Nexus Minerals Returns 19.00 g/t Au at Wallbrook Payns Prospect

Nexus Minerals Hits 19.00 g/t Gold at Payns Prospect, Building Momentum Toward a Major Resource Update at Wallbrook

Nexus Minerals Limited (ASX: NXM) has delivered a second high-grade drilling result from its Wallbrook Gold Project in Western Australia, with reverse circulation (RC) drilling at the Payns Prospect returning intercepts of up to 19.00 g/t Au — reinforcing the project's credentials as a genuine multi-prospect gold system with growing resource potential. These Nexus Minerals Wallbrook Payns gold drilling results 19.00 g/t Au mark a significant moment for the company.

The results cover the first 30 RC holes (2,224m) of a 79-hole, 6,040m programme at Payns, and represent the second tranche of assay data released from a broader ~22,000m RC campaign currently underway across the project. Every single one of the 30 holes returned anomalous gold, confirming a continuous, near-surface mineralised zone within a 900m x 750m mineralised envelope.

With drilling now complete at both Payns and the adjacent Clement Prospect, the rig has advanced to the Branches and Crusader–Templar prospects. The company is targeting completion of the full drilling programme in July 2026, with an updated multi-prospect Mineral Resource Estimate (MRE) scheduled for the September quarter.

"These strong results at Payns, following on from the outstanding Clement results, demonstrate the momentum building across the Wallbrook Gold Project. Payns results display a continuous near-surface system with strongly mineralised higher-grade components, which remain open for continued growth by both lateral and down-dip extensions."
— Andy Tudor, Managing Director, Nexus Minerals

Payns by the Numbers: High-Grade Intercepts Across a Continuous System

What makes the Payns results particularly compelling is the combination of broad mineralised widths, near-surface depths, and high-grade core intervals — a profile that is well-suited to resource definition drilling and eventual maiden MRE estimation.

All 30 holes returned anomalous gold, with selected highlight intercepts summarised below:

Several key observations stand out across these intercepts:

• Near-surface mineralisation — significant hits starting from shallow depths (as low as 14m), which is favourable for potential open-pit economics
• Broad envelopes with high-grade cores — wider lower-grade halos with distinct higher-grade internal zones are a hallmark of well-structured, mineable gold systems
• Mineralisation remains open — along strike and at depth, meaning the system has not been closed off and holds genuine expansion potential
• 100% hit rate — all 30 holes returned anomalous gold, indicating geological continuity across the drill pattern, not isolated pods

Furthermore, the results represent 2,224m of the 6,040m drilled at Payns to date (approximately 37% of assay results received). The remaining results from Payns alone are still to be reported, meaning further intercepts from this prospect are anticipated in coming weeks.

Understanding RC Drilling and Why It Matters for Resource Definition

What Is Reverse Circulation (RC) Drilling?

RC drilling is one of the most widely used techniques in gold exploration. A rotating drill bit is driven into the ground, and rock chips (cuttings) are forced back up to the surface through the centre of the drill rods using compressed air — rather than through the outside of the drill string. This produces dry, uncontaminated samples that are highly representative of the rock at each depth interval.

Why Does This Matter for Investors?

The quality of a drilling sample directly affects the reliability of the gold grades reported. RC drilling is considered an industry-standard method for resource definition work because:

• Samples are collected at 1-metre intervals, enabling fine-scale grade mapping
• The cone splitter used at Payns produces two representative sub-samples per metre — one for assay, one for duplicate quality control
• At Wallbrook, samples are analysed using Chrysos PhotonAssay, a modern technique that processes a larger sample mass than traditional fire assay, making it particularly well-suited to detecting coarse gold particles that might otherwise be missed

The combination of RC drilling and PhotonAssay analysis gives Nexus — and importantly, investors — a high degree of confidence in the grades being reported.

Glossary of Key Terms

The Wallbrook Picture: A Multi-Prospect Gold System Taking Shape

To appreciate the significance of Payns, it helps to see it within the broader Wallbrook Gold Project context. Wallbrook is located approximately 140km northeast of Kalgoorlie, one of Australia's most historically productive gold regions. The project covers a 192km² land package within a major regional structural corridor — a geological setting associated with large-scale gold systems.

The project currently hosts a JORC 2012-compliant Mineral Resource Estimate of 304,000 oz Au at the Crusader–Templar Deposit. Importantly, Payns, Clement, and Branches are separate prospects — none of their mineralisation is yet included in any existing resource figure. The current MRE at Crusader–Templar is therefore the floor, not the ceiling, of what the project may ultimately define.

The programme is specifically designed to generate sufficient data for a multi-prospect updated MRE — meaning results from all four prospects will be incorporated into a single resource update. Independent Competent Person Mr Jeremy Clark (Lily Valley International) has been engaged to deliver the estimate by end of the September quarter.

Programme Status and Key Milestones: What's Next?

The ~22,000m programme is approximately 55% complete as of the announcement date, and the timeline for the remaining work is well-defined.

Upcoming Milestones

1. Ongoing assay results from Payns — 49 of 79 holes (approximately 3,816m) still to be reported, with further results expected in coming weeks
2. Additional Clement assay results — partially reported May 2026, with further results expected as assays are progressively received
3. Branches Prospect drilling — rig now at Branches; results to follow as drilling and assaying progress
4. Crusader–Templar extensional drilling — final phase of the programme, targeting down-plunge and along-strike extensions to the existing 304koz deposit
5. Programme completion — July 2026
6. Remaining assay results — into August 2026
7. Updated multi-prospect MRE — September quarter 2026

The MRE update is, in addition, the single most important near-term catalyst for Nexus. A successful resource estimate incorporating Clement, Payns, and Branches — alongside the existing 304koz Crusader–Templar resource — has the potential to materially redefine the scale of the Wallbrook project.

The Investment Thesis: Why Wallbrook Deserves Attention

Several factors converge to make Nexus Minerals' current drilling campaign a meaningful inflection point for the company.

1. A 100% Drill Hit Rate Is Not Routine

Across 30 holes and 2,224m drilled at Payns, every single hole has returned anomalous gold. This level of geological continuity is not a given in greenfields exploration and significantly de-risks the prospect's potential to support a maiden MRE.

2. The Existing 304koz MRE Is Just One of Four Prospects

Nexus already has an established resource base at Crusader–Templar. However, the drilling programme underway is not speculative greenfields work — it is systematic resource definition drilling on prospects that have already demonstrated scale and grade through earlier aircore and RC programmes.

3. Near-Surface Mineralisation Is Economically Attractive

The intercepts at Payns are predominantly occurring within 30–130m of surface, making them candidates for open-pit extraction methods. Shallow deposits generally carry lower strip ratios and reduced mining costs compared to deep underground resources — a meaningful advantage for project economics.

4. The Neighbourhood Is Proven

Wallbrook sits within a well-endowed gold corridor. Nexus's tenement package commences immediately to the north of Northern Star Resources' Carosue Dam mining operations, which include the operating Karari and Whirling Dervish underground gold mines. Payns itself is located south along strike from Northern Star's Porphyry and Million Dollar gold mines.

5. A Clear, Near-Term Resource Catalyst

The updated multi-prospect MRE is not a distant aspiration — it has a specific target delivery date of the September quarter 2026, with an independent Competent Person already engaged. This gives investors a tangible, time-bound catalyst to monitor.

6. A Systematic, Well-Resourced Programme

The ~22,000m programme follows an 18-month exploration effort comprising multiple aircore programmes and preliminary RC drilling. The drill density, prospect selection, and assay methodology all reflect a disciplined, de-risked approach to resource definition. The Nexus Minerals Wallbrook Payns gold drilling results 19.00 g/t Au validate this systematic approach convincingly.

Why Investors Should Keep Nexus Minerals on Their Radar

Nexus Minerals is at an operational inflection point. A major drilling campaign is underway, high-grade results are flowing, and a resource update that could redefine the project's scale is targeted within months.

The Payns Prospect results add a second layer of confidence to what is emerging as a coherent, multi-prospect gold system. With Branches drilling now commencing and Crusader–Templar extensions to follow, the pace of newsflow is set to remain high through mid-2026 and into the September quarter.

The company's broader portfolio — which also includes the Pinnacles Gold Project in Western Australia (adjacent to Northern Star's Carosue Dam operations) and exploration tenure in New South Wales and Victoria — provides additional optionality beyond Wallbrook.

For investors focused on junior gold exploration with a clear near-term resource catalyst and demonstrated high-grade drilling results in a proven gold district, Nexus Minerals warrants close attention as the September quarter MRE approaches.

"Nexus Minerals has confirmed a continuous, high-grade near-surface gold system at Payns — the second prospect in succession to deliver compelling results within a broader ~22,000m resource definition campaign. With a 100% drill hit rate, grades peaking at 19.00 g/t Au, mineralisation open along strike and at depth, and an updated multi-prospect MRE targeted for the September quarter 2026, the company is building toward a potentially material re-rating of the Wallbrook Gold Project's resource base. This is a story firmly in motion."

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