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Selkirk

Resource
NI 43-101 Mineral Resource Estimate - November 1, 2024
Area
Mining Licence 14.6 km² and 4 Prospecting Licences covering 126.7 km²
Deposit Type
~2.7Ga Magmatic Gabbroic Intrusive hosted within Tati Greenstone Belt (Greenschist-Lower Amphibolite Facies)
Accessibility
Accessible year-round road access, electricity, serviced by Francistown city (Pop 99,000).

Selkirk Resource

Initial Focus
Surface drilling program for resource expansion and metallurgical flowsheet development.
Testing Underway
The drill core from this program will be utilized for metallurgical variability testing and XRT pre-concentration studies.
Historic Core Resampling
Re-logging and re-sampling of historical drill core in progress.
Low-Cost Upgrade
Low-cost conversion of historical resource into Measured and Indicated through a re-assay program and select drilling.
Ongoing Work
Re-sampling of historic core. Metallurgical and flowsheet optimization studies underway. Regional Exploration

Selkirk Mine

Significant Untapped Potential Value

Mining license covers approximately 14.6 square kilometres and the four prospecting licenses cover 126.7 square kilometres

Initial production took place in 1989 by Tati Nickel Mining Company high grading Cu-Ni massive sulphides to produce 1 million tonnes at 1.5% Cu and 2.6% Ni were mined between 1989 and 2002.

Comprehensive exploration was conducted by LionOre Mining International Ltd. and, subsequently, by Norilsk Nickel. *Historical Resource includes 128.4 Mt 0.21% Ni, 0.23% Cu Measured & Indicated / 123.8 Mt 0.17% Ni, 0.19% Cu Inferred

Selkirk Mine NI 43-101 Mineral Resource Estimate of 44.2 Mt Inferred Resources at 0.81% CuEq**.

*NexMetals NI 43-101 Technical Report Selkirk Nickel Project dated, Effective date: November 1, 2024 ​

**CuEq% calculated using the formula Cu% + Ni%*(55.605/53.913) + Pd g/t*(22.948/53.913) + Pt g/t*(14.891/53.913) using metal prices and recoveries listed below in Notes.

Technical & SGS Reports

Selkirk Mine NI 43-101 Mineral Resource Estimate Technical Report – effective date: November 1, 2024

Selkirk Mine NI 43-101 Report - effective date: March 31, 2023

SGS Report March 26, 2024: An Investigation into PLATSOL Processing of the Selkirk and Selebi Deposits

SGS Report January 3, 2024: An Investigation into The Metallurgical Testwork on Samples from the Selebi and Selkirk Deposits

SGS Report December 22, 2021: The Recovery of Copper and Nickel from Composite Samples from The Selkirk Deposit

NI 43-101 Summary

NI 43-101

NexMetals Mining Corp. completed an NI 43-101 Mineral Resource Estimate (MRE), effective November 1, 2024, for the Selkirk Mine, Inferred Mineral Resources are estimated to total 44.2 Mt at grades of 0.24% Ni, 0.30% Cu, 0.55 g/t Pd, and 0.12 g/t Pt, containing 108,000 tonnes (t) of nickel, 132,000 t of copper, 775,000 ounces (oz) palladium, and 174,000 oz platinum.

  1. The MRE was prepared using results from 232 surface and 10 underground historical drillholes drilled between 2003 and 2016, five 2016 drillholes sampled by NEXM in 2021, and 17 historical drillholes resampled in 2024.
  2. Analytical results from NEXM re-sampling showed higher PGE values compared to historic results and additional resampling is expected to result in higher Pt and Pd grades and contained metal.
  3. The MRE was prepared under the conceptual processing scenario of producing two separate concentrates. Additional work on alternate processing options may result in higher recoveries.
  4. Cobalt, a potentially valuable by-product, has not been included in the initial MRE as cobalt analyses are not consistently available throughout the deposit. Planned metallurgical studies will determine payability of cobalt at the Selkirk Mine.

Classification

Tonnage (Mt)

Cu %

Ni %

Pd g/t

Pt g/t

CuEq* %

NiEq** %

PdEq*** %

Cu kt

Ni kt

Pd koz

Pt koz

Inferred

44.2

0.30

0.24

0.55

0.12

0.81

0.79

1.91

132

108

775

174

Classification

Inferred

Tonnage (Mt)

44.2

Cu %

0.30

Ni %

0.24

Pd g/t

0.55

Pt g/t

0.12

CuEq* %

0.81

NiEq** %

0.79

PdEq*** %

1.91

Cu kt

132

Ni kt

108

Pd koz

775

Pt koz

174

*CuEq% calculated using the formula Cu% + Ni%*(55.605/53.913) + Pd g/t*(22.948/53.913) + Pt g/t*(14.891/53.913) using metal prices and recoveries listed below in Notes.

**NiEq% calculated using the formula Ni%+Cu%*(53.913/55.605) + Pd g/t*(22.948/55.605) + Pt g/t*(14.891/55.605) using metal prices and recoveries listed below in Notes.

*** PdEq g/t calculated using the formula Pd g/t+Cu%*(53.913/22.948) + Ni%*(55.605/22.948) + Pt g/t*(14.891/22.948) using metal prices and recoveries listed below in Notes.

Notes: 1.CIM (2014) definitions were followed for mineral resources. | 2.Mineral resources are estimated at a NSR cut-off value of $25/t. | 3.Mineral resources are estimated using long-term prices of US$10.50/lb Ni, US$4.75/lb Cu, US$1,450/oz Pt and US$1,500/oz Pd, and a US$: BWP exchange rate of 1.00:13.23. | 4.Mineral Resources are estimated using nickel, copper, palladium, and platinum recoveries of 60%, 70%, 59%, and 59%, respectively, derived from metallurgical studies which consider a conceptual two concentrate scenario. | 5.Bulk density has been estimated. | 6.Mineral resources are reported within an optimized pit shell. | 7.There are no mineral reserves. | 8.Mineral resources that are not mineral reserves do not have demonstrated economic viability. | 9.Totals may not add or multiply accurately due to rounding.

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