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Selkirk Mine

LOCATION:
28 km southwest of the city of Francistown, Botswana
OWNERSHIP:
100%
DEPOSIT TYPE:
Intrusive magmatic sulphide deposit
Stage
Past producing
PRIMARY MINERALS:
Copper, Nickel, Cobalt, Platinum and Palladium (PGE)

Highlights

Mining licence spans ~14.6 km², with an additional 126.7 km² across four surrounding prospecting licences.
Historical production of ~1 Mt grading 1.6% Cu and 2.6% Ni (1989-2002).
Shallow, laterally extensive mineralization supports open-pit development potential.
Current resources represent only a portion of the interpreted mineralized system, highlighting growth potential.
Inferred Mineral Resource Estimate of 78.2 Mt Ind @ 0.66% CuEq and 15.1 Mt Inf @ 0.60%CuEq

* CuEq is calculated using the formula CuEq %)=91.4*Cu(%)+Ni(%)*(85.1/91.4)+Co(%)*(93.8/91.4)+Pt(g/t)*(22.4/91.4)+Pd(g/t)*(33.1/91.4)+Au(g/t)*(68.5/91.4)+Ag(g/t)*(0.8/91.4)

Notes:  

  1. All tabulated data have been rounded and as a result minor computational errors may occur.
  2. Mineral Resources, which are not Mineral Reserves, have no demonstrated economic viability. There is no guarantee that that all or any part of the Mineral Resource will be converted into a Mineral Reserve. The estimate of Mineral Resources may be materially affected by geology, environment, permitting, legal title, taxation, socio-political, marketing, or other relevant issues.
  3. kt = thousand tonnes, Mlbs = Million pounds, koz = thousand ounces.
  4. The 2026 MRE has been prepared in accordance with the CIM Definition Standards (2014) and CIM Best Practice Guidelines (2019) with an effective date of June 22, 2026.
  5. Mineral Resources are reported at a cut-off value of US$25/t NSR (Net Smelter Return) defined as received value of final metal recovered minus off-site costs.
  6. Mineral Resources are estimated using long-term prices of US$9.10/lb Ni, US$5.10/lb Cu, US$20.00/lb Co, US$1,800/oz Pt, US$1,550/oz Pd, US$3,600/oz Au and US$52.00/oz Ag. The same metal prices were used in CuEq and NSR calculations.
  7. Mineral Resources are estimated using nickel, copper, cobalt, platinum, palladium, gold and silver recoveries of 54%, 88%, 53%, 56%, 78%, 72% and 61%, respectively, derived from metallurgical studies which consider a two-concentrate scenario.
  8. Payabilities and off-site treatment and refining costs were derived from an independent marketing study commissioned by NexMetals.
  9. The CuEq value was calculated based on relative recovered value received for each metal excluding costs. Received value for each metal was calculated using the formula: in-situ grade*concentrator recovery*payability*metal price. The ratio between received copper value and total other metal value was then used to calculate CuEq, i.e., CuEq = (1+value excluding Cu / Cu value) * Cu grade.
  10. Bulk density has been estimated in the block model based on an extensive data set of measurements taken from drillhole cores.
  11. Mineral Resources are reported within an optimized pit shell using NSR values, mining cost of US$3/tonne (additional US$0.008 per metre depth from pit rim), concentrate costs of US$20/tonne, G&A of US$1.35 per tonne, 45°pit slope to base of partially weathered and 60° in fresh rock.
  12. There are no Mineral Reserves.

Growth Potential

Since acquisition, NexMetals has completed extensive data validation, core re-sampling and re-assaying programs, geological modelling, metallurgical testing, and exploration drilling to verify and enhance the historical database. This work culminated in the completion of the 2024 NI 43-101 Mineral Resource Estimate, outlining Inferred Mineral Resources of 44.2 Mt grading 0.24% Ni, 0.30% Cu, 0.55 g/t Pd, and 0.12 g/t Pt. Importantly, modern re-assaying programs captured significant palladium and platinum values that were not systematically incorporated by previous operators, highlighting the potential for further resource growth through additional PGE analysis.
 
The 2025 work programs, including a 12-hole drilling campaign, a 34-hole re-sampling program, and borehole electromagnetic (BHEM) surveys, have continued to confirm the scale and continuity of the mineralized system. Results include broad mineralized intercepts such as 231.0 m grading 1.09% CuEq and 180.8 m grading 1.31% CuEq, while also confirming high-grade footwall mineralization that could potentially represent additional exploration upside.
 
Metallurgical studies have successfully produced separate clean saleable copper and nickel concentrates, representing a major de-risking milestone for the project. Test work achieved copper recoveries of approximately 81% to a 30.2% Cu concentrate and nickel recoveries of approximately 54% to a 10.9% Ni concentrate, with final analytical results confirming that both concentrates meet commercial smelter specifications. 
 

As a result of the work completed by the Company, including targeted drilling, historical core resampling, reassaying and metallurgical studies, NexMetals announced an updated 2026 Mineral Resource Estimate (“MRE”) for the Selkirk Project, representing a significant advancement in the understanding and value of the asset. The updated MRE established 78.2 million tonnes grading 0.66% CuEq in the Indicated category, containing approximately 1.1 billion pounds of copper equivalent, and 15.1 million tonnes grading 0.60% CuEq in the Inferred category, containing an additional 200 million pounds of copper equivalent. The estimate reflects a 70% increase in contained metal, a substantial conversion of resources from Inferred to Indicated, and the inclusion of additional payable metals. A Technical Report prepared in accordance with National Instrument 43-101 (“NI 43-101”) is under way, and will be filed on SEDAR+ and EDGAR.

Since acquisition, NexMetals has completed extensive data validation, core re-sampling and re-assaying programs, geological modelling, metallurgical testing, and exploration drilling to verify and enhance the historical database. This work culminated in the completion of the 2024 NI 43-101 Mineral Resource Estimate, outlining Inferred Mineral Resources of 44.2 Mt grading 0.24% Ni, 0.30% Cu, 0.55 g/t Pd, and 0.12 g/t Pt. Importantly, modern re-assaying programs captured significant palladium and platinum values that were not systematically incorporated by previous operators, highlighting the potential for further resource growth through additional PGE analysis.
 
The 2025 work programs, including a 12-hole drilling campaign, a 34-hole re-sampling program, and borehole electromagnetic (BHEM) surveys, have continued to confirm the scale and continuity of the mineralized system. Results include broad mineralized intercepts such as 231.0 m grading 1.09% CuEq and 180.8 m grading 1.31% CuEq, while also confirming high-grade footwall mineralization that could potentially represent additional exploration upside.
 
Metallurgical studies have successfully produced separate clean saleable copper and nickel concentrates, representing a major de-risking milestone for the project. Test work achieved copper recoveries of approximately 81% to a 30.2% Cu concentrate and nickel recoveries of approximately 54% to a 10.9% Ni concentrate, with final analytical results confirming that both concentrates meet commercial smelter specifications. 
 

As a result of the work completed by the Company, including targeted drilling, historical core resampling, reassaying and metallurgical studies, NexMetals announced an updated 2026 Mineral Resource Estimate (“MRE”) for the Selkirk Project, representing a significant advancement in the understanding and value of the asset. The updated MRE established 78.2 million tonnes grading 0.66% CuEq in the Indicated category, containing approximately 1.1 billion pounds of copper equivalent, and 15.1 million tonnes grading 0.60% CuEq in the Inferred category, containing an additional 200 million pounds of copper equivalent. The estimate reflects a 70% increase in contained metal, a substantial conversion of resources from Inferred to Indicated, and the inclusion of additional payable metals. A Technical Report prepared in accordance with National Instrument 43-101 (“NI 43-101”) is under way, and will be filed on SEDAR+ and EDGAR.

Geology

The Selkirk deposit is an intrusive magmatic copper-nickel-platinum group element (Cu-Ni-PGE) sulphide deposit located within the Tati granite-greenstone belt of the Zimbabwe Craton in northeastern Botswana. Mineralization is hosted within the Selkirk metagabbro intrusion, which forms part of the Selkirk Formation and is associated with other magmatic Cu-Ni-PGE deposits in the district, including Phoenix and Tekwane. The Selkirk metagabbro has been dated at approximately 2.7 billion years old.

Two styles of mineralization occur at Selkirk: massive sulphides and disseminated sulphides. The historically mined massive sulphide mineralization occurs within the metagabbro intrusion and has largely been extracted, while a broad halo of matrix and disseminated sulphide mineralization surrounds and extends down plunge from the mined-out core. The disseminated mineralization averages 100 m to 150 m in thickness, extends for approximately 900 m from surface, and remains open at depth. The principal sulphide minerals are pentlandite, pyrrhotite, chalcopyrite, and pyrite, which host copper, nickel, platinum, and palladium mineralization.

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