NexMetals Mining Corp.

What they do

NexMetals Mining Corp. is an exploration-stage issuer focused on the Selebi Mines and Selkirk Mine in Botswana, held via subsidiaries including Premium Nickel Resources and related entities. The company conducts surface drilling, geological modeling, metallurgical test work, and mine development studies, with expenditures tracked across drilling, geology, mine development, electricity, and engineering studies. It has not declared any SEC-compliant Proven or Probable Mineral Reserves.

Revenue drivers

• Selebi Mines — Primary project in Botswana where the company is drilling to expand the Mineral Resource, with an updated Mineral Resource Estimate planned for Q3 2026 and a Preliminary Economic Assessment to follow; no production revenue is reported.
• Selkirk Mine — Second Botswana project where the company plans metallurgical test work and an economic study, with strategic options including partnerships or a spin-out under consideration; no production revenue is reported.
• Exploration and development spending — Costs are categorized across drilling, site operations, infrastructure, geology, mine development, electricity, and engineering/technical studies at Selebi, Selkirk, and other sites, indicating the company is spending to advance projects rather than generating revenue.

Recent performance

Annual net losses have widened each year, from $27.3M in 2022 to $59.1M in 2025, while operating cash flow has been negative and growing, from -$25.6M in 2022 to -$47.6M in 2025. Diluted EPS was $0.25 in 2022 and 2023, $5.02 in 2024, and $2.86 in 2025. As of June 30, 2026, the company reported total assets of $70.7M, total liabilities of $9.0M, shareholder equity of $61.7M, and cash and equivalents of $17.0M.

Strategy

Management plans to continue surface drilling, metallurgical and economic study work, and mine development at the Selebi and Selkirk Mines, targeting an updated Mineral Resource Estimate for Selebi in Q3 2026 and a Preliminary Economic Assessment thereafter. The company intends to build a new concentrator facility at Selebi and expects that an on-site smelter or hydrometallurgical facility may not be required. It is using an in-house drilling fleet to improve capital efficiency and has engaged TECT Geological Consulting for a three-dimensional geological and structural model. Management also plans to advance metallurgical test work and an economic study at Selkirk while evaluating strategic options for that asset.

Risks

• No known mineral reserves — The company is an exploration-stage issuer with no Proven or Probable Mineral Reserves, so there is no assurance that its mines contain economically recoverable minerals.
• Negative operating cash flow and financing need — Operating cash flow has been negative and increasing in magnitude, and management expects negative operating cash flows to continue and additional financing to be required.
• Resource estimate uncertainty — Any expansion of the Mineral Resource at Selebi depends on drilling results and a planned updated estimate, which may not confirm management's expectation of significantly increased tonnage.
• Metallurgical and processing risk — Planned processing pathways, including separate copper and nickel concentrates as an alternative to bulk concentrate and construction of a new concentrator, are not yet proven.

Outlook

Management expects to complete an updated Mineral Resource Estimate for Selebi in Q3 2026 and a Preliminary Economic Assessment thereafter, with the November 2025 financing intended to fund planned activities and administrative costs into Q4 2026. The company intends to pursue a range of financing alternatives in advance of year-end 2026. It also plans to advance metallurgical test work and an economic study at Selkirk while evaluating strategic options, including potential partnerships or a spin-out.