Exhibit 96.2

S-K 1300 Technical Report Summary

Selkirk Nickel-Copper-PGE Project, Botswana

NexMetals Mining Corp.

1111 West Hastings Street, 15th Floor,

Vancouver, British Columbia, V6E 2J3,

Canada

Prepared by:

The MSA Group (Pty) Ltd

Henley House, Greenacres Office Park

Cnr Victory and Rustenburg Roads

Victory Park, 2195, South Africa

IMPORTANT NOTICE

This Technical Report Summary (TRS) has been prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the United States Securities and Exchange Commission (SEC) (S-K 1300). The TRS is based on the same technical work, information, analyses, interpretations and effective date as the corresponding technical report prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101), but has been presented and adapted, as required, to comply with the disclosure requirements, terminology and format prescribed under S-K 1300.

For clarity, this TRS is not intended to update, supersede or change the technical conclusions, assumptions, interpretations or effective date of the corresponding NI 43-101 technical report, except to the extent necessary to satisfy S-K 1300 requirements. References to NI 43-101, the NI 43-101 technical report or Canadian disclosure standards are included to identify the underlying source report and technical basis for this TRS. The mineral resource estimates and related technical disclosure in this TRS should be read and interpreted in accordance with S-K 1300.

The quality of information, conclusions and estimates contained in this TRS is consistent with the level of effort undertaken by The MSA Group (Pty) Ltd (MSA), South Africa, and the qualified persons, based on information available as at the effective date of the corresponding NI 43-101 technical report and this TRS, data supplied by NexMetals Mining Corp. (NexMetals) and other sources, and the assumptions, conditions, limitations and qualifications set out in this TRS. Differences between this TRS and the corresponding NI 43-101 technical report, if any, are intended to reflect differences between the applicable disclosure regimes and not a change in the underlying technical work or effective date.

Mineral resources disclosed in this TRS have been classified in accordance with S-K 1300 as inferred, indicated or measured mineral resources, as applicable. These classifications reflect the qualified person’s judgement regarding the level of geological evidence, sampling support, geological and grade or quality continuity, data spacing, data quality and confidence in the estimate. Under S-K 1300, inferred mineral resources have the lowest level of geological confidence, indicated mineral resources have sufficient confidence to allow application of modifying factors in sufficient detail to support mine planning and evaluation of economic viability, and measured mineral resources have the highest level of geological confidence and may support more detailed mine planning and evaluation. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

The MSA Group (Pty) Ltd. (MSA) was retained by NexMetals Mining Corp. (NEXM) to prepare a Technical Report Summary (TRS) on the Selkirk Nickel-Copper-PGE Project (Selkirk, the Selkirk Project or the Project), located in northeastern Botswana. The purpose of this TRS is to document the updated Mineral Resource Estimate (MRE) and the technical information available on the Project as of June 22, 2026. This TRS conforms to the United States Securities and Exchange Commission’s (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601(b)(96) of Regulation S-K. The TRS and Mineral Resource Estimate has been prepared using diamond drilling sample assay data available up to and including March 19, 2026.

The conclusions, recommendations, and forward-looking statements made by Qualified Persons (QPs) are based on reasonable assumptions and results interpretations. Forward-looking statements cannot be relied upon to guarantee the Selkirk Project’s performance or outcomes and naturally include inherent risks and risks relating to the industry and NEXM.

NEXM is a Vancouver based exploration and development company. Its’ exploration activities focus on nickel and copper, with exploration projects in Botswana and Canada.

The Selkirk Project, including related infrastructure, was acquired by Premium Nickel Group Proprietary Limited (PNGPL) in an asset purchase agreement with the Liquidator of Tati Nickel Mining Company (TNMC). Prior to this acquisition, TNMC was jointly owned by BCL Limited (BCL, 85%) and the Government of Botswana (15%). On May 27, 2022, PNGPL was awarded the Mining Licence over the Selkirk Project, and the acquisition was finalised on August 22, 2022.

PNGPL is an indirect subsidiary of NEXM, being a wholly owned subsidiary of Premium Nickel Resources Selkirk Group (Barbados) Limited, which is in turn wholly owned by Premium Nickel Resources International Limited, which is in turn wholly owned by PNR Amalco Ltd., a direct wholly owned subsidiary of NEXM.

Prior to June 9, 2025, the Company was named Premium Resources Ltd. (PREM), prior to that, Premium Nickel Resources Ltd. (PNRL), and prior to that, North American Nickel Inc. (NAN). NEXM’s common shares trade on the TSX Venture Exchange (TSXV:NEXM) in Canada and the Nasdaq Capital Market (NASDAQ: NEXM) in the USA. NEXM began trading on the Nasdaq on July 16, 2025. NEXM currently own 100% of the Project through its subsidiary PNGPL.

The Project is currently conceptualised as an open pit mine capturing the disseminated sulphide Ni-Cu-PGE mineralisation present within the Selkirk gabbro host.

The TRS is an update of NEXM’s   prior Technical Report Summary for the Property, with an effective date of November 1, 2024, prepared by SLR Consulting (Canada) Ltd (SLR) for Premium Resources Ltd. Premium Resources Ltd. changed its name to NexMetals Mining Corp. on June 09, 2025. This August 2026 TSR is not reliant on the prior TRS and supersedes it.

The Project is located in the northeast of Botswana approximately 28 km southeast of the city of Francistown and 450 km northeast of the national capital Gaborone.

The Project is accessed year-round via paved and gravel roads from Gaborone and Francistown. Project infrastructure includes relict surface infrastructure supporting the historical underground mine, and the original decline. The Project area is quite flat and, beyond the mine footprint, is covered in grassland with dispersed and clusters of trees typical of a tree savanna biome.

The property consists of a single mining licence covering an area of 1,458 ha (14.58 km²) and four prospecting licences covering a total of 12,670 ha (126.7 km²). The mining licence, 2022/7L, is centred approximately at 21°19’13” S and 27°44’17” E and is held by PNGPL, an indirect subsidiary of NEXM. The mining licence was renewed for ten years commencing on May 27, 2022, ending on May 26, 2032. The four prospecting licences (PL050/2010, PL051/2010, PL210/2010, and PL071/2011) are valid for a period of two years effective from April 1, 2025.

Anglo American Corporation of South Africa (AAC) established the presence of nickel and copper occurrences at the sites of the ancient copper workings in the area in 1929. Significant exploration started in the mid-1960s by the Tati Territory Exploration Company (TTE). The first exploration campaigns included soil sampling, trench sampling, ground geophysics, and diamond drilling. At least four exploration and mining companies have worked on the Project since the 1960s and extensive historical work was conducted to characterise the economic potential of the property.

The Selkirk underground mine was operated from 1989 to 2002 by TNMC, a company created specifically to exploit the deposit. More than 1.0 Mt of material grading 2.6% Ni and 1.6% Cu was extracted from a semi-elliptical deposit of massive sulphide up to 20 m thick. Since 2003, extensive exploration has been completed to characterise the lower-grade/higher-tonnage halo of disseminated sulphides both surrounding and down plunge (south) of the mined-out high-grade mineralisation. Exploration and conceptual studies were conducted by Lion Ore Mining Pty Ltd. (Lion Ore) and subsequently by Norilsk Nickel Group of Companies (Norilsk Nickel) through their ownership in TNMC.

At the time of liquidation, a number of economic studies had been completed for the Project, including a Feasibility Study (FS) on the open pit concept at the Selkirk Project by WorleyParsons Limited (WorleyParsons) in 2016 on behalf of BCL. The FS included Mineral Resource and Mineral Reserve estimates prepared in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC Code). The results of the study and associated Mineral Resource and Mineral Reserve estimates are considered to be historical in nature and should not be relied on. A Qualified Person (QP) has not completed work to classify the historical estimates as current and NEXM is not treating the historical estimate as current Mineral Resources or Mineral Reserves.

The Project lies within the Tati granite-greenstone belt of the Zimbabwe Craton. The mineralised body of the Selkirk deposit is hosted within the Selkirk Formation (>1 km thick), which consists mainly of dacitic and rhyolitic volcaniclastic rocks and minor amounts of mafic volcanic rocks, quartzites, and quartz sericite schists. The Selkirk Formation hosts the Phoenix, Selkirk, and Tekwane metagabbronoritic intrusions and the Sikukwe metaperidotite intrusion. The area around the Project hosts intrusive magmatic Ni-Cu-PGE sulphide deposits; namely the Phoenix deposit, as well as the Tekwane and Cinderella exploration prospects.

Two styles of mineralisation are found at Selkirk: (1) massive sulphides (largely mined-out), located within the metagabbro intrusion, as well as small, massive sulphide accumulations at the base of the taxitic metagabbro intrusive, and (2) matrix and disseminated sulphides as a halo surrounding and down-dip of the mined-out massive sulphide body. The disseminated zone that once included the mined-out sulphide lens, lies 50 m to 100 m above the basal contact of the footwall quartz diorite and mimics the footwall contact. Currently available drilling suggests that the shallow, previously mined, massive sulphide lens was synformal in shape and measured up to 70 m to 90 m wide, averaged 20 m thick, and had a plunge extent of 200 m.

The disseminated sulphide mineralisation surrounding the massive sulphides averages 100 m to 150 m thick, dips steeply west and plunges shallowly to the southwest at 25°. It is defined from surface over a distance of 900 m and remains open at depth. Sulphide mineralisation consists of pentlandite, pyrrhotite, chalcopyrite, and pyrite. At least three generations of dykes crosscut the mineralised metagabbro. Numerous faults traversing the deposit have been described in surface and underground mapping, none of which present significant displacement at the deposit scale. The Selkirk metagabbro host has been attributed an age of 2.7 Ga.

Exploration work on the Selkirk Mining Licence completed by the PNGPL Project team to date included the sourcing and digitisation and verification of existing historical information. Recent work included analyses of the 2007 soil sampling data, drill testing of three versatile time-domain electromagnetic (VTEM) survey anomalies, surface and borehole electromagnetic (EM) surveys.

Validation and verification of the historical data included confirmation and re-surveying of 320 drillhole collar locations, channel sampling underground, sampling mineralised drill core found unsampled on surface and two re-sampling campaigns of historical drillholes. Eleven large diameter drillholes that twinned TNMC holes were used to verify the historical results and produce samples for metallurgical testwork. An additional hole in this program was completed as a resource infill hole.

Drill testing of three VTEM anomalies in 2025 all intersected sulphides, with the two holes to the southwest of the conceptual pit testing and intersecting the southwest extension of the Selkirk gabbro-footwall contact. Re-analyses of the 2007 soil data highlighted areas of mafic intrusions and high priority point anomalies for follow-up.

Work on the Prospecting Licences included data compilation, transfer of core from the Phoenix site, target generation, field prospecting, three surface EM surveys, Differential Global Positioning System (DGPS) of drillhole collars, and sampling of two mineralised intervals of 2012 drillholes DRKP001 and DRKP002.

Analyses of the 2025 soil survey data on the PLs indicates a mafic intrusion 2 km x 2.5 km located 6 km northwest of Selkirk.

Historical drillhole data were prepared and analysed at the Phoenix Mine Laboratory. At the time of preparation and analysis, TNMC owned both the Phoenix Mine and Selkirk, and the laboratory was not independent of the operator. From 2011, the Phoenix Mine Laboratory held accreditation with the South African National Accreditation System (SANAS), and with the International Organisation for Standardisation/International Electrotechnical Commission (ISO/IEC) 17025 for chemical analyses. At the Phoenix Mine Laboratory, nickel and copper were analysed by X-ray fluorescence (XRF) and Pt, palladium (Pd), and gold (Au) were analysed using a 50 g fire assay.

Unsampled intervals of drill core from a total of five historical drillholes from 2016 completed by the former operator of the Selkirk Mine, TNMC, were cut, sampled, and sent for analysis at ALS Global laboratory in Johannesburg, South Africa in 2021. In addition, 51 historical drillholes representing the drilling over the deposit spatially and temporally were re-sampled in 2024 and 2025 using half core. Eleven large diameter holes (HQ: 63.5 mm diameter) and one NQ sized hole (47.6 mm diameter) were drilled in 2025.

The PNGPL drill core was logged, photographed and marked for sampling in nominal lengths of one metre. The core samples were cut in half longitudinally using a rotating diamond saw. The bagged core samples were given a unique sample reference number, bagged and despatched to ALS Laboratories Ltd. in Johannesburg, South Africa for analysis (SANAS Accredited Testing Laboratory, No. T0387).

Analyses of the PNGPL samples for nickel, copper, and cobalt were completed by ALS using a peroxide fusion preparation and inductively coupled plasma atomic emission spectrometry (ICP-AES) finish (ME-ICP81). Analyses for platinum (Pt), palladium (Pd), and gold (Au) were by fire assay (30 g nominal sample weight) with an ICP-AES finish (PGM-ICP23). A suite of 48 elements, including silver (Ag), was analysed for a selection of drillholes using a 4-acid digest and ICP-AES finish (ME-ICP61). Specific gravity measurements were also completed by ALS.

The PNGPL drilling and resampling was subjected to a comprehensive program of quality assurance and quality control (QAQC) by PNGPL, independent of the laboratories own QAQC measures, including certified reference materials (5%), blank samples (5%), coarse and duplicate samples (5%) and pulp duplicate samples (5%). The MSA Qualified Person is satisfied that the assay results are of sufficient accuracy and precision for use in Mineral Resource estimation.

All historical core is stored on site within a secure fenced facility. Core from holes drilled by PNGPL are stored at the Selebi North core processing and storage facility near the town of Selebi Phikwe.

NexMetals intends to use flotation to produce separate copper and nickel concentrates. Metallurgical testwork programs were conducted by SGS Natural Resources (SGS) in Lakefield, Ontario, in 2021 and 2023, evaluating separate copper and nickel concentrate production at a conceptual level. A more comprehensive program was subsequently completed at Blue Coast Research (BCR) in 2025 and 2026 to further support the development of the two separate concentrates. The BCR testwork supported flowsheet development and informed key unit operations, including crushing, grinding, and flotation. Metallurgical recoveries for copper (Cu), nickel (Ni), cobalt (Co), platinum, palladium, gold, and silver were estimated using results from locked-cycle testwork on the master composite sample, suitable for an initial-level evaluation.

An extensive program of historical data verification was completed by PNGPL including re-surveying of 320 drillhole collar locations and two re-sampling campaigns of historical drillholes. Eleven large diameter drillholes that twinned TNMC holes were used to verify the historical results and produce samples for metallurgical testwork. An additional hole in this program was completed as a resource infill hole.

Independent verification included a site visit by the MSA QP from November 07 (site inspection) to November 08, 2025 (PNGPL core inspection). On site, the MSA QP inspected historical mineralised core, viewed the gossanous outcrop at surface, observed existing infrastructure, including the Selkirk underground ramp and remains of massive sulphide stockpiles at surface, and verified the locations of several surface drillhole collar locations (both historical and recent). The mineralisation in five of the twin holes completed by PNGPL was inspected by the MSA QP. The assay results from ALS for a selection of the PNGPL sampling have been verified against independently accessed assay certificates, and a random selection of historical database results have been compared against digital records.

MSA’s independent checks revealed no issues aside from several TNMC drillholes that did not have associated down hole surveys and were excluded from the validated data. No material biases between the historical TNMC surface drillhole sample assays and recent sample assays were found. The drillhole data from TNMC underground drilling and from drilling work completed prior to TNMC was not verified and therefore not included in the Mineral Resource Estimate.

The Mineral Resource was estimated in compliance with Subpart 1300 of Regulation S-K (17 CFR § 229.1300) (“Regulation S-K 1300”).

Estimation comprised modelling of the Selkirk metagabbro, dykes and a surface representing the base of oxidation, followed by the construction of an implicit probability mineralised shell within the metagabbro including drillhole sample intervals greater than a Net Smelter Return (NSR) value of USD20. A three-dimensional block model with parent cells of 20 mX by 20 mY by 10 mRL, and appropriate sub-celling, was used to estimate metal grades and density by ordinary kriging. Volumes representing mined voids and oxidised material were removed and dykes were assigned grades of zero. NSR was then calculated for each block model cell using the estimated grades, metal prices, recoveries, off-site costs and payabilities. The mineral resource model was classified into the Indicated and Inferred categories, taking into account data quality, geological modelling uncertainty, drillhole spacing and kriging outputs. The majority of the Indicated Mineral Resource is informed by drillholes closer than 60 m apart up to maximum spacing of 75 m.

The Mineral Resource was reported using a NSR based optimised pit-shell. Using concentration costs of USD20/tonne, General and Administration (G&A) expenses of USD1.35 per tonne and royalites of 3% for base metals and 5% for precious metals, blocks that occur within the pit-shell with estimated NSR above USD25 satisfy cut-off grade criteria and, together with the optimised pit shell, the MSA QP considers that reasonable prospects for economic extraction (RPEE) for the Mineral Resource have been demonstrated. The Mineral Resource for the Selkirk Project is presented in Table 1-1.

Notes:

1 Mineral Resources have been classified in accordance with SEC Regulation S-K 1300 and have been estimated under the supervision of the Qualified Person, MSA, a third-party firm comprising mining experts as defined by S-K 1300.

2 The 2026 MRE has been prepared in accordance with S-K 1300 definitions. Mineral Resources are exclusive of Mineral Reserves. There are no Mineral Reserves reported.

3 Mineral Resources, which are not Mineral Reserves, have no demonstrated economic viability. There is no guarantee that that all or any part of the Mineral Resource will be converted into a Mineral Reserve. The estimate of Mineral Resources may be materially affected by geology, environment, permitting, legal title, taxation, socio-political, marketing, or other relevant issues.

4 It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to an Indicated or Measured Mineral Resource.

5 The assessment is preliminary in nature; it includes Inferred Mineral Resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorised as Mineral Reserves, and there is no certainty that this economic assessment will be realised.

6 Mineral Resources reported on a 100% NEXM ownership basis.

7 All tabulated data have been rounded and as a result minor computational errors may occur.

8 kt = thousand tonnes, Mlbs = Million pounds, koz = thousand ounces.

9 Mineral Resources are reported in situ (point of reference).

10 The Mineral Resource is report as in situ dry tonnes; figures are reported in metric tonnes.

11 Mineral Resources are reported within an optimised pit shell using NSR values, mining cost of USD3 per tonne (additional USD 0.008 per metre depth from pit rim), concentrate costs of USD20 per tonne, G&A of USD1.35 per tonne, 45°pit slope to base of partially weathered and 60° in fresh rock.

12 Mineral Resources are reported at a cut-off value of USD25/t NSR (Net Smelter Return) defined as received value of final metal recovered minus off-site costs.

13 Mineral Resources are estimated using long-term prices of USD9.10/lb Ni, USD5.10/lb Cu, USD20.00/lb Co, USD1,800/oz Pt, USD1,550/oz Pd, USD3,600/oz Au and USD52.00/oz Ag. The same metal prices were used in CuEq and NSR calculations.

14 Mineral Resources are estimated using nickel, copper, cobalt, platinum, palladium, gold and silver recoveries of 54%, 88%, 53%, 56%, 78%, 72% and 61%, respectively, derived from metallurgical studies which consider a two-concentrate scenario.

15 Payabilities and off-site treatment and refining costs were derived from an independent marketing study commissioned by NexMetals.

16 The CuEq value was calculated based on relative recovered value received for each metal excluding costs. Received value for each metal was calculated using the formula: in-situ grade*concentrator recovery*payability*metal price. The ratio between received copper value and total other metal value was then used to calculate CuEq, i.e., CuEq = (1+value excluding Cu / Cu value) * Cu grade. Formula is: CuEq(%)=Cu(%)+Ni(%)*(85.1/91.4)+Co(%)*(93.8/91.4)+Pt(g/t)*(22.4/91.4)+Pd(g/t)*(33.1/91.4)+Au(g/t)* (68.5/91.4)+Ag(g/t)*(0.8/91.4)

17 Bulk density has been estimated in the block model based on an extensive data set of measurements taken from drillhole cores.

18 The effective date of the Mineral Resource estimate is 22 June 2026.

The MSA QP is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource Estimate.

The confidence in the Mineral Resource is sufficient to progress the Project to a Preliminary Economic Assessment (PEA).

Exploration work is merited on the Exploration licences, comprising soil geochemistry, surface geophysics and diamond drilling.

Further work on the historical data may be considered as the project advances further, largely related to more detailed assessment of the historical database.

Recommended work comprises work in support of a PEA and planning work in support of more advanced studies:

The proposed forward work program comprises a PEA (Phase 1) supported by additional metallurgical testwork. In parallel, exploration on the properties is proposed to take place (Phase 2). Phase 2 is not contingent on the results of Phase1. The approximate budget for the forward work program is shown in Table 1-2.

Note: Exchange rate as of 22 June 2026 = CAD 1.42 to USD1.00

The QPs support progressing to a PEA and further exploration work and consider that the approximate costs outlined in the proposed budget (Table 1-2) are justified for the current stage of the Project.

The MSA Group (Pty) Ltd. (MSA) was retained by NexMetals Mining Corp. (NEXM) to prepare a Technical Report Summary (TRS) on the Selkirk Nickel-Copper-PGE Project (Selkirk, the Selkirk Project or the Project), located in northeastern Botswana. The purpose of this TRS is to document the updated Mineral Resource Estimate (MRE) and the technical information available on the Project as of June 22, 2026.

This TRS conforms to the United States Securities and Exchange Commission’s (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary. The reported Mineral Resources are based on data collected up to March 19, 2026. 

The conclusion, recommendations, and forward-looking statements made by Qualified Persons (QPs) are based on reasonable assumptions and results interpretations. Forward-looking statements cannot be relied upon to guarantee the Selkirk Project’s performance or outcomes and naturally include inherent risks and risks relating to the industry and NEXM.

NEXM is a Vancouver based exploration and development company previously named Premium Resources Ltd. (PREM) and prior to that, Premium Nickel Resources Ltd. (PNRL) and prior to that, North American Nickel Inc. (NAN). PREM changed its name to NEXM on June 9, 2025. NEXM’s common shares trade on the TSX Venture Exchange (TSXV:NEXM) in Canada and the Nasdaq Capital Market (NASDAQ: NEXM) in the USA (since July 16, 2025). Its exploration activities focus on nickel and copper, with exploration projects in Botswana and Canada.

The Selkirk Project, including related infrastructure, was acquired by Premium Nickel Group Proprietary Limited (PNGPL) in an asset purchase agreement with the Liquidator of Tati Nickel Mining Company (TNMC). Prior to this acquisition, TNMC was jointly owned by BCL Limited (BCL, 85%) and the Government of Botswana (15%). On May 27, 2022, PNGPL was awarded the Mining Licence over the Selkirk Project, and the acquisition was finalised on August 22, 2022.

TNMC operated the historical Selkirk Mine as a small underground nickel-copper mine from 1989 to 2002, extracting massive sulphide material from the shallow dipping, semi-elliptical, high-grade core of the Selkirk gabbro from near surface to a depth of approximately 100 m. A total of 1.0 million tonnes (Mt) at grades of 2.6% Ni and 1.5% Cu were mined and shipped directly to the BCL smelter during this time. The mine ceased operations after exhausting the massive sulphide material and undertaking partial pillar extraction.

The Project is currently conceptualised as an open pit mine capturing the lower grade nickel-copper-cobalt-platinum group elements (Ni-Cu-PGE) mineralisation present within the Selkirk gabbro host.

At the time of liquidation, a number of economic studies had been completed for the Project, including a Feasibility Study (FS) on the open pit concept at the Selkirk Project by WorleyParsons Limited (WorleyParsons) in 2016 on behalf of BCL. The FS included Mineral Resource and Mineral Reserve estimates prepared in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC Code). The results of the study and associated Mineral Resource and Mineral Reserve estimates are considered to be historical in nature and should not be relied on. A QP has not completed sufficient work to classify the historical estimates as current and NEXM is not treating the historical estimate as current Mineral Resources or Mineral Reserves.

Exploration work completed by the PNGPL (a subsidiary of NEXM – see section 2.3) Project team to date has consisted of the sourcing and digitisation of existing historical information, confirming collar location information on selected historical holes, re-logging selected drill core, sampling mineralised drill core found unsampled on surface, re-sampling of historical drill core, drilling of twelve holes within the Selkirk deposit, three regional exploration drillholes, surface and downhole geophysics and submitting samples for metallurgical testing. Studies at various levels of completion have been initiated by PNGPL into the feasibility of the open pit concept and processing options.

This TRS contains forward-looking information.

This report was prepared as a TRS in accordance with the SEC S-K regulations (Title 17, Part 229, Items 601 and 1300 through 1305) for NexMetals Mining Corp.

PNGPL is an indirect subsidiary of NEXM, being a wholly owned subsidiary of Premium Nickel Resources Selkirk Group (Barbados) Limited, which is in turn wholly owned by Premium Nickel Resources International Limited, a direct wholly owned subsidiary of NEXM.

Throughout this report references are made to PNGPL as the local operating company and NEXM as the ultimate Project owner and issuer of the report, and in some instances references to either entity are interchangeable.

MSA has based its review of the Property on information provided by NEXM/PNGPL, along with technical reports by the current and previous tenement holders, and other relevant published and unpublished data as listed in the References section of this Report.

MSA has endeavoured, by making all reasonable enquiries, to confirm the authenticity and completeness of the technical data upon which the TRS is based. The TRS and Mineral Resource Estimate has been prepared using diamond drilling sample assay data available up to and including March 19, 2026. 

During the site visit and during the preparation of this TRS, discussions were held online and onsite with personnel from NEXM:

The principal sources of information used in the Mineral Resource include an extensive drillhole database complied by PNGPL. The data sourced from campaigns by the previous owner of the Project (TNMC) have been extensively validated, original sampling data have been verified and additional data from infill and extensional sampling of historical drillhole cores, 11 twin drillhole and an infill drillhole by PNGPL have been included.

Previous technical reports on the Project include:

MSA has reviewed the aforementioned previous technical reports and, where appropriate, referenced information from these reports.

This TRS supersedes the previous report: S-K 1300 Technical Report Summary. Selkirk Nickel Project, North East District, Republic of Botswana, dated November 1, 2024, prepared by SLR Consulting (Canada) Ltd which had previously been filed in accordance with U.S. SEC (Regulation S-K Subpart 1300 (“S-K 1300”).

MSA is an exploration and resource consulting and contracting firm, which has been providing services and advice to the international mineral industry and financial institutions since 1983. The MSA Group is independent of NEXM, its respective directors, senior management and advisers.

Neither MSA, Fuse Advisors nor personnel nominated for the completion or review of work, including the QPs, have any material interest (present or contingent) in NEXM or the mineral properties in which NEXM has an interest. The relationship with NEXM is solely one of professional association between client and independent consultants. This report is prepared in return for professional fees based upon agreed commercial rates and the payment of these fees is in no way contingent on the results of this report. The QPs and authors have no bias with respect to the asset that is the subject of the Report, or to the parties involved with the assignment. These is no conflict of interest in MSA or Fuse Advisors undertaking the QP Report as contained in this document.

This report was compiled by MSA, with sub-sections authored by Fuse Advisors, a part of SLR Consulting. Both firms are third-party firms comprising mining experts in accordance with 17 CFR § 229.1302(b)(1). NEXM has determined that both firms meet the qualifications specified under the definition of Qualified Person in 17 CFR § 229.1300. The list of firms responsible for each report section is presented in Table 2-1.

References to the Qualified Person, or QP, in this report are references to MSA or Fuse Advisors and not to any individual employed by MSA or Fuse Advisors. In the case of instances referring to geology, exploration, Mineral Resources and direct relations, the QP refers to MSA and not to any individual employed by MSA. In the instances referring to mineral processing and metallurgical testing, the QP refers to Fuse Advisors and not to any individual employed by Fuse Advisors.

Site visits were performed by the QPs as follows:

Refer to section 12.3 of this report for more details on this site visit.

The Effective Date of this TRS is 22 June 2026.

The International System of Units (SI) is used throughout the report, and currency information is based on the Canadian Dollar (CAD), United States Dollar (USD) or Botswana Pula (BWP) unless otherwise stated. The exchange rate as of 22 June 2026 is 9.49 BWP per CAD, 13.44 BWP per USD and 1.42 CAD per USD.

A list summarising units of measure and abbreviations specific to this TRS, is set out in Section 2.9 below.

Unless indicated otherwise, all of the coordinates stated in this report are in Universal Transverse Mercator (UTM) 1984 World Geodetic System (WGS84) datum, with a Zone 35 South projection.

Units of measurement and abbreviations used in this TRS are listed below.

This TRS has been prepared by MSA for NEXM. The information, conclusions, opinions, and estimates contained herein are based on:

The Report Contributors have not relied on any other experts in compiling this Report.

MSA has not independently verified, nor is it qualified to verify, the legal status of the Project property. The present status of tenements listed in this Report is based on information provided by NEXM, and the Report has been prepared on the assumption that the tenements will prove lawfully accessible for evaluation. Information that MSA has relied on, as provided by NEXM, is detailed in the following sections of this TRS:

The aforementioned sections have been reviewed by NEXM’s legal counsel in Botswana (Bookbinder Business Law, Gaborone).

MSA has not independently verified the environmental permitting and liability for the Project. Information that MSA has relied on, as provided by NEXM, is detailed in the following section of this TRS:

Except for the purposes legislated under provincial securities laws, any use of this TRS by any third party is at that party’s sole risk.

The Project consists of a single mining licence (ML) covering an area of 1,458 ha (14.58 km²) and four prospecting licences (PL) covering a total area of 12,670 ha (126.7 km²). The Project is located approximately 28 km southeast of the city of Francistown, and 450 km northeast of the national capital Gaborone. The mining licence, 2022/7L (the Selkirk Mining Licence), is centred at approximately 21°19’13” S and 27°44’17” E and is presented in Figure 4-1.

This mining licence gives PNGPL the right to mine copper and nickel ores and associated minerals contained in these mined ores for a period of ten years commencing on May 27, 2022 and ending on May 26, 2032. It also provides the right to carry out care and maintenance and exploration work from both surface and underground. The four PLs, PL050/2010, PL051/2010, PL210/2010 and PL071/2011, give PNGPL the exclusive right to prospect for base metals for a period of two years, effective April 1, 2025.

Figure 4-1

Selkirk Property Location

The original mining licence over the historical Selkirk Mine, 88/2, had been granted to TNMC on November 29, 1988, and later amended to include the Phoenix Mine. It was granted for an initial period of 25 years, renewed on November 28, 2013 for a period of 11 years. The new mining licence, 2022/7L, was granted to PNGPL, on May 27, 2022, is limited to the Selkirk deposit and the surrounding areas, and expires on May 26, 2032.

Section 42 of the Mines Act (the Act) states that “The holder of a mining licence may apply to the Minister for the renewal of his licence at any time not later than one year before the expiry of such licence. The terms and conditions for the renewal of the mining licence are framed by the relevant sub-sections of Section 42 of the Act and indicate that:

In order to maintain the mining licence in good order, the holder must make annual payments on its anniversary date in accordance with Section 71 of the Act, and monthly royalty payments according to Section 66 of the Act, if appropriate, in each case to the Government of Botswana. The royalties payable are percentages of the gross market value of mineral or mineral products as follows: precious stones (10%), precious metals (5%), and other minerals or mineral products (3%). The term gross market value is defined in the Act as the sale value receivable at the mine gate in an arms-length transaction without discounts, commissions, or deductions for the mineral or mineral product on disposal. Annual fees are calculated as BWP 200/km² of part thereof subject to a minimum of BWP 1,000.

The four prospecting licences were transferred to PNGPL effective October 1, 2022, and gave PNGPL the exclusive right to explore for base metals for a period of two years. Upon issuance of the licence and each anniversary thereof, a charge equal BWP 10.00 multiplied by the number of square kilometres, subject to a minimum of BWP 2,000.00, is payable to the office of the Director of Mines. The renewal of the four prospecting licences was approved for another two years effective April 1, 2025, making the new expiration date March 31, 2027.

The terms and conditions for the renewal of the prospecting licences are framed by the relevant sub-sections of Section 17 of the Act and indicate that:

Table 4-1 shows the details of each PL as well as ML 2022/7L.

Table 4-1
Selkirk Property Tenure

In Botswana, mining activities are regulated under the Act, which is administered by the Ministry of Minerals and Energy (MME). The Act regulates the issuance of exploration and mining licences as well as harmonising mining activities and environmental impacts.

With regards to environmental issues, the Act stipulates that the holder of the mineral concession shall:

Any abstraction of water in Botswana is regulated through the Water Act of 1967.

The Project area is situated on freehold land, with the Selkirk Mining Licence situated on portions of Farms 73NQ and 75NQ. A lease rental agreement, 201-NQ, between TNMC and Nkobiwa Emmanuel Keeng Selebe, the owner of Farm 73NQ, was signed on April 2, 1998, with an effective date of October 1, 1988. This agreement remains effective for the lifetime of the mining licence, including renewals. The area covers only a small portion (52.008 ha) of the mining licence and PNGPL will need to expand the surface rights area to develop an open pit mine.

To that effect, an agreement was signed on February 4, 2025, with an effective date of April 12, 2024, between PNGPL and Cubic Times Proprietary Limited (Cubic), the company who will receive the transfer of 73NQ from the estate of NEKS. Both parties have agreed to certain amendments, pending the completion of the conveyancing:

The Selkirk Mine is a past producing mine with underground production via a ramp. Infrastructure on site includes workshops, a conveyor, office buildings, ventilation fan, fencing, a portal entrance, and a massive sulphide pile. The estimated costs of rehabilitation in 2021 were BWP 91 million (Parry and Buchanan, 2021).

PNGPL has signed a royalty agreement and contingent compensation agreement with the Liquidator. A 1% net smelter return exists on the sale of concentrates (or any other economic mineral resource material produced and sold) subject to specific rights of purchase by the purchaser and the Government of Botswana:

There is also a contingent compensation agreement whereby PNGPL would pay additional compensation to the Government of Botswana if and when it discovers additional resources over and above the base case scenario of 15.9 Mt:

The MSA QP is not aware of any other significant factors and risks that may affect access, title, or the right or ability to perform the proposed work program on the Property.

The Selkirk deposit is located in the North East District of Botswana, approximately 30 km southeast of Francistown, the country’s northernmost city. The Property extends across the farms 73NQ and 75NQ approximately 20 km from the Zimbabwean border, near Matsiloje village. The Tati River lies to the south of this area. Francistown, in close proximity to the west, being the main centre in the area with a burgeoning and industrious young population of around 120,000, provides a good source of labour and a growing skills base. The rural farming population has very low density and lives generally in cattle posts situated close to sources of groundwater, generally near the main rivers which have a more or less constant supply of groundwater in their sandy beds.

The railway line and Highway A1 from Bulawayo to Gaborone pass through Francistown, 30 km to the northwest of Selkirk. From Francistown, site access is made via an all-weather tarred surface road to Matsiloje that passes 7 km north of the Selkirk deposit, with the main access to Selkirk being a well maintained and graded unsurfaced road.

All forms of transportation are readily available and accessible to the population, mainly light and medium vehicles, mini-bus type taxis, and larger public bus transportation. Francistown has a tarred airstrip and International Airport with customs clearing.

The climate is tropical, with hot, wet summers and mild, dry winters (Figure 5-1). Most of the rainfall occurs during the period from October to April, usually in the form of scattered thundershowers, with massive surface run-off. The average rainfall is approximately 460 mm per annum as recorded at Francistown Airport.

Figure 5-1

Climate at the Selkirk Project

Due to the climate, most greenfield exploration field work is carried out during the winter period when the rivers and streams are practically dry and vegetation less dense. However, where good access infrastructure exists at brownfield sites such as Selkirk, work can continue all year round.

No specific deficiencies in the general labour resource have been identified as the former mining company TNMC had engaged in the training and development of local Botswana skills from the growing and youthful population of Francistown and other regional communities such as Matsiloje and Matshelagabedi. With the exception of highly specialised technical experts required during the construction phase, PNGPL believes that there is a local skills base with sufficient capacity to cater for its further needs with regard to the Project and its general organisational development requirements.

The area is in a rural district, and the available infrastructure is minimal. The current Project infrastructure includes relict surface infrastructure supporting the historical underground mine, and the original decline (Figure 5-2).

Water Utilities Corporation (WUC) is a government-owned parastatal organisation that manages water treatment and distribution in Botswana. An unquantified amount of water may be sourced from boreholes for various uses (subject to the requisite approvals). Several dams managed by WUC exist with the main supply for the area coming from Shashe Dam (Figure 5-2).

The power needs for the Project are yet to be determined, however there are existing Botswana Power Corporation powerlines nearby including one which runs along the Mopane access road to the Selkirk Mine infrastructure. The available capacity of existing water and power infrastructure has not yet been confirmed for the Selkirk Project.

The project is at an MRE stage and potential tailings storage areas, waste disposal areas, and processing plant sites have not been assessed.

Figure 5-2
Location of Phoenix and Selkirk mining infrastructure

The Project and the proposed infrastructural sites are located in a relatively flat area of Botswana, with a mean elevation of 980 m. Isolated hills, comprised of geological units less susceptible to weathering, protrude above the flat surface. The prevailing drainage pattern is dendritic, with irregular branching tributaries. The valleys of the streams and rivers are narrow (3 m to 5 m wide) and gently sloped. The general slope of the area is eastwards towards the Ramokgwebana River. Various unnamed tributaries flow across the property.

The Project falls within the greater Shashe/Tati River systems (Figure 5-3). All the rivers in these systems are ephemeral, with irregular but rapid surface flows after heavy summer rainfall. WUC managed dams store water from these river systems, with the main supply in the region being from Shashe Dam.

Figure 5-3
Surface water in the Selkirk Project area

Two aquifers are present in the Project area, namely; fractured granitoids and alluvial sands within the ephemeral river systems. Both aquifer types have limited storage capacity, are unconfirmed and are vulnerable to contamination. Recharge to the groundwater regime is from rains and ephemeral surface flow. Overall, the groundwater potential in the area is limited, hence all major water requirements being met from Shashe Dam.

The type of vegetation cover is fairly uniform although the nature of the underlying strata and the amount of grazing does have some bearing on the richness of the vegetation cover. On the Botswana vegetation map, the whole area is described as being within a tree savanna type (specifically Mixed Mopane Bushveld). The vegetation therefore consists of trees and shrubs of several species, but Mopane and Acacia are the dominant species. The density of grass cover depends on the extent of grazing. At Selkirk it is mostly overgrazed with species diversity being relatively low.

Large species of wild animals are almost non-existent, except where they have been reintroduced by game farmers. However, many of the smaller species of wildlife occur and birds are common. The area is predominantly utilised for livestock grazing.

As far as the MSA QP is aware, no flora or fauna red data species have, to date, been identified within the Selkirk lease area.

The following paragraphs regarding the history of the Project are largely extracted from a previous TRS prepared by SLR (SLR, 2024) which in turn referenced G Mining Services Inc. (G Mining, 2023), which in turn referenced Botepe (2013). Historical Mineral Resource estimates have only been mentioned if the original source document was available, and the information pertaining to estimation methodologies was sufficiently detailed for disclosure.

NEXM currently own 100% of the Project through the asset purchase agreement for the Selkirk Assets under its local subsidiary Premium Nickel Group Proprietary Limited (PNGPL) on 22 August 2022.

The first record of mineral rights occurred in 1964 when Tati Territory Exploration Co. Ltd. (TTE) acquired mineral rights over a large area that included the Project.

The Government of Botswana granted a 25-year mining licence over the Selkirk and Phoenix deposits in November 1988 to TNMC, a new company comprised of Lexan Trading Inc. (51%) and Francistown Mining and Exploration Ltd. (49%). These two founding companies have changed ownership several times and Table 6-1 presents a summary of the ownership history of the Selkirk Project. The government acquired a 15% interest in TNMC in 1995, resulting in project ownership by Lexan Trading Inc. (43.35%), Francistown Mining and Exploration Ltd. (41.65%), and the Government of Botswana (15%). BCL, through its wholly owned subsidiary BCL Investments (Pty) Ltd., acquired Lexan Trading Inc. and Francistown Mining and Exploration Ltd. in 2015.

Table 6-1
History of ownership at Selkirk

A detailed account of all exploration undertaken at Selkirk was provided in the Technical Report by G Mining (G Mining, 2023) and is summarised in the following sections:

The Phoenix and Selkirk sites are known for ancient copper workings and were also investigated for their gold potential after the rediscovery of gold in the area in 1866 (Marsh, 1979). AAC established the presence of nickel and copper occurrences at the sites of the ancient workings in 1929 through the commissioning of Messer’s Brown and Tulloch to evaluate the mining potential of the area.

The first large scale systematic work was conducted from 1964 to1969 by the TTE. Eighteen holes in 2,500 m were drilled during 1965 and1966, but TEE was unable to determine the potential of mineralisation within the geological setting. In the late 1960s, De Beers and AAC conducted regional mapping, widely spaced soil sampling and commissioned Geoterrex Limited of Canada to fly an airborne magnetic and INPUT electromagnetic (EM) survey. AAC, through its local subsidiary, Sedge Botswana (Pty) Limited (Sedge), subsequently explored the Selkirk prospect from March 1970 to 1971 under a 15-month prospecting agreement negotiated with TTE. Detailed work included 1:500 scale geological outcrop mapping, soil sampling, trench sampling, ground geophysics, and diamond drilling. A total of 117 drillholes for 27,377.5 m were drilled and assay results were used to evaluate the tonnes and grade of the project. Mineralogical studies and metallurgical testwork were completed and used as input within a subsequent economic study. Potential for additional mineralisation was identified at Phoenix, but AAC was unsuccessful at renegotiating the option agreement with TTE. All the drill core from this period of exploration was destroyed, apart from a few examples that were stored at the Geological Survey Department of Botswana in Lobatse.

The exploration agreement between AAC and TTE expired in 1971, and no significant exploration work was conducted until Morex was awarded a prospecting licence in 1984 over the Selkirk and Phoenix deposits. Morex approached Rio Tinto to conduct a preliminary study on the Selkirk and Phoenix deposits in August 1984. Two holes, one at Selkirk and one at Phoenix, were drilled to obtain samples for metallurgical testwork. Rio Tinto presented several options, including mining the high-grade massive sulphides and shipping the mined mineralisation to the BCL smelter.

The Selkirk underground mine was commissioned in 1989 and extracted massive sulphide from a near surface, shallow dipping and synformal-shaped deposit of massive sulphide up to 20 m thick for direct smelting at BCL. The mine ceased operations in August 2002 after exhausting the massive sulphide. Partial pillar extraction occurred in 2013. Over 1.0 Mt of material grading 2.6% Ni and 1.6% Cu was extracted from the mine since 1989.

Recent exploration dates back to 2003 when TNMC conducted a Titan 24 geophysical survey over the Selkirk deposit. Results of this work, along with earlier Sedge work, indicated the presence of mineralisation down plunge of the underground mine. This was followed by a series of diamond drilling campaigns which defined a large body with thick intervals of disseminated sulphides extending in excess of 1,500 m down plunge to the southwest of the initial massive sulphide discovery.

Further exploration of Selkirk by TNMC included soil sampling, gravity, magnetic, and induced polarisation (IP) surveys. The magnetic data was interpreted to be dominated by that of the trending Karoo dyke swarm and the gravity data provide an excellent tool for mapping the west-northwest regional geology of the Selkirk Mining Licence (Figure 6-1). From October 2007 to February 2008, an IP survey was conducted by Spectral Geophysics over the Selkirk Mining Licence (Figure 6-2). The survey was only completed over two thirds of the planned area; however, several chargeability anomalies were outlined by this geophysical campaign and indicated the presence of chargeable bodies at depth (Botepe, 2013).

Drilling of geophysical and geochemical targets followed by resource definition drilling took place from 2003 until 2007. TNMC began to analyse selected drill core for PGEs for sampled intervals that had a concentration of Ni > 0.15%, which created an incomplete dataset with a bias towards higher-grade PGE assays. All samples from drillholes completed onwards from 2007 (from drillhole DSLK249) were routinely analysed for PGE content.

During TNMC’s exploration campaign, the extension of mineralisation down plunge of the massive sulphide zone as a broad envelope of consistent disseminated and sporadic massive pyrrhotite-chalcopyrite mineralisation was defined within the metagabbro host. The deepest hole drilled intersected massive sulphides at 1,200 m below surface, significantly deeper than exploration by previous operators.

In June 2007, Norilsk Nickel acquired the Project from LionOre (LionOre, 2007). The new owners concentrated their efforts both on further development of the Selkirk historical resource and exploration for new deposits, both on the Selkirk Mining Licence and on newly acquired prospecting licences. As part of this work, a drillhole validation exercise in 2008 compared results from old drillholes to new drillholes to determine if historical results could be included in the resource. It was concluded that the historical holes showed higher grades, and care had to be taken in data handling to avoid overestimation of resources.

Between May and September 2007, soil samples were collected over the entirety of the Selkirk Mining Licence (approximately 15 km²) using the recommendations from the soil orientation surveys carried out in 2006, including preferentially collecting the sample from the B horizon. A total of 4,972 samples were collected and assayed for pathfinder elements prepared at Genalysis Laboratory Services Pty Ltd., South Africa, and analysed at Genalysis Laboratory Services Pty Ltd., Australia.

The soil sampling results showed clear Ni and Cu anomalies over the Selkirk deposit and Cinderella (target 3) area (Figure 6-3 and Figure 6-4). The copper soil anomalies appear to show that the Selkirk and Cinderella systems are located along an easterly to northeasterly trending soil geochemical strike that can be followed in a northerly direction into the Ramokgwebana mafic intrusive complex.

From this work, several target areas were identified where anomalous concentrations of associated elements coincide. Three trenches totalling 2,858 m located east of the Selkirk deposit to test regional soil geochemical anomalies were excavated in 2008, revealing melanocratic to leucocratic metagabbros with iron staining (Mogotsi, 2008).

Much of the work between 2008 and 2015 focused on gathering data to support a “bankable feasibility study” (BFS) and consisted of additional metallurgical studies and geotechnical drilling. The Selkirk Tunnel Project started in May 2008 to evaluate the characteristics of the Selkirk mineralisation and collect representative grab and bulk samples for metallurgical testing. A total of 522 tonnes of material were sent to Council for Mineral Technology (Mintek), in South Africa, for testwork, and channel samples were analysed to characterise material in the mine workings area. Geological mapping of underground exposures was completed to document rock types, structural features, and mineralisation types in the tunnel.

Concurrently with the BFS work, regional exploration continued. TNMC was granted five additional prospecting licences in 2010. Exploration advanced on all licences with complete soil geochemistry coverage and complete EM coverage by means of a versatile time-domain electromagnetic (VTEM) survey in 2012. A total of 2,526-line kilometres were flown over the TNMC lands (Han et al., 2012). Anomalous responses were interpreted, and 14 targets in four areas of interest were investigated in detail using Maxwell Plate Modelling, and a complete 3D magnetic inversion (Figure 6-5). Although two areas of interest were located near known mineralisation (i.e., Selkirk and Phoenix deposits), the VTEM and aeromagnetic survey helped identify two new potential sources of mineralisation location east and northeast of the Selkirk deposit.

In 2012, a soil geochemical campaign over the PLs was completed (TNMC, 2012). A total of 6,392 soil samples were analysed for lithogeochemistry, and interpretation of nickel and copper assay results defined six prospective areas over the exploration properties (Figure 6-6). Geological and structural mapping of the outcrops located near the Rooikoppie Shear Zone (RSZ) noted several northeast striking shear zones with parallel gossan outcrops. Five diamond drillholes, DRKP001 to DRKP005, were drilled to test the gossan and associated VTEM anomaly. Sulphides were intersected, but assay results showed no elevated nickel or copper values.

Figure 6-1
Detailed ground magnetic (top) and Bouguer Anomaly survey (bottom)

Figure 6-2
IP Survey at Selkirk

Figure 6-3
a) Distribution pattern showing concentrations of Ni at Selkirk; b) Ni concentrations superimposed on soil type and geological structures

Figure 6-4
a) Distribution pattern showing concentrations of Cu at Selkirk; b) Cu concentrations superimposed on soil type and geological structures

Figure 6-5
Apparent resistivity at 250 m below surface

Figure 6-6
Geochemical anomalies for Ni and Cu over the TNMC PLs

From 2014 to 2015, exploration for nickel mineralisation on prospecting licences PL050/2010 (northwest corner of Selkirk Mine), PL051/2010 (southwest corner of Phoenix Mine), and PL071/2011 (southeast of Selkirk Mine) was undertaken. Remote sensing, geological and structural mapping, petrological analysis, as well as drilling were completed on the exploration licences (Thari, 2015).

From 2014 to 2016, follow-up work between Tekwane and Phoenix included a structural analysis and an IP survey. Two exploration drillholes were completed, with no major mineralisation intersected. The recommendation from the 2015 Annual Report concluded that about half of the exploration rights of the PL071/2011 prospect should be surrendered and that exploration around the Tekwane and Rooikoppie mineralised zones should be kept a high priority for later exploration campaigns.

The Project was acquired by BCL in October 2014. No exploration was carried out on either the Selkirk Mining Licence or the prospecting licences. Drilling during 2015 and 2016 supported various aspects of the BFS. Seven holes, DSLK268 to 274, totalling 1,956.93 m, were drilled to collect metallurgical samples for the Mintek testwork. Three holes, DSLK288 to 290, totalling 750 m, were holes drilled for water pump tests.

DSLK275 to 287, HQ (96 mm hole for 63.5 mm core) sized holes, were located by PNGPL in the core storage area at the Phoenix Mine, unlogged and unsampled.

The Selkirk Mine itself has been under care and maintenance since 2002 and is generally inactive. Despite the mine having been idle for twenty years since production, the underground workings were accessible for sampling activities by PNGPL in 2021.

The first historical mineral resource estimate on the Selkirk deposit was prepared by Sedge in 1971 (Hall, 1971). More recently, several historical Mineral Resource estimates (MRE) have been completed. Table 6-2 provides a summary of when and by whom historical mineral resource estimates were completed.

The information regarding historical mineral resource estimates reported herein should be considered as historical in nature, as insufficient data verification has been conducted by the QP to verify them. It should be noted that it is not clear if historical resources were reported constrained (limited at depth by a conceptual pit shell) or unconstrained). NEXM is not treating the historical mineral resource estimates as current.

Table 6-2
Summary of historical mineral resource estimates at Selkirk

The Selkirk underground mine was operated from 1989 to 2002 by TNMC, a company created specifically to exploit the deposit. More than 1.0 Mt of material grading 2.6% Ni and 1.6% Cu was extracted from a semi-elliptical deposit of massive sulphide up to 20 m thick to a depth of 100 m below surface.

In 2008, an EIA was carried out to obtain authorisation for the redevelopment of the Selkirk Mine. No redevelopment took place and, therefore, the authorisation lapsed. Thereafter, TNMC proposed to construct and operate the Selkirk Open Pit Mine within the mine lease area. The Department of Environmental Affairs (DEA), after evaluation of the Project Brief, advised TNMC that an Environmental Management Plan (EMP) should be prepared to guide the implementation of the proposed project. TNMC contracted Sangwenu Engineering & Environmental Consultants to develop an EMP on their behalf (Sangwenu Engineering & Environmental Consultants (Pty) Ltd., 2016).

In 2016, the EMP was compiled for the potential construction and operation of an open pit within the mine lease area. This open pit would extend the life of the TNMC operation by about five years and would generate 5.0 Mt of feed per annum. The original intention was concentration at the nearby Phoenix mill and the concentrate would be treated by the BCL Smelter in Selebi Phikwe. In July 2016, the EMP submitted on behalf of TNMC was approved by the DEA in terms of Section 12(1) of the Environmental Assessment Act No. 10 of 2011, reference number DEA/BOD/F/EXT/MNE 030 (13) (DEA, 2016). The DEA used the 2008 EIA as input to the 2016 EMP.

The 2016 authorisation was valid for a period of two years, which lapsed in July 2018.

The 2016 EMP was transferred to PNGPL on May 23, 2023, and is valid for ten years under the same terms as the 2016 authorisation. Any development not discussed and assessed in the 2016 Statement, or any modification, use of new technology, upgrade or expansion requires a brief to be submitted to the DEA for review. The EMP may be subject to renewal at the end of the ten year period.

The Project is located in the eastern part of Botswana, approximately 28 km southeast of the city of Francistown (Figure 7-1). This area hosts several intrusive magmatic Ni-Cu-PGE sulphide deposits, including the past producing mines at Phoenix, Selebi Phikwe, and Selkirk.

The eastern Botswana Ni–Cu–PGE deposits may be subdivided into two groups. The first group of deposits, hosted by the Phoenix, Selkirk, and Tekwane intrusions, occurs within and in the periphery of the Tati greenstone belt. The deposits were discovered in 1968 by TTE, based on mapping and stream sediment geochemistry. The second group of deposits, comprising Phikwe, Dikoloti, Lentswe and Phokoje, are hosted by the Selebi Phikwe mafic ultramafic intrusions that occur within gneisses of the Limpopo metamorphic belt approximately 200 km to the south of the Tati belt (Gordon, 1973; Baldock et al., 1976). Most of these deposits were discovered by BCL (Bamangwato Concessions Limited) between 1963 and 1966 using soil geochemistry (Maier et al., 2007).

The stratigraphy of the east Botswana mines and deposits consists of major metavolcanic and sedimentary groups. The main lithologies within the Tati greenstone belt consist of lower greenschist to lower amphibolite facies volcanic and sedimentary rocks intruded by granitoids of unknown age (Maier et al., 2007). The volcano-sedimentary succession has been subdivided into three formations: Lady Mary, Penhalonga, and Selkirk Formations that contain a progressively higher proportion of felsic volcanic rocks (Key, 1976). At the base, the < 1,600 m Lady Mary Formation consists mainly of altered komatiite and komatiitic basalt and lesser amounts of quartzitic schist, limestone, and iron formation. The overlying > 10 km thick Penhalonga Formation consists of basaltic, andesitic. and rhyolitic volcanic and volcaniclastic rocks, as well as phyllites, black shales, limestones, and jaspilites. This is capped by the Selkirk Formation (> 1 km thick) which consists mainly of dacitic and rhyolitic volcaniclastic rocks and minor amounts of mafic volcanic rocks, quartzites, and quartz-sericite schists. The Selkirk Formation also hosts the Phoenix, Selkirk, and Tekwane metagabbronoritic intrusions and the Sikukwe metaperidotite intrusion (Maier et al., 2007). Van Geffen (2004) dated a gabbro at the Phoenix Mine at 2,703 ± 30 Ma, which places the Tati greenstone belt within the 2.7 Ga Francistown Arc Complex (Carney et al., 1994; McCourt et al., 2004).

Three main deformation events affected the stratigraphy and the emplacement of intrusive units as gabbro and granodiorite, which has implications in the local and regional controls on the Ni-Cu-PGEs mineralisation. The first deformation event, D₁ is associated with north-northwest to south-southeast oriented principal stress axes, is of brittle-ductile nature, and is evidenced by the occurrence of kilometre scale fold, fault, and shear zones. The second deformation event resulted from northeast-southwest oriented compressional stress and is recognisable by the presence of folded and asymmetric boudinaged quartz veins and faults that crosscut D₁ structures. The third deformation created by the minimum northeast-southwest principal stress, D₃ produced the fracture, stylolitic cleavages, extensional and columnar joints, which crosscut all the D₁ and D₂ structures (Dirks, 2005).

Figure 7-1

a) Schematic map of the Limpopo Belt and adjacent cratons showing studies localities; and

b) Geological map of the central portion of the Tati Greenstone Belt indicating the locality of the Phoenix, Selkirk and Tekwane deposits

The Tati greenstone belt has a long mining history spanning as far back as ancient copper workings, which exploited gossan outcrops of the present operations (Dirks, 2005). Two deposits have been exploited by TNMC; one at Selkirk and the other being the Phoenix Mine, located 15 km to north (Figure 7-2). Other associated Ni-Cu prospects in the vicinity of the Project include the Tekwane and Cinderella exploration prospects.

Figure 7-2 Simplified geological map of the northern Tati Greenstone Belt

The geology of the Selkirk deposit is characterised by two types of metagabbro units, namely, taxitic and leucocratic porphyritic metagabbro (Maier et al., 2007). The taxitic metagabbro is characterised by Ni-Cu sulphide mineralisation of low to high grade, whereas the leucocratic porphyritic gabbro is barren (Carney et al., 1994). Northwest trending Karoo-age dolerite dykes and south trending feldspar porphyries crosscut these metagabbro units. Alteration assemblages consist of epidote-chlorite, fuchsite, and saussurite (Dirks, 2005).

The general stratigraphy of the main lithological units of the Selkirk deposit is defined as follows (Figure 7-3):

A structural geology study of the area in 2016 discovered numerous faults that have lateral and vertical displacement, resulting in the displacement and movement of bodies of mineralisation (WorleyParsons, 2016; Figure 7-4). The Selkirk deposit plunges at 25° to the southwest, with a gossanous outcrop located at surface above the underground mine stopes.

Figure 7-3 Simplified geology in longitudinal view through the Selkirk deposit

Figure 7-4 Detailed map of the Selkirk geology

Two distinct styles of mineralisation can be found at Selkirk:

Ni-Cu-PGE mineralisation is hosted within pentlandite, pyrrhotite, chalcopyrite, and pyrite (Johnson, 1986). PGE mineralisation is primarily hosted within Kotulskite (Pd(Te,Bi)), Michenerite ((Pd,Pt)BiTe), and Merenskyite (Pd,Pt)(Te,Bi)2 (SGS, 2024).

The intrusion once hosted a lens of massive sulphide measuring approximately 20 m thick and 200 m long that is mantled by a zone of disseminated sulphides that averages 120 m wide and ranges from approximately 100 m to 150 m thick.

Pyrrhotite constitutes up to 90 vol% of the massive mineralisation. Pentlandite occurs as flame-like lamellae and granular aggregates in pyrrhotite. Chalcopyrite predominantly occurs in the disseminated sulphides. Magnetite locally constitutes up to 15% of the opaque fraction, occurring as subhedral grains that may be distinctly rounded. In some cases, pyrite may constitute approximately 5% of the sulphides, forming late-stage veins and euhedral or subhedral crystals. The massive sulphides may also contain distinctly rounded silicate inclusions reminiscent of durchbewegung textures (Vokes, 1969).

Surface and underground geological mapping, as well as information obtained from historical and current drilling campaigns and surface geophysical surveys, have confirmed the synclinal nature of the massive sulphide body hosted within the surrounding disseminated sulphide halo in the metagabbro. The axis of this “syncline” appears to plunge at approximately 20° to 25° to the southwest, which was also confirmed by ground geophysical methods (EM, IP, and resistivity), as well as drilling.

The disseminated sulphide continues down plunge to the southwest beyond the massive sulphide mineralisation, and averages approximately 100 m to 150 m in thickness. Fieldwork and studies of the Selkirk drill core indicate that the Selkirk metagabbro is 2.7 Ga (Maier et al., 2007).

Ni-Cu-PGE sulphide deposits occur in cratons and orogenic belts worldwide (Arndt et al., 2005). Sulphide deposits are broadly classified into two types; hydrothermal and magmatic. The Selkirk deposit belongs to the magmatic type.

Magmatic Ni-Cu sulphide deposits form as the result of segregation and concentration of droplets of liquid sulphide from mafic or ultramafic magma, and the partitioning of chalcophile elements into these from the silicate melt. Sulphide saturation of a magma is not enough in itself to produce economic accumulations of metals. The appropriate physical environment is required so that the sulphide liquid mixes with enough magma to become adequately enriched in chalcophile metals, and then is concentrated in a restricted locality so that the resulting concentration is of economic grade (Naldrett et al., 2004).

Magmatic sulphide deposits are hosted by mafic and ultramafic units, i.e., komatiite, gabbro, gabbronorite, dunite, peridotite, pyroxenite, boninitic, and picritic rocks. Fundamental parameters for the formation of magmatic sulphide deposits include the ability of the mantle melt enriched in chalcophile elements (i.e., Ni, Cu, and PGEs) to interact with sulphur, and reaching sulphide saturation through progressive fractionation, or externally from sulphur rich contact wall rocks such as sediments (Barnes and Maier 1999; Li et al., 2002; Lu et al., 2019). The placement localities such as faults and basins concentrate the sulphide enriched melts, which result in different geometries such as tabular and massive magmatic sulphide bodies. The magmatic sulphide deposits are the most dominant Ni-Cu-PGE type, which include Kabanga in Tanzania, Norilsk Talnakh in Russia, Pechanga in China, Voisey’s Bay in Canada, Mount Keith in Western Australia, Bushveld Complex in South Africa, Great Dyke in Zimbabwe, and Selebi Phikwe in Botswana (Barnes and Lightfoot, 2005).

The capacity of a magma to form an economic Ni-Cu±PGE deposit is controlled mainly by: 1) the abundances of metals in the magma; 2) the sulphide saturation state of the magma; and 3) the capacity of the magma to interact with its surroundings. In practice, the ability of magma to interact with wall rocks depends on the nature of the wall rocks, the mode of emplacement, and the composition, temperature, viscosity, and volatile content of the magma itself (Arndt et al., 2005; Lesher et al., 2001).

Exploration work completed by the PNGPL Project team on the Selkirk Mining Licence has included the sourcing and digitisation of existing historical information, confirmation and re-surveying of 320 drillhole collar locations, channel sampling underground, undertaking targeted sampling and re-sampling campaigns of historical drilling, analyses of the 2007 soil data, drill testing of three VTEM anomalies, surface and borehole EM surveys.

PNGPL geologists examined underground workings and confirmed continuous visible sulphides along an exploration drift extending 144 m across the interpreted primary sulphide horizon, in a southwestern direction from the previous mining operations. PNGPL collected and submitted twenty 10 kg grab samples from this exploration drift for assay to determine the variability in the grade of the mineralisation. Results are presented in Table 9-1. These results were not used in the MRE as they are grab samples taken from underground drifts that do not fully expose the mineralisation.

On the Mining Licence, the 2007 soil data was analysed by Consulting Geologist Peter Lighfoot. The aim was to identify soils whose chemistry indicates buried magmatic Ni-Cu-PGE sulphide bedrock, plus map the broader mafic intrusion footprint. Mixed multi-element analyses were used to map mafic intrusions and identify discrete target points (Figure 9-1).

Figure 9-1 Results of the analyses of 2007 soil data over the Selkirk Mining Licence

The acquisition of the PLs adjacent to the Selkirk Mining Licence in 2010 and 2011 and their subsequent exploration was carried out by TNMC between 2011 and 2014 when it was controlled by Norilsk Nickel. The exploration work is described in Section 6.2.

The area is prospective for Ni-Cu-Co-Au-PGE mineralisation, having underlying geology similar to that of the nearby past producing mines; Selkirk, located immediately south of the PLs, and Phoenix, located to the north, as well as Ni-Cu deposits Tekwane and Cinderella.

PNGPL’s work on the PLs has included data compilation and target generation, followed up by field prospecting, data verification, geophysical and soil sampling surveys. The most prospective target identified by TNMC was Rooikoppie, a strong VTEM anomaly coincident with both the presence of gossan and elevated soil geochemistry. Five holes, DRKP001 to DRKP005 targeted the gossan and VTEM anomaly in 2012, intersecting two distinct mineralised horizons. With the purpose of confirming that the anomalies were adequately tested, a surface EM survey was completed and the drillhole collar locations were recorded using a DGPS. The results indicated that the two parallel conductors had been intersected near surface and have significant down dip and strike extents. The drill core was sparsely sampled, and additional sampling was completed in DRKP001 and DKRP002. Assays results returned no significant Ni-Cu-PGEs.

A soil sampling program was completed in October and November of 2025 on the Selkirk PLs with the purpose of detailing 2012 soil anomalies (refer to Section 6.2) and one VTEM anomaly. Samples were also collected on two lines crossing over the mineralised Selkirk gabbro for control. A total of 933 samples were collected, excluding 59 duplicates. Grids typically had 100 m line intervals and 50 m sample spacing. The grid covering the VTEM anomaly had a 50 m line spacing. Samples were sent to ALS in Johannesburg where they were analysed for PGEs (PGM-MS23L) and a 48-element base/trace suite (ME-MS61L).

The analysis of results was carried out by Peter Lightfoot. A robust 8-element Mahalanobis (MDIST) anomaly detection — on log-transformed Ni, Cu, Co, Cr, Mg, Pt, Pd, Au and using the MCD robust covariance estimator — flags 248 samples as anomalous at the 97.5% χ² cutoff, with 183 samples exceeding the extreme 99.9% threshold (MD² up to 425). These fall into three geographically and geochemically distinct clusters (Figure 9-2):

During the soil sampling program, a gossanous boulder was discovered at 575,896 E / 7,644,519 N. Analyses confirmed it as a massive Ni-Cu-sulfide-derived rock (2.22% Ni, 0.78% Cu, 35.7% S). There was no soil anomaly corresponding to the location, confirming the observation that it was not in situ:

The development of gossans can involve supergene enrichment/depletion processes, so the metal signal of the sample is not diagnostic of source. This applies to both Ni/Cu and Pd/Pt. Further sampling of the Selkirk gossan would help facilitate a more robust comparison.

Figure 9-2 Soil geochemistry anomaly map (MIDST2)

The exploration work comprising soil samplings and limited drill testing of exploration targets has been completed and it is the MSA QP’s opinion that they warrant more detailed follow-up exploration.

The following paragraphs are summarised from SLR (2024), which in turn were largely taken from G Mining (2023), which in turn were largely taken from Botepe (2013). Drilling undertaken by current operator PNGPL includes 3577.40 m of large diameter core (HQ: 63.5 mm diameter) drilled for data verification and metallurgical samples, 325.8 m in one drillhole used to infill the existing Mineral Resource and three regional drillholes for 558.70 m testing VTEM anomalies located southwest and southeast of the Selkirk deposit.

Drilling at Selkirk began in 1965 and to the end of 2016, more than 500 holes had been drilled. Drilling resumed in 2025 when PNGPL drilled eleven HQ (63.5 mm diameter) drillholes for data verification and metallurgical samples, one NQ (47.6 mm diameter) size core for resource infill drilling and three regional exploration holes testing VTEM targets. The drilling campaigns completed by previous operators and by PNGPL are summarised in Table 10-1 and shown in Figure 10-1.

Details of the procedures for the drilling prior to TNMC are scarce. Although the Sedge drilling exists in the compiled dataset, the details of the drilling and grade biases described by TNMC (high bias in Sedge drilling) led the QP to exclude these data from Mineral Resource estimation.

Figure 10-1 shows the drillholes and channel data currently digitised in the drilling database, with the underground workings, lithology, and the current optimised pit shell at 965 m elevation shown for context.

Figure 10-1 Drillhole location map