Metals Firm Discovers High-Grade Critical Resources in Botswana

Source: Streetwise Reports 06/16/2025

NexMetals Mining Corp. (NEXM:TSX.V), formerly Premium Resources Ltd., is drilling at its Selebi North and Selebi Main deposits in Botswana, hoping to connect a 2-kilometer interval separating them.

NexMetals Mining Corp. (NEXM:TSX.V), formerly Premium Resources Ltd., said it has started surface drilling operations in the 2-kilometer interval separating the Selebi North and Selebi Main deposits in Botswana.

The company wants to quickly demonstrate the broader scale potential of the Selebi Mines by focusing on significant borehole electromagnetic (“BHEM”) anomalies to reinforce its belief that these mineral bodies are considerably more substantial than historically understood.

“What we’re trying to prove is that what we once thought to be two separate deposits is actually connected at depth within this 2-kilometer gap,” Vice President Communications and Investor Relations Jaclyn Ruptash told Streetwise Reports. “That would change this mine.”

NexMetals is focused on the redevelopment of the previously producing copper, nickel and cobalt resources mines owned by the company in the Republic of Botswana.

Both the Selebi North and Selebi Main occurrences continue to offer expansion opportunities through additional exploration, the company said.

NexMetals said its name change reflects its “new strategic direction to become a leading critical metals company, actively contributing to the global supply chain of copper, nickel, and cobalt,” Chief Executive Officer Morgan Lekstrom said.

“It highlights our path to reinvigorate and reestablish the company as a diversified, multi-commodity player, while showcasing the expansion potential and scale of our Botswana assets,” he said. “In doing so, we aim to position Botswana as a premier source to the critical metals supply chain.”

Shareholders approved the name change on June 3, and the company began listing on the TSX Venture Exchange as NEXM on June 11. No action is required to be taken by shareholders.

Exploration Details

Two company-operated drill rigs have started the first two holes of the deep drilling program, with one rig examining substantial BHEM anomalies positioned down-plunge and down-dip from the Selebi Main mine horizon and extending toward the Selebi North deposit.

The second rig is investigating BHEM anomalies situated 500 meters down-plunge and down-dip from the Selebi North occurrence and extending toward Selebi Main. The program is expected to include 12,500 meters of drilling over five months.

“This drilling campaign has the potential to unlock substantial value and marks the delivery of a long-anticipated commitment to the market,” said Lekstrom. “We are proud to be advancing this asset aggressively on multiple fronts. Drilling at the Selebi hinge represents a pivotal step in our growth strategy, with numerous additional catalysts expected in the near term. Beyond the hinge, we are actively advancing both of our core assets this year, with a clear goal to become the next major source of critical metals, anchored in a Tier One mining jurisdiction.”

A June 2024 initial NI 43-101 mineral resource estimate (MRE) for the Selebi Mine found a 3-million-ton (Mt) indicated resource grading 0.90% copper (Cu) and 0.98% nickel (Ni) for Selebi North. It defined a 24.7 Mt inferred resource (18.8 Mt for Selebi Main and 5.8 Mt for Selebi North), grading 1.69% Cu and 0.88% Ni at Selebi Main and 0.90% Cu and 1.07% Ni at Selebi North.

An initial MRE for Selkirk in November 2024 inferred resources of 44.2 Mt grading 0.3% Cu, 0.24% Ni, 0.55 g/t Pd, 0.12 g/t Pt .The company is currently drilling at Selkirk.

The 12-hole drill program is “focused on twinning historical holes to validate legacy data, adding key data points to support a future resource model update, and resource expansion through continued resampling of historical core,” the company said.

Additionally, metallurgical testwork is ongoing using core samples obtained from the drill program.

“Resampling the historical drill core has proven to be a cost-effective and impactful way to enhance our understanding of the Selkirk deposit,” Lekstrom said. “This phase of drilling will prove critical for resource reclassification as we rapidly advance toward restoring the project’s legacy resource estimate. We remain focused on accelerating Selkirk and positioning it for near future development.”

‘One of the Safest Jurisdictions in the World’

Both Selebi and Selkirk are past-producing mines. Selebi was shut down nearly a decade ago because of a smelter failure.

“The government (of Botswana) put in quite a bit of money to restart the smelter, and it just never happened, so they decided to put it up for sale,” Ruptash said.

Though diamonds play a large part in the Botswana mining industry, which has dominated the country’s economy since the 1970s, it does mine copper and gold as well.

In 2022, mining accounted for about 16% of Botswana’s real gross domestic product (GDP).

“Botswana, in general, is one of the safest jurisdictions in the world to work, and one of the easiest to work in,” Ruptash said.

As of 2024, Botswana is the least corrupt country in mainland Africa according to the Corruption Perceptions Index published by Transparency International. While one of the world’s most sparsely populated countries, it has been a parliamentary republic with a consistent record of uninterrupted democratic elections, though dominated by the Botswana Democratic Party until 2024.

Key infrastructure is already in place at the mines, including shafts, power, water, and rail lines, the company said, and all permits required to carry put exploration and development are in hand.

Early assay results from this year’s drilling could start being available by next month, a possible catalyst for the stock.

The Catalyst: Energy Transition Sparks Demand

According to the International Energy Agency, demand for copper is expected to increase by almost double between 2010 and 2050, and supply from announced projects will quickly shrink between 2025 and 2040.

Copper is critical to the energy transition, according to FastMarkets, with as much as four times the amount of the metal needed for electric vehicles (EVs). It is already used widely in electrical cabling applications, and the greater need for wiring in renewable electricity generation will add to consumption from other traditional sectors.

In 2022, traditional sectors accounted for 92% of refined copper demand, with energy transition sectors, such as wind and solar power and EVs, accounting for the rest.

According to the IEA, nickel demand will also more than double between 2010 and 2050 with its supply staying flat.[OWNERSHIP_CHART-11228]

Grand View Research reported that the global copper flat-rolled products market size was estimated at US$27.99 billion in 2024 and is projected to reach US$45.9 billion by 2030, growing at a CAGR of 6.0% from 2025 to 2033. Researchers said the market is witnessing robust growth, propelled mainly by rising demand across the electrical and electronics sector, expanding infrastructure development, and the accelerating shift toward electric mobility.

“The products are preferred due to their high-performance, miniaturized, and energy-efficient components,” Grand View said. “Copper’s excellent electrical conductivity makes it an essential material for printed circuit boards (PCBs), connectors, busbars, and transformer windings. The rapid rollout of 5G infrastructure and the proliferation of smart home and IoT devices have further accelerated the use of copper foils and strips, particularly in compact, high-frequency components where performance and reliability are critical.”

Ownership and Share Structure

According to the company, management, insiders, and select shareholders own 22%, EdgePoint Investment Group owns 22%, a private placement led by Fiore accounts for 36%, and other institutions and retail own about 20%.

Its market cap is CA$204.86 million with 428.99 million shares outstanding. It trades in a 52-week range of CA$0.32 and CA$1.03.

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Important Disclosures:

1. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of NexMetals Mining Corp.
2. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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( Companies Mentioned: NEXM:TSX.V, )

Source: https://www.streetwisereports.com/article/2025/06/16/metals-firm-discovers-high-grade-critical-resources-in-botswana.html