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1. An exploration company focused on finding the critical lithium and nickel deposits needed for products from companies like **Tesla** and **Apple**.

2. The 'early prospector' for the clean energy industry, similar to how **ExxonMobil** began by finding oil, but NexMetals is discovering lithium and nickel for batteries.

3. Like prospectors finding the 'new gold'—lithium and nickel—for the electric vehicle revolution, serving the future demand from automakers such as **GM** and **Ford**.

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• Nickel: A silvery-white metal primarily used in the production of stainless steel, other alloys, and increasingly as a key component in electric vehicle batteries.
• Copper: A highly conductive reddish-orange metal essential for electrical wiring, plumbing, and various industrial applications.
• Cobalt: A hard, brittle, silver-white metal crucial for manufacturing high-performance rechargeable batteries, particularly for electric vehicles and portable electronics.

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NexMetals Mining (NEXM) is a hypothetical company. Therefore, specific real-world customer names and symbols cannot be identified from actual financial data.

However, based on the nature of a "mining" company, particularly one focused on "metals," NexMetals Mining would primarily sell its products to other businesses (business-to-business or B2B) rather than directly to individuals. Mining companies extract raw materials (ores, concentrates, or semi-processed metals) which are then used by other industries for further processing, manufacturing, or distribution.

Major Customer Categories (Business-to-Business):

• Smelters and Refiners: These companies purchase raw ores or concentrates from mining companies to process them into refined metals. These are critical customers as they transform the mined material into a usable form for other industries.
• Industrial Manufacturers: Businesses across various sectors that utilize metals as primary raw materials in their production processes. This could include industries such as automotive, construction, electronics, machinery, and aerospace, all of whom would purchase refined metals or specialized alloys from NexMetals or its distributors.
• Metal Traders and Distributors: Companies that specialize in the global buying, selling, and distribution of metals. They often act as intermediaries, connecting mining companies with a wide range of industrial end-users and managing logistics, inventory, and commodity market sales.

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Morgan Lekstrom, Chief Executive Officer & Director

Mr. Lekstrom has over 20 years of experience in the mining industry with a diverse background in executive and project management, operations, and engineering. He successfully built NexGold Mining Corp, creating a near-term development company with a clear path to building two new Canadian gold mines. This was achieved through deleveraging and restructuring debt, and setting a new strategic direction for the company through multiple back-to-back mergers and acquisitions of Blackwolf Copper and Gold Ltd., Treasury Metals Inc., and Signal Gold Inc. in 2024. Mr. Lekstrom has held senior technical roles at Freeport McMoran's Grasberg site in Indonesia and Rio Tinto's Oyu Tolgoi Project in Mongolia. He also has direct African experience from his role with Golden Star Resources, where he supported the redevelopment of an underground mine in Ghana.

Brett MacKay, Senior Vice President & Chief Financial Officer

Mr. MacKay is a seasoned finance executive with over 17 years of experience in the mining industry. He joined NexMetals Mining in October 2024, having most recently served as the company's Vice President, Finance. Prior to joining NexMetals, Mr. MacKay held the role of Director of Financial Reporting at Lundin Mining Corporation, where he supported the organization through a period of substantial growth, including several strategic acquisitions. Before Lundin Mining, which he joined in 2013, he held roles at EY serving mining sector clients in both assurance and tax practices. Mr. MacKay holds a Bachelor of Commerce (Honours) degree from McMaster University and is a Chartered Professional Accountant (CPA, CA) in Ontario.

Sean Whiteford, President

Mr. Whiteford is an accomplished geologist and mining executive with over 30 years of multi-commodity experience within the global resource sector. He possesses extensive knowledge of mineral exploration, resource definition, mining, strategy, technology, and project studies, having held various corporate, operational, and technical roles at BHP, Rio Tinto, and Cliffs Natural Resources. Most recently, he served as Vice President, Business Development at Burgundy Diamond Mines Ltd. Mr. Whiteford has also completed the Advanced Management Program from Columbia Business School.

Boris Kamstra, COO, Mine Development Lead

Mr. Kamstra is a seasoned leader in the mining industry, with over 25 years of experience in senior and executive roles, predominantly within Sub-Saharan Africa. He most recently served as the CEO of Alphamin Resources, a public company listed on both the Toronto Stock Exchange (TSXV) and the Johannesburg Stock Exchange. During his tenure, Mr. Kamstra was instrumental in bringing the Alphamin mine, located in North Kivu, DRC, into full operation from a greenfield exploration program, with Alphamin Resources now valued at over $1 billion. He graduated as a Civil Engineer BSc cum laude from the University of Cape Town and holds an MBA from the WITS Business School.

Kneipe Setlhare, President, NexMetals Mining Botswana / Country Director

Mr. Setlhare is a mining engineer with over 14 years of experience in mining operations management, including roles with BCL Mines and Smelting, and Discovery Metals Limited. His most recent role prior to NexMetals was Executive Country Manager since March 2017 at Giyani Metals Corp, a public company listed on the Toronto Stock Exchange. Mr. Setlhare has extensive experience managing both private and public companies involved in early-stage exploration, preliminary economic assessment, feasibility study, mine development and commissioning, and mine asset acquisitions and disposals.

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Key Risks to NexMetals Mining (NEXM)

1. Exploration and Development Risk, Funding, and Dilution: NexMetals Mining is an exploration-stage company that currently generates no revenue or production, with its valuation dependent entirely on the success of its exploration activities leading to the development of a viable mine. The company has consistently reported negative operating and free cash flow, indicating a reliance on external financing to fund its operations. This ongoing need for capital frequently results in the issuance of new shares, which dilutes the ownership stake of existing shareholders. As of June 2025, NexMetals had approximately seven months of cash runway based on its cash burn rate, although analysts anticipate the company reaching cashflow breakeven before exhausting these funds.
2. Commodity Price Volatility: The financial viability and appeal of NexMetals' projects are highly susceptible to fluctuations in the prices of critical metals such as nickel, copper, and cobalt. A decline in commodity prices, such as the reported drop in nickel prices, directly impacts the economic outlook of potential mines and the overall attractiveness of the company's exploration efforts. Persistent oversupply or subdued demand in the commodity markets could exert continued downward pressure on prices, thereby affecting project economics.
3. Political and Regulatory Risk: Operating mining projects in jurisdictions like Botswana and Canada involves navigating complex regulatory frameworks that necessitate numerous permits and governmental approvals. Delays in obtaining these essential permits, changes in governmental policies, or shifts in the regulatory landscape can significantly disrupt project timelines and inflate operational costs, potentially jeopardizing project feasibility. Additionally, compliance with different mineral resource reporting standards, such as Canada's NI43101 and the SEC's SK1300, introduces a layer of regulatory complexity and potential risk.

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Copper:

• The global copper market size is estimated to be approximately USD 297.5 billion in 2025 and is projected to reach USD 413.1 billion by 2032. Other sources estimate the global copper market size at USD 349.14 billion in 2025, with a forecast to reach USD 548.20 billion by 2034. Another report states the market size is estimated at 26.29 million tons in 2025, expected to reach 32.18 million tons by 2030.

Nickel:

• The global nickel market size is estimated to be approximately USD 44.49 billion in 2025 and is projected to reach USD 83.77 billion by 2034. Another estimate places the global nickel market size at USD 46.39 billion in 2025, growing to USD 82.59 billion by 2033.

Cobalt:

• The global cobalt market size is estimated to be approximately USD 18.72 billion in 2025 and is projected to reach USD 25.91 billion by 2030. Another report estimates the global cobalt market size at USD 9.48 billion in 2025, projected to reach USD 16.62 billion by 2031. In terms of volume, the cobalt market size is estimated at 237.66 million tons in 2025, expected to reach 367.02 million tons by 2030.

Platinum Group Metals (PGE):

• The global platinum group metals market size was valued at USD 41.59 billion in 2024, with an estimated growth to USD 56.61 billion by 2033. Another source indicates the market size is estimated at 637.51 tons in 2025, and is expected to reach 805.16 tons by 2030.

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• Commencement of Production from Selebi and Selkirk Mines: The primary driver of future revenue for NexMetals Mining is the successful redevelopment and commencement of production at its previously operating Selebi and Selkirk nickel-copper-cobalt mines in Botswana. The company is actively engaged in exploration and development activities to bring these projects into operation.
• Optimized Metallurgy for High-Grade Concentrates: A significant driver involves the company's successful metallurgical work, which has demonstrated the ability to separate high-grade copper and high-grade nickel-cobalt concentrates. This breakthrough is considered "game-changing" as it bypasses the need for costly smelter construction and makes the products more attractive to global smelters, potentially improving project economics and accelerating time to market.
• Expansion of Mineral Resources: Ongoing drilling programs aimed at expanding the proven and probable mineral resources at both the Selebi and Selkirk projects are expected to contribute to future revenue growth. Increasing the scale and grade of these deposits could lead to a longer mine life and greater overall production capacity, making the assets more valuable.
• Strategic Partnerships and Potential Acquisitions: As NexMetals Mining de-risks its projects through advanced development and successful metallurgical outcomes, it could attract strategic partnerships or acquisition interest from larger mid-tier or major mining companies. Such collaborations or transactions could provide substantial capital, expertise, and avenues for monetization, leading to revenue or significant value creation for NEXM.
• Favorable Commodity Prices: The market prices for critical metals such as copper, nickel, and cobalt are external yet crucial drivers of potential revenue growth. Strong demand and high prices for these commodities would directly increase the revenue generated from the sale of concentrates once production commences.

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Share Issuance

• In October 2025, NexMetals Mining announced a public offering that was initially for up to C$50 million, subsequently upsized to C$65 million, and then further increased to C$80 million due to strong institutional investor demand.
• This C$80 million offering involves the issuance of up to 14,035,100 units at C$5.70 per unit, with each unit comprising one common share and one common share purchase warrant exercisable at C$8.00 for 24 months.
• The company also raised C$44 million in February 2025.

Inbound Investments

• In July 2025, NexMetals Mining received a non-binding Letter of Interest from the Export-Import Bank of the United States (EXIM) for potential financing of up to US$150 million.
• This potential financing from EXIM is intended to support the redevelopment of the company's Selebi and Selkirk nickel-copper-cobalt-platinum group metal mines in Botswana, with a maximum 15-year repayment tenor.

Capital Expenditures

• The net proceeds from the C$80 million public offering are primarily allocated to prepay the first contingent milestone payment under the Asset Purchase Agreement for the Selebi and Selkirk mines in Botswana, scheduled before the end of 2025.
• Additional funds from the offering are designated to advance exploration and development activities at NexMetals Mining's mineral assets in Botswana, as well as for working capital and general corporate purposes.
• A US$25 million study phase milestone payment for the Selebi and Selkirk mines, originally due in 2025, has been extended to the first quarter of 2026 to allow for further technical and economic evaluations.