NexMetals Triples Selebi North Indicated Resources to 8.95 Million Tonnes

Vancouver, British Columbia, October 20, 2026. NexMetals Mining Corp. (TSXV: NEXM) (Nasdaq: NEXM) reported that its updated Mineral Resource Estimate for the Selebi North deposit in Botswana now includes 8.95 million tonnes of Indicated Mineral Resources. This figure represents a nearly threefold increase from the 3.00 million tonnes reported in the 2024 estimate. The new estimate was completed by The MSA Group of Johannesburg, South Africa.

The 2026 Selebi North Mineral Resource Estimate, combined with the previously announced estimate for the Selebi Main deposit, totals 8.95 million tonnes of Indicated Mineral Resources and 41.95 million tonnes of Inferred Mineral Resources. The Indicated resources grade 1.03% copper and 1.08% nickel, up from 0.90% copper and 0.98% nickel in the 2024 estimate.

Drilling activities since the June 30, 2024 data cut-off supported this expansion. The company completed an additional 42,633 metres across 92 holes. This work facilitated the conversion of approximately 20% of previously Inferred Mineral Resources to Indicated status. The updated estimate incorporates metal price assumptions of US$5.10 per pound for copper, US$9.10 per pound for nickel, and US$20.00 per pound for cobalt.

Geological interpretations have shifted regarding the connection between the Selebi North and Selebi Main deposits. New drilling indicates that the South Limb of Selebi North flattens at depth and turns toward Selebi Main. This geometry aligns with earlier borehole electromagnetic surveys suggesting continuity between the deposits. Dr. Peter Lightfoot, a consulting geologist to the company, has re-interpreted deep drilling results to identify a potential intrusive keel. Rocks previously logged as amphibolite are now classified as primary igneous rock types, including olivine pyroxenite and gabbronorite.

The company is currently evaluating project funding alternatives with National Bank of Canada Capital Markets as its financial advisor. The review aims to minimize dilution to existing shareholders, though the company stated there can be no guarantee that the review will result in a transaction. Additionally, DRA Global is completing a Preliminary Economic Assessment for the Selkirk asset while the company evaluates strategic options.

Sean Whiteford, CEO of NexMetals Mining Corp., stated that the growth in mineral resources at both deposits has exceeded expectations. He noted that the company is allowing additional time to better understand the scale and geometry of the expanding resource to inform infrastructure placement and evaluate restart options. The company will provide further updates on the Selebi PEA as the study advances.