NexMetals Mining Corp, the Nasdaq listed exploration company, has released an updated Mineral Resource Estimate for Selebi Main (the “2026 Selebi Main MRE”), one of the deposits at its past-producing Selebi copper-nickel-cobalt mine in Botswana.
In the new update, the company stated that the 2026 Selebi Main MRE increases total Mineral Resource tonnage by approximately 72% compared with the Selebi Main portion of the Company’s 2024 Mineral Resource Estimate.
NexMetals said the 2026 Selebi Main MRE increased to 32.47 million tonnes, grading 1.53% copper and 0.97% nickel compared with 18.89 million tonnes grading 1.69% copper and 0.88% nickel in the 2024 MRE.
There were substantial increases in contained copper and nickel, including a 55% increase in contained copper to 495,400 tonnes, from 319,200 tonnes in 2024 and 91% increase in contained nickel to 316,800 tonnes, from 165,500 tonnes in 2024.
However, the company told shareholder that the updated Mineral Resource Estimate for Selebi North is progressing, with results expected to be reported separately in the near term, following completion of the ongoing work.
NexMetals CEO Sean Whiteford, said the updated Selebi Main estimate is a major milestone for the company. He added that resource growth, driven primarily by new drilling in the Flexure Zone, exceeded their expectations and provides a stronger foundation for the next phase of technical work.
“Given the scale of the increase, we are reporting the Selebi Main Mineral Resource Estimate while MSA completes its work on Selebi North, which is not included in today’s figures,” Whiteford stated in the update.
“Consistent with Selebi Main, our drilling at Selebi North has been highly successful, delivering significant intercepts down plunge and beyond Selebi North’s 2024 mineral resource envelope. These results support our expectation of growth in the Selebi North resource, and we are optimistic that its forthcoming estimate will further demonstrate the size and scale of the Selebi Mines.”
Whiteford said Selebi Main also remains open beyond the limits of this estimate, adding the step-out drilling completed after the resource cut-off date has intersected thick, high-grade massive sulphide mineralisation.
“Our data driven approach of using BHEM to guide our drilling has been tremendously successful and supports further growth potential both in down-dip and down-plunge directions,” he announced.
“We continue to maintain a strong treasury position, with an approximate cash balance of $10.5 million at September 30th, supporting our ability to advance the next phase of work. Once the Selebi North Mineral Resource Estimate is complete, we will provide guidance on next steps.”