Nexus Minerals Launches 22,000m Drilling Campaign at Wallbrook Gold Project

Wallbrook Drilling Program Targets Resource Expansion

Nexus Minerals Limited (ASX:NXM) has mobilised crews to commence an ambitious ~22,000 metre reverse circulation (RC) drilling program at its Wallbrook Gold Project in Western Australia. The program aims to significantly grow the project's mineral resource inventory by focusing on three newly advanced prospects; Clement, Payns, and Branches; alongside testing extensions at the existing Crusader-Templar deposit.

This drilling campaign marks a pivotal step in Nexus’ strategy to transition Wallbrook from exploration to potential development. The company has engaged Mr Jeremy Clark of Lily Valley International, a recognised expert in mineral resource estimation, to oversee an updated Mineral Resource Estimate (MRE) expected later in 2026. This follows the current combined MRE of 304,000 ounces at Crusader-Templar, which will be tested for lateral extensions and resource category upgrades during the program.

Drilling will sample one-metre intervals to enhance geological confidence, with initial assay results anticipated in May 2026. The program builds on an 18-month systematic exploration effort that identified the three priority prospects through multiple aircore and preliminary RC drilling campaigns, confirming their scale, continuity, and grade profiles suitable for resource definition.

Permitting Progress and Operational Partnerships

Operational readiness at the Crusader-Templar deposit continues to advance, with critical stage 1 operational permits now secured. Nexus is actively engaged in discussions with potential operational and toll treatment partners to secure processing capacity, a key step pending a favourable processing slot at a third-party mill.

The permitting progress aligns with the company’s broader development plans, supporting a multi-stage, multiple open pit operation. This regulatory momentum follows recent approvals, including a native vegetation clearing permit secured earlier in 2026, which underpins the planned mining activities. These developments are part of Nexus’ efforts to de-risk Crusader-Templar ahead of potential production, as outlined in their recent Crusader-Templar Mining with Macro Gold JV announcement detailing a profit-share funding model with Macro Gold Mining Services.

Prospect Highlights: Clement, Payns, and Branches

The Clement Prospect, adjacent to Crusader-Templar, features a broad 650m by 250m multi-lode system with consistent gold mineralisation from surface to 200 metres depth. The drilling will focus on validating mineralisation geometry and establishing sufficient drill density to support a maiden MRE.

Payns Prospect presents a large near-surface mineralised system extending 900m by 750m, with multiple gold anomalous zones hosted within volcanic and volcaniclastic sequences. The RC program aims to infill existing data gaps, test sub-horizontal lodes, and explore deeper structurally controlled mineralisation, supporting both a shallow maiden MRE and growth potential.

Branches Prospect, located about 3km north of Crusader-Templar, is a continuous mineralised corridor extending 1,500m by 300m. Hosted in hematite-altered porphyry dykes, the prospect remains open in several directions. Drilling will focus on infill and step-out drilling to improve geological confidence and define a maiden MRE.

These prospects were identified through a systematic 18-month exploration campaign, including aircore drilling and preliminary RC programs, confirming their potential as key growth drivers for the Wallbrook project. The approach builds on prior high-grade results reported across Wallbrook’s prospects, reinforcing the project's emerging status as a significant gold camp in the Eastern Goldfields of Western Australia, as highlighted in the company’s High-Grade Drilling Success at Wallbrook Gold Project update earlier this year.

Pinnacles JV and NSW Mineral Project Advances

Beyond Wallbrook, Nexus continues to progress its Pinnacles Joint Venture Gold Project with Northern Star Resources (ASX:NST). The company is advancing heritage discussions with the Kakarra A group and preparing the Mine Proposal and Closure Plan for submission pending JV committee approval. Pinnacles holds a combined JORC 2012 Mineral Resource Estimate of 78,000 ounces, split between open pit and underground resources.

In New South Wales, Nexus has rationalised its exploration tenure from 15,000km2 to 7,500km2, focusing on areas with the highest geological potential for gold, copper, and critical minerals. The company is leveraging government and open-file geophysical data to guide ongoing ground truthing and sampling programs.

Financial Position and Outlook

At quarter-end, Nexus held $7.4 million in available funds, comprising $2.4 million in cash and $5.0 million in term deposits. Exploration and evaluation expenditure for the quarter was $449,000, reflecting the ramp-up of drilling activities. No substantive mining production or development activities occurred during the period.

The company’s cash flow report notes a reclassification of term deposits from cash and cash equivalents due to maturity terms exceeding three months, a procedural adjustment that does not affect available funding.

Nexus also continues to invest in research and development, focusing on innovative rock characterisation techniques using portable X-Ray Fluorescence and image analysis to enhance exploration efficiency in complex geological settings.