NexMetals Mining increased the contained copper-equivalent metal inventory at its Selkirk project in Botswana by approximately 70%, while reducing the conceptual open-pit strip ratio to 1.02:1 from 1.65:1, combining a significantly larger resource base with potentially less waste movement per tonne of mineralized material.
The updated Selkirk Mineral Resource Estimate contains 78.2 million tonnes grading 0.66% CuEq in the Indicated category, representing approximately 1.138 billion pounds of contained CuEq. An additional 15.1 million tonnes grading 0.60% CuEq contains approximately 200 million pounds in the Inferred category.
The update also represents a substantial improvement in resource confidence. NexMetals said the new estimate converted a significant portion of previously Inferred material into the Indicated category following historical-core re-assaying and twin drilling.
Several metals that previously contributed no value to the 2024 resource calculation are now included. Improved datasets and expected payabilities allowed cobalt, silver and gold to join nickel, copper, platinum and palladium in the updated economic assumptions.
The lower strip ratio resulted from additional mineralized tonnage identified above and adjacent to the previous resource. A decline from 1.65:1 to 1.02:1 means the conceptual pit contains substantially less waste material relative to resource tonnes than under the earlier estimate, although Selkirk remains an exploration-stage property and the reported resources are not mineral reserves.
Metallurgical work elsewhere in NexMetals’ Botswana portfolio is also aimed at simplifying future development. Testing at the Selebi Mines produced separate copper and nickel concentrates, with final locked-cycle testing achieving 86.4% copper recovery and nickel misplacement below 1%. NexMetals says the resulting concentrates are expected to satisfy industry-standard smelter acceptance criteria, potentially allowing a development scenario that does not require an on-site smelter or hydrometallurgical facility.
NexMetals has drilled approximately 32,458 meters in its Selebi surface program using five company-owned rigs. Management believes the owned fleet provides greater scheduling flexibility and longer-term capital efficiency, while a Selebi Preliminary Economic Assessment remains targeted for the second half of 2026.
The company’s financial resources remain an important consideration as those programs advance. NexMetals ended June with approximately CAD$17 million of cash, down from CAD$39.8 million at the end of 2025, after using approximately CAD$21.1 million in operating activities during the first half. The company did not complete a public or private placement during H1 2026 and remains dependent on external capital as its properties are pre-revenue.
Through year-end, NexMetals estimates CAD$7.1 million to CAD$7.9 million of additional costs for the Selebi Main surface drilling program, CAD$1.5 million to CAD$2.5 million for work advancing project economics and CAD$7 million to CAD$7.6 million of operating costs.
