NexMetals Expands Selebi North Copper-Nickel Mineral Resources in Botswana

NexMetals Mining Corp. has reported a substantial increase in the estimated mineral resources at its Selebi North deposit in Botswana, with indicated resources rising to 8.95 million tonnes, nearly three times the 2024 estimate. The updated figures also show higher copper and nickel grades, following additional drilling and a review of the deposit's geology.

In an announcement dated October 20, 2026, the company reported that indicated mineral resources at Selebi North increased from 3.00 million tonnes in 2024 to 8.95 million tonnes, a rise of 198%. The estimated copper grade increased from 0.90% to 1.03%, while nickel grade rose from 0.98% to 1.08%. The updated estimate also includes a cobalt grade of 0.06%.

Inferred mineral resources at Selebi North increased by 63%, from 5.83 million tonnes to 9.48 million tonnes. The deposit forms part of NexMetals' wider Selebi mining complex, which comprises the Selebi North and Selebi Main deposits. Across the two deposits, the company's latest estimate totals 8.95 million tonnes of indicated resources and 41.95 million tonnes of inferred resources.

The revised figures follow an additional 42,633 metres of drilling across 92 holes since the previous resource estimate's June 2024 data cut-off. According to NexMetals, the drilling supported both resource expansion and the reclassification of approximately 20% of previously inferred resources into the indicated category. These classifications reflect different levels of geological confidence and do not, by themselves, establish that the material can be mined economically.

The drilling has also provided new information about the relationship between the two deposits. At Selebi North, the South Limb appears to flatten at depth and turn towards Selebi Main. This interpretation is consistent with earlier downhole electromagnetic survey results suggesting possible continuity between the deposits. Further exploration will be needed to establish whether a connection exists.

NexMetals is continuing geological studies and technical work to better understand the shape and extent of the mineralized zones. The company is also advancing a preliminary economic assessment for its Selkirk project and reviewing funding options for its assets. It said additional time is being allowed for the Selebi assessment as the resource model develops and alternative mine-restart options are evaluated.

The updated resource estimate was completed by The MSA Group, an independent consulting firm based in Johannesburg, South Africa, in accordance with Canadian mineral resource reporting standards. NexMetals cautioned that mineral resources are not mineral reserves and have no demonstrated economic viability. Further technical work will be needed to assess the project's potential development and mining options.

Source: NexMetals Mining Corp

SUNSHINE Spotlight: NexMetals has increased its estimated indicated mineral resources at Botswana's Selebi North copper-nickel deposit to 8.95 million tonnes, up 198% from the 2024 estimate. Additional drilling has also identified a possible geological connection between Selebi North and Selebi Main, although further work is needed to confirm continuity and assess the project's economic potential.