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Exploration Co. Makes Botswana Copper Gains

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NexMetals Mining Corp. (NEXM:TSX.V; NEXM; NASDAQ) announces assay results from two holes from its metallurgical drilling program at the former Selkirk Mine in Botswana. Find out why an expert says this company is "a name to keep an eye on."

NexMetals Mining Corp. (NEXM:TSX.V; NEXM; NASDAQ) announced assay results from two more holes in its 12-hole metallurgical drilling program at the former Copper, Nickel, Cobalt, and Platinum Group Elements (Cu-Ni-Co-PGE) Selkirk Mine in Botswana, according to a news release on September 23.

These results increase the total number of metallurgical drill holes announced from the 2025 program to four, with further assays to be released as they become available, the company said.

"The results today, combined with last week's news of drill hole 003, highlight multiple intercepts over 200 meters of high-grade mineralization, once again exceeding our expectations at Selkirk," Chief Executive Officer Morgan Lekstrom said. "These results position Selkirk as a standout asset, reinforcing the substantial scale of the deposit.

Exceptionally notable were drill holes 003 and 004, as they showed very similar grades despite being more than 125 meters apart, he said.

"This further emphasizes both the size, consistency, and presence of broad intervals of higher grades within this deposit," Lekstrom noted. "Upcoming catalysts include resource expansion, metallurgical results and optimization, rapidly unlocking the full value and long-term potential of the Selkirk mine."

Detailed Results

As part of Tuesday's release, hole SMET-25-004 revealed a broad interval of continuous mineralization, with 210 meters grading 1.06% CuEq (copper equivalent), or 0.4% Cu (copper), 0.36% Ni (nickel), 0.59 ppm Pd (parts per million palladium), and 0.14 ppm Pt (platinum), including 74 meters at 1.28% CuEq (0.45% Cu, 0.46% Ni, 0.73 ppm Pd, 0.17 ppm Pt), NexMetals said.

The upper portion of the mineralization lies outside the current Mineral Resource Estimate (MRE) but within the existing conceptual pit shell, indicating potential for expanding the deposit toward the surface.

Also released were the assays from hole SMET-25-001. Starting at just 13 meters from the surface, drilling intersected 45 meters of 0.69% CuEq (0.23% Cu, 0.23% Ni, 0.46 ppm Pd, 0.10 ppm Pt).

The significant widths of near-surface mineralization suggest strong potential for open-pit development with a low strip ratio, NexMetals noted. The current cut-off of US$25 per tonne net smelter return, as defined in the MRE, translates to 0.46% CuEq, meaning any material above this cut-off grade could be potentially mined.

'The Story Is Picking Up Speed'

Analyst John Newell on July 1 described NexMetals Mining Corp. as "quietly drilling into one of Botswana's past-producing copper-nickel mines, and the story is picking up speed."

The report highlighted that the Selkirk Mine already has a defined copper-nickel-PGE footprint and noted that the company had "completed 2,050 meters of new drilling with assays expected shortly."

The commentary emphasized that NexMetals is also resampling historical drill holes and conducting metallurgical tests to establish recovery parameters.

According to the report, "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." The analysis concluded with a forward-looking assessment, stating: "It's early days, but with the fundamentals behind copper and the right rocks in the right address, this is a name to keep an eye on."

On September 19, Red Cloud Analyst Taylor Combaluzier said the Selkirk findings enhance the project's value.

Two reported holes revealed extensive, continuous near-surface Cu-Ni-PGE mineralization, Combaluzier noted.

On September 19, Red Cloud Analyst Taylor Combaluzier said the Selkirk findings enhance the project's value.

"In our view, these results add incremental value to the project by moving it closer to an expanded/updated MRE, while providing material for metallurgical testing that should pave the way for further de-risking," the analyst wrote. "With updated MREs planned at both Selkirk and Selebi, we will watch for resource expansion through tonnage growth and inclusion of a co by-product."

According to NexMetals' August 2025 investor presentation, both Selkirk and its Selebi project are advancing with resource expansion and metallurgical studies. At Selebi, the company is exploring a two-kilometer area known as the hinge zone between Selebi North and Selebi Main, where borehole electromagnetic targets suggest the potential for additional mineralization. Recent assay highlights in two separate resource expansion holes at Selebi North include intercepts exceeding 4% CuEq over intervals greater than 10 meters.

At Selkirk, drilling is underway to expand the existing inferred resource of 44.2 million tonnes at 0.81% CuEq. The program also supports metallurgical flowsheet development and X-ray transmission pre-concentration studies, aimed at improving processing efficiency. The company has initiated a resampling program of historical drill core, which may allow for the conversion of historical resources into measured and indicated categories at relatively low cost.

NexMetals emphasized in its presentation that both projects lie within mining licences and benefit from existing infrastructure, including power, water, and rail access. Botswana remains a stable jurisdiction with mining regulations aligned to Canadian standards, providing a favorable backdrop for project development.

The Catalyst: Sector Prices Surge

Copper prices surged on Wednesday following Freeport-McMoRan's (NYSE: FCX) announcement of force majeure on its contracted supplies from the Grasberg Block Cave mine in Indonesia, according to a report by Mining.com on September 24.

On the CME, three-month futures climbed above US$10,496 per ton (US$4.7710 per lb.), marking a 2.74% increase for the day. Meanwhile, in London, copper for delivery in three months increased by as much as 2% to reach US$10,172 a ton on the London Metal Exchange, the highest level seen in over 15 months.

Freeport's shares dropped by as much as 10.4% in New York, while competitors Glencore Plc, Teck Resources, and Antofagasta saw gains of 3%, 5%, and 7.4%, respectively, Mining.com noted.

Analysts described it as a "negative near-term development that will likely put Freeport in the penalty box," the site said. Despite this, BMO Capital Markets emphasized that 60% of Freeport's copper production is sourced from North and South America, indicating the company still maintains strong regional output. Additionally, a potential rise in copper prices due to reduced supply could partially mitigate the impact.

Nickel prices fell on Tuesday as the US dollar strengthened against most major currencies, while investment funds continued to wager that the industrial metal might have hit a bottom. It's hard to imagine that nickel once soared so high it nearly led to a collapse of the London Metal Exchange (LME) just two years ago. Yet, for much of this year, the LME market has languished near five-year lows, hovering around US$15,000 per metric ton.

Nickel, essential for stainless steel production and electric vehicle batteries, is under pressure from a significant supply surplus driven by Indonesia's production boom, Economies.com reported on September 23. Daily stockpile reports from the LME highlight this issue, with both registered and unregistered inventories climbing steadily to 308,000 tons — the highest level since the exchange began publishing off-warrant data in early 2020.

The Democratic Republic of Congo (DRC) announced it will end its eight-month cobalt export ban on October 16, replacing it with annual quotas aimed at stabilizing global supply and prices, Giann Liguid wrote for Investing News Network on September 22.

According to Bloomberg, the country's Authority for the Regulation and Control of Strategic Mineral Substances’ Markets (ARECOMS) will permit miners to export 18,125 metric tons of cobalt for the rest of 2025, the site said.

Quotas will be distributed on a pro-rata basis and based on each company’s historical export levels. The export ban, initially imposed in February and extended in June, was a response to a price collapse that pushed cobalt to its lowest level in nine years, Liguid reported.

streetwise book logoStreetwise Ownership Overview*

NexMetals Mining Corp. (NEXM:TSX.V; NEXM; NASDAQ)

*Share Structure as of 8/22/2025

Earlier this year, benchmark prices dropped below US$10 a pound, a level not seen in over two decades except for a brief period in 2015. The decline in cobalt prices followed increased production from Chinese miner CMOC Group, which expanded two major projects in the DRC.

Since then, cobalt prices have rebounded, with cobalt hydroxide prices more than doubling from their lows. However, inventories remain high, and the DRC government continues to enforce stricter controls on the sector.

In recent years, platinum has often taken a backseat to gold. However, following a substantial rally, platinum prices have surged by an impressive 50% this year, according to the CME Group in a report on September 23.

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$168.61 million with 21.46 million shares outstanding, according to Refinitiv. It trades in a 52-week range of CA$4.90 and CA$16.20.


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Important Disclosures:

  1. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of NexMetals Mining Corp.
  2. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
  3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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