Copper-Nickel Discovery Expands in Botswana

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NexMetals Mining Corp. (NEXM:TSX.V; NEXM; NASDAQ) announced assay results from four additional drill holes completed as part of its 12-hole metallurgical drilling program at the Selkirk Mine in Botswana. The Selkirk project, a past-producing copper, nickel, cobalt, and platinum group elements (Cu-Ni-Co-PGE) operation, continues to demonstrate significant mineralization through wide intercepts of copper equivalent (CuEq) grades.

The company reported that hole SMET-25-005 returned 219 meters of 1.03% CuEq, including 157 meters grading 1.21% CuEq, while hole SMET-25-006 intersected 66.35 meters at 1.17% CuEq. A 48 meter interval of mineralization encountered in SMET-25-005 lies outside the current Mineral Resource Estimate (MRE) but within the conceptual open-pit shell, indicating potential for expansion toward the surface. The company noted that material above the MRE cut-off grade of 0.46% CuEq could be included in future updates. Drill core from the 2025 program will also be used to support metallurgical testwork and flowsheet optimization studies.

"The latest drill results reinforce the impressive scale and consistency of Selkirk," said Morgan Lekstrom, CEO of NexMetals, in a company news release. "Mineralization remains open in multiple directions, with wide near-surface zones highlighting resource expansion and open-pit potential."

The Selkirk Mine's MRE, effective November 1, 2024, stands at 44.2 million tonnes of inferred resources grading 0.81% CuEq, including copper, nickel, palladium, and platinum.

The Selkirk project forms part of NexMetals' broader redevelopment strategy in Botswana, which also includes the Selebi Mine. Both assets are permitted, have existing infrastructure, and benefit from Botswana's established mining framework. The company raised approximately CA$46 million in March 2025 to fund ongoing exploration and development activities across its projects.

Copper Climbs to Record Highs as Nickel Demand Accelerates

According to an October 4 report from The Economic Times, copper prices had surged to record highs across global exchanges, driven by supply shortages, strong demand from green energy applications, and ongoing geopolitical tensions. The article stated that prices on the London Metal Exchange hovered near US$10,000 per tonne, while the Shanghai Futures Exchange saw gains of more than 8% for the year. It explained that the rally was fueled by "a perfect storm of supply constraints and booming demand," noting that electric vehicles required up to four times more copper than traditional cars and that renewable energy installations remained copper-intensive. The report further cited the International Copper Study Group, which found that global demand was outpacing supply as aging mines and declining ore grades constrained output, while inventories at the London Metal Exchange had dropped by more than 66% in the past year.

The article also reported that monetary policy and currency movements had influenced copper's trajectory. The U.S. Federal Reserve's dovish stance and a weaker U.S. dollar made the metal more affordable for non-dollar buyers. It added that geopolitical tensions and new tariffs had contributed to volatility, particularly as trade restrictions reshaped supply chains and raised costs in diesel-dependent mining regions.

In a commentary posted on X, mining executive Robert Friedland reflected on copper's rise, stating that when prices were about US$8,500 per tonne in late 2023, he had warned that "nearly any disruption could result in a sharp upward move in prices." He added that grid expansion, national security concerns, and difficulties bringing new mines online had since proven to be key drivers behind copper's sustained rally above US$10,000 per tonne.

Parallel to copper, nickel and its alloys continued to gain industrial importance. A DataM Intelligence report published on October 8 indicated that the global platinum-nickel alloy market reached a value of US$777.5 million in 2022 and was expected to grow steadily through 2030. The report described these alloys as "valued for their exceptional corrosion resistance, high strength, and thermal stability," with increasing adoption across electronics, energy conversion technologies, and emissions control systems. It added that recent U.S. and Japanese research developments introduced platinum-nickel catalysts with improved performance for hydrogen and fuel cell applications, reflecting rising demand for advanced materials supporting cleaner energy technologies.

Steady Advancement Marks NexMetals' Selkirk Program

In a July 1 analysis, John Newell described NexMetals Mining Corp. as "quietly drilling into one of Botswana's past-producing copper-nickel mines, and the story is picking up speed." His report focused on the company's ongoing work at the Selkirk Mine, which already hosts a defined copper-nickel-platinum group elements (PGE) footprint. 

The analysis also highlighted the company's efforts to resample historical drill holes and advance metallurgical testing to establish recovery parameters. According to Newell, "all this work is feeding into an updated mineral resource estimate, as the company positions Selkirk for a potential copper-Ni-PGE revival at a time when global supply remains tight." He concluded by stating that while the project remains in early stages, the combination of favorable geology and supportive market fundamentals makes NexMetals "a name to keep an eye on."

On September 19, Red Cloud Securities analyst Taylor Combaluzier said the latest Selkirk drill results enhance the project's value. "In our view, these results add incremental value to the project by moving it closer to an expanded and updated mineral resource estimate, while providing material for metallurgical testing that should pave the way for further de-risking," Combaluzier wrote. He added that with updated resource estimates expected at both Selkirk and Selebi, upcoming results could demonstrate growth through increased tonnage and the inclusion of a cobalt by-product.

Continuous Results Strengthen Resource Development Outlook

NexMetals' 2025 exploration program at Selkirk aims to expand the mineral resource base through additional drilling, historic core re-sampling, and metallurgical testing. According to the company's October 2025 investor presentation, the recently completed drilling program included twinning 11 historic holes totaling 3,903 meters and re-assaying 34 previously drilled holes to incorporate cobalt and platinum group elements not captured in the database.

The company's metallurgical studies are focused on flotation flowsheet development  and pre-concentration studies using X-ray transmission (XRT) technology. Similar work at its Selebi Mine recently demonstrated the ability to produce separate high-grade copper and nickel-cobalt concentrates in locked-cycle flotation testing, which achieved copper grades of 27.6% with 87% recovery and nickel grades of 10.5% with 56% recovery.

NexMetals' assets benefit from extensive existing infrastructure, including power, water, and rail access, as well as an established mining workforce. Located in a Tier-1 jurisdiction, Botswana offers a stable regulatory environment with competitive mining policies. The company's ongoing technical and economic evaluations at both Selkirk and Selebi are designed to refine processing efficiency and support future mineral resource updates under National Instrument 43-101.

Ownership and Share Structure

According to the company, management, insiders, and select shareholders own 22%, EdgePoint Investment Group owns 22%, a private placement led by Fiore accounts for 36%, and other institutions and retail own about 20%.

Its market cap is CA$164.533 million with 21.46 million shares outstanding, according to Refinitiv. It trades in a 52-week range of CA$4.90 - CA$15.40