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Nexus Minerals Site Visit Commentary

Euroz Hartleys Limited

We visited NXM’s Wallbrook Project yesterday. Conveniently, we flew into Carosue Dam directly & had just ~30km to get to Crusader-Templar targets. It was a clear reminder of the high quality infrastructure nearby. Haul trucks could be seen (roughly 300m) from Crusader carrying dirt from Northern Stars Deep South and Porphyry mining centres to Carosue Dam mill.

  • The visit was largely confirmatory & backs our view that this is a large mineralised system with regional exploration potential.
  • We walked some 1.6km of strike, from Crusader in the south to Templar further north. Beyond this, we looked at prospects further north again, in Solomon & Branches.
  • Key catalysts:
    • Hole 4 assays due this month. Has been some slippage from lab. Management hopeful to see week leading up to Xmas. Visual inspection saw ~200m of alteration which was very encouraging.
    • Hole 5 assays due January. Hole carried VG & thus expected to grade well.
    • Increase in rigs from 2 currently to 5 in January & 6 in February – 2 diamond & 4 RC. This is a clear indicator of managements intent. Rigs & personnel secured, with 50 man camp due to arrive in January.
    • Metallurgy work has begun, with result due through Q1CY22. Historical works suggest >95% recoveries, with no deleterious elements.
  • Management/Geologists were keen to impress that mineralisation is not just in the red-rocks (see images in ASX release), but the altered zone between them – and this zone is grading higher. The asset quality is an attractive place for geologists – as such the labour issues seen at other sites are not faced here.
  • Toward the North there are also indications that supergene enrichment is getting better near surface, with the company buoyed by what is being seen in RC chips.
  • Between Branches and Solomon there is a newly discovered outcrop which is showing promising signs which bodes well for the theory that mineralisation is in repeated pods. Drilling planned at Solomon in January (expect results March) coupled with regional gravity surveys will help the company vector in on targets and hone in a ‘recipe’ for regional discoveries.

Clients of Euroz Hartleys can access the research report on this site visit here – https://www.eurozhartleys.com/research-internal/?_sft_business_name=nxm-nexus-minerals-ltd