Botswana-focused NexMetals Mining lists on NASDAQ

[Ben Graham]

NexMetals Mining (TSXV: NEXM) (NASDAQ: NEXM) began trading on the NASDAQ on Wednesday, opening at $12 a share with a market capitalization of nearly $260 million.

The company first announced its plans to list on the NASDAQ in early May and subsequently completed a 1:20 share consolidation in preparation for the uplisting. Last month, it changed its name from Premium Resources and trading symbol to NEXM.

The successful uplisting to NASDAQ is a transformative milestone in our growth strategy,” chief executive officer Morgan Lekstrom stated in a press release Wednesday.

As of noon ET, the shares traded at $7.93 apiece for a market capitalization of approximately $172.3 million.

“This listing reflects our continued disciplined execution, and our confidence in our renewed strategy to accelerate long-term value for our investors while strengthening our global presence and platform for future strategic partnerships,” Lekstrom added.

Redeveloping mines

NexMetals’ main assets are two past-producing nickel-copper-cobalt mines in Botswana. The company has been working on the projects since late 2019, with a view to redeveloping them using modern mining methods.

The Selebi project, consisting of a single mining license covering 115 sq. km., has an estimated resource of 27.7 million tonnes, a majority of which are in the inferred category. The Selebi Main deposit makes up most of the resource, at nearly 19 million tonnes grading 1.69% copper and 0.88% nickel. The Selebi North deposit, however, has indicated resources.

The Selebi deposit was previously mined for 36 years from 1980 to 2016, during which it produced 26.6 million tonnes at grades of 0.58% nickel and 1.03% copper. Selebi North entered production 10 years after and also ended in 2016, producing 13.9 million tonnes at 0.74% nickel and 0.66% copper.

The Selkirk project comprises a mining licence covering 14.6 sq. km, plus four prospecting licences covering 126.7 sq. km. The deposit has an estimated inferred resource of 44.2 million tonnes grading 0.24% nickel, 0.30% copper, 0.55 g/t palladium and 0.12 g/t platinum.