Selebi North Indicated Resources Nearly Triple to 8.95 Mt; Combined Inferred Hits 2.3 Billion Lbs CuEq
NEXM is trading near its 52-week low of $1.38 (5.1% above the low).
Summary
NexMetals nearly tripled Selebi North's Indicated resource to 8.95 million tonnes grading 1.03% copper and 1.08% nickel, up from 3.00 million tonnes, and lifted Inferred tonnage 63% to 9.48 million tonnes. Combined with the Selebi Main estimate reported October 1, the two deposits now hold 8.95 million tonnes Indicated (412 million pounds CuEq) and 41.95 million tonnes Inferred (2,255 million pounds CuEq). The company also flagged a possible geological connection between the two deposits and a potential intrusive keel, which would support further exploration between them. The catch: the Selebi PEA is being delayed to better understand the resource geometry, and the 10-Q filed August 17 reiterated a going concern warning with financing needed by year-end 2026. National Bank is still running a project funding review, and a NI 43-101 technical report is due within 45 days of the October 1 release.
At the time of this announcement, NEXM was trading at $1.45 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $51.7M. The 52-week trading range was $1.38 to $5.75. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: TMX Newsfile.