NexMetals Mining Corp. (TSX-V: NEXM) (NASDAQ: NEXM) reports assay results from an additional drill hole successfully intersecting high-grade mineralization at the Selebi North Underground deposit. Drill hole SNUG-25-189 was designed to test the continuity of mineralization and confirms a significant extension of the South Limb and N2 mineralization.

Highlights

• Drill Hole SNUG-25-189: intersected South Limb and N2 Limb (Figure 1)

South Limb: 4.90 metres of 4.39% CuEq (0.73% Cu, 1.77% Ni)
N2 Limb: 19.40 metres of 3.93% CuEq (1.05% Cu, 1.40 % Ni)
Including: 13.55 metres of 4.02% CuEq (0.74% Cu, 1.60% Ni)

• Recent results confirm that the mineralization continues at greater depths, strengthening confidence in the size and continuity of the deposit.
• Drilling is ongoing to evaluate the strike extent of this new mineralization, with assay results pending for SNUG-25-191, which intersected mineralization in South Limb. SNUG-25-192 currently in progress.

Figure 1: Location of drill holes relative to the 2024 Mineral Resource Estimate and underground infrastructure.

Morgan Lekstrom, CEO of the Company, commented: “Drilling continues to highlight consistent high-grade copper, nickel, and cobalt mineralization extending past the limits of the 2024 resource, reinforcing the potential for further expansion. These next holes including drill hole 189, are designed to evaluate the lateral extent of this mineralization and tie the datasets together, with the goal of increasing both the size and confidence of the deposit. Drilling is ongoing, and this release represents the first results from that program.”

Assay results have been received and reported below in Table 1 and drill hole collar details are provided in Table 2. Assays are pending for all other drill holes described herein.

The various mineralized zones have been historically mined and subsequently named N2 Limb, N3 Limb and South Limb to demarcate their location on the folded mineralized horizon. Additional drilling is needed to properly determine true width of mineralization on each limb and define the folded mineralization.

Table 1: Assay Results Selebi North Deposit

¹Length refers to drillhole length and not true width. True widths are unknown.
²Co is not included in the MRE as cobalt analyses are not consistently available throughout the deposit.
³CuEq was calculated using the formula CuEq=Cu+2.06*Ni assuming long-term prices of US$10.50/lb Ni and US$4.75/lb Cu, and nickel and copper recoveries of 72.0% and 92.4%, respectively, derived from metallurgical studies which consider a conceptual bulk concentrate scenario.

Table 2: Drill Collar Information Selebi North Deposit

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

Drill core samples are BQTK (40.7 mm diameter). All samples are ½ 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), 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 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.

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.