay-results-confirm-clean-copper-nickel-cobalt-concentrates-from-selebi-mines/

Vancouver, British Columbia–(Newsfile Corp. – October 22, 2025) – NexMetals Mining Corp. (TSXV: NEXM) (NASDAQ: NEXM) (the “Company” or “NEXM“) is pleased to announce that final concentrate assay results from its bulk sample-based metallurgical test program (see news release dated September 3, 2025) at the past-producing Selebi Mines in Botswana have confirmed the potential to produce clean, high-grade, saleable copper and nickel-cobalt concentrates.

Clean Concentrates Confirmed

• Commercial Specifications: Assays confirm both concentrates potentially meet industry-standard smelter acceptance criteria, establishing a potential pathway to commercial sales.
• Clean Concentrate: Both the copper and nickel concentrates show very low levels of deleterious elements, including magnesium, cadmium, mercury, fluorine, lead, silica, and arsenic, all are below industry-standard penalty thresholds. This clean profile is highly compelling and could enhance marketability and offtake terms.
• Low-Capital Restart Pathway: Validates the option for the Company to restart operations without the need for an on-site smelter or hydrometallurgical plant, reducing capital intensity and execution risk.

Next Steps

• Based on findings from mineralogical studies, investigate opportunity to reduce nickel losses of liberated nickel sulphide fines in nickel rougher tails by minimizing overgrinding and fines generation.
• Variability testing on additional Selebi samples.
• Use results to optimize the flowsheet and mining sequence to drive higher overall recoveries.

Morgan Lekstrom, CEO of the Company, commented: “These results confirm the success of our flowsheet process testing which demonstrated our ability to produce two separate, high-grade saleable copper and nickel concentrates. The final assays now show that both concentrates are very clean, containing low levels of deleterious elements and potentially meet commercial smelter specifications. Another exciting step in our accelerated work program, this further de-risks the project and enhances the marketability of Selebi’s concentrates.”

Technical Details

The geochemical analyses were carried out by Activation Laboratories Ltd. (“Actlabs“), Ancaster, Ontario, Canada, to provide quality assessment of the Copper and Nickel concentrates produced from Selebi Locked Cycle Test 1 carried out at Blue Coast Research labs (see news release dated September 3, 2025). For brevity, only the analyses of potentially payable metals and deleterious elements are given in Table 1. Deleterious elements that can attract penalties in copper concentrate include arsenic, antimony, bismuth, lead, zinc, mercury, fluorine/chlorine, cadmium, selenium, tellurium, silica (SiO₂), alumina (AL₂O₃), and magnesia (MgO). Deleterious elements in nickel concentrate include arsenic, antimony, bismuth, lead, mercury, zinc, chlorine/fluorine, phosphorous, magnesium, aluminum, silica, and carbon.

For both the copper and nickel concentrates, all deleterious elements are well below the industry standard smelter penalty threshold.

Table 1. Lock Cycle Test -1 Copper and Nickel Concentrate Quality Assessment

Quality Control

Analyses were performed at Blue Coast Research (“BCR“) in Parksville, British Columbia and Actlabs. BCR used a four acid digestion analyzed by ICP-OES (4AD-ICP) and Combustion-IR by Eltra for Sulfur (S(tot)-ELTRA). Actlabs carried out the remaining analyses using Hg-Cold Vapour AA, Whole rock Analysis-XRF, Short Lived (INAA), Fusion Specific Ion Electrode-ISE and Major Elements Fusion (ICP-OES).

Actlabs is an independent laboratory and accredited by the Standards Council of Canada to the ISO/IEC 17025 standard.

Qualified Persons

All scientific and technical information in this news release has been reviewed and approved by Norman Lotter, P.Eng., Pr.Eng., C.Eng., FSAIMM, FIMM, Consulting Engineer, and by Sharon Taylor, MSc., P.Geo., Vice President Exploration of the Company, each of whom are “qualified persons” for the purposes of NI 43-101 and Subpart 1300 of Regulation S-K.

Technical Report

The mineral resource estimate 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 is available on SEDAR+ (www.sedarplus.ca) and “S-K 1300 Technical Report Summary Selebi Mines, Central District, Republic of Botswana” and dated December 17, 2024, filed in accordance with Subpart 1300 of Regulation S-K on EDGAR (www.sec.gov), and in each case under NEXM’s issuer profile.

About NexMetals Mining Corp.

NexMetals Mining Corp. is a mineral exploration and development company that is focused on the redevelopment of the previously producing copper, nickel and cobalt resources mines owned by the Company in the Republic of Botswana.

NexMetals is committed to governance through transparent accountability and open communication within our team and our stakeholders. NexMetals’ team brings extensive experience across the full spectrum of mine discovery and development. Collectively, the team has contributed to dozens of projects, including work on the Company’s Selebi and Selkirk mines. Senior team members each have on average, more than 20 years of experience spanning geology, engineering, operations, and project development.

For further information about NexMetals Mining Corp., please contact:

Follow Us

X: https://x.com/NexMetalsCorp
LinkedIn: https://www.linkedin.com/company/NexMetalsMiningCorp
Facebook: https://www.facebook.com/NexMetalsMiningCorp

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 expectation that the Selebi Mines have the potential to produce clean, high-grade, saleable copper and nickel-cobalt concentrates, and the potential commercial sale of such concentrates; the expectation that the Company will not be required to build a smelter or hydrometallurgical facility on the Selebi Mines to restart operations; the expectation that the proposed flow sheet design in respect of the Selebi Mines will result in lower energy requirements and a reduced environmental footprint; the Company’s anticipation of a faster and more efficient potential restart of the Selebi Mines; anticipated flexibility in future potential offtake negotiations; the implementation of the objectives, goals and future plans of the Company including the proposed advancement of the Selebi Mines as currently contemplated, including variability testing on additional Selebi samples and flowsheet optimization; the expectation that exploration activities will accurately predict mineralization; the Company’s expectation that the mineral resource estimate may be materially improved; the expectation that the Company will implement its drilling, geoscience and metallurgical work on its properties and work plans generally; management’s belief that the historical resource could be indicative of the presence of mineralization on the deposits; and the anticipated benefits of the Company’s approach to the resource development plan. 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 Selebi Mines may not restart or re-enter production on the timing anticipated or at all; risks related to the potential commercial sale of concentrates or that such sales do not occur on the timing anticipated or at all; capital and operating costs varying significantly from estimates; the derisking and reduced capex and energy requirements of the Selebi Mines may not be as anticipated; the Company may not enter into future offtake agreements; the ability of exploration and metallurgical results to predict mineralization, prefeasibility or the feasibility of mine production; the risk that future assay results will not be as anticipated or received when anticipated; 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.com), 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/271407

In connection with the continuance, the Company has replaced its articles and bylaws with new notice of articles and articles, respectively, under the BCBCA. The CUSIP / ISIN numbers for the Company’s common shares and the stock symbol for the Company’s common shares remain unchanged.

About NexMetals Mining Corp.

NexMetals Mining Corp. is a mineral exploration and development company that is focused on the redevelopment of the previously producing copper, nickel and cobalt resources mines owned by the Company in the Republic of Botswana.

NexMetals is committed to governance through transparent accountability and open communication within our team and our stakeholders. NexMetals’ team brings extensive experience across the full spectrum of mine discovery and development. Collectively, the team has contributed to dozens of projects, including work on the Company’s Selebi and Selkirk mines. Senior team members each have on average, more than 20 years of experience spanning geology, engineering, operations, and project development.

For further information about NexMetals Mining Corp., please contact:

Morgan Lekstrom
CEO and Director
morganl@nexmetalsmining.com

Jaclyn Ruptash
V.P., Communications and Investor Relations
jaclyn@nexmetalsmining.com

Follow Us

X: https://x.com/NexMetalsCorp
LinkedIn: https://www.linkedin.com/company/NexMetalsMiningCorp
Facebook: https://www.facebook.com/NexMetalsMiningCorp

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.

Why This Matters: Scale, Grade, Expansion

• Results continue to demonstrate the scale and consistency of mineralization.
  • SMET-25-005: wide interval of high-grade mineralization
    • 219.00 metres of 1.03% CuEq聽(0.39% Cu, 0.33% Ni, 0.61 ppm Pd, 0.14 ppm Pt)
    • 157.00 metres of 1.21% CuEq聽(0.46% Cu, 0.38% Ni, 0.72 ppm Pd, 0.16 ppm Pt)
  • SMET-25-006: wide interval of mineralization
    • 66.35 metres of 1.17% CuEq聽(0.43% Cu, 0.41% Ni, 0.65 ppm Pd, 0.14 ppm Pt)
• Mineralization outside the Mineral Resource Estimate (“MRE”)and within the current conceptual pit shell demonstrates the potential for expansion of the deposit toward the surface.
  • SMET-25-005: starting at 47.00 metres from surface
    • 48.00 metres of 0.57% CuEq (0.19% Cu, 0.20% Ni, 0.34 ppm Pd, 0.08 ppm Pt)
• Large widths of near-surface mineralization support open-pit development potential with a low strip ratio (see “Technical Report” below).
• Current cut-off of US$25.00 per tonne net smelter return defined in the MRE translates to 0.46% CuEq. Any material above this cut-off grade could be potentially included in the MRE.

Figure 1: Location of 2025 metallurgical drill holes, resampled drillholes and Mineral Resource Estimate. 

Morgan Lekstrom, CEO of the Company, commented: “These latest drill results reinforce the impressive scale and consistency of Selkirk. Mineralization remains open in multiple directions, with wide near-surface zones highlighting resource expansion and open-pit potential. With each new hole, we are unlocking more of Selkirk’s true size, strength, and opportunity for expansion, positioning us well for the next steps in advancing the project.”

Assay results are reported below in Table 1 and drill hole collar details are provided in Table 2.

Table 1: Assay Results Selkirk Deposit

  
Table 2: Drill Collar Information Selkirk Deposit

Technical Report

The MRE on the Selkirk Mine is supported by the Technical Report entitled “NI 43-101 Technical Report Selkirk Nickel Project, North East District, Republic of Botswana”, dated January 8, 2025 (with an effective date of November 1, 2024). Reference should be made to the full text of the Technical Report for the assumptions, qualifications and limitations set forth therein, 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.

Quality Control

The Selkirk metallurgical drill program was completed by Discovery Drilling using a Boyles 56 machine. Drill core samples are HQ (63.5 mm diameter) that were sawn in half with one half sawn in half again to produce quartered core. Selected portions of the remaining core were sent to Blue Coast Research for metallurgical flotation studies with the reminder retained for reference purposes. The quartered core samples submitted to the lab were generally one metre in length. Sample preparation and lab analysis was completed at ALS Chemex 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).

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 mineral exploration and development company that is focused on the redevelopment of the previously producing copper, nickel and cobalt resources mines owned by the Company in the Republic of Botswana.

NexMetals is committed to governance through transparent accountability and open communication within our team and our stakeholders. NexMetals’ team brings extensive experience across the full spectrum of mine discovery and development. Collectively, the team has contributed to dozens of projects, including work on the Company’s Selebi and Selkirk mines. Senior team members each have on average, more than 20 years of experience spanning geology, engineering, operations, and project development.

For further information about NexMetals Mining Corp., please contact:

Morgan Lekstrom
CEO and Director
morganl@nexmetalsmining.com

Jaclyn Ruptash
V.P., Communications and Investor Relations
jaclyn@nexmetalsmining.com1-833-770-4334

Follow Us

X: https://x.com/NexMetalsCorp
LinkedIn: https://www.linkedin.com/company/NexMetalsMiningCorp
Facebook: https://www.facebook.com/NexMetalsMiningCorp

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 implementation of the objectives, goals and future plans of the Company including the proposed advancement of the Selkirk Mine as currently contemplated; the release of metallurgical testing results and the expected timing thereof; management’s belief that historical resources could be indicative of the presence of mineralization on the deposits; the potential for near surface expansion of the deposit; the potential for open-pit development with a low strip ratio; the potential for material above the cut-off grade to be mined; and the anticipated benefits of the Company’s approach to its resource development plan. 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 and on the timing anticipated; 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.

Why this matters:

• SNUG-25-194 intersected聽32.60 metres of continuous mineralization at Selebi North South Limb, including an aggregate total of 19.90 metres of massive sulphide across five sub-intervals.
• True thickness is estimated at 60 – 65%, which is consistent with geological interpretations of the South Limb.
• Drill hole SNUG-25-194 was designed to bridge mineralization between two widely spaced resource expansion drill holes SNUG-25-184, located 183 metres down-plunge from the current MRE, and SNUG-25-186, a further 130 metre step-out聽(see聽news releases dated June 30 and August 13, 2025).
• The demonstrated continuity between these two major step-outs and results from additional strike step-outs from the resource expansion program can be聽incorporated into a future MRE update, supporting a potential expansion of the resource envelope.

Next Steps:

• Borehole electromagnetic (“BHEM”) surveys聽are planned to characterize the conductive trends associated with the newly intersected massive sulphides to confirm continuity and outline strike extent.
• Initial interpretations indicate that the new data will聽contribute to resource expansion in an updated MRE.
• Ongoing drilling聽to聽further demonstrate the scale, continuity, and expansion potential聽of the Selebi North deposit.

Figure 1: Location of drill holes relative to the MRE and underground infrastructure.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/268661_4dd38744a4b37b20_002full.jpg

Figure 2. Drill core photo SNUG-25-194 click here for full photos.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/268661_4dd38744a4b37b20_003full.jpg

Drill core photos for all holes reported herein, can be found on the Company’s website at www.nexmetalsmining.com.

To view the 3D modeling, please visit the following link https://vrify.com/decks/20239.

Morgan Lekstrom, CEO of the Company, commented: “This is a critical confirmation point for Selebi North. By bridging two major step-out holes and intersecting significant massive sulphide intervals, we have validated the down-plunge continuity and further strengthened our geological model. Once assays are received, these results will be incorporated into the updated MRE, reinforcing Selebi North’s scale, quality, and expansion potential.”

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 underground drilling program is being carried out through an agreement with Forage Fusion Drilling Ltd. of Hawkesbury, Ontario, Canada, who have provided three Zinex U-5 drills for purchase and training of local operators. Drill core samples are BQTK (40.7 mm diameter). All samples are 陆 core cut by a diamond saw on site. 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 Chemex 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).

Holes are numbered as follows: SNUG (Selebi North Underground) + year + hole number starting at 013.

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 is available on SEDAR+ (www.sedarplus.ca) under NEXM’s issuer profile.

About NexMetals Mining Corp.

NexMetals Mining Corp. is a mineral exploration and development company that is focused on the redevelopment of the previously producing copper, nickel and cobalt resources mines owned by the Company in the Republic of Botswana.

NexMetals is committed to governance through transparent accountability and open communication within our team and our stakeholders. NexMetals’ team brings extensive experience across the full spectrum of mine discovery and development. Collectively, the team has contributed to dozens of projects, including work on the Company’s Selebi and Selkirk mines. Senior team members each have on average, more than 20 years of experience spanning geology, engineering, operations, and project development.

For further information about NexMetals Mining Corp., please contact:

Morgan Lekstrom
CEO and Director
morganl@nexmetalsmining.com

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

Follow Us

X: https://x.com/NexMetalsCorp
LinkedIn: https://www.linkedin.com/company/NexMetalsMiningCorp
Facebook: https://www.facebook.com/NexMetalsMiningCorp

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: ongoing and expected drilling at SNUG; possible expanded mineralization beyond the existing MRE; the release of assay results and the expected timing thereof; the preparation and release of an updated MRE; planned BHEM surveys and the timing and completion thereof; the implementation of the objectives, goals and future plans of the Company including the proposed advancement of the Selebi Mine as currently contemplated; the expectation that exploration activities (including drill results) will accurately predict mineralization; the expectation that the Company will implement its drilling, geoscience and metallurgical work on its properties and work plans generally; the effective targeting activities proposed by the Company; the benefits of the Company’s approach to exploration; and the anticipated benefits of the Company’s approach to the resource development plan. 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, prefeasibility or the feasibility of mine production; the risk that assay results will not be as anticipated or received when anticipated; the risk that the Company will not prepare and release an updated MRE on the timing anticipated or at all; the risk that the Company cannot complete the planned BHEM surveys; 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 public disclosure record on SEDAR+ (www.sedarplus.com) 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.

Vancouver, British Columbia–(Newsfile Corp. – September 23, 2025) – NexMetals Mining Corp. (TSXV: NEXM) (NASDAQ: NEXM) (the “Company“) announces assay results from two additional holes from the 12 hole metallurgical drilling program completed at the past-producing Copper, Nickel, Cobalt and Platinum Group Elements (“Cu-Ni-Co-PGE“) Selkirk Mine in Botswana.

Why This Matters: Scale, Grade, Growth

• SMET-25-004: wide interval of continuous mineralization
  • 210.00 metres of 1.06% CuEq (0.40% Cu, 0.36% Ni, 0.59 ppm Pd, 0.14 ppm Pt)
    incl. 74.00 metres of 1.28% CuEq (0.45% Cu, 0.46% Ni, 0.73 ppm Pd, 0.17 ppm Pt)
• Mineralization outside the Mineral Resource Estimate (“MRE”) and within the current conceptual pit shell, demonstrating the potential for expansion of the deposit toward the surface.
  

• SMET-25-001: starting at 13.00 metres from surface
  • 45.00 metres of 0.69% CuEq聽(0.23% Cu, 0.23% Ni, 0.46 ppm Pd, 0.10 ppm Pt)
    

• Large widths of near-surface mineralization support open-pit development potential with a low strip ratio (see technical report).
• Current cut-off of US$25.00 per tonne net smelter return defined in the MRE translates to 0.46% CuEq. Any material above this cut-off grade could be potentially mined.
• These results bring the total number of metallurgical drill holes announced from the 2025 program to four (see news release dated September 18, 2025), with assays to be released on an ongoing basis.

Figure 1: Location of 2025 metallurgical drill holes, resampled drillholes and Mineral Resource Estimate

Morgan Lekstrom, CEO of the Company, commented: “The results today, combined with last week’s news of drill hole 003, highlight multiple intercepts over 200 metres of high-grade mineralization, once again exceeding our expectations at Selkirk. These results position Selkirk as a standout asset, reinforcing the substantial scale of the deposit. Exceptionally notable are drill holes 003 and 004, as they show very similar grades despite being more than 125 metres apart. This further emphasizes both the size, consistency, and presence of broad intervals of higher grades within this deposit. Upcoming catalysts include resource expansion, metallurgical results and optimization, rapidly unlocking the full value and long-term potential of the Selkirk mine.”

Assay results are reported below in Table 1 and drill hole collar details are provided in Table 2.

Table 1: Assay Results Selkirk Deposit

 
¹Length refers to drillhole length and not true width.
²True thickness is estimated using the MRE wireframe where available.
³CuEq% calculated using the formula Cu% + Ni%*(55.605/53.913) + Pd g/t*(22.948/53.913) + Pt g/t*(14.891/53.913) using metal prices and recoveries listed in the 2025 Technical Report.
³Interval is outside MRE but inside the conceptualized open pit shell.

Table 2: Drill Collar Information Selkirk Deposit

 
¹Coordinates are WGS84z35S with geoidal elevations

Technical Report

The MRE on the Selkirk Mine is supported by the Technical Report entitled “NI 43-101 Technical Report Selkirk Nickel Project, North East District, Republic of Botswana”, dated January 8, 2025 (with an effective date of November 1, 2024). Reference should be made to the full text of the Technical Report for the assumptions, qualifications and limitations set forth therein, 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.

Quality Control

The Selkirk metallurgical drill program was completed by Discovery Drilling using a Boyles 56 machine. Drill core samples are HQ (63.5 mm diameter) that were sawn in half with one half sawn in half again to produce quartered core. Selected portions of the remaining core were sent to Blue Coast Research for metallurgical flotation studies with the reminder retained for reference purposes. The quartered core samples submitted to the lab were generally 1 metre in length. Sample preparation and lab analysis was completed at ALS Chemex 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).

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 mineral exploration and development company that is focused on the redevelopment of the previously producing copper, nickel and cobalt resources mines owned by the Company in the Republic of Botswana.

NexMetals is committed to governance through transparent accountability and open communication within our team and our stakeholders. NexMetals’ team brings extensive experience across the full spectrum of mine discovery and development. Collectively, the team has contributed to dozens of projects, including work on the Company’s Selebi and Selkirk mines. Senior team members each have on average, more than 20 years of experience spanning geology, engineering, operations, and project development.

For further information about NexMetals Mining Corp., please contact:

Morgan Lekstrom
CEO and Director
morganl@nexmetalsmining.com

Jaclyn Ruptash
V.P., Communications and Investor Relations
jaclyn@nexmetalsmining.com1-833-770-4334

Follow Us

X: https://x.com/NexMetalsCorp
LinkedIn: https://www.linkedin.com/company/NexMetalsMiningCorp
Facebook: https://www.facebook.com/NexMetalsMiningCorp

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 implementation of the objectives, goals and future plans of the Company including the proposed advancement of the Selkirk Mine as currently contemplated; the release of metallurgical testing results and the expected timing thereof; management’s belief that historical resources could be indicative of the presence of mineralization on the deposits; the potential for near surface expansion of the deposit; the potential for open-pit development with a low strip ratio; the potential for material above the cut-off grade to be mined; and the anticipated benefits of the Company’s approach to its resource development plan. 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.

Why This Matters: Scale, Grade, Expansion

Results demonstrate the scale and consistency of mineralization.

SMET-25-003: wide interval of continuous mineralization

201.30 metres of 0.91% CuEq (0.33% Cu, 0.30% Ni, 0.55 ppm Pd, 0.13 ppm Pt)
Incl. 158.75 metres of 1.00% CuEq (0.36% Cu, 0.33% Ni, 0.60 ppm Pd, 0.13 ppm Pt)

SMET-25-002: wide interval of continuous mineralization

85.00 metres of 0.98% CuEq (0.34% Cu, 0.31% Ni, 0.65 ppm Pd, 0.14 ppm Pt)

Mineralization outside the Mineral Resource Estimate (“MRE”) and within the current conceptual pit shell, demonstrating the potential for expansion of the deposit toward the surface.

SMET-25-002: starting at 26.10 metres from surface

19.90 metres of 0.58% CuEq (0.18% Cu, 0.19% Ni, 0.43 ppm Pd, 0.09 ppm Pt)

Large widths of near-surface mineralization support open-pit development potential with a low strip ratio (see technical report).

Current cut-off of US$25.00 per tonne net smelter return defined in the MRE translates to 0.46% CuEq. Any material above this cut-off grade could be potentially mined.

Selected samples from this drilling program are at Blue Coast Research labs in British Columbia for variability testing and flowsheet optimization testwork.

This marks the first 2 metallurgical drill holes from the 2025 program, with assays to be released on an ongoing basis.

Figure 1: Location of 2025 metallurgical drill holes, resampled drillholes and Mineral Resource Estimate.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7759/266919_e43e732344a5c9b9_002full.jpg

Morgan Lekstrom, CEO of the Company, commented: “These new drill results have delivered above and beyond what we have anticipated including large, continuous zones of mineralization that confirm the scale of just how big the Selkirk deposit could be. By collecting both base metal and PGE assays throughout the entirety of each hole, we have identified wide intervals of mineralization both above the current MRE, yet still within the conceptual pit shell and also immediately below the conceptual pit. Combined with the ongoing resampling and metallurgical programs, these results not only provide essential material for processing studies but also indicate meaningful opportunities to improve the strip ratio. Selkirk continues to demonstrate substantial upside, and with our dual focus on metallurgical optimization and resource growth, we are increasingly defining the full scale and potential of this deposit.”

Assay results are reported below in Table 1 and drill hole collar details are provided in Table 2.

Table 1: Assay Results Selkirk Deposit

Table 2: Drill Collar Information Selkirk Deposit

Technical Report

The MRE on the Selkirk Mine is supported by the Technical Report entitled “NI 43-101 Technical Report Selkirk Nickel Project, North East District, Republic of Botswana”, dated January 8, 2025 (with an effective date of November 1, 2024). Reference should be made to the full text of the Technical Report for the assumptions, qualifications and limitations set forth therein, 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.

Quality Control

The Selkirk metallurgical drill program was completed by Discovery Drilling using a Boyles 56 machine. Drill core samples are HQ (63.5 mm diameter) that were sawn in half with one half sawn in half again to produce quartered core. Selected portions of the remaining core were sent to Blue Coast Research for metallurgical flotation studies with the reminder retained for reference purposes. The quartered core samples submitted to the lab were generally 1 metre in length. Sample preparation and lab analysis was completed at ALS Chemex 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).

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 mineral exploration and development company that is focused on the redevelopment of the previously producing copper, nickel and cobalt resources mines owned by the Company in the Republic of Botswana.

NexMetals is committed to governance through transparent accountability and open communication within our team and our stakeholders. NexMetals’ team brings extensive experience across the full spectrum of mine discovery and development. Collectively, the team has contributed to dozens of projects, including work on the Company’s Selebi and Selkirk mines. Senior team members each have on average, more than 20 years of experience spanning geology, engineering, operations, and project development.

For further information about NexMetals Mining Corp., please contact:

Morgan Lekstrom
CEO and Director
morganl@nexmetalsmining.com

Jaclyn Ruptash
V.P., Communications and Investor Relations
jaclyn@nexmetalsmining.com

Follow Us
X: https://x.com/NexMetalsCorp
LinkedIn: https://www.linkedin.com/company/NexMetalsMiningCorp
Facebook: https://www.facebook.com/NexMetalsMiningCorp

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 implementation of the objectives, goals and future plans of the Company including the proposed advancement of the Selkirk Mine as currently contemplated; the release of metallurgical testing results and the expected timing thereof; management’s belief that historical resources could be indicative of the presence of mineralization on the deposits; the potential for near surface expansion of the deposit; the potential for open-pit development with a low strip ratio; the potential for material above the cut-off grade to be mined; and the anticipated benefits of the Company’s approach to its resource development plan. 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.