Vancouver, British Columbia--(Newsfile Corp. - February 2, 2026) - NexMetals Mining Corp. (TSXV: NEXM) (NASDAQ: NEXM) ("NEXM" or the "Company") is pleased to announce that it has appointed Mr. David Eichenberg as Vice President, Geology, effective immediately. The Company also announces that it has granted equity incentive awards to certain officers, employees and consultants pursuant to the Company's Omnibus Equity Incentive Plan (the "Plan").Mr. Eichenberg is a veteran Geoscientist and leader with 28 yea ...

Core Insights - NexMetals Mining Corp. reports successful assay results from three drill holes at the Selebi North Underground deposit, confirming high-grade mineralization and continuity of the deposit [1][2]. Drill Results - Drill hole SNUG-25-194 intersected 32.45 metres of 4.61% CuEq, including 7.90 metres of 5.85% CuEq and 9.65 metres of 5.88% CuEq, indicating strong mineralization [2][7]. - The results from SNUG-25-191 and SNUG-25-192 also confirmed mineralization outside the thick zone, supporting the updated Mineral Resource Estimate (MRE) [7][8]. Future Plans - The company plans to update the MRE with results from the 2025 resource expansion drill holes and ongoing metallurgical tests [6][17]. - Drilling is ongoing, with SNUG-25-200 currently testing the down plunge extension of N3, and the drill will transition to surface drilling for the 2026 Selebi Main resource expansion program [6][7]. Company Overview - NexMetals Mining Corp. is focused on redeveloping the Selebi and Selkirk copper-nickel-cobalt-platinum group element mines in Botswana, with confirmed mineralization larger than historical estimates [17]. - The company emphasizes disciplined execution, transparent governance, and long-term stakeholder value creation [17].

Core Viewpoint - NexMetals Mining Corp. is positioned to accelerate resource growth and advance its Selebi and Selkirk projects in Botswana in 2026, following successful developments in 2025 [1][5]. Achievements in 2025 – Setting the Foundation for Growth - The company secured unencumbered title to the Selebi and Selkirk assets in Botswana after completing a milestone payment [5]. - A strengthened balance sheet was achieved through strategic financings to support exploration and development [5]. - The drill program advanced to target the two-kilometer gap between the Selebi Main and Selebi North deposits [5]. - Surface and underground exploration drilling expanded the mineralized footprint and improved geological understanding [5]. - Successful bench-scale testing of metallurgical flowsheets demonstrated the potential for producing high-grade, saleable copper and nickel cobalt concentrates [5]. 2026 Strategy Highlights – Moving Toward Economic Studies - The company plans to complete a Mineral Resource Estimate (MRE) update in H1 2026 and a Preliminary Economic Assessment (PEA) in H2 2026 [5][8]. - The Selebi Main surface drilling program will involve approximately 30,000 meters of drilling targeting resource expansion [5][8]. - Ongoing metallurgical testing aims to refine and optimize the metallurgical flowsheet for Selebi Mine material [5][8]. - The company expects a steady flow of technical results throughout 2026, which will significantly advance the projects [7]. Selkirk Mine – What to Expect in H1 2026 - The metallurgical drill program at Selkirk has been successfully completed, supporting resource modeling and future economic studies [5]. - The drill core resampling program at Selkirk was completed, which is essential for the upcoming MRE update [5]. - Assay results from exploration drilling and soil sampling programs are anticipated to provide further insights into resource potential [5].

Core Viewpoint - NexMetals Mining Corp. has appointed Warwick Morley-Jepson to its board of directors and as Co-Chair of the newly formed Safety, Sustainability and Technical Committee, which is seen as a strategic move to enhance the company's project development and operational capabilities [1][3]. Company Overview - NexMetals Mining Corp. is a mineral exploration and development company listed on TSXV and NASDAQ, focusing on redeveloping the Selebi and Selkirk copper-nickel-cobalt-platinum group element mines in Botswana [4]. - The company has confirmed that the scale of mineralization at its projects is larger than historical estimates, supported by NI 43-101-compliant resource estimates, and is currently engaged in down-hole geophysics, drilling, and metallurgical programs to expand resources [4]. Leadership and Experience - Warwick Morley-Jepson brings over 40 years of experience in the mining sector, having held senior operational and project development roles in notable global mining companies, including Kinross Gold Corporation and Ivanhoe Mines [2]. - His recent experience includes serving as Chairman and Interim CEO at Wesdome Gold Mines, which adds significant leadership expertise to NexMetals [2]. Strategic Importance - The addition of Morley-Jepson to the board is considered timely as the company aims to optimize its path forward for the Selebi and Selkirk assets, with his leadership expected to be critical in guiding key project decisions [3].

Core Viewpoint - NexMetals Mining Corp. announces a leadership transition with Mr. Morgan Lekstrom stepping down as CEO effective January 31, 2026, and Mr. Sean Whiteford being appointed as the new CEO [1][4]. Leadership Transition - Mr. Lekstrom has been pivotal in the company's restructuring and has raised over $145 million, including the conversion of a $20.8 million term loan and prepayment of a $25 million asset purchase agreement [2]. - Mr. Whiteford, with over 30 years of experience in exploration and operational roles, has been with the company for over three years and has guided its strategic direction [3][4]. Company Achievements - Under Mr. Lekstrom's leadership, the company advanced its projects in Botswana, including technical evaluations and a deep drilling program at the Selebi and Selkirk projects, with initial economic studies expected to be completed in 2026 [2][4]. - The company has strengthened its foundation for future growth, positioning itself for major milestones in 2026 [4]. Company Overview - NexMetals Mining Corp. focuses on the redevelopment of previously producing copper, nickel, and cobalt resources in Botswana [5]. - The company emphasizes governance through transparent accountability and has a team with extensive experience in mine discovery and development [6].

Core Viewpoint - NexMetals Mining has secured unencumbered title to its Selebi and Selkirk copper, nickel, cobalt, and platinum group element assets, marking a significant milestone for the company [1][2]. Financing and Institutional Support - NexMetals raised CDN $80 million at $5.70 per unit through equity financing, with a lead order from Condire Investors LLC [2]. - The financing increased institutional ownership from 30% to 75% and eliminated legacy debt, which had previously created market overhang [6]. - The funds will be used to meet a US$25 million contingent milestone payment and to accelerate growth and project derisking [5]. Operational Developments - NexMetals has made significant progress in metallurgical breakthroughs at its Selebi Mines, allowing for the production of both copper and nickel concentrates [9][11]. - The copper concentrate has a grade of 27.6% with an 87% recovery rate, providing a strategic advantage with lower capital and operational expenditures [11][12]. - The company has drilled 231 meters at Selkirk, establishing scale and grade potential with a 1.09% CuEq average, including 97 meters of 1.28% CuEq [13][14]. Market Context and Strategic Importance - The demand for critical metals, particularly for green energy transformation, has surged, with copper prices increasing by 115% over the last five years [19]. - Botswana's government, under President Duma Boko, is focused on diversifying its mining sector beyond diamonds, which have historically dominated its economy [17]. - NexMetals aims to play a significant role in Botswana's economic evolution through its copper-nickel projects [17].

Core Points - NexMetals Mining Corp. has granted annual equity incentive awards to directors, officers, employees, and consultants under its Omnibus Equity Incentive Plan [1][3] - The Board approved the grant of 332,512 restricted share units (RSUs), with 287,512 RSUs priced at $7.60 each, reflecting a 55% premium over the closing share price on November 17, 2025 [2] - An additional 45,000 RSUs were granted at a price of $8.80 each, representing a 79% premium to the closing share price [2] - The company also granted 46,600 deferred share units (DSUs) to directors at a price of $7.60 each, which will be payable in cash [3] - The equity incentive grants aim to align the interests of stakeholders with those of shareholders and support long-term retention and performance objectives [3] Company Overview - NexMetals Mining Corp. focuses on the redevelopment of previously producing copper, nickel, and cobalt resource mines in Botswana [5] - The company emphasizes governance through transparent accountability and open communication [6] - The team at NexMetals has extensive experience in mine discovery and development, with senior members averaging over 20 years in geology, engineering, operations, and project development [6]

Core Points - NexMetals Mining Corp. successfully closed a public offering of units, raising gross proceeds of C$80 million at a price of C$5.70 per unit [1][4] - Condire Investors, LLC became a new shareholder with a 9.9% stake in the company following the offering [3] - The net proceeds will be used for prepayment of a milestone payment under an Asset Purchase Agreement for the Selebi and Selkirk mines, exploration activities in Botswana, and general corporate purposes [4][5] Offering Details - Each unit consists of one common share and one warrant, with warrants allowing the purchase of additional shares at C$8.00 until November 17, 2027 [2] - EdgePoint Investment Group participated in the offering, acquiring 1,578,500 units for approximately C$9 million, increasing their stake to about 17.6% [3] - The offering included a cash commission of 6.0% of gross proceeds, totaling C$4,512,017 [5] Future Plans - The company plans to use the funds to secure title to the Selebi and Selkirk assets and accelerate growth and project derisking [5] - The offering is subject to final approval from the TSX Venture Exchange, with conditional approval for the listing of warrants [7] Insider Participation - Insiders subscribed for a total of 1,695,000 units, which is considered a related party transaction [8] - The company is relying on exemptions from formal valuation and minority shareholder approval requirements due to the participation not exceeding 25% of the company's market capitalization [8]

Financial Position and Capitalization - The Company completed a significant recapitalization on March 18, 2025, which included a $46.0 million non-brokered equity private placement and the conversion of a $20.9 million term loan, enhancing its financial position[142]. - A non-binding letter of interest from the Export-Import Bank of the United States indicates potential financing of up to $150 million for the redevelopment of the Company's Mines[144]. - The Company announced a brokered public offering on October 28, 2025, with an upsized offering of 14,035,100 units at $5.70 per unit, aiming for gross proceeds of up to $80 million[144]. - The Company plans to use the net proceeds from a public offering to fund exploration and development activities at the Mines, with gross proceeds expected to be up to $80,000,070[209]. - The Company had $14,117,843 in cash and cash equivalents as of September 30, 2025, up from $6,105,933 at the end of 2024[208]. Exploration and Resource Development - The Selkirk Mineral Resource Estimate (MRE) filed on January 31, 2025, supports advancing the Selkirk deposit to an economic study, with a focus on high-quality Cu-Ni-Co-PGE resources[141]. - The Company is executing an exploration drilling program at the Selebi Mines, with anticipated costs for exploration and development ranging from $1.9 million to $2.5 million by December 31, 2025[147]. - The Selebi Mines have an Indicated Mineral Resource of 3.00 million tonnes at 0.90% Cu and 0.98% Ni, and an Inferred Mineral Resource of 24.72 million tonnes at 1.50% Cu and 0.92% Ni[156]. - The Selebi North Underground Resource Expansion Drilling program has drilled approximately 8,173 metres in 14 holes, with assays for about 41,189 metres across 91 completed holes not included in the 2024 Selebi Mines MRE[161]. - Drill hole SNUG-25-186 extended South Limb mineralization by 315 metres down-plunge, representing a 35% increase beyond the 2024 Selebi Mines MRE[159]. - The Selebi Hinge drilling program has completed 9,014 metres, with two completed holes and four currently in progress, aimed at demonstrating broader scale potential[166]. - A total of 3,903 metres were drilled in a 12-hole surface drilling program at Selkirk, with highlights including 201 metres of 0.91% CuEq and 210 metres of 1.06% CuEq[182]. - The Company is focusing on advancing metallurgical testwork and preparing an updated Mineral Resource Estimate (MRE) following the completion of its 2025 drilling programs[191]. - A Preliminary Economic Assessment for the Selebi Mines is underway, focusing on mine design, process engineering, and capital cost estimation[170]. Financial Performance and Expenditures - The Company has incurred $8,465,855 in exploration and evaluation expenditures for the three months ended September 30, 2025, compared to $7,988,816 for the same period in 2024[172]. - For the three months ended September 30, 2025, the Company incurred exploration and evaluation expenditures of $2,084,888, a significant increase from $606,725 in the same period of 2024[189]. - General exploration expenses rose to $10,658,319 for the three months ended September 30, 2025, compared to $8,628,426 in 2024, reflecting an increase of $2,029,893[200]. - The net loss for the nine months ended September 30, 2025, was $46,321,544, up from $31,145,332 in the same period of 2024, indicating a year-over-year increase of 48.7%[200]. - Cash flows from operating activities for the nine months ended September 30, 2025, were $(35,106,741), an increase of $8,439,102 compared to $(26,667,639) in 2024[202]. - The Company incurred a net loss of $16,004,468 for the three months and $46,321,544 for the nine months ended September 30, 2025, compared to a net loss of $12,004,960 and $31,145,332 for the same periods in 2024[214]. - Total expenditures for the three months ended September 30, 2025, amounted to $10,658,319, with drilling costs at $2,309,664[226]. - For the nine months ended September 30, 2025, total expenditures reached $27,131,192, with drilling costs at $6,731,474[227]. Corporate Governance and Strategic Direction - The Company adopted a new long-term omnibus incentive plan on June 3, 2025, replacing previous stock option and share unit plans[144]. - The Company changed its name from "Premium Resources Ltd." to "NexMetals Mining Corp." on June 9, 2025, and began trading under the new symbol "NEXM" on June 11, 2025[144]. - Investor relations and communications expenses increased by $1,641,848 for the three months ended September 30, 2025, due to efforts to enhance market awareness of the Company's new strategic direction[201]. Risk Management and Accounting - The Company has not generated profitable operations from its resource activities to date, raising substantial doubt about its ability to continue as a going concern[214]. - The Company has the option to cancel milestone payments for the Selebi Mines if deemed uneconomical, with no conditions met for the remaining milestone payments as of September 30, 2025[216]. - The Company has provisioned $140,000 for remediation work at the Maniitsoq Nickel-Copper-PGM Project for the nine months ended September 30, 2025[198]. - The Company holds a 100% interest in the Halcyon property and is obligated to pay $8,000 per annum in net smelter return advances[195]. - As of September 30, 2025, the Company had commitments for capital expenditures of $156,650 and outstanding milestone payments of $25,000,000 and $30,000,000 related to the Selebi APA[215]. - The Company has a royalty obligation of 5% on precious metals sales and 3% on base metals sales to the Botswana Government[218]. - The fair value of the NSR option liability is $2,750,000 as of September 30, 2025[229]. - A one percentage point change in interest rates would result in a $16,967 change in annual interest expense for the Company[233]. - A 5% increase in USD would result in a net loss before tax of $89,376, while a 5% increase in BWP would lead to a net loss before tax of $86,344[235]. - The company manages liquidity risk by regularly monitoring cash flows against its budget and deferring discretionary expenditures as needed[237]. - There have been no significant changes to critical accounting estimates and judgments since the last annual report, except for debt extinguishment accounting[239]. - The company adopted ASU 2023-09 on income tax disclosures effective January 1, 2025, which will require additional disclosures in the financial statements[240]. - ASU 2024-03, effective January 1, 2027, will require disaggregated disclosures of specified expense categories, and the company is currently assessing its impact[241]. - The company's credit risk is primarily associated with cash and cash equivalents, limited to the carrying value of these instruments[236]. - The company evaluates its accounting estimates based on historical experience and known trends, with actual results potentially differing under different conditions[238]. - Market risk disclosures have been omitted as permitted under rules applicable to smaller reporting companies[242].

Core Points - NexMetals Mining Corp. has filed a final short form prospectus for a public offering of up to 14,035,100 units at a price of $5.70 per unit, aiming for gross proceeds of up to $80,000,070 [1][2] - The closing of the offering is anticipated to occur on November 17, 2025, with conditional approval from the TSX Venture Exchange [2] - The final prospectus is accessible on SEDAR+ and can be obtained from SCP Resource Finance LP [3] Company Overview - NexMetals Mining Corp. is focused on the redevelopment of previously producing copper, nickel, and cobalt mines in Botswana [5] - The company emphasizes governance through transparent accountability and has a team with extensive experience in mine discovery and development [6]