NexMetals Mining (NASDAQ: NEXM), a base metals company focused on Botswana, made its debut on the NASDAQ on Wednesday, opening at $12 per share and securing an initial market capitalization of nearly $260 million.
The uplisting marks a major milestone for the company, which previously traded on the TSX Venture Exchange (TSXV: NEXM) under the name Premium Resources. In preparation for the listing, NexMetals completed a 1:20 share consolidation and rebranded to better reflect its strategic shift.
“The successful uplisting to NASDAQ is a transformative milestone in our growth strategy,” said CEO Morgan Lekstrom in a press release.
“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.”
By noon Eastern Time on its opening day, shares had adjusted to trade at $7.93, bringing the company’s market cap to approximately $172.3 million.
Redeveloping Botswana’s Base Metals Potential
NexMetals’ primary assets include two past-producing nickel-copper-cobalt mines in Botswana: the Selebi and Selkirk projects. Since acquiring the projects in 2019, the company has focused on redevelopment using modern, sustainable mining methods.
The Selebi project, located on a 115 km² mining license, hosts an estimated 27.7 million tonnes of resources, the bulk of which are inferred. The Selebi Main deposit accounts for nearly 19 million tonnes at grades of 1.69% copper and 0.88% nickel, while the Selebi North deposit holds indicated resources.
Historically, Selebi produced 26.6 million tonnes between 1980 and 2016, with average grades of 0.58% nickel and 1.03% copper. Selebi North operated from 1990 until 2016, yielding 13.9 million tonnes at 0.74% nickel and 0.66% copper.
The Selkirk project includes a 14.6 km² mining license and four prospecting licenses covering 126.7 km². The deposit has an 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.