NexMetals grew Selebi Main by 72%. Every tonne is still inferred
The Botswana copper-nickel deposit now holds 32.47 million tonnes. Almost all of the growth came from one zone, and none of it is in a category a bank will lend against.
October 2, 2026 at 5:00 p.m. EDT · 2 min read
NexMetals Mining (TSXV: NEXM, Nasdaq: NEXM) published an updated mineral resource for Selebi Main in Botswana on October 1. The headline is a 72% increase in tonnes.
The numbers
| 2024 estimate | 2026 estimate | |
|---|---|---|
| Tonnes | 18.89 million | 32.47 million |
| Copper grade | 1.69% | 1.53% |
| Nickel grade | 0.88% | 0.98% |
| Contained copper | 319,200 t | 495,400 t |
| Contained nickel | 165,500 t | 316,800 t |
| Contained cobalt | not reported | 16,200 t |
Contained copper rose 55%, nickel 91%. Cobalt is reported for the first time.
The part in the small print
The entire estimate is inferred. There is no measured or indicated material at Selebi Main. Inferred is the lowest confidence category under Canadian rules: it cannot be used in a feasibility study's reserves, and lenders do not finance against it.
The growth is concentrated. NexMetals says 91% of the tonnage increase comes from new drilling in one area, the Flexure Zone.
The estimate uses a cutoff of US$75 a tonne net smelter return, with copper at US$5.10 a pound, nickel at US$9.10 and cobalt at US$20.00.
The history
Selebi was mined by BCL Limited until 2016. The release notes that past stoping has removed the resource from near surface down to between 800 and 1,000 metres below surface. What is left is deep.
What comes next
NexMetals plans to file the technical report within 45 days, finish a separate updated estimate for Selebi North "in the near term," and give guidance after that.
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