History
NexMetals consolidated its shares and listed on Nasdaq in 2025, then used a C$80 million raising and drilling to grow two Botswana copper-nickel projects toward a restart decision.
2010-2024: A quiet record
The earliest record traces the company to a Manitoba explorer of VMS-type deposits, in which VMS Ventures Inc. held a 39.3% stake in 2010. The disclosures do not show how or when it moved to its present assets in Botswana, so this stretch of the story is a gap. By 2024 it was a development-stage miner spending real money on projects, with EdgePoint Investment Group building a stake that reached 34.5% by April 2025. Share counts over these years moved sharply, but the beats do not explain those changes, so they are not narrated here. A 2024 resource estimate for the Selebi Main and Selebi North deposits stood at about 3 million tonnes indicated and 24.7 million tonnes inferred (inferred means less certain).
2025: Nasdaq and a drilling campaign
In April 2025 NexMetals applied to dual-list on Nasdaq. To meet its $4.00 minimum share price rule, the company completed a 20-for-1 share consolidation on 25 June, cutting about 428.99 million shares to about 21.45 million. The exchange certified the securities for listing on 15 July.
Drilling followed at both projects. At Selebi North, a hole found 19.40 metres at 3.93% copper-equivalent (a measure that combines the metals into one copper figure), showing the deposit extended beyond the 2024 estimate. At the past-producing Selkirk mine, about 75km away, re-assaying and new drilling produced wide intervals, including 219 metres at 1.03% and, in December, 231 metres at 1.09%. On 22 October, test work on Selebi bulk samples showed the deposit could yield clean, smelter-grade concentrates, pointing to a restart without building an on-site smelter.
2025-2026: Funding the work
In November 2025 NexMetals closed a best-efforts public offering of 14,035,100 units at C$5.70, raising gross proceeds of about C$80 million. Each unit carried one share and one warrant exercisable at C$8.00 for two years, and the money was earmarked mainly for the first contingent milestone payment on the Selebi and Selkirk purchase. Share counts at the end of 2025 and 2026 sit near 35.5 million, but the beats do not tie the figures to the raising. Selebi North drilling in January 2026 returned 32.45 metres at 4.61%, and in March the company finished its 34-hole Selkirk resampling program, with a best interval of 180.8 metres at 1.31% and a new high-grade target of 6.9 metres at 7.92%. It also engaged an investor-relations advisory firm.
2026: Bigger resources
In May, surface drilling at Selebi Main extended high-grade mineralization 320 metres beyond the 2024 resource boundary. On 25 June, the Selkirk resource estimate rose 70%, to about 1.1 billion pounds of copper-equivalent indicated plus 200 million pounds inferred, helped by better recovery assumptions and by counting cobalt, silver and gold as payable metals for the first time. A formal technical report followed in August.
By the latest beat, on 24 July 2026, a new 30,000-metre drill program at Selebi Main's Flexure Zone had hit 11.15 metres at 7.65%, part of a kilometre-scale trend still open beyond the known resource. As of then, both projects were still being drilled and tested toward a restart decision, with quarterly net losses of roughly $10 million to $16 million reflecting that work.
Written from the 14 story beats below (2025 to 24 July 2026), which come from the company's own announcements and filings.