Nexus Minerals Ltd (ASX:NXM) reported an operating cash outflow of A$1.6 million for the September quarter, ending the period with A$9.6 million in cash and equivalents and an estimated six quarters of funding at the current burn rate. Cash declined from A$11.2 million at the start of the quarter, reflecting steady exploration and corporate spend as the company advanced drilling at its Wallbrook Gold Project in Western Australia.
The explorer, which generated negligible customer receipts, spent A$936,000 on exploration and evaluation, A$436,000 on staff costs and A$250,000 on administration. Financing and investing cash flows were minimal, leaving total cash outflows of A$1.62 million for the three months to September 30, 2025. Nexus held A$9.12 million in term deposits and A$475,000 in bank balances at quarter-end. The company disclosed an estimated funding runway of six quarters based on recent outgoings.
New gold discovery at Wallbrook
Operationally, Nexus focused on reverse-circulation (RC) drilling at Wallbrook, confirming a new gold discovery at the Payns prospect and intersecting stacked high-grade lodes at the nearby Clement prospect.
Wallbrook Project map.
Highlights at Payns included 5 metres at 8.10 grams per tonne gold, with a 1-metre interval grading 30.05 grams per tonne, within a broader 15-metre zone at 2.94 grams per tonne from 39 metres.
Payns Prospect drill hole location map.
Clement returned 20 metres at 4.06 grams per tonne within 36 metres at 2.65 grams per tonne from 116 metres. The company also reported mineralisation across a 1.2-kilometre trend at the Godfrey prospect.
Clement Prospect selected drill results (yellow labels new 4m composite RC intercepts, white labels previous AC results).
The regulatory pathway at the flagship Crusader–Templar deposit progressed during the quarter.
Crusader-Templar, Clement, Godfrey and mc3.3 cross section c-c’ 6696400mn (yellow labels new 4m composite RC intercepts, white labels previous AC results).
“Mine proposal and closure plan, and all other operational permits required to undertake a mining operation, have been submitted to the relevant authorities,” the quarterly stated, adding that “final approvals for all permits [are] expected in the December quarter 2025.” Discussions with “potential operational and toll treatment partners [are] well advanced,” the company noted.
Pinnacles JV
At its Pinnacles joint venture (Nexus 90%; Northern Star Resources 10%, contributing), which sits on a granted mining lease 13 kilometres south of the Carosue Dam processing plant, Nexus reiterated a JORC (Joint Ore Reserves Committee) 2012 mineral resource of 609,000 tonnes at 4.0 grams per tonne for 78,000 ounces (open pit and underground combined).
Pinnacles JV.
Heritage, geotechnical and metallurgical work — reporting recoveries above 97% — has already been completed.
Outlook
In the December quarter, Nexus plans to receive 1-metre assay splits from recent RC programs at Clement, Godfrey and target MC4.1; complete a 10,000-metre AC program to extend targets at Branches and MC3.3; continue partner discussions for potential toll-treatment options at Crusader–Templar; and progress permitting.
The company’s funding position — A$9.6 million at quarter-end — provides runway to execute these work plans without immediate recourse to capital markets, assuming a similar cash burn.