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-25-186 was designed as a follow-up to borehole electromagnetic anomalies detected in SNUG-25-184 and confirms a significant down-plunge extension of the South Limb mineralization beyond the 2024 Mineral Resource Estimate.

Key Highlights:

• Drill Hole SNUG-25-186: 315 metres down-plunge of South Limb
  • 16.25 metres of 3.06% CuEq (1.13% Cu, 0.94% Ni)

Including: 10.45 metres of 4.16% CuEq (1.62% Cu, 1.24% Ni)

Including: 6.45 metres of 5.28% CuEq (2.30% Cu, 1.44% Ni)

• Previously announced South Limb drill hole SNUG-25-184 intercepted 13.50 metres of 3.68% CuEq (1.13% Cu, 1.24% Ni) 183 metres down plunge of 2024 MRE (see news release dated June 30, 2025).

• Down-plunge extent of South Limb expanded by 35%, with SNUG-25-184 and 186 extending mineralization 315 metres down-plunge beyond the current MRE, which has a 990 metre down-plunge extent (Figure 1).

• Additional drilling is in progress to continue the strike extent of the new mineralization.

Why This Matters:

• Confirms high-grade continuity – Demonstrates the presence of significant high-grade mineralization as drilling moves deeper.
• Supports resource expansion potential – Increases the likelihood of adding tonnage and enhancing the project’s economic profile in a future updated MRE.
• Strengthens project economics – Higher grades and resource expansion could translate into improved mine life and profitability.

Figure 1: Location of drill holes relative to the 2024 MRE and underground infrastructure. 

Morgan Lekstrom, CEO of the Company, commented: “The continued extension of high-grade copper and nickel mineralization at Selebi North is a significant step in the right direction, highlighting how much potential was previously undefined. We continue to show high-grade intercepts that speak to the strength and scale of this system. The results today reinforce our growing confidence and support our strategy of driving additional value through targeted drilling, unlocking the full potential of this asset. Selebi North is only one of three large deposits we are actively drilling, each demonstrating exceptional copper, nickel, cobalt +/- PGE mineralization. We believe all of our assets have strong resource expansion potential and could be well-positioned to become a big part of the global critical metals supply chain.”

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

Next Steps

Drilling is ongoing at SNUG to test the strike extent of this new mineralization, with assay results pending for additional holes including SNUG-25-189, which intersected mineralization in both South Limb and N2 Limb.

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.