Nexus Minerals Confirms High-Grade Gold Depth Continuity at Clement Prospect

Nexus Minerals Closes Out Clement Drilling With More High-Grade Gold as Wallbrook Resource Update Comes Into View

Nexus Minerals Limited (ASX: NXM) has reported the final assay results from drilling at the Clement Prospect within its Wallbrook Gold Project in Western Australia, with the latest results reinforcing the prospect's shallow, multi-lode gold system and extending mineralisation at depth.

According to the ASX announcement dated 1 July 2026, the final batch covers 23 RC drill holes and four drill hole extensions. Nexus said these results complete assay reporting for the Clement program, bringing the total to 33 RC holes for 6,121 metres.

The company has stated that Clement is now well positioned to support a maiden Mineral Resource Estimate (MRE) as part of an updated multi-prospect Wallbrook resource targeted for the end of the September quarter 2026.

Wallbrook's current defined gold inventory is limited to the Crusader-Templar combined MRE of 5.7Mt at 1.7 g/t Au for 304,000 ounces. If Clement is incorporated into the next resource update, it could expand the project's formal resource base beyond that existing estimate.

Final Clement Results Confirm Grade and Depth Continuity

The latest drilling results focused heavily on whether the Clement system continues below previously tested depths. In the report, Nexus said four holes were re-entered and extended after geologists identified additional steeper lodes below the original hole endings. All returned further mineralisation.

What Did the Depth Extensions Show?

The headline depth result came from hole NMWBRC26-830, which returned notably strong grades at depth. The following table summarises the key extension results:

These extension hits are highly relevant because they indicate the mineralised system remains open down dip. In practical terms, that means drilling has not yet defined the lower limit of the Clement gold system.

Additional reported results from the final tranche included:

Hole NMWBRC26-865 is one of the more instructive holes in the update. It intersected three separate mineralised zones at different depths within the same hole. That pattern supports Nexus' interpretation that Clement comprises multiple repeated gold-bearing structures rather than a single narrow zone.

What Did the Managing Director Say?

"This final tranche of Clement prospect results builds on our strong progress made with recent RC drilling at the prospect. The depth extensions to two of our earlier RC holes confirm that the Clement system continues at strong grade and widths at depth, whilst the stacked mineralised lodes intersected remain open for lateral repetitions and extensions to the north," said Andy Tudor, Managing Director.

Tudor furthermore added that drilling had continued to define mineralisation near the Crusader-Templar deposit, with the prospects "coalescing in the south", which he said may create opportunities for future pit optimisation.

Clement's Full Drilling Picture Is Building Toward a Maiden Resource

The final assay batch adds to previously released Clement drilling results announced on 26 May 2026, which already included several broad and higher-grade intervals. Across the full program, the company has reported a mix of shallow widths and higher-grade internal zones.

Selected previously released highlight intervals include:

Taken together with the July update, these results suggest Clement has both lateral extent and multiple mineralised positions within the broader corridor. Nexus said the current RC drilling at Clement was designed to validate mineralisation geometry, test a 650 metre strike of anomalism, and establish sufficient drill spacing to support an MRE.

That transition from exploration target to resource definition is a key point for investors. Drilling headlines can attract attention, however a formal resource estimate is often the milestone that allows a market re-rating to be assessed on more measurable terms.

Understanding Stacked Lode Geometry and Why It Matters

One of the central technical themes in the report is stacked lode geometry. For non-specialist investors, this is one of the more important concepts in understanding Clement.

A lode is a discrete zone of mineralisation in rock. A stacked lode system means several mineralised zones occur close together, often in parallel or sub-parallel orientations, instead of a single isolated zone.

At Clement, Nexus described the gold system as a series of stacked sub-vertical lodes associated with hematite-altered porphyry dykes. In simpler terms, multiple steep gold-bearing zones appear to run through intrusive rock bodies that have undergone alteration linked to mineralisation.

Why Does Stacked Lode Geometry Matter to Investors?

There are four principal reasons this geological model is significant:

1. Potential scale — Multiple lodes in one area can mean more mineralised rock overall than a single vein-style target.

2. Resource flexibility — Broader repeated zones may be more suitable for open-pit resource modelling than narrow isolated shoots.

3. Depth and strike upside — If each lode continues along strike or at depth, there may be room to add ounces through further drilling.

4. Project integration — Where stacked lodes approach nearby deposits, there may be future mine planning benefits if continuity is established.

The geology section of the report also noted that higher grades at Clement are associated with increasing pyrite abundance, quartz vein density, silicification, and tourmaline content within porphyry units. For investors, the significance is that these features give geologists a clearer framework for targeting follow-up drilling.

Key Technical Terms Explained

For those less familiar with the terminology used in this update, the following definitions may be helpful:

• RC drilling: A fast drilling method that returns rock chips for sampling, commonly used in gold exploration and resource definition.
• g/t Au: Grams of gold per tonne of rock, the standard way gold grade is expressed.
• Mineral Resource Estimate (MRE): A formal estimate of tonnage and grade prepared under reporting standards such as JORC.
• Porphyry dyke: A body of intrusive rock that cuts through surrounding rocks and can host gold mineralisation.
• Hematite alteration: Iron-rich alteration in the rock, used by geologists as a sign that mineralising fluids may have moved through the area.
• PhotonAssay: A bulk gold testing method that analyses larger sample volumes than traditional fire assay, which can improve reliability where coarse gold is present.

Clement and Crusader-Templar May Form One Mineralised Corridor

A major interpretive point in the update is Nexus' view that Clement and Crusader-Templar may represent a continuous mineralised system rather than two unrelated zones.

According to the announcement, the two prospects share several geological characteristics:

• The same andesitic volcanic to volcaniclastic host sequence
• A common swarm of high-level porphyry dykes
• Similar north to northwest structural orientations
• The same broad mineralisation style
• Close spatial proximity, with drilling indicating the areas may coalesce to the south

This interpretation matters because Wallbrook's current 304,000-ounce resource is entirely attributed to Crusader-Templar. If Clement is shown through modelling to link into that same corridor, the geological basis for a larger integrated resource becomes stronger.

It does not confirm a combined resource outcome in advance of modelling. However, it does increase the relevance of the upcoming multi-prospect MRE, which will be the first formal attempt to quantify how much of the broader Wallbrook corridor may convert into a reportable resource.

Program Progress and Upcoming Catalysts

In the report, Nexus said the Clement assay reporting is now complete, but the broader ~22,000 metre RC drilling program at Wallbrook is still ongoing. Approximately 18,000 metres had been completed at the time of the update.

The drilling program has covered Clement, Payns and Branches, with the rig now operating on extensional targets at Crusader-Templar. Assay results from those areas are expected to continue through the coming weeks. The current timeline is summarised below:

Nexus said independent consulting geologist Mr Jeremy Clark of Lily Valley International has been engaged to deliver the updated Wallbrook MRE.

Why Investors Are Watching the September Quarter Closely

For investors, the immediate implication of this update is not simply that another set of drill assays has been reported. The more material point is that the Clement program has now reached a stage where it may be included in a formal resource estimate.

The investment case following this report rests on several near-term factors:

• Resource growth potential — Wallbrook's current reported resource is 304,000 ounces at Crusader-Templar only. Clement may add to that inventory if the MRE supports inclusion.
• Depth continuity confirmed — The hole extensions at NMWBRC26-827 and NMWBRC26-830 indicate the system continues below earlier drilling.
• Multiple lodes identified — Repeated mineralised zones, particularly in holes such as NMWBRC26-865, support the geological model used for resource work.
• Broader Wallbrook news flow continues — Results are still pending from Payns, Branches, and Crusader-Templar extension drilling.
• Existing infrastructure context — Wallbrook is located approximately 140km north-east of Kalgoorlie, immediately north of Northern Star's Carosue Dam operations, providing meaningful regional mining context.

In addition, Nexus holds a 192km² land package at Wallbrook within a major structural corridor in the Eastern Goldfields. Outside Wallbrook, the company has the Pinnacles Gold Project, a 7,500km² tenure package in New South Wales, and the Bethanga Porphyry Copper-Gold project in Victoria. Even so, the current market focus is likely to remain firmly on the Wallbrook resource update.

The Clement results do not by themselves define ounces in the ground. That task belongs to the September quarter MRE. What the latest report does provide, however, is a stronger technical basis for that estimate — particularly through the confirmation of grade continuity, stacked lode geometry, and mineralisation at depth. For a company moving from exploration success toward formal resource growth, that is the milestone investors are likely to track most closely over the next quarter.

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