Nex Metals Explorations Ltd (ASX:NME) has released its quarterly activities report for Q1 FY26, outlining progress in its gold projects and strategic expansion. Nex Metals Explorations Ltd is a gold project explorer and developer focused on developing gold-producing assets with a capital-light approach. The company is committed to embedding community and social practices into its operations.
Key highlights include the execution of a profit-sharing and rehabilitation agreement for the Kookynie Gold Tailings Project with the Wangkatja Tjungula Aboriginal Corporation. The agreement ensures profit-sharing for NME, while integrating cultural heritage, community training, and rehabilitation arrangements. NME also strategically entered Egypt’s Gold Eastern Desert with the North Henai concession, a producing gold project with potential for operational improvements. Additionally, Gregory Barnes SC was appointed as a Non-Executive Director, bringing significant legal, governance, and resources-sector experience to the board.
The Managing Director of NME, Ken Allen, emphasised the strategic importance of entering Egypt’s Eastern Desert, highlighting the potential for larger-scale gold production with limited further capital expenditure. He also noted the significance of the agreement with the Wangkatja Tjungula Aboriginal Corporation for the Kookynie Gold Tailings Project, addressing heritage protection and rehabilitation concerns upfront. NME reported net cash used in operating activities of $130,000 for the quarter and cash and cash equivalents at the end of the quarter of $26,000.
