# NexMetals Reports 72% Increase in Selebi Main Mineral Resource of 32.47 Mt @ 1.53% Cu, 0.98% Ni Inferred, Selebi North Mineral Resource Estimate Pending Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/nexmetals-reports-72-increase-in-selebi-main-mineral-resource-of-32-47-mt-1-53-c--af0190fe-8288-45c4-96b4-9e8ae821eaa2 Original source: https://www.newsfilecorp.com/release/316876/NexMetals-Reports-72-Increase-in-Selebi-Main-Mineral-Resource-of-32.47-Mt-1.53-Cu-0.98-Ni-Inferred-Selebi-North-Mineral-Resource-Estimate-Pending Publisher: newsfile Original announcement: 2026-10-01T11:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-01T11:04:36.172Z Atlas analysis updated: 2026-10-01T11:04:36.172Z - Company: NexMetals Mining Corp. - Ticker: NEXM - Exchange: Unavailable - Region: Botswana - Primary commodity: Copper - Secondary commodities: Nickel, Cobalt - Document categories: Resource update - Extracted: 2026-10-01 11:04:36 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary NexMetals has announced an updated Mineral Resource Estimate for the Selebi Main deposit, reporting a 72% increase in tonnage to 32.47 Mt at 1.53% Cu and 0.98% Ni. The update, which now includes cobalt, was driven primarily by new drilling in the Flexure Zone and represents an Inferred resource. Reasoning: Significant tonnage and contained metal growth driven by new drilling, though geological confidence remains low as the entire resource is Inferred. - Positive factor: 72% increase in total resource tonnage - Positive factor: 91% increase in contained nickel - Positive factor: 55% increase in contained copper - Positive factor: inclusion of cobalt as a third metal - Positive factor: step-out drilling indicates further growth potential - Negative factor: 100% of resource is Inferred category - Negative factor: historical data verification required Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 6 ## Classification and evidence **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The entire Selebi Main resource is classified as Inferred. Evidence · text > establishing 1.77 billion pounds of copper equivalent in the Inferred category **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Total resource tonnage increased by 72% compared to the 2024 MRE. Evidence · text > increases total Mineral Resource tonnage by approximately 72% **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Contained copper increased by 55% and nickel by 91% compared to the 2024 MRE. Evidence · text > 55% increase in contained copper to 495,400 tonnes **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 \(2014\) ... 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 is named as the Qualified Person who 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 ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-reports-72-increase-in-selebi-main-mineral-resource-of-32-47-mt-1-53-c--af0190fe-8288-45c4-96b4-9e8ae821eaa2#fact-resource-facts-0) Selebi Main · copper #### Identity - Project: Selebi Main - Commodity: copper - Region: botswana - Reported Region: Botswana - Ticker: NEXM #### Resource scope - Estimate type: resource - Effective date: 2026-09-28T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: J.C. Witley - Resource group id: resource:9d6ffc18378bb0ef10f8 - Deposit or zone: Selebi Main Upper Zone - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 23520000 - Grade: 1.61 - Grade Unit: % - Contained Metal: 377.9 - Contained Unit: kt - Cutoff Grade: 75 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-09-28 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Strong copper grade in the Upper Zone. - Positive factor: High grade for an inferred resource - Negative factor: Inferred category only Evidence · table > 1.61 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-reports-72-increase-in-selebi-main-mineral-resource-of-32-47-mt-1-53-c--af0190fe-8288-45c4-96b4-9e8ae821eaa2#fact-resource-facts-1) Selebi Main · nickel #### Identity - Project: Selebi Main - Commodity: nickel - Region: botswana - Reported Region: Botswana - Ticker: NEXM #### Resource scope - Estimate type: resource - Effective date: 2026-09-28T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: J.C. Witley - Resource group id: resource:9d6ffc18378bb0ef10f8 - Deposit or zone: Selebi Main Upper Zone - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 23520000 - Grade: 1.05 - Grade Unit: % - Contained Metal: 247.5 - Contained Unit: kt - Cutoff Grade: 75 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-09-28 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: High nickel grade in the Upper Zone. - Positive factor: Strong nickel grade - Negative factor: Inferred category only Evidence · table > 1.05 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-reports-72-increase-in-selebi-main-mineral-resource-of-32-47-mt-1-53-c--af0190fe-8288-45c4-96b4-9e8ae821eaa2#fact-resource-facts-2) Selebi Main · cobalt #### Identity - Project: Selebi Main - Commodity: cobalt - Region: botswana - Reported Region: Botswana - Ticker: NEXM #### Resource scope - Estimate type: resource - Effective date: 2026-09-28T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: J.C. Witley - Resource group id: resource:9d6ffc18378bb0ef10f8 - Deposit or zone: Selebi Main Upper Zone - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 23520000 - Grade: 0.05 - Grade Unit: % - Contained Metal: 12.8 - Contained Unit: kt - Cutoff Grade: 75 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-09-28 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Cobalt is a newly reported metal in this update. - Positive factor: New inclusion of cobalt in the MRE Evidence · table > 0.05 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-reports-72-increase-in-selebi-main-mineral-resource-of-32-47-mt-1-53-c--af0190fe-8288-45c4-96b4-9e8ae821eaa2#fact-resource-facts-3) Selebi Main · copper #### Identity - Project: Selebi Main - Commodity: copper - Region: botswana - Reported Region: Botswana - Ticker: NEXM #### Resource scope - Estimate type: resource - Effective date: 2026-09-28T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: J.C. Witley - Resource group id: resource:39d64eddff202d2d81b2 - Deposit or zone: Selebi Main Lower Zone - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 8950000 - Grade: 1.31 - Grade Unit: % - Contained Metal: 117.4 - Contained Unit: kt - Cutoff Grade: 75 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-09-28 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Copper grade in the Lower Zone. - Positive factor: Solid copper grade - Negative factor: Inferred category only Evidence · table > 1.31 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-reports-72-increase-in-selebi-main-mineral-resource-of-32-47-mt-1-53-c--af0190fe-8288-45c4-96b4-9e8ae821eaa2#fact-resource-facts-4) Selebi Main · nickel #### Identity - Project: Selebi Main - Commodity: nickel - Region: botswana - Reported Region: Botswana - Ticker: NEXM #### Resource scope - Estimate type: resource - Effective date: 2026-09-28T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: J.C. Witley - Resource group id: resource:39d64eddff202d2d81b2 - Deposit or zone: Selebi Main Lower Zone - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 8950000 - Grade: 0.77 - Grade Unit: % - Contained Metal: 69.4 - Contained Unit: kt - Cutoff Grade: 75 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-09-28 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Nickel grade in the Lower Zone. - Positive factor: Reasonable nickel grade - Negative factor: Inferred category only Evidence · table > 0.77 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/nexmetals-reports-72-increase-in-selebi-main-mineral-resource-of-32-47-mt-1-53-c--af0190fe-8288-45c4-96b4-9e8ae821eaa2#fact-resource-facts-5) Selebi Main · cobalt #### Identity - Project: Selebi Main - Commodity: cobalt - Region: botswana - Reported Region: Botswana - Ticker: NEXM #### Resource scope - Estimate type: resource - Effective date: 2026-09-28T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: J.C. Witley - Resource group id: resource:39d64eddff202d2d81b2 - Deposit or zone: Selebi Main Lower Zone - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 8950000 - Grade: 0.04 - Grade Unit: % - Contained Metal: 3.4 - Contained Unit: kt - Cutoff Grade: 75 - Cutoff Unit: US$/t NSR #### Prior Estimate - Resource Date: 2026-09-28 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Cobalt is a newly reported metal in this update. - Positive factor: New inclusion of cobalt in the MRE Evidence · table > 0.04 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 ## 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.