NexMetals Mining Corp. announced assay results from four additional drill holes completed as part of its twelve-hole metallurgical drilling program at

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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 twelve-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. Mineralization encountered in these holes 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.

“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. Drill core from the 2025 program will also be used to support metallurgical testwork and flowsheet optimization studies.

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

Gold Sector Sees Record Inflows as Prices Reach New Highs

The gold sector attracted record levels of capital inflows during the third quarter of 2025, supported by rising prices and persistent global uncertainty. By late October, gold briefly reached a new all-time high, extending the rally that began earlier in the year. Bloomberg reported on September 30 that gold prices rose more than 10% in September alone, driven by fiscal and geopolitical pressures including concerns over a potential U.S. government shutdown. These factors reinforced gold’s role as a traditional defensive asset.

On the same day, Goldman Sachs Research published an outlook identifying central bank demand and expectations of a more accommodative monetary policy from the U.S. Federal Reserve as key contributors to gold’s recent strength. Analyst Lina Thomas noted that 95% of central banks surveyed anticipated global gold reserves would increase over the next 12 months, with most demand expected from emerging markets.

Investor interest was also reflected in the equity markets. Rocks Daily reported on October 1 that gold mining companies raised a record amount through equity offerings in the third quarter, marking the highest quarterly total ever recorded for the sector. The surge in capital raising underscored strong investor appetite for gold exposure despite broader market volatility.

According to Stockhead on October 7, gold prices extended their advance into early October, with the XGD index rising 1% in morning trade on the ASX after bullion reached a new record of US$3,922 per ounce. Analysts attributed the continued strength to investor demand for safe-haven assets amid persistent macroeconomic and political uncertainty.

In an October 7 commentary titled Gold Stocks: The Best Is Yet To Come, market analyst Stewart Thomson argued that focusing on short-term gold price tops could mislead investors, emphasizing gold’s long-term monetary value over its fiat price movements. He noted that gold appeared to be in a major “C wave” phase within the Elliott Wave framework, potentially extending between US$3,800 and US$5,000 per ounce before a corrective “D wave” pullback toward the US$3,000–US$3,500 range. Thomson suggested such a decline could prompt renewed physical demand from buyers in China and India. He also maintained that the subsequent “E wave” could see prices move significantly higher amid what he described as a global loss of confidence in fiat currencies. Turning to equities, Thomson observed rising volume and constructive technical patterns across gold mining indices, including the CDNX and BPGDM, and described the current setup as one of the strongest he has seen for the sector in decades.

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. Newell noted that NexMetals had completed approximately 2,050 meters of new drilling, with assays expected in the near term.

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 ongoing program includes twinning 11 historic holes totaling 3,903 meters and re-assaying 34 previously drilled holes to incorporate cobalt and platinum group elements not previously analyzed.

The company’s metallurgical studies are focused on evaluating recovery pathways using X-ray transmission (XRT) ore sorting and flotation optimization. Similar work at its Selebi Mine recently demonstrated the ability to produce separate high-grade copper and nickel-cobalt concentrates using 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