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NEXM

NexMetals Mining Corp.

NEXM

NexMetals Mining Corp. • NASDAQ
$3.75 ▲ 5.49% (+0.20)
Market Cap $80.35 M
52w High $10.35
52w Low $3.37
Dividend Yield 0%
P/E -1.4
Volume 127.12K
Outstanding Shares 21.46M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $14.51M ▲ $-16.004M ▼ 0% $-0.75 ▼ $-15.51M ▼
Q2-2025 $0 $14.434M ▲ $-15.089M ▲ 0% $-0.7 ▲ $-14.657M ▼
Q1-2025 $0 $8.006M ▼ $-15.228M ▼ 0% $-1.4 ▼ $-14.164M ▼
Q4-2024 $0 $10.801M ▼ $-11.275M ▲ 0% $-1.1 ▲ $-10.017M ▲
Q3-2024 $0 $10.884M $-12.005M 0% $-1.29 $-10.853M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $10.137M ▼ $24.44M ▼ $8.906M ▲ $15.534M ▼
Q2-2025 $19.438M ▼ $34.561M ▼ $7.711M ▼ $26.85M ▼
Q1-2025 $45.467M ▲ $63.781M ▲ $12.196M ▼ $51.586M ▲
Q4-2024 $6.106M ▼ $24.953M ▼ $28.401M ▼ $-3.447M ▼
Q3-2024 $17.358M $37.292M $29.573M $7.719M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-16.004M ▼ $-13.421M ▼ $-170.98K ▲ $1.394M ▲ $-12.346M ▼ $-13.592M ▼
Q2-2025 $-11.083M ▲ $-11.304M ▼ $-1.072M ▼ $-1.361M ▼ $-12.154M ▼ $-12.377M ▼
Q1-2025 $-15.228M ▼ $-6.295M ▲ $-50.033K ▲ $45.568M ▲ $39.361M ▲ $-6.345M ▲
Q4-2024 $-11.275M ▲ $-9.85M ▲ $-1.088M ▼ $-789.626K ▼ $-11.252M ▼ $-10.847M ▼
Q3-2024 $-12.005M $-11.07M $1.186M $-541.161K $-10.723M $-9.975M

Five-Year Company Overview

Income Statement

Income Statement NexMetals is still in the “build” phase, not the “earn” phase. Over the past several years it has not generated any revenue, and its costs have led to steady accounting losses each year. These losses look modest in absolute terms but are meaningful relative to the company’s very small size. The pattern fits an early‑stage mine developer: spending on staff, studies, and exploration without any offsetting sales yet. Turning that around will depend entirely on getting at least one of its Botswana projects into commercial production and doing so close to the cost levels it is targeting.

Balance Sheet

Balance Sheet The balance sheet is thin and clearly early‑stage. Total assets are very small and mostly cash and project‑related items. Debt is present and noticeable versus the company’s tiny asset base, while shareholder equity has been slim and, at times, almost fully absorbed by accumulated losses. This signals limited financial cushioning. The recent mention of a large equity financing and legacy debt cleanup, while not yet visible in the historical figures, suggests a shift toward a stronger capital base—but the business still looks highly reliant on external funding and careful cost control.

Cash Flow

Cash Flow Cash flows show a straightforward picture: the company is consistently using cash rather than generating it. Operating activities have been cash‑negative as NexMetals pays for exploration, technical work, and corporate overhead. Investment spending has occurred in bursts, consistent with project and study phases rather than full‑scale mine construction. Because there is no operating cash coming in, the company depends on raising capital from investors or partners to keep moving its projects forward. Any delay in project milestones or market downturn in metals could increase that funding pressure.

Competitive Edge

Competitive Edge On paper, NexMetals has some attractive competitive angles. Its key assets are past‑producing, fully permitted mines in Botswana, a country generally viewed as stable and mining‑friendly. That significantly shortens the usual timeline and regulatory risk compared with brand‑new greenfield projects. Its metallurgical breakthrough that removes the need for an on‑site smelter could improve project economics relative to peers facing larger up‑front costs. A seasoned management team and existing underground infrastructure add further advantages. On the other hand, NexMetals is a very small, pre‑revenue company competing in a global market dominated by much larger players. Its success will depend heavily on executing technically complex plans, managing capital carefully, and operating through cycles in nickel, copper, and cobalt prices.

Innovation and R&D

Innovation and R&D Innovation is at the core of NexMetals’ story. The company’s concentrate‑splitting process addresses a long‑standing metallurgical problem and, if it works at scale, could significantly reduce capital intensity and simplify the route to market. Use of X‑ray based ore sorting and advanced geophysical tools to target higher‑grade zones shows a strong focus on modern, data‑driven mining methods. Strategically, revitalizing existing mines and trying to unlock cobalt value that prior operators left behind is a differentiated approach versus pure grassroots exploration. Upcoming economic studies and potential partnerships or asset sales will be important tests of whether these innovations translate into robust project economics rather than just laboratory success.

Summary

Overall, NexMetals looks like a classic high‑risk, high‑uncertainty early‑stage mining developer with some distinctive strengths. Financially, it is pre‑revenue, loss‑making, and dependent on external capital, with a very lean balance sheet and ongoing cash burn. Strategically, it benefits from permitted, past‑producing assets in a relatively favorable jurisdiction and from a technical solution that could materially improve project economics. The value proposition rests on turning these technical and jurisdictional advantages into viable, fundable mine plans, while managing commodity‑price exposure and execution risk. Until at least one project reaches a clear, derisked development path, the company’s profile will remain speculative and highly sensitive to both project milestones and market conditions in critical metals.

NEWS

November 18, 2025 · 7:00 AM UTC

NexMetals Announces Annual Equity Incentive Grants

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November 17, 2025 · 10:36 AM UTC

NexMetals Welcomes Condire As a New 9.9% Shareholder and Announces Closing of $80 Million Public Offering

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November 12, 2025 · 7:58 PM UTC

NexMetals Announces Filing of Final Short Form Prospectus

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October 30, 2025 · 9:25 AM UTC

NexMetals Announces Upsizing of Public Offering to $80 Million

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October 30, 2025 · 9:24 AM UTC

NexMetals Announces Upsizing of Public Offering to $80 Million

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