NexMetals’ Selkirk 1.1B lb CuEq upgrade: resource and recovery notes for mine planners
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
NexMetals Mining has lifted the Selkirk copper-nickel-PGE project in Botswana to about 1.1 billion lb of indicated copper equivalent, with 78.2 million tonnes at 0.66% CuEq after extensive re-assaying and twin drilling converted a large portion of the inferred resource. A further 15.1 million inferred tonnes at 0.60% CuEq (200 million lb CuEq) remain, with the 63% increase in metal inventory versus 2024 driven mainly by improved metallurgical recoveries and adding cobalt, silver and gold as payable metals. Selkirk now sits alongside the nearby Selebi project (75 km away) as a core critical-metals asset on a 14.6 sq. km mining licence.
Technical Brief
- Re-assaying of historical core plus twin drilling underpinned the conversion from inferred to indicated.
- NexMetals reports metal price movements had “minimal net impact” versus 2024 due to polymetallic credits.
- Selkirk’s mining licence covers 14.6 sq. km, compared with Selebi’s single 115 sq. km licence.
- Both Selkirk and Selebi are past-producing copper–nickel–cobalt operations acquired out of liquidation in 2022.
- NexMetals has been re-developing both mines with modern exploration and technical work since 2019.
Our Take
With 1.1 billion lb CuEq in the indicated category against a market capitalisation of about C$114 million, NexMetals is trading at a contained-metal multiple that is low compared with several other Africa-focused copper names in our database, which may sharpen interest from larger strategics such as Codelco once its 3–4 month review concludes.
The proximity of Selkirk to the Selebi nickel-copper-cobalt mine (about 75 km apart) and the contrasting licence areas (14.6 sq. km versus 115 sq. km) suggest any future development concept is likely to lean heavily on shared regional infrastructure and a hub-and-spoke processing strategy rather than fully standalone plants.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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