NexMetals Botswana nickel project advances with EXIM financing plan

NexMetals

NexMetals Botswana nickel project moved closer to funding after a US EXIM letter of interest. The NexMetals Botswana nickel project could receive up to $150mn to redevelop Selebi and Selkirk. The NexMetals Botswana nickel project targets nickel, copper, cobalt, and platinum group metals.

US EXIM financing under CTEP

EXIM signaled support on 17 July with a non-binding letter of interest. The potential loan carries a maximum 15-year tenor. The package falls under EXIM’s China and Transformational Exports Program. As a result, EXIM prioritizes projects that strengthen US competitiveness in critical minerals. Eligible US procurement could unlock cost-effective access to advanced mining technology.

However, EXIM requires a full application and diligence before commitment. NexMetals must demonstrate technical feasibility and bankable project economics. The company will also outline procurement pathways for US goods and services.

Resource base and project milestones

Selebi hosts an indicated 3mn t at 0.98% nickel and 0.9% copper. That equals 29,500t nickel and 27,100t copper contained. Inferred resources add 227,000t nickel and 371,000t copper. Selkirk’s inferred resources include 108,000t nickel and 132,000t copper. The deposit also contains 775,000oz palladium and 174,000oz platinum.

Therefore, the mines could anchor a regional battery metals hub. The project aligns with US and allied EV supply chains. It also supports Botswana’s push into value-added processing.

Meanwhile, the financing roadmap remains critical to timing. A final decision depends on diligence outcomes and market conditions. Offtake structuring and equipment sourcing will shape the construction path.

The Metalnomist Commentary

EXIM’s early signal gives the project strategic momentum, not certainty. If NexMetals converts the LOI, Botswana gains a credible nickel sulphide supplier with PGM credits. The next hurdle is disciplined feasibility and a financing stack resilient to nickel price volatility.