What the bad jobs report means for markets
VANCOUVER - NexMetals Mining Corp. (TSXV:NEXM) (NASDAQ:NEXM), a $124 million market cap mining company whose shares have declined nearly 58% over the past year, announced Wednesday the appointment of Philipa Varris to its Board of Directors following the retirement of Norman MacDonald.
Varris brings over 25 years of leadership experience in environmental, health, safety, and community management within the mining sector across Africa, Australasia, and Latin America. She currently serves as Head of Sustainability and Impact for Oryx Global Partners Limited, a position she has held since 2024.
The new board member has received several recognitions including the Australian Centenary Medal and was named among Women in Mining’s 100 Global Inspirational Women. She holds a Master of Science in Natural Resources from Curtin University and is an AusIMM Chartered Environmental Professional.
Varris will serve as an independent director and will chair NexMetals’ Sustainability Committee.
MacDonald, who joined the board in June 2024, departs after helping advance the company’s strategic direction, which included a financing arrangement with the Fiore Group announced in February 2025, the appointment of Morgan Lekstrom as CEO, and the equitization of Cymbria Corporation debt. According to InvestingPro data, while NexMetals maintains more cash than debt on its balance sheet, the company is experiencing rapid cash burn, with negative free cash flow of $24.6 million in the last twelve months.
Following these changes, NexMetals’ eight-member board now consists of Paul Martin (Chair), Philipa Varris, André van Niekerk, Chris Leavy, James Gowans, Jason LeBlanc, Mark Christensen, and Morgan Lekstrom.
NexMetals Mining focuses on redeveloping previously producing copper, nickel, and cobalt resource mines in Botswana, according to the company’s press release statement. Investors tracking this stock should note that InvestingPro analysis suggests the company is currently undervalued, with its next earnings report due on August 12, 2025. InvestingPro subscribers have access to 8 additional key insights about NexMetals’ financial health and market position.
In other recent news, NexMetals Mining Corp. has announced receiving a non-binding letter of interest from the Export-Import Bank of the United States. The letter indicates potential financing of up to $150 million for the company’s nickel-copper-cobalt-platinum group metal mines located in Botswana. This possible financing comes with a maximum 15-year repayment period, aimed at supporting the redevelopment of NexMetals’ Selebi and Selkirk mines. The company noted that the procurement of U.S. goods and services for these mines might qualify for special consideration under EXIM’s China and Transformational Exports Program. These developments are significant as they could potentially bolster NexMetals’ financial resources and project capabilities.
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