NexMetals Mining (NEXM) is a pre-revenue mineral exploration and development company focused on copper, nickel, cobalt, and platinum group elements in Botswana. NEXM's two principal assets are the Selebi Mines — comprising two underground shafts (Selebi Main and Selebi North) — and the Selkirk Mine, both of which were acquired out of liquidation from prior operators. NEXM completed unencumbered title to both assets in December 2025 after paying a US$25M contingent milestone payment to prior liquidators. The company is not yet a producing miner; current activities consist of exploration drilling, metallurgical studies, and technical assessments aimed at demonstrating the economic viability of its deposits. A Preliminary Economic Assessment for the Selebi Mines was initiated in October 2025, with an updated Selkirk Mineral Resource Estimate targeted for H1 2026. NEXM funds itself through equity raises and debt, having raised approximately $46M via private placement and $80M through a brokered public offering in 2025. The company's near-term value drivers are resource expansion through drilling — including targeting the gap between Selebi Main and Selebi North — and technical de-risking, as metallurgical work suggests separate copper and nickel-cobalt concentrates could be produced at Selebi without a hydrometallurgical facility, potentially reducing future capital requirements. Longer term, NEXM aims to redevelop both mines into operating producers, with existing infrastructure at both sites reducing the capital needed relative to a greenfield development. The U.S. Export-Import Bank has issued a non-binding letter of interest for up to US$150M to support potential mine redevelopment.