# NexMetals Reports Final Drill Results from Its 2025 Selebi North Underground Program; Confirms High-Grade Continuity with 18.80 Metres of 4.69% CuEq \(2.10% Cu and 1.26% Ni\)

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42

Original source: https://money.tmx.com/en/quote/NEXM/news/5921358128511119/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro

Publisher: tmx

Original announcement: 2026-04-01T11:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: NexMetals Mining Corp.

- Ticker: NEXM

- Exchange: TSX

- Region: Botswana

- Primary commodity: Copper

- Secondary commodities: Nickel, Cobalt

- Document categories: Drill results

- Extracted: 2026-09-12 15:03:09 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

NexMetals Mining Corp. reports final drill results from its 2025 Selebi North Underground program, confirming high-grade copper-nickel continuity and extending the South Limb mineralization. Highlights include 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) in hole SNUG-25-197. These results will be incorporated into an updated Mineral Resource Estimate and Preliminary Economic Assessment, reinforcing confidence in the overall scale of the Selebi system.

Reasoning: The final drill results from the Selebi North Underground program confirm high-grade copper-nickel continuity and significant resource expansion potential, with strong to exceptional intercepts in key zones. The program successfully extended mineralization down-plunge, supporting an upcoming MRE. Robust QA/QC and transparent metal equivalent calculations bolster confidence, though the lack of consistent true width disclosure is a minor drawback.

- Positive factor: High-grade copper and nickel intercepts, particularly in SNUG-25-197, exceed strong to exceptional thresholds for underground mining.

- Positive factor: Drilling confirms continuity of high-grade mineralization and extends the South Limb footprint significantly.

- Positive factor: Comprehensive QA/QC disclosure with QP sign-off and certified lab ensures data reliability.

- Positive factor: Metal equivalent assumptions are fully disclosed, providing transparency.

- Negative factor: True width is not consistently provided for all intercepts, potentially overstating apparent lengths.

- Negative factor: Some intercepts are narrow and of lower grade, indicating variability.

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 24

## Classification and evidence

**Bonanza Intercept**

Polarity: positive

Definition: Exceptionally high-grade zone, well above the deposit-type norm.

Why it applies: The sub-interval of 6.45 metres at 5.67% CuEq \(2.25% Cu, 1.66% Ni\) in SNUG-25-197 is exceptionally high-grade for an underground copper-nickel deposit.

Evidence · table

> 5.67

Context: 6.45

**Step-Out Extension**

Polarity: positive

Definition: Mineralization extended beyond the previously known limit.

Why it applies: The 2025 SNUG drilling program extended the footprint of the South Limb mineralization approximately 315 metres down-plunge beyond the 2024 MRE.

Evidence · text

> The 2025 SNUG drilling program extended the footprint of the South Limb mineralization approximately 315 metres down-plunge beyond the 2024 MRE

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: The release details QA/QC procedures including QP sign-off, certified lab \(ALS Chemex\), and insertion of blanks and certified standards.

Evidence · text

> All scientific and technical information in this news release has been reviewed and approved by Sharon Taylor, VP Exploration of the Company, MSc, P.Geo, and a "qualified person" for the purposes of National Instrument 43-101 and Subpart 1300 of Regulation S-K. ... Sample preparation and lab analysis was completed at ALS Chemex in Johannesburg, South Africa. Commercially prepared blank samples and certified Cu/Ni sulphide analytical control standards with a range of grades are inserted in every batch of 20 samples or a minimum of one set per sample batch.

**Metal Equivalent Opaque**

Polarity: negative

Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent.

Why it applies: Metal equivalent calculation assumptions \(prices, recoveries\) are fully disclosed in footnote 3 of Table 1.

Evidence · text

> CuEq was calculated using the formula CuEq=Cu+2.06\*Ni assuming long-term prices of US$10.50/lb Ni and US$4.75/lb Cu, and nickel and copper recoveries of 72.0% and 92.4%, respectively, derived from metallurgical studies which consider a conceptual bulk concentrate scenario.

**Apparent Width Only**

Polarity: negative

Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Why it applies: The document explicitly states that 'Length refers to drillhole length and not true width' and that true widths are only estimated where drill density is sufficient.

Evidence · text

> Length refers to drillhole length and not true width. True widths are estimated where density of drilling is sufficient for an estimation. Some true widths cannot be estimated due to insufficient drill density in the folded mineralized horizon.

## Extracted facts

Stored fact records: 24. Some facts used in scoring do not have a stored record.

## Drill Results (24)

### SNUG-25-197

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-0)

Selebi North Underground · copper

#### Identity

- Hole ID: SNUG-25-197
- Project: Selebi North Underground
- Commodity: copper
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 2.1
- Grade Unit: %
- Intercept: 18.8 m
- From: 724.65 m
- To: 743.45 m
- Hole Depth: 835.5 m
- Intercept Depth: 724.65 m

#### Classification

- Program: mixed
- Sample Type: drill
- Group ID: SNUG-25-197:724.65-743.45
- Mining Method: underground

#### Location

- Location: South
- Easting: 35367.4
- Northing: 84410.1
- Elevation: 81.2 m
- Azimuth: 160.8 °
- Dip: -59 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 4.69
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: This intercept shows strong copper grades over a significant length, contributing positively to resource expansion and continuity in an underground setting. The high CuEq further enhances its value.

- Positive factor: High-grade copper intercept \(2.10% Cu\) is strong for an underground deposit.

- Positive factor: Significant intercept length \(18.80 m\) indicates good continuity.

- Positive factor: Metal equivalent grade \(4.69% CuEq\) is strong, reflecting combined value.

- Negative factor: True width not stated, potentially overstating actual thickness.

Evidence · table

> 2.10

Context: 18.80

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### SNUG-25-197

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-1)

Selebi North Underground · nickel

#### Identity

- Hole ID: SNUG-25-197
- Project: Selebi North Underground
- Commodity: nickel
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 1.26
- Grade Unit: %
- Intercept: 18.8 m
- From: 724.65 m
- To: 743.45 m
- Hole Depth: 835.5 m
- Intercept Depth: 724.65 m

#### Classification

- Program: mixed
- Sample Type: drill
- Group ID: SNUG-25-197:724.65-743.45
- Mining Method: underground

#### Location

- Location: South
- Easting: 35367.4
- Northing: 84410.1
- Elevation: 81.2 m
- Azimuth: 160.8 °
- Dip: -59 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 4.69
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: This intercept shows strong nickel grades over a significant length, contributing positively to resource expansion and continuity in an underground setting.

- Positive factor: High-grade nickel intercept \(1.26% Ni\) is strong for an underground deposit.

- Positive factor: Significant intercept length \(18.80 m\) indicates good continuity.

- Negative factor: True width not stated, potentially overstating actual thickness.

Evidence · table

> 1.26

Context: 18.80

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### SNUG-25-197

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-2)

Selebi North Underground · cobalt

#### Identity

- Hole ID: SNUG-25-197
- Project: Selebi North Underground
- Commodity: cobalt
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 0.06
- Grade Unit: %
- Intercept: 18.8 m
- From: 724.65 m
- To: 743.45 m
- Hole Depth: 835.5 m
- Intercept Depth: 724.65 m

#### Classification

- Program: mixed
- Sample Type: drill
- Group ID: SNUG-25-197:724.65-743.45
- Mining Method: underground

#### Location

- Location: South
- Easting: 35367.4
- Northing: 84410.1
- Elevation: 81.2 m
- Azimuth: 160.8 °
- Dip: -59 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 4.69
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: The cobalt grade, while not the primary focus, contributes to the overall polymetallic value of the intercept.

- Positive factor: Cobalt presence adds to the polymetallic nature of the deposit.

- Negative factor: True width not stated, potentially overstating actual thickness.

Evidence · table

> 0.06

Context: 18.80

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### SNUG-25-197

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-3)

Selebi North Underground · copper

#### Identity

- Hole ID: SNUG-25-197
- Project: Selebi North Underground
- Commodity: copper
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 2.38
- Grade Unit: %
- Intercept: 9.75 m
- From: 724.65 m
- To: 734.4 m
- Hole Depth: 835.5 m
- Intercept Depth: 724.65 m

#### Classification

- Program: mixed
- Sample Type: drill
- Group ID: SNUG-25-197:724.65-734.4
- Mining Method: underground

#### Location

- Location: South
- Easting: 35367.4
- Northing: 84410.1
- Elevation: 81.2 m
- Azimuth: 160.8 °
- Dip: -59 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 4.88
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: This sub-interval within SNUG-25-197 shows strong copper grades and high CuEq, indicating a high-quality zone of mineralization.

- Positive factor: High-grade copper intercept \(2.38% Cu\) is strong for an underground deposit.

- Positive factor: Metal equivalent grade \(4.88% CuEq\) is strong, reflecting combined value.

- Negative factor: True width not stated, potentially overstating actual thickness.

Evidence · table

> 2.38

Context: 9.75

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### SNUG-25-197

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-4)

Selebi North Underground · nickel

#### Identity

- Hole ID: SNUG-25-197
- Project: Selebi North Underground
- Commodity: nickel
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 1.21
- Grade Unit: %
- Intercept: 9.75 m
- From: 724.65 m
- To: 734.4 m
- Hole Depth: 835.5 m
- Intercept Depth: 724.65 m

#### Classification

- Program: mixed
- Sample Type: drill
- Group ID: SNUG-25-197:724.65-734.4
- Mining Method: underground

#### Location

- Location: South
- Easting: 35367.4
- Northing: 84410.1
- Elevation: 81.2 m
- Azimuth: 160.8 °
- Dip: -59 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 4.88
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: This sub-interval within SNUG-25-197 shows strong nickel grades, contributing to the overall high-grade nature of the intercept.

- Positive factor: High-grade nickel intercept \(1.21% Ni\) is strong for an underground deposit.

- Negative factor: True width not stated, potentially overstating actual thickness.

Evidence · table

> 1.21

Context: 9.75

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### SNUG-25-197

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-5)

Selebi North Underground · cobalt

#### Identity

- Hole ID: SNUG-25-197
- Project: Selebi North Underground
- Commodity: cobalt
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 0.06
- Grade Unit: %
- Intercept: 9.75 m
- From: 724.65 m
- To: 734.4 m
- Hole Depth: 835.5 m
- Intercept Depth: 724.65 m

#### Classification

- Program: mixed
- Sample Type: drill
- Group ID: SNUG-25-197:724.65-734.4
- Mining Method: underground

#### Location

- Location: South
- Easting: 35367.4
- Northing: 84410.1
- Elevation: 81.2 m
- Azimuth: 160.8 °
- Dip: -59 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 4.88
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: The cobalt grade, while not the primary focus, contributes to the overall polymetallic value of the intercept.

- Positive factor: Cobalt presence adds to the polymetallic nature of the deposit.

- Negative factor: True width not stated, potentially overstating actual thickness.

Evidence · table

> 0.06

Context: 9.75

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### SNUG-25-197

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-6)

Selebi North Underground · copper

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: SNUG-25-197
- Project: Selebi North Underground
- Commodity: copper
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 2.25
- Grade Unit: %
- Intercept: 6.45 m
- From: 737 m
- To: 743.45 m
- Hole Depth: 835.5 m
- Intercept Depth: 724.65 m

#### Classification

- Program: mixed
- Sample Type: drill
- Group ID: SNUG-25-197:737-743.45
- Mining Method: underground

#### Location

- Location: South
- Easting: 35367.4
- Northing: 84410.1
- Elevation: 81.2 m
- Azimuth: 160.8 °
- Dip: -59 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 5.67
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: This sub-interval within SNUG-25-197 represents an exceptionally high-grade zone for both copper and nickel, significantly contributing to the overall positive results.

- Positive factor: Exceptional copper grade \(2.25% Cu\) for an underground deposit.

- Positive factor: Exceptional metal equivalent grade \(5.67% CuEq\) is very high, reflecting combined value.

- Negative factor: True width not stated, potentially overstating actual thickness.

Evidence · table

> 2.25

Context: 6.45

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### SNUG-25-197

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-7)

Selebi North Underground · nickel

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: SNUG-25-197
- Project: Selebi North Underground
- Commodity: nickel
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 1.66
- Grade Unit: %
- Intercept: 6.45 m
- From: 737 m
- To: 743.45 m
- Hole Depth: 835.5 m
- Intercept Depth: 724.65 m

#### Classification

- Program: mixed
- Sample Type: drill
- Group ID: SNUG-25-197:737-743.45
- Mining Method: underground

#### Location

- Location: South
- Easting: 35367.4
- Northing: 84410.1
- Elevation: 81.2 m
- Azimuth: 160.8 °
- Dip: -59 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 5.67
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: This sub-interval within SNUG-25-197 shows strong nickel grades, contributing to the overall high-grade nature of the intercept.

- Positive factor: High-grade nickel intercept \(1.66% Ni\) is strong for an underground deposit.

- Negative factor: True width not stated, potentially overstating actual thickness.

Evidence · table

> 1.66

Context: 6.45

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### SNUG-25-197

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-8)

Selebi North Underground · cobalt

#### Identity

- Hole ID: SNUG-25-197
- Project: Selebi North Underground
- Commodity: cobalt
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 0.08
- Grade Unit: %
- Intercept: 6.45 m
- From: 737 m
- To: 743.45 m
- Hole Depth: 835.5 m
- Intercept Depth: 724.65 m

#### Classification

- Program: mixed
- Sample Type: drill
- Group ID: SNUG-25-197:737-743.45
- Mining Method: underground

#### Location

- Location: South
- Easting: 35367.4
- Northing: 84410.1
- Elevation: 81.2 m
- Azimuth: 160.8 °
- Dip: -59 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 5.67
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: The cobalt grade, while not the primary focus, contributes to the overall polymetallic value of the intercept.

- Positive factor: Cobalt presence adds to the polymetallic nature of the deposit.

- Negative factor: True width not stated, potentially overstating actual thickness.

Evidence · table

> 0.08

Context: 6.45

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### SNUG-25-199

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-9)

Selebi North Underground · copper

#### Identity

- Hole ID: SNUG-25-199
- Project: Selebi North Underground
- Commodity: copper
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 0.47
- Grade Unit: %
- Intercept: 3.2 m
- From: 536.2 m
- To: 539.4 m
- Hole Depth: 602.5 m
- Intercept Depth: 536.2 m

#### Classification

- Program: mixed
- Sample Type: drill
- Group ID: SNUG-25-199:536.2-539.4
- Mining Method: underground

#### Location

- Location: South
- Easting: 35367.4
- Northing: 84410.2
- Elevation: 81.2 m
- Azimuth: 170.2 °
- Dip: -69.2 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 2.79
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: This intercept shows moderate copper grades over a narrow width, contributing to the overall understanding of mineralization but less material than the higher-grade intercepts.

- Positive factor: Moderate copper grade \(0.47% Cu\) for an underground deposit.

- Negative factor: Narrow intercept length \(3.20 m\).

- Negative factor: True width not stated, potentially overstating actual thickness.

Evidence · table

> 0.47

Context: 3.20

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### SNUG-25-199

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-10)

Selebi North Underground · nickel

#### Identity

- Hole ID: SNUG-25-199
- Project: Selebi North Underground
- Commodity: nickel
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 1.13
- Grade Unit: %
- Intercept: 3.2 m
- From: 536.2 m
- To: 539.4 m
- Hole Depth: 602.5 m
- Intercept Depth: 536.2 m

#### Classification

- Program: mixed
- Sample Type: drill
- Group ID: SNUG-25-199:536.2-539.4
- Mining Method: underground

#### Location

- Location: South
- Easting: 35367.4
- Northing: 84410.2
- Elevation: 81.2 m
- Azimuth: 170.2 °
- Dip: -69.2 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 2.79
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: This intercept shows strong nickel grades over a narrow width, contributing to the overall understanding of mineralization.

- Positive factor: High-grade nickel intercept \(1.13% Ni\) is strong for an underground deposit.

- Negative factor: Narrow intercept length \(3.20 m\).

- Negative factor: True width not stated, potentially overstating actual thickness.

Evidence · table

> 1.13

Context: 3.20

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### SNUG-25-199

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-11)

Selebi North Underground · cobalt

#### Identity

- Hole ID: SNUG-25-199
- Project: Selebi North Underground
- Commodity: cobalt
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 0.06
- Grade Unit: %
- Intercept: 3.2 m
- From: 536.2 m
- To: 539.4 m
- Hole Depth: 602.5 m
- Intercept Depth: 536.2 m

#### Classification

- Program: mixed
- Sample Type: drill
- Group ID: SNUG-25-199:536.2-539.4
- Mining Method: underground

#### Location

- Location: South
- Easting: 35367.4
- Northing: 84410.2
- Elevation: 81.2 m
- Azimuth: 170.2 °
- Dip: -69.2 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 2.79
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: The cobalt grade, while not the primary focus, contributes to the overall polymetallic value of the intercept.

- Positive factor: Cobalt presence adds to the polymetallic nature of the deposit.

- Negative factor: Narrow intercept length \(3.20 m\).

- Negative factor: True width not stated, potentially overstating actual thickness.

Evidence · table

> 0.06

Context: 3.20

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### SNUG-25-200

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-12)

Selebi North Underground · copper

#### Identity

- Hole ID: SNUG-25-200
- Project: Selebi North Underground
- Commodity: copper
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 0.65
- Grade Unit: %
- Intercept: 1.65 m
- From: 373.9 m
- To: 375.55 m
- Hole Depth: 740.3 m
- Intercept Depth: 373.9 m

#### Classification

- Program: mixed
- Sample Type: drill
- Group ID: SNUG-25-200:373.9-375.55
- Mining Method: underground

#### Location

- Location: N3 FH
- Easting: 35091.8
- Northing: 84546.6
- Elevation: -42 m
- Azimuth: 230.3 °
- Dip: -59.2 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 4.58
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: This narrow intercept shows moderate copper and strong CuEq, confirming mineralization in the N3 FH zone but over a limited width.

- Positive factor: Moderate copper grade \(0.65% Cu\) for an underground deposit.

- Positive factor: Strong metal equivalent grade \(4.58% CuEq\) is high, reflecting combined value.

- Negative factor: Very narrow intercept length \(1.65 m\).

- Negative factor: True width not stated, potentially overstating actual thickness.

Evidence · table

> 0.65

Context: 1.65

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### SNUG-25-200

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-13)

Selebi North Underground · nickel

#### Identity

- Hole ID: SNUG-25-200
- Project: Selebi North Underground
- Commodity: nickel
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 1.91
- Grade Unit: %
- Intercept: 1.65 m
- From: 373.9 m
- To: 375.55 m
- Hole Depth: 740.3 m
- Intercept Depth: 373.9 m

#### Classification

- Program: mixed
- Sample Type: drill
- Group ID: SNUG-25-200:373.9-375.55
- Mining Method: underground

#### Location

- Location: N3 FH
- Easting: 35091.8
- Northing: 84546.6
- Elevation: -42 m
- Azimuth: 230.3 °
- Dip: -59.2 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 4.58
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: This narrow intercept shows strong nickel grades, confirming mineralization in the N3 FH zone.

- Positive factor: High-grade nickel intercept \(1.91% Ni\) is strong for an underground deposit.

- Negative factor: Very narrow intercept length \(1.65 m\).

- Negative factor: True width not stated, potentially overstating actual thickness.

Evidence · table

> 1.91

Context: 1.65

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### SNUG-25-200

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-14)

Selebi North Underground · cobalt

#### Identity

- Hole ID: SNUG-25-200
- Project: Selebi North Underground
- Commodity: cobalt
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 0.12
- Grade Unit: %
- Intercept: 1.65 m
- From: 373.9 m
- To: 375.55 m
- Hole Depth: 740.3 m
- Intercept Depth: 373.9 m

#### Classification

- Program: mixed
- Sample Type: drill
- Group ID: SNUG-25-200:373.9-375.55
- Mining Method: underground

#### Location

- Location: N3 FH
- Easting: 35091.8
- Northing: 84546.6
- Elevation: -42 m
- Azimuth: 230.3 °
- Dip: -59.2 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 4.58
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: The cobalt grade, while not the primary focus, contributes to the overall polymetallic value of the intercept.

- Positive factor: Cobalt presence adds to the polymetallic nature of the deposit.

- Negative factor: Very narrow intercept length \(1.65 m\).

- Negative factor: True width not stated, potentially overstating actual thickness.

Evidence · table

> 0.12

Context: 1.65

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### SNUG-25-200

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-15)

Selebi North Underground · copper

#### Identity

- Hole ID: SNUG-25-200
- Project: Selebi North Underground
- Commodity: copper
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 0.67
- Grade Unit: %
- Intercept: 1.35 m
- From: 633.3 m
- To: 634.65 m
- Hole Depth: 740.3 m
- Intercept Depth: 633.3 m

#### Classification

- Program: mixed
- Sample Type: drill
- Group ID: SNUG-25-200:633.3-634.65
- Mining Method: underground

#### Location

- Location: N3
- Easting: 35091.8
- Northing: 84546.6
- Elevation: -42 m
- Azimuth: 230.3 °
- Dip: -59.2 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 1.22
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: This very narrow intercept shows moderate copper grades but weak overall CuEq, indicating limited mineralization in this specific zone.

- Positive factor: Moderate copper grade \(0.67% Cu\) for an underground deposit.

- Negative factor: Very narrow intercept length \(1.35 m\).

- Negative factor: True width not stated, potentially overstating actual thickness.

- Negative factor: Weak metal equivalent grade \(1.22% CuEq\).

Evidence · table

> 0.67

Context: 1.35

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### SNUG-25-200

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-16)

Selebi North Underground · nickel

#### Identity

- Hole ID: SNUG-25-200
- Project: Selebi North Underground
- Commodity: nickel
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 0.27
- Grade Unit: %
- Intercept: 1.35 m
- From: 633.3 m
- To: 634.65 m
- Hole Depth: 740.3 m
- Intercept Depth: 633.3 m

#### Classification

- Program: mixed
- Sample Type: drill
- Group ID: SNUG-25-200:633.3-634.65
- Mining Method: underground

#### Location

- Location: N3
- Easting: 35091.8
- Northing: 84546.6
- Elevation: -42 m
- Azimuth: 230.3 °
- Dip: -59.2 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 1.22
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: This very narrow intercept shows weak nickel grades, indicating limited mineralization in this specific zone.

- Negative factor: Weak nickel grade \(0.27% Ni\) for an underground deposit.

- Negative factor: Very narrow intercept length \(1.35 m\).

- Negative factor: True width not stated, potentially overstating actual thickness.

Evidence · table

> 0.27

Context: 1.35

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### SNUG-25-200

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-17)

Selebi North Underground · cobalt

#### Identity

- Hole ID: SNUG-25-200
- Project: Selebi North Underground
- Commodity: cobalt
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 0.01
- Grade Unit: %
- Intercept: 1.35 m
- From: 633.3 m
- To: 634.65 m
- Hole Depth: 740.3 m
- Intercept Depth: 633.3 m

#### Classification

- Program: mixed
- Sample Type: drill
- Group ID: SNUG-25-200:633.3-634.65
- Mining Method: underground

#### Location

- Location: N3
- Easting: 35091.8
- Northing: 84546.6
- Elevation: -42 m
- Azimuth: 230.3 °
- Dip: -59.2 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 1.22
- Metal Eq. Unit: % CuEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: The cobalt grade is very low and contributes minimally to the overall value of this narrow intercept.

- Negative factor: Very narrow intercept length \(1.35 m\).

- Negative factor: True width not stated, potentially overstating actual thickness.

Evidence · table

> 0.01

Context: 1.35

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Infill Drilling**

Polarity: neutral

Definition: Confirmatory drilling to raise resource confidence, not new discovery.

Why it applies: drill\_program\_type is "mixed"

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### incl.

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-18)

Selebi North Underground · copper

#### Identity

- Hole ID: incl.
- Project: Selebi North Underground
- Commodity: copper
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 2.38
- Grade Unit: %
- Intercept: 9.75 m
- From: 724.65 m
- To: 734.4 m
- Intercept Depth: 724.65 m

#### Classification

- Sample Type: drill
- Group ID: incl.:724.65-734.4
- Mining Method: underground

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 4.88
- Metal Eq. Unit: % Cu-Eq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: Expanded from assay table. 2.38 % copper is strong against the default band \[2.5, 1, 0.5, 0.25\] %. Grade×width 23.2 %·m is weak \(grade alone is strong; the better of the two is used\).

- Positive factor: 2.38 % copper is strong on the default band.

- Negative factor: Scored from rubric bands during table expansion, not from document context.

Evidence · table

> 2.38

Context: incl.

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### incl.

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-19)

Selebi North Underground · nickel

#### Identity

- Hole ID: incl.
- Project: Selebi North Underground
- Commodity: nickel
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 1.21
- Grade Unit: %
- Intercept: 9.75 m
- From: 724.65 m
- To: 734.4 m
- Intercept Depth: 724.65 m

#### Classification

- Sample Type: drill
- Group ID: incl.:724.65-734.4
- Mining Method: underground

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 4.88
- Metal Eq. Unit: % Cu-Eq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: Expanded from assay table. 1.21 % nickel is moderate against the default band \[3, 1.5, 0.8, 0.3\] %.

- Negative factor: Scored from rubric bands during table expansion, not from document context.

Evidence · table

> 1.21

Context: incl.

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### incl.

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-20)

Selebi North Underground · cobalt

#### Identity

- Hole ID: incl.
- Project: Selebi North Underground
- Commodity: cobalt
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 0.06
- Grade Unit: %
- Intercept: 9.75 m
- From: 724.65 m
- To: 734.4 m
- Intercept Depth: 724.65 m

#### Classification

- Sample Type: drill
- Group ID: incl.:724.65-734.4
- Mining Method: underground

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 4.88
- Metal Eq. Unit: % Cu-Eq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: Expanded from assay table. 0.06 % cobalt is below against the default band \[0.5, 0.3, 0.15, 0.08\] %.

- Negative factor: 0.06 % cobalt is below the weak threshold \(0.08 %\) on the default band.

- Negative factor: Scored from rubric bands during table expansion, not from document context.

Evidence · table

> 0.06

Context: incl.

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### incl.

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-21)

Selebi North Underground · copper

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: incl.
- Project: Selebi North Underground
- Commodity: copper
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 2.25
- Grade Unit: %
- Intercept: 6.45 m
- From: 737 m
- To: 743.45 m
- Intercept Depth: 737 m

#### Classification

- Sample Type: drill
- Group ID: incl.:737-743.45
- Mining Method: underground

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 5.67
- Metal Eq. Unit: % Cu-Eq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: Expanded from assay table. 2.25 % copper is strong against the default band \[2.5, 1, 0.5, 0.25\] %. Grade×width 14.5 %·m is below \(grade alone is strong; the better of the two is used\).

- Positive factor: 2.25 % copper is strong on the default band.

- Negative factor: Scored from rubric bands during table expansion, not from document context.

Evidence · table

> 2.25

Context: incl.

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### incl.

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-22)

Selebi North Underground · nickel

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: incl.
- Project: Selebi North Underground
- Commodity: nickel
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 1.66
- Grade Unit: %
- Intercept: 6.45 m
- From: 737 m
- To: 743.45 m
- Intercept Depth: 737 m

#### Classification

- Sample Type: drill
- Group ID: incl.:737-743.45
- Mining Method: underground

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 5.67
- Metal Eq. Unit: % Cu-Eq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: Expanded from assay table. 1.66 % nickel is strong against the default band \[3, 1.5, 0.8, 0.3\] %.

- Positive factor: 1.66 % nickel is strong on the default band.

- Negative factor: Scored from rubric bands during table expansion, not from document context.

Evidence · table

> 1.66

Context: incl.

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

### incl.

[Link to this fact](https://atlas-extractions.minestarters.com/news/nexmetals-reports-final-drill-results-from-its-2025-selebi-north-underground-pro--b95399d7-779e-4d7e-a82d-86b265665a42#fact-drill-facts-23)

Selebi North Underground · cobalt

#### Identity

- Hole ID: incl.
- Project: Selebi North Underground
- Commodity: cobalt
- Region: botswana
- Reported Region: botswana
- Ticker: NEXM

#### Geometry

- Grade: 0.08
- Grade Unit: %
- Intercept: 6.45 m
- From: 737 m
- To: 743.45 m
- Intercept Depth: 737 m

#### Classification

- Sample Type: drill
- Group ID: incl.:737-743.45
- Mining Method: underground

#### QA/QC

- Laboratory: ALS Chemex
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks

#### Metal Equivalent

- Metal Eq. Grade: 5.67
- Metal Eq. Unit: % Cu-Eq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-04-01T00:00:00.000Z

Reasoning: Expanded from assay table. 0.08 % cobalt is weak against the default band \[0.5, 0.3, 0.15, 0.08\] %.

- Negative factor: Scored from rubric bands during table expansion, not from document context.

Evidence · table

> 0.08

Context: incl.

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: proximity is offered as the value premise: "Highlights SNUG-25-197: 18.80 metres of 4.69% CuEq \(2.10% Cu, 1.26% Ni\) including: 6.45 metres of 5.67% CuEq \(2.25% Cu, "

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.