Nexus Minerals Doubles Wallbrook Gold Resource to 631,000oz

Wallbrook resource more than doubles to 631,000oz gold

On 17 September 2026, Nexus Minerals (ASX: NXM) announced a 108% increase in the Wallbrook Gold Project Mineral Resource Estimate (MRE), growing from 304,000oz to 631,000oz — more than doubling in a single update. Combined with the Pinnacles Deposit, the company’s group resource now stands at 14Mt at 1.6g/t Au for 709,000oz.

This is described as an interim update, with mineralisation remaining open at all three deposits and further growth anticipated. The result reflects disciplined, systematic exploration translating into a significantly larger, multi-deposit gold system situated entirely on granted mining leases.

Q1 FY27 resource update — what the numbers show

Wallbrook’s three-deposit resource breakdown

The updated Wallbrook MRE encompasses three deposits. The table below presents the resource breakdown as reported in Table 1 of the announcement. Figures have been verified directly from the source.

The total Wallbrook resource comprises 207,000oz Indicated and 424,000oz Inferred, across 13.3Mt at 1.5g/t Au.

Group resources cross 709,000oz

Adding the Pinnacles Deposit (609kt at 4.0g/t Au for 78,000oz), Nexus’s group resource reaches 14Mt at 1.6g/t Au for 709,000oz. The Indicated component across the group stands at 249,000oz, representing 35% of the total.

Additional ounces added in this update were delivered at a discovery cost of $181 per resource ounce, according to the announcement footnote. The company reported cash on hand of $3.3 million as at 17 September 2026.

What is a Mineral Resource Estimate — and why does this update matter?

A JORC-compliant Mineral Resource Estimate (MRE) is a formal, independently verified estimate of the quantity and grade of mineralisation that has Reasonable Prospects for Eventual Economic Extraction (RPEEE). In plain terms, it quantifies how much gold-bearing rock exists and at what concentration, within areas that could realistically be mined under current or foreseeable economic conditions.

The two key classification tiers relevant to this update are:

• Indicated: Higher-confidence category, supported by closer drill spacing and measured bulk density data. Suitable to underpin preliminary mine studies.
• Inferred: Lower-confidence category, extrapolated from wider-spaced drilling or where key data (such as bulk density) has been assumed rather than measured. Further work is required before conversion to higher categories.

Why does this matter to you as an investor? An MRE underpins development decisions, mine studies, and the potential conversion of resources into Ore Reserves. A larger, well-categorised resource base opens more development pathways and attracts more options at the study stage.

This MRE was prepared independently by Lily Valley International Pty Ltd (LVI) and reported in accordance with the JORC Code 2012 Edition, adding a meaningful layer of credibility. Moving Wallbrook from a single-deposit system to a three-deposit system in one update represents a material step toward potential development scale.

Three deposits, one growing system — inside the Wallbrook update

Crusader–Templar passes half a million ounces

Crusader–Templar is the project’s principal asset, now reporting 10.8Mt at 1.5g/t Au for 533,000oz. Importantly, the entirety of the company’s Indicated Mineral Resource of 207,000oz sits within this deposit.

The update also introduces a maiden underground component beneath the optimised pit shell: 1.4Mt at 1.9g/t Au for 86,000oz. Grades improve at depth, which the announcement attributes to a higher-grade distribution in the underground area relative to the open-pit material. Mineralisation remains open along strike and down-plunge, providing scope for continued extension.

The Clement Prospect has been incorporated into the Crusader–Templar reporting group, with recent drilling closing the gap between the two previously separate areas and reinforcing a larger, interconnected mineralised system. Advanced studies completed at the deposit — covering metallurgy, geotechnics, waste rock characterisation, dewatering, environmental surveying, and mine permitting — have all returned encouraging results.

The high-grade Clement drilling that preceded this resource update, including intercepts of 26.53g/t Au, provided the geological confidence needed to close the gap between Clement and Crusader-Templar and underpin the interconnected mineralised system now reported.

Payns and Branches — two maiden resources added

Both Payns and Branches are entirely Inferred, owing to the absence of deposit-specific bulk density measurements. Planned diamond drilling (anticipated to commence October 2026) is designed to provide this data and support conversion to the Indicated category.

Key facts for each deposit:

1. Payns: 1.2Mt at 1.3g/t Au for 50,000oz — shallow-dipping lode geometry well suited to open-pit extraction; two principal mineralised areas with potential to connect; open at depth and laterally in all directions.
2. Branches: 1.3Mt at 1.1g/t Au for 48,000oz — approximately 1,500m interpreted strike length; the highest-grade drill hole intercepts exist at the base of the existing model, particularly at the southern end; extensional opportunities at the base of the model are prioritised due to higher grades.

Payns prospect drilling returned intercepts of 19.00g/t Au ahead of this update, establishing the grade potential that now underpins the 50,000oz maiden resource and flagging the high-grade opportunity that grade-tonnage curves for the deposit continue to illustrate.

Grade-tonnage curves across both deposits illustrate the high-grade opportunity that exists at each, though specific cut-off grade data points from those charts have not been extracted here.

What comes next for Nexus Minerals

A diamond drilling program is planned to commence in October 2026. Its primary purposes are the collection of bulk density data to support the conversion of components of the Inferred Mineral Resource to the Indicated category at both Payns and Branches, and the collection of structural data at the Amand prospect to allow more efficient targeting of future RC drilling.

The Amand and Godfrey prospects are advancing toward MRE status, with the announcement noting the potential for cost-effective discovery of shallow mineralisation at both. A processing plant cost and sizing study is underway with Mincore Engineering, with outcomes expected in the coming months.

With the substantial majority of Nexus’s 192km² land package still underexplored and mineralisation open at each of the three resource areas, the company has stated its intention to “continue to assess and evaluate development options.”

Andy Tudor, Managing Director, Nexus Minerals

“More than doubling the Wallbrook Mineral Resource inventory with this update is a significant result for the Company, and it reflects the disciplined exploration applied since the last update in 2024.”

Andy Tudor, Managing Director, Nexus Minerals

“Combining our Wallbrook and Pinnacles Projects places group resources in excess of 700,000oz of gold.”

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