Nexus builds Wallbrook scale as drilling shifts toward mine development

Wallbrook resource passes 600,000 ounces

Nexus Minerals Limited (ASX:NXM) has finished a busy September quarter with its Wallbrook Gold Project carrying 631,000oz of contained gold, more than double the previous resource. The estimate stands at 13.3 million tonnes grading 1.5g/t gold, comprising 207,000oz in the Indicated category and 424,000oz Inferred.

“Crusader-templar deposit LONG section looking WEST (refer TO figure 5).”

“Branches deposit isometric VIEW WITH rpeee PIT.”

Caption and image © Nexus Minerals Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

The updated inventory combines Crusader-Templar, including the Clement prospect, with maiden resources at Payns and Branches. Crusader-Templar remains the centrepiece at 533,000oz, including a maiden underground component of 86,000oz. Payns contributes 50,000oz and Branches 48,000oz, with both deposits entirely classified as Inferred.

“Nexus district project location MAP”

The figures formalise the outcome of the company’s September Wallbrook resource update, which added the two maiden deposits and expanded the principal Crusader-Templar system. At group level, including Pinnacles, Nexus reports 709,000oz of contained gold, with 249,000oz classified as Indicated.

Placement gives exploration program room to run

Nexus raised A$5.4 million before costs during the quarter through the issue of approximately 101.9 million shares at A$0.053 each. Cash and equivalents stood at A$7.95 million on 30 September, after A$2.37 million of net operating cash outflow and A$1.742 million of exploration and evaluation expenditure during the period.

On the company’s reported assumptions, that balance represents 3.4 quarters of funding. The capital raising, previously announced as the A$5.4 million Wallbrook placement, is intended to support exploration across Wallbrook and the NSW Mineral Project. The quarter closed with 705.6 million shares on issue and 19.75 million options.

Diamond drilling and processing studies move forward

“Nexus wallbrook regional prospects location MAP”

The next quarter’s work program includes about 2,000m of diamond drilling across existing Wallbrook resources and the Amand prospect. Nexus also plans to continue advancing Crusader-Templar for potential future mining operations and engage with stakeholders on expanded mine permitting.

Crusader-Templar has the key permits required for a stage-one operation, subject to a suitable processing solution with a third-party mill. Nexus is working under a memorandum of understanding with Macro Gold Mining Services on a proposed mine development and mining arrangement, while discussions continue with third-party processors over an ore sale and purchase agreement. A processing plant cost and sizing study by Mincore Engineering is expected in the coming months.

“NMWBRC26-978 – 7M AT 7.53g/t Au INCLUDING 1M AT 41.27g/t Au FROM 53M (WITHIN 23M AT 2.39g/t Au FROM 48M).”

The drilling program follows the Templar high-grade extension, where the company previously reported a shallow structure extending about 200m north and an intercept containing 1m at 41.27g/t gold. The current report also records further high-grade results, including 3m at 18.75g/t gold within 13m at 4.52g/t from Crusader, 5m at 12.83g/t within 21m at 3.26g/t from Payns, and 7m at 7.53g/t including 1m at 41.27g/t within 23m at 2.39g/t from Templar.

Pinnacles transfer awaits final approval

Nexus is also progressing its purchase of Northern Star Resources’ remaining 10% interest in the Pinnacles joint venture. The transaction would give Nexus full ownership in exchange for a 1.5% net smelter return royalty, with an option to buy back 0.5% of that royalty for A$550,000.

“Nexus minerals australian project locations”

“Nexus wallbrook GOLD project location MAP”

Caption and image © Nexus Minerals Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

The transaction conditions have been satisfied between the parties, but the transfer remains with government departments for final approval. Pinnacles carries a separate 78,000oz resource, including 66,000oz underground, and the company intends to advance its mine proposal and closure plan after completion.

The headline resource numbers are substantial, but they remain Mineral Resources rather than Ore Reserves. Most Wallbrook ounces are Inferred, while development still depends on further drilling, technical studies, processing arrangements, permitting and financing. The immediate test is whether the next diamond program and processing work can convert a larger resource base into a credible development case before the reported cash runway narrows.