Nexus Minerals Hits 26.53g/t Au at Clement in Wallbrook Gold Campaign

Nexus Minerals Delivers High-Grade Gold at Clement: Up to 26.53g/t Au Opens Resource Expansion Campaign at Wallbrook

Nexus Minerals Limited (ASX: NXM) has announced compelling initial drill results from the Clement Prospect at its Wallbrook Gold Project in Western Australia. The Nexus Minerals Clement Prospect high grade gold drill results at Wallbrook Gold Project include reverse circulation (RC) drilling returning grades of up to 26.53g/t Au across the first 10 holes of a planned ~22,000-metre resource definition programme. Every single hole returned anomalous gold, confirming a stacked multi-lode system.

These results set the stage for what could be a significant expansion of the project's existing mineral resource inventory, with the current programme representing approximately 30% of planned drill metres at Clement — meaning the best may still be ahead.

Key highlights at a glance:

• 10 of 10 holes returned anomalous gold intercepts at the Clement Prospect
• Peak result of 1m at 26.53g/t Au, sitting within a broader intercept of 19m at 2.51g/t Au from 76m
• Multiple thick, high-grade composite intervals confirmed across a 650m strike length
• Results represent approximately 30% of planned drill metres at Clement
• An updated multi-prospect Mineral Resource Estimate (MRE) is targeted for completion by end of the September 2026 quarter
• Current project MRE is limited to the Crusader–Templar Deposit: 5.7Mt @ 1.7g/t Au for 304koz Au

Managing Director Andy Tudor commented: "These strong initial Clement results are an excellent start to our ~22,000-metre resource definition campaign at Wallbrook and validate the disciplined, systematic approach we have applied over the past 18 months. Clement sits immediately adjacent to our established Crusader–Templar resource within a proven, well-endowed gold corridor."

Every Hole Hits Gold: The Clement Prospect Results in Detail

The Clement Prospect sits immediately adjacent to the Crusader–Templar Deposit — Wallbrook's only current resource — and lies within the same established gold corridor. The RC drilling programme at Clement was designed specifically to validate the stacked mineralisation geometry, test the 650m strike of confirmed gold anomalism, and establish drill spacing sufficient to support a maiden Mineral Resource Estimate.

The first 10 holes (1,882 metres) have delivered on all fronts.

Selected Highlight Intercepts

What stands out beyond the headline grade is the consistency of these results. All 10 holes returned anomalous gold, and the intercepts reveal a stacked multi-lode geometry — meaning multiple parallel gold-bearing structures are stacked vertically through the system. This geometry has meaningful implications for the scale of mineralisation that could ultimately be defined at Clement.

Furthermore, drilling is ongoing, with the 10 reported holes representing only approximately 30% of planned metres at Clement alone. As the team works through the remaining programme — and then moves to Payns, Branches, and Crusader–Templar — the volume of data feeding into an updated MRE will continue to grow materially.

Understanding What "Stacked Multi-Lode Geometry" Means for Investors

What Is a Stacked Multi-Lode System?

In gold exploration, a "lode" refers to a discrete zone or vein of gold-bearing mineralisation. A "multi-lode" system means that instead of a single mineralised vein, there are multiple parallel or sub-parallel veins present within a defined corridor. When these are described as "stacked," they occur at different depths and orientations but within the same overall mineralised package.

Why Does This Matter?

A stacked multi-lode geometry is generally considered a positive architectural feature for resource development. Specifically:

1. Multiple lodes compound the overall tonnage potential — even if each individual lode is narrower, several together can aggregate into a substantial mineable width
2. The mineralisation style tends to be more predictable and continuous along strike, which supports resource classification at higher confidence levels
3. It mirrors the structural architecture seen at many productive gold deposits across the Eastern Goldfields of Western Australia

At Clement, the stacked lode geometry aligns with what is observed at the adjacent Crusader–Templar Deposit, raising the possibility that the two could be expressions of a single, larger continuous mineralised system.

Glossary of Key Terms

• RC Drilling (Reverse Circulation): A drilling method where rock chips are brought to surface through the drill rods, allowing rapid, cost-effective sampling across large areas
• MRE (Mineral Resource Estimate): A quantified estimate of the tonnage and grade of mineralisation, classified under the JORC Code as Inferred, Indicated or Measured
• g/t Au: Grams of gold per tonne of rock — the standard unit for expressing gold grade
• Strike Length: The horizontal distance over which mineralisation has been identified along its principal orientation
• Lode: A discrete zone of gold-bearing mineralisation, often associated with a vein or structural feature
• Photon Assay (Chrysos PhotonAssay™): An advanced gold analysis technique that processes larger sample volumes than traditional fire assay, particularly beneficial where coarse gold is present

Geological Setting: A Familiar and Proven Address

The Clement Prospect sits within an andesitic volcanic and volcaniclastic sequence intruded by a series of porphyry dykes extending up to 20 metres in thickness. Gold mineralisation at Clement follows two principal orientations:

1. A shallow west-dipping trend defined by quartz-pyrite-hematite veining, where gold grades correlate positively with pyrite content
2. A sub-vertical north- to northwest-trending orientation associated with hematite-altered porphyry dykes

Higher gold grades consistently correlate with increasing pyrite abundance, quartz vein density, silicification, and tourmaline content within porphyry units — the same alteration signatures that characterise the Crusader–Templar Deposit next door.

This geological and alteration similarity is a significant observation. It suggests Clement and Crusader–Templar may form part of one continuous mineralised system within a well-endowed gold corridor. If confirmed through further drilling, this would fundamentally reframe the scale of the opportunity at Wallbrook.

The weathering profile at Clement extends to 70 metres depth, meaning a portion of the mineralisation intersected to date sits in oxide and transitional material. Oxide gold mineralisation is often simpler to process metallurgically, which can be a practical advantage during early resource development.

Programme Progress and Upcoming Catalysts

The ~22,000-metre RC programme at Wallbrook is well advanced, with approximately 10,000 metres completed across the project as of this announcement. The Nexus Minerals Clement Prospect high grade gold drill results at Wallbrook Gold Project form part of a larger campaign targeting four priority areas:

Key upcoming milestones include:

1. Additional Clement assay results — expected in the coming weeks as drilling continues
2. First assay results from the Payns Prospect
3. Commencement of drilling at Branches and Crusader–Templar extensional targets
4. RC drilling programme completion — targeted for July 2026
5. Assay results reporting — anticipated through to August 2026
6. Updated multi-prospect Wallbrook Mineral Resource Estimate — targeted for completion by end of September quarter 2026

An independent consulting geologist, Mr Jeremy Clark of Lily Valley International, has been engaged as Competent Person to deliver the updated MRE — adding third-party credibility to the resource process.

The Investment Case: Building Toward a Multi-Prospect Resource

Nexus Minerals' Wallbrook Gold Project currently carries a single defined resource — the Crusader–Templar Deposit — standing at 304,000 ounces of gold at 1.7g/t Au (5.7Mt @ 1.7g/t Au, JORC 2012). That figure is the baseline. The current 22,000-metre drilling campaign is explicitly designed to grow it.

Current Resource Position

Crusader–Templar Deposit, 0.4g/t Au cut-off, JORC 2012

The broad, consistent, multi-lode intercepts across all 10 holes support the prospect's potential to deliver a maiden Mineral Resource that would be additive to the existing 304koz inventory. Payns and Branches, not yet reported, represent further upside within the same programme.

Several elements of the investment case stand out:

• Systematic exploration discipline: The current campaign follows 18 months of aircore and preliminary RC drilling that identified and ranked the priority targets now being drilled for resource definition — this is resource-focused drilling on well-defined, high-priority targets
• Strong early hit rate: A 10-from-10 success rate at Clement, with high-grade intervals in multiple holes, validates the targeting approach and establishes mineralisation continuity
• Multiple shots at resource growth: Clement, Payns, Branches, and Crusader–Templar extensions each represent independent opportunities to add ounces to the resource base
• Clear near-term catalysts: The September quarter MRE target provides a defined timeline against which investors can measure progress

Why Wallbrook Warrants Attention

Nexus Minerals holds a 192km² tenement package within a major regional structural corridor in the Eastern Goldfields of Western Australia — one of the world's most productive and well-understood gold provinces. The project also benefits from its proximity to established infrastructure, with Northern Star's Carosue Dam operations immediately to the south demonstrating proven processing capacity of the broader district.

Beyond Wallbrook, Nexus maintains a diversified exploration portfolio including:

• The Pinnacles Gold Project, immediately south of Carosue Dam, comprising 100% Nexus-owned tenure and a Nexus–Northern Star Resources joint venture
• 7,500km² of gold, copper, and critical mineral tenure in New South Wales
• The Bethanga Porphyry Copper-Gold Project in Victoria

However, the core near-term story is squarely Wallbrook. The Nexus Minerals Clement Prospect high grade gold drill results at Wallbrook Gold Project represent just the opening phase of what could be a transformative resource definition campaign. With ~70% of Clement drilling still to report, plus Payns, Branches, and Crusader–Templar extensions to follow, the September quarter MRE update represents a genuine resource growth milestone for investors to monitor.

Key Takeaway: Nexus Minerals has opened its largest-ever drilling campaign with a strong hand — 10 holes, 10 hits, and grades reaching 26.53g/t Au at Clement. The geological case for a larger, unified mineralised system at Wallbrook is strengthening with every new result.

All reported intersections are down-hole lengths — true width is not yet determined. Readers are encouraged to review the full JORC Table 1 disclosures included in the original ASX announcement dated 26 May 2026.

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