BOTSWANA · MARKETS
Key Facts
- —What is happening On 20 October 2026, NexMetals raised Selebi North Indicated resource in Botswana to 8.95 million tonnes, from 3.00 million in 2024.
- —Why it matters Indicated tonnes are better proven than Inferred ones, which helps restart planning, although no mine plan, reserve or funding exists yet.
- —The numbers Indicated grades are 1.03% copper, 1.08% nickel and 0.06% cobalt; total Inferred rose to 41.95 million tonnes from 24.72 million.
- —Who is who NexMetals is listed on Nasdaq and the TSX Venture Exchange as NEXM; the MSA Group, a Johannesburg consultancy, prepared the estimate.
- —What to watch A technical report is due within 45 days of the 1 October release; the Selebi economic assessment is delayed, with no new date.
- —What it means for you US investors can buy NEXM on Nasdaq, but a resource is not a reserve and dilution is a stated risk.
NexMetals, the Nasdaq-listed owner of the Selebi mines in Botswana, nearly tripled its Selebi North Indicated resource. Higher copper and nickel grades and a first cobalt estimate come with it.
NexMetals Mining Corp., the Nasdaq-listed owner of Botswana’s Selebi copper-nickel mines, said on Tuesday 20 October that the Selebi resource has grown. Indicated tonnes at its Selebi North deposit nearly tripled to 8.95 million tonnes.
The 2024 estimate showed 3.00 million tonnes in that category, a gain of 198%. Inferred resource across Selebi North and Selebi Main rose 70%, to 41.95 million tonnes from 24.72 million tonnes.
What the Selebi Resource Update Says
Selebi North Indicated resource grades 1.03% copper, 1.08% nickel and 0.06% cobalt. The 2024 grades were 0.90% copper and 0.98% nickel, and cobalt was not estimated then.
The Indicated block holds 204 million pounds of copper, 214 million pounds of nickel and 11 million pounds of cobalt. In copper-equivalent terms, which restate all three metals as copper at the company’s prices, that is 412 million pounds.
Selebi North Inferred resource rose 63% to 9.48 million tonnes, from 5.83 million tonnes. It grades 1.21% copper, 1.13% nickel and 0.06% cobalt, or 483 million pounds of copper equivalent.
Selebi Main, the neighbouring deposit, carries 32.47 million tonnes of Inferred resource in two zones. The Upper Zone has 23.52 million tonnes at 1.61% copper and 1.05% nickel.
The Lower Zone has 8.95 million tonnes at 1.31% copper and 0.77% nickel, matching the Selebi North Indicated tonnage by coincidence. The Selebi Main estimate was first released on 1 October, and the 20 October release adds Selebi North.
The company says 92 new drill holes, totalling 42,633 metres since 30 June 2024, drove the growth. About 20% of resource previously classed as Inferred was upgraded to Indicated.
Why Indicated Tonnes Matter
Under Canadian mining rules, known as NI 43-101, an Indicated resource has enough drilling to support mine planning. An Inferred resource has less drilling and carries more uncertainty, so it cannot be converted directly into reserves.
The estimate assumes US$5.10 per pound of copper, US$9.10 per pound of nickel and US$20.00 per pound of cobalt. It counts material worth at least US$75 per tonne after smelter terms, over a minimum thickness of 1.5 metres.
Recoveries are set at 96.1% for copper, 55.6% for nickel and 60.2% for cobalt. The release declares no Mineral Reserves, the category that requires proven economics.
Adding Indicated and Inferred tonnes gives about 50.9 million tonnes now against about 27.7 million tonnes in 2024. That is a rise of roughly 84%, and it is newsroom arithmetic rather than a company figure.
How the Botswana Mine Got Here
Selebi North and Selebi Main were the two main deposits mined by BCL, the former operator near Selebi-Phikwe in eastern Botswana. Mmegi, a Botswana business newspaper, notes that BCL closed in 2016.
Miningmx, a South African mining outlet, reports care and maintenance in October 2016 and liquidation in 2017. Miningmx says Premium Nickel Resources, a Toronto-listed company, bought it from the liquidator in 2022, while Mmegi says from the government.
Mmegi describes NexMetals as the company formerly known as Premium Nickel Resources, so the seller in 2022 differs between the two reports. The company also holds the Selkirk mine, where DRA Global, an engineering firm, is preparing a preliminary economic assessment.
What It Means for US Readers
NexMetals trades on Nasdaq under NEXM, so US investors can own the stock directly. The newsroom did not check the share price and gives no view on it.
Copper and nickel are used in power grids, electric vehicles and batteries, and cobalt is a battery metal. A larger Botswana resource matters only if financing and permits follow.
The company says a project funding review with National Bank of Canada Capital Markets is under way. It adds that the review is aimed at minimising dilution and that there is no guarantee of a transaction.
What Is Not Known
The release gives no mine plan, capital cost, restart date or production target. The preliminary economic assessment for Selebi is taking longer, and the company says it will update the timing later.
A structural study with TECT Geological Consulting is under way, and it may change how the deposits are mined. The company says it is prioritising drilling and technical studies in line with available capital.
The release does not give the date for the technical report, only a deadline of 45 days from 1 October. By the newsroom’s count that points to about 15 November 2026.
The newsroom read only the opening of the Mmegi report, which is behind a paywall. Its extra background, such as the 2022 purchase price, is left out because it could not be checked.
What Comes Next
NexMetals must file the full technical report behind the estimate, which should show the detail on tonnes and grades. Investors will then look for a new date for the Selebi economic assessment.
Any restart depends on funding, which the company says it is reviewing with its adviser. An estimate is a step toward a mine and not a decision to build one.
Frequently Asked Questions
What did NexMetals announce?
It raised Selebi North Indicated resource to 8.95 million tonnes from 3.00 million tonnes, a rise of 198%. Inferred resource across both deposits rose to 41.95 million tonnes.
What is the difference between a resource and a reserve?
A resource is mineral in the ground that has reasonable prospects of being mined, while a reserve has proven economics. The release declares no reserves.
Where is the Selebi mine?
It is near Selebi-Phikwe in eastern Botswana. The BCL mine there closed in 2016 and later went into liquidation.
Can US investors buy NexMetals?
The company’s shares trade on Nasdaq and the TSX Venture Exchange under NEXM. This article is not investment advice and gives no price view.
Is the resource really tripled?
Only the Indicated category at Selebi North nearly tripled, from 3.00 to 8.95 million tonnes. Total Indicated and Inferred tonnes rose by roughly 84%, by newsroom arithmetic.
Sources: NexMetals Mining Corp., press release of 20 October 2026; NexMetals, Form 8-K exhibit 99.1, 20 October 2026; NexMetals, press release of 1 October 2026; Mmegi, 22 October 2026; African Mining Market, 20 October 2026; Miningmx, 24 May 2024 (all accessed 22 October 2026).