Recent developments for NexMetals include significant drilling results indicating mineralization continuity and growth potential, management changes including CEO succession and board appointments, and financing activities such as public offerings to support project advancement.

• NexMetals reported 11.05 metres of 7.31% CuEq in drill hole SMD-25-205 located 130 metres down-dip from the Selebi Main resource within the emerging Selebi Main Flexure Zone [N1].
• The company announced the resignation of a board member and the appointment of a new director in February 2026 [N3].
• NexMetals welcomed former Kinross Gold COO Warwick Morley-Jepson to its Board of Directors in January 2026 [N4].
• The company initiated a CEO succession plan in December 2025, with Sean Whiteford assuming the CEO role in January 2026 [N6].
• NexMetals closed an $80 million public offering and welcomed Condire as a new 9.9% shareholder in November 2025 [N7].
• The company announced an upsizing of its public offering to $80 million in October 2025 [N8].

NexMetals has demonstrated continuity and growth potential in its mineralization through recent drilling results at the Selebi and Selkirk deposits. The company holds unencumbered title to its key assets with mining licenses valid through 2032, supported by infrastructure. Recent metallurgical assay results confirm the ability to produce separate high-grade copper and nickel-cobalt concentrates, which could enhance project economics. The company has secured significant financing through public offerings, strengthening its liquidity position to advance exploration and development activities. Experienced management and board members with regional expertise support operational execution.

NexMetals remains an exploration and evaluation stage company with no current production or established mineral reserves, meaning economic viability is unconfirmed. The company reports ongoing net losses and negative operating cash flow, requiring additional capital to sustain operations and advance projects, with no assurance of financing availability or favorable terms. Operating in Botswana exposes the company to emerging market risks including regulatory, political, and currency risks. Commodity price volatility and operational challenges inherent in mining exploration add further uncertainty. Failure to comply with regulatory requirements or to successfully transition to production could materially adversely affect the company.

NexMetals' moat is primarily based on its ownership of strategically located mineral assets in Botswana with existing mining licenses and infrastructure. The company benefits from local operational expertise and governance frameworks. However, as an exploration and evaluation stage company with no producing operations or established mineral reserves, its competitive advantage is contingent on successful resource development and regulatory approvals. The company's ability to secure financing and manage operational risks in an emerging market environment also influences its moat.

• Exploration and Development Risks: The company is in early stages with no producing operations or established mineral reserves. Exploration may not result in commercially viable deposits, and development requires substantial capital and regulatory approvals.
• Financial Risks: NexMetals has negative operating cash flow and net losses, relying on additional financing to fund operations and project advancement. Failure to secure capital could impair operations or lead to loss of mineral interests.
• Operational and Regulatory Risks: Operating in Botswana involves risks including changes in regulations, political instability, currency fluctuations, and challenges in obtaining permits. Compliance with local and international laws is critical.
• Market and Commodity Price Risks: The company's profitability and project viability depend on volatile commodity prices, which are influenced by global economic and geopolitical factors beyond the company's control.
• Management and Personnel Risks: The company depends on experienced management and technical personnel. Loss of key personnel or failure to manage contractors effectively could adversely impact operations.

• NexMetals Mining Corp. is a mineral exploration and evaluation company focused on copper-nickel-cobalt-platinum group elements (Cu-Ni-Co-PGE) resources.
• Principal assets include the Selebi and Selebi North copper-nickel-cobalt mines and the Selkirk Cu-Ni-Co-PGE mine, all located in Botswana, along with related infrastructure and prospecting licenses.
• The company holds 10-year mining licenses granted in 2022 for these mines, renewable upon submission of approved mine plans and customary conditions.
• Operations are conducted through wholly-owned subsidiaries in Botswana, governed by local laws and supplemented by Canadian and U.S. regulatory frameworks.
• The company is listed on Nasdaq Capital Market and TSX Venture Exchange under the ticker 'NEXM'.
• NexMetals has no history of mining or refining and none of its properties are currently producing; it is in exploration and evaluation stages.
• The company completed the first contingent milestone payment on December 2, 2025, securing unencumbered title to the Selebi and Selkirk mines; a second payment of US$30 million is due upon mine construction completion or by December 1, 2029.
• The company’s mineral resource estimates exist but no proven or probable mineral reserves have been established, so economic viability is unconfirmed.
• NexMetals has negative operating cash flow and anticipates continuing negative cash flows until commercial production begins, if at all.
• The company requires additional capital to fund future activities and maintain operations; financing availability and terms are uncertain.
• As of December 31, 2025, NexMetals had CAD 39.78 million in cash and equivalents, CAD 46.48 million in current assets, and CAD 9.96 million in current liabilities, with a current ratio of 4.67 and cash ratio of 4.23.
• The company reported a net loss of CAD 59.09 million for the fiscal year ending December 31, 2025, with basic and diluted EPS of CAD 2.86 per share.
• NexMetals operates in Botswana, an emerging market with associated political, regulatory, and economic risks including currency fluctuations, regulatory changes, and geopolitical tensions.
• The company faces risks typical of mineral exploration including the speculative nature of exploration, operational risks, and the possibility that mineral deposits may not be commercially viable.
• NexMetals has recently announced management changes including a CEO succession plan and board appointments.
• Recent technical developments include drilling results showing mineralization continuity and growth potential at the Selebi and Selkirk deposits.
• The company has announced public offerings and financing activities, including an $80 million public offering closed in late 2025.
• NexMetals has metallurgical assay results confirming the ability to produce separate high-grade copper and nickel-cobalt concentrates from the Selebi mines.
• The company emphasizes governance through transparency, accountability, and open communication with stakeholders.