# NexMetals Nearly Triples Selebi North Indicated Mineral Resources to 8.95 Million Tonnes and Increases Inferred Mineral Resources to 9.48 Million Tonnes

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/nexmetals-nearly-triples-selebi-north-indicated-mineral-resources-to-8-95-millio--b929a669-d1fd-453f-8939-6d12984f3d9f

Original source: https://www.newsfilecorp.com/release/319913/NexMetals-Nearly-Triples-Selebi-North-Indicated-Mineral-Resources-to-8.95-Million-Tonnes-and-Increases-Inferred-Mineral-Resources-to-9.48-Million-Tonnes

Publisher: newsfile

Original announcement: 2026-10-20T11:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-20T11:20:45.223Z

Atlas analysis updated: 2026-10-20T11:20:45.223Z

- Company: NexMetals Mining Corp.

- Ticker: NEXM

- Exchange: Unavailable

- Region: Botswana

- Primary commodity: Copper

- Secondary commodities: Nickel, Cobalt

- Document categories: Resource update

- Extracted: 2026-10-20 11:20:45 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

NexMetals has released an updated Mineral Resource Estimate for the Selebi mines in Botswana, nearly tripling the Selebi North Indicated resource to 8.95 Mt at 1.03% Cu and 1.08% Ni. The total 2026 MRE now comprises 8.95 Mt Indicated and 41.95 Mt Inferred, supported by recent drilling that converted approximately 20% of Inferred resources to Indicated.

Reasoning: The update shows substantial growth in Indicated tonnage \(nearly tripling\) and grade improvements, alongside significant Inferred expansion and new cobalt inclusion, de-risking the project through resource conversion.

- Positive factor: Significant tonnage growth in Indicated category

- Positive factor: Grade improvement in copper and nickel

- Positive factor: Inferred resource expansion

- Positive factor: Conversion of Inferred to Indicated resources

- Positive factor: New cobalt resource inclusion

- Positive factor: Geological evidence of deposit connection

- Negative factor: High proportion of Inferred resources

Facts used in scoring: 15

## Classification and evidence

**Category Upgrade**

Polarity: positive

Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.

Why it applies: Approximately 20% of previously Inferred Mineral Resources were converted to Indicated Mineral Resources.

Evidence · text

> conversion of approximately 20% of previously Inferred Mineral Resources to Indicated Mineral Resources

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: Selebi North Indicated tonnage increased from 3.00 Mt to 8.95 Mt \(+198%\).

Evidence · table

> +198%

Context: 3.00

**Grade Improvement**

Polarity: positive

Definition: Average resource grade improved vs prior estimate — better deposit economics.

Why it applies: Copper and nickel grades in the Selebi North Indicated resource improved.

Evidence · table

> +14%

Context: 0.90

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The resource estimate was prepared in accordance with NI 43-101 standards.

Evidence · text

> prepared in accordance with the CIM Definition Standards \(2014\) and CIM Best Practice Guidelines \(2019\), which have been incorporated by reference to National Instrument 43-101

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: Mr. J.C. Witley, a Qualified Person, reviewed and approved the technical information.

Evidence · text

> The Qualified Person, Mr. J.C. Witley \(BSc Hons, MSc \(Eng.\)\), is satisfied that the assay results are of sufficient accuracy and precision

## Extracted facts

Stored fact records: 15. Some facts used in scoring do not have a stored record.

## Resource Estimates (15)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-nearly-triples-selebi-north-indicated-mineral-resources-to-8-95-millio--b929a669-d1fd-453f-8939-6d12984f3d9f#fact-resource-facts-0)

copper

#### Identity

- Commodity: copper
- Region: botswana
- Reported Region: Botswana
- Ticker: NEXM

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-16T00:00:00.000Z
- Reporting standards: ni\_43\_101, sec\_sk1300
- QP Signed: Yes
- Qualified person names: J.C. Witley
- Resource group id: resource:e89189ccd7c514565f69
- Deposit or zone: Selebi North
- Mining method: underground
- Resource basis: gross

#### Resource Data

- Category: indicated
- Tonnes: 8950000
- Grade: 204
- Grade Unit: mlbs
- Contained Metal: 204
- Contained Unit: mlbs
- Cutoff Grade: 75
- Cutoff Unit: US$/t NSR

#### Prior Estimate

- Resource Date: 2026-10-16

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-20T00:00:00.000Z

Reasoning: Strong growth in Indicated tonnage and grade.

- Positive factor: Significant tonnage growth

- Positive factor: Grade improvement

Evidence · table

> 204

Context: 8.95

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-nearly-triples-selebi-north-indicated-mineral-resources-to-8-95-millio--b929a669-d1fd-453f-8939-6d12984f3d9f#fact-resource-facts-1)

nickel

#### Identity

- Commodity: nickel
- Region: botswana
- Reported Region: Botswana
- Ticker: NEXM

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-16T00:00:00.000Z
- Reporting standards: ni\_43\_101, sec\_sk1300
- QP Signed: Yes
- Qualified person names: J.C. Witley
- Resource group id: resource:e89189ccd7c514565f69
- Deposit or zone: Selebi North
- Mining method: underground
- Resource basis: gross

#### Resource Data

- Category: indicated
- Tonnes: 8950000
- Grade: 214
- Grade Unit: mlbs
- Contained Metal: 214
- Contained Unit: mlbs
- Cutoff Grade: 75
- Cutoff Unit: US$/t NSR

#### Prior Estimate

- Resource Date: 2026-10-16

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-20T00:00:00.000Z

Reasoning: Grade improvement in nickel.

- Positive factor: Grade improvement

Evidence · table

> 214

Context: 8.95

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-nearly-triples-selebi-north-indicated-mineral-resources-to-8-95-millio--b929a669-d1fd-453f-8939-6d12984f3d9f#fact-resource-facts-2)

cobalt

#### Identity

- Commodity: cobalt
- Region: botswana
- Reported Region: Botswana
- Ticker: NEXM

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-16T00:00:00.000Z
- Reporting standards: ni\_43\_101, sec\_sk1300
- QP Signed: Yes
- Qualified person names: J.C. Witley
- Resource group id: resource:e89189ccd7c514565f69
- Deposit or zone: Selebi North
- Mining method: underground
- Resource basis: gross

#### Resource Data

- Category: indicated
- Tonnes: 8950000
- Grade: 11
- Grade Unit: mlbs
- Contained Metal: 11
- Contained Unit: mlbs
- Cutoff Grade: 75
- Cutoff Unit: US$/t NSR

#### Prior Estimate

- Resource Date: 2026-10-16

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-20T00:00:00.000Z

Reasoning: New cobalt resource reported.

- Positive factor: New resource inclusion

Evidence · table

> 11

Context: 8.95

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-nearly-triples-selebi-north-indicated-mineral-resources-to-8-95-millio--b929a669-d1fd-453f-8939-6d12984f3d9f#fact-resource-facts-3)

copper

#### Identity

- Commodity: copper
- Region: botswana
- Reported Region: Botswana
- Ticker: NEXM

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-16T00:00:00.000Z
- Reporting standards: ni\_43\_101, sec\_sk1300
- QP Signed: Yes
- Qualified person names: J.C. Witley
- Resource group id: resource:595e267d5c191a21cf0b
- Deposit or zone: Selebi Main Upper Zone
- Mining method: underground
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 23520000
- Grade: 834
- Grade Unit: mlbs
- Contained Metal: 834
- Contained Unit: mlbs
- Cutoff Grade: 75
- Cutoff Unit: US$/t NSR

#### Prior Estimate

- Resource Date: 2026-10-16

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-20T00:00:00.000Z

Reasoning: High grade in inferred zone.

- Negative factor: Inferred category

Evidence · table

> 834

Context: 23.52

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-nearly-triples-selebi-north-indicated-mineral-resources-to-8-95-millio--b929a669-d1fd-453f-8939-6d12984f3d9f#fact-resource-facts-4)

nickel

#### Identity

- Commodity: nickel
- Region: botswana
- Reported Region: Botswana
- Ticker: NEXM

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-16T00:00:00.000Z
- Reporting standards: ni\_43\_101, sec\_sk1300
- QP Signed: Yes
- Qualified person names: J.C. Witley
- Resource group id: resource:595e267d5c191a21cf0b
- Deposit or zone: Selebi Main Upper Zone
- Mining method: underground
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 23520000
- Grade: 546
- Grade Unit: mlbs
- Contained Metal: 546
- Contained Unit: mlbs
- Cutoff Grade: 75
- Cutoff Unit: US$/t NSR

#### Prior Estimate

- Resource Date: 2026-10-16

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-20T00:00:00.000Z

Reasoning: Inferred resource component.

- Negative factor: Inferred category

Evidence · table

> 546

Context: 23.52

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-nearly-triples-selebi-north-indicated-mineral-resources-to-8-95-millio--b929a669-d1fd-453f-8939-6d12984f3d9f#fact-resource-facts-5)

cobalt

#### Identity

- Commodity: cobalt
- Region: botswana
- Reported Region: Botswana
- Ticker: NEXM

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-16T00:00:00.000Z
- Reporting standards: ni\_43\_101, sec\_sk1300
- QP Signed: Yes
- Qualified person names: J.C. Witley
- Resource group id: resource:595e267d5c191a21cf0b
- Deposit or zone: Selebi Main Upper Zone
- Mining method: underground
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 23520000
- Grade: 28
- Grade Unit: mlbs
- Contained Metal: 28
- Contained Unit: mlbs
- Cutoff Grade: 75
- Cutoff Unit: US$/t NSR

#### Prior Estimate

- Resource Date: 2026-10-16

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-20T00:00:00.000Z

Reasoning: Inferred resource component.

- Negative factor: Inferred category

Evidence · table

> 28

Context: 23.52

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-nearly-triples-selebi-north-indicated-mineral-resources-to-8-95-millio--b929a669-d1fd-453f-8939-6d12984f3d9f#fact-resource-facts-6)

copper

#### Identity

- Commodity: copper
- Region: botswana
- Reported Region: Botswana
- Ticker: NEXM

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-16T00:00:00.000Z
- Reporting standards: ni\_43\_101, sec\_sk1300
- QP Signed: Yes
- Qualified person names: J.C. Witley
- Resource group id: resource:1fc796076a5e2c804697
- Deposit or zone: Selebi Main Lower Zone
- Mining method: underground
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 8950000
- Grade: 259
- Grade Unit: mlbs
- Contained Metal: 259
- Contained Unit: mlbs
- Cutoff Grade: 75
- Cutoff Unit: US$/t NSR

#### Prior Estimate

- Resource Date: 2026-10-16

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-20T00:00:00.000Z

Reasoning: Inferred resource component.

- Negative factor: Inferred category

Evidence · table

> 259

Context: 8.95

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-nearly-triples-selebi-north-indicated-mineral-resources-to-8-95-millio--b929a669-d1fd-453f-8939-6d12984f3d9f#fact-resource-facts-7)

nickel

#### Identity

- Commodity: nickel
- Region: botswana
- Reported Region: Botswana
- Ticker: NEXM

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-16T00:00:00.000Z
- Reporting standards: ni\_43\_101, sec\_sk1300
- QP Signed: Yes
- Qualified person names: J.C. Witley
- Resource group id: resource:1fc796076a5e2c804697
- Deposit or zone: Selebi Main Lower Zone
- Mining method: underground
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 8950000
- Grade: 153
- Grade Unit: mlbs
- Contained Metal: 153
- Contained Unit: mlbs
- Cutoff Grade: 75
- Cutoff Unit: US$/t NSR

#### Prior Estimate

- Resource Date: 2026-10-16

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-20T00:00:00.000Z

Reasoning: Inferred resource component.

- Negative factor: Inferred category

Evidence · table

> 153

Context: 8.95

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-nearly-triples-selebi-north-indicated-mineral-resources-to-8-95-millio--b929a669-d1fd-453f-8939-6d12984f3d9f#fact-resource-facts-8)

cobalt

#### Identity

- Commodity: cobalt
- Region: botswana
- Reported Region: Botswana
- Ticker: NEXM

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-16T00:00:00.000Z
- Reporting standards: ni\_43\_101, sec\_sk1300
- QP Signed: Yes
- Qualified person names: J.C. Witley
- Resource group id: resource:1fc796076a5e2c804697
- Deposit or zone: Selebi Main Lower Zone
- Mining method: underground
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 8950000
- Grade: 8
- Grade Unit: mlbs
- Contained Metal: 8
- Contained Unit: mlbs
- Cutoff Grade: 75
- Cutoff Unit: US$/t NSR

#### Prior Estimate

- Resource Date: 2026-10-16

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-20T00:00:00.000Z

Reasoning: Inferred resource component.

- Negative factor: Inferred category

Evidence · table

> 8

Context: 8.95

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-nearly-triples-selebi-north-indicated-mineral-resources-to-8-95-millio--b929a669-d1fd-453f-8939-6d12984f3d9f#fact-resource-facts-9)

copper

#### Identity

- Commodity: copper
- Region: botswana
- Reported Region: Botswana
- Ticker: NEXM

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-16T00:00:00.000Z
- Reporting standards: ni\_43\_101, sec\_sk1300
- QP Signed: Yes
- Qualified person names: J.C. Witley
- Resource group id: resource:6b8043b31b71b64e289c
- Deposit or zone: Selebi North
- Mining method: underground
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 9480000
- Grade: 253
- Grade Unit: mlbs
- Contained Metal: 253
- Contained Unit: mlbs
- Cutoff Grade: 75
- Cutoff Unit: US$/t NSR

#### Prior Estimate

- Resource Date: 2026-10-16

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-20T00:00:00.000Z

Reasoning: Inferred resource component.

- Negative factor: Inferred category

Evidence · table

> 253

Context: 9.48

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-nearly-triples-selebi-north-indicated-mineral-resources-to-8-95-millio--b929a669-d1fd-453f-8939-6d12984f3d9f#fact-resource-facts-10)

nickel

#### Identity

- Commodity: nickel
- Region: botswana
- Reported Region: Botswana
- Ticker: NEXM

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-16T00:00:00.000Z
- Reporting standards: ni\_43\_101, sec\_sk1300
- QP Signed: Yes
- Qualified person names: J.C. Witley
- Resource group id: resource:6b8043b31b71b64e289c
- Deposit or zone: Selebi North
- Mining method: underground
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 9480000
- Grade: 236
- Grade Unit: mlbs
- Contained Metal: 236
- Contained Unit: mlbs
- Cutoff Grade: 75
- Cutoff Unit: US$/t NSR

#### Prior Estimate

- Resource Date: 2026-10-16

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-20T00:00:00.000Z

Reasoning: Inferred resource component.

- Negative factor: Inferred category

Evidence · table

> 236

Context: 9.48

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-nearly-triples-selebi-north-indicated-mineral-resources-to-8-95-millio--b929a669-d1fd-453f-8939-6d12984f3d9f#fact-resource-facts-11)

cobalt

#### Identity

- Commodity: cobalt
- Region: botswana
- Reported Region: Botswana
- Ticker: NEXM

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-16T00:00:00.000Z
- Reporting standards: ni\_43\_101, sec\_sk1300
- QP Signed: Yes
- Qualified person names: J.C. Witley
- Resource group id: resource:6b8043b31b71b64e289c
- Deposit or zone: Selebi North
- Mining method: underground
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 9480000
- Grade: 12
- Grade Unit: mlbs
- Contained Metal: 12
- Contained Unit: mlbs
- Cutoff Grade: 75
- Cutoff Unit: US$/t NSR

#### Prior Estimate

- Resource Date: 2026-10-16

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-20T00:00:00.000Z

Reasoning: Inferred resource component.

- Negative factor: Inferred category

Evidence · table

> 12

Context: 9.48

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-nearly-triples-selebi-north-indicated-mineral-resources-to-8-95-millio--b929a669-d1fd-453f-8939-6d12984f3d9f#fact-resource-facts-12)

copper

#### Identity

- Commodity: copper
- Region: botswana
- Reported Region: Botswana
- Ticker: NEXM

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-16T00:00:00.000Z
- Reporting standards: ni\_43\_101, sec\_sk1300
- QP Signed: Yes
- Qualified person names: J.C. Witley
- Resource group id: resource:5bb6b1bf1deb18d1df68
- Deposit or zone: Selebi Main Upper Zone
- Mining method: underground
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 41950000
- Grade: 1345
- Grade Unit: mlbs
- Cutoff Grade: 75
- Cutoff Unit: US$/t NSR

#### Prior Estimate

- Resource Date: 2026-10-16

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-20T00:00:00.000Z

Reasoning: High grade in inferred zone. \(Expanded from multi-commodity resource table for completeness.\)

- Negative factor: Inferred category

Evidence · table

> 1,345

Context: 41.95

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-nearly-triples-selebi-north-indicated-mineral-resources-to-8-95-millio--b929a669-d1fd-453f-8939-6d12984f3d9f#fact-resource-facts-13)

nickel

#### Identity

- Commodity: nickel
- Region: botswana
- Reported Region: Botswana
- Ticker: NEXM

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-16T00:00:00.000Z
- Reporting standards: ni\_43\_101, sec\_sk1300
- QP Signed: Yes
- Qualified person names: J.C. Witley
- Resource group id: resource:5bb6b1bf1deb18d1df68
- Deposit or zone: Selebi Main Upper Zone
- Mining method: underground
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 41950000
- Grade: 935
- Grade Unit: mlbs
- Cutoff Grade: 75
- Cutoff Unit: US$/t NSR

#### Prior Estimate

- Resource Date: 2026-10-16

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-20T00:00:00.000Z

Reasoning: High grade in inferred zone. \(Expanded from multi-commodity resource table for completeness.\)

- Negative factor: Inferred category

Evidence · table

> 935

Context: 41.95

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-nearly-triples-selebi-north-indicated-mineral-resources-to-8-95-millio--b929a669-d1fd-453f-8939-6d12984f3d9f#fact-resource-facts-14)

cobalt

#### Identity

- Commodity: cobalt
- Region: botswana
- Reported Region: Botswana
- Ticker: NEXM

#### Resource scope

- Estimate type: resource
- Effective date: 2026-10-16T00:00:00.000Z
- Reporting standards: ni\_43\_101, sec\_sk1300
- QP Signed: Yes
- Qualified person names: J.C. Witley
- Resource group id: resource:5bb6b1bf1deb18d1df68
- Deposit or zone: Selebi Main Upper Zone
- Mining method: underground
- Resource basis: gross

#### Resource Data

- Category: inferred
- Tonnes: 41950000
- Grade: 48
- Grade Unit: mlbs
- Cutoff Grade: 75
- Cutoff Unit: US$/t NSR

#### Prior Estimate

- Resource Date: 2026-10-16

#### Metal Equivalent

- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-10-20T00:00:00.000Z

Reasoning: High grade in inferred zone. \(Expanded from multi-commodity resource table for completeness.\)

- Negative factor: Inferred category

Evidence · table

> 48

Context: 41.95

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: cutoff\_grade is stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: the release compares against a previous estimate

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.