Interview with Sean Whiteford, CEO of NexMetals Mining
Our Previous Interview: https://www.cruxinvestor.com/posts/nexmetals-mining-tsxvnexm-higher-copper-pgm-recoveries-set-stage-for-strong-maiden-pea-10208
Recording date: 24th October 2026
NexMetals Mining Corp. (TSXV:NEXM, Nasdaq:NEXM) is redeveloping two past-producing copper-nickel-cobalt mines in Botswana, the Selebi Mines and the Selkirk Mine. In an update with Crux Investor, CEO Sean Whiteford reported that the company has delivered the resource growth it set out in May, while acknowledging that the larger resource has pushed back the Selebi PEA and that funding is the key near-term issue.
At Selebi, the 2026 estimate totals 50.9 Mt, up from roughly 28 Mt in 2024. Selebi North's Indicated resource rose 198% to 8.95 Mt grading 1.03% copper and 1.08% nickel, driven by conversion drilling that also lifted grades. Its Inferred resource rose 63% to 9.48 Mt grading 1.21% copper and 1.13% nickel. Grades improve with depth. Selebi Main's Inferred resource grew 72% to 32.47 Mt grading 1.53% copper and 0.98% nickel, with more than 90% of the increase coming from the Flexure Zone. Between a quarter and a third of the 700-metre by 700-metre BHEM plate hosting that zone remains untested.
The operations closed after the former owner's smelter failed, not because ore ran out. About two years of underground development remains in place at both Selebi deposits, giving the company a potential head start on mining in any restart. A concentrator and tailings facility would still be needed. Whiteford cited a potential rate of 750,000 tonnes per year from Selebi North.
The most notable geological development is evidence that the two Selebi deposits may connect. New drilling shows Selebi North's South Limb flattening at depth and turning toward Selebi Main, with copper grades rising. Consulting geologist Dr Peter Lightfoot identified fresh olivine in magnesium-rich rocks from deep holes in the gap, which is typical of an intrusion's keel where massive sulphide can accumulate. TECT Geological Consulting is on site to identify structural controls on sulphide thickening in the roughly 1.5-kilometre corridor.
That growth has reshaped mine planning. A previously planned shaft at Selebi Main would now sit in the wrong location, so the company is running a trade-off study on mining Selebi Main through existing infrastructure, with options including conveyors, RailVeyor and trucking. The PEA will also look at Selebi North on its own. No revised completion date has been given. Nickel recovery, assumed at 55.6%, is the main metallurgical lever, and the company hopes to reach the 60% range with further flotation testwork.
At Selkirk, the June 2026 estimate raised contained metal by 70%, to 78.2 Mt Indicated at 0.66% CuEq and 15.1 Mt Inferred at 0.60% CuEq, mainly through better metallurgical recoveries. DRA Global is completing a PEA, and management wants to monetise the asset.
Funding is the central risk. Cash of about C$10.5 million at the end of September lasts into the new year, and Whiteford acknowledged that expectations of a raise are weighing on the share price. The company has engaged National Bank of Canada Capital Markets to pursue non-dilutive financing, though no transaction is guaranteed. Investors should watch the funding review, any Selkirk transaction, drilling in the corridor between the Selebi deposits and the revised PEA timeline.
Learn more: https://www.cruxinvestor.com/companies/nexmetals-mining-corp
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