Key Highlights

  • NEX Metals Exploration shares were trading at $0.011 during the 13 November 2026 session, up 22.22%.
  • Its joint venture with WTAC now covers a potential 3,021 square kilometres of Western Australian ground, subject to pending applications.
  • Kookynie test work lifted laboratory gold recovery to 71% from one sample, and opened a possible tungsten Revenue stream.

During the Trading session on 13 November 2026, NEX Metals Exploration Ltd (ASX:NME) shares were trading at $0.011, up 22.22%, while the S&P/ASX 200 was down 0.73% at 9,079.70 at 12:39 pm AEDT. NEX is a gold project explorer and developer. Its most recent update was its Quarterly Report for the three months to 30 September 2026, released on 29 October 2026, along with the corresponding Appendix 5B. The report covered progress on its joint venture portfolio in Western Australia and early metallurgical work at Kookynie.

Expanding the WTAC joint venture portfolio

The joint venture with WTAC has grown quickly, now covering a combined potential 3,021 square kilometres across the East Scotia, Scotia North, Keith-Kilkenny Trend, Kookynie-Niagara and West Point areas. The total depends on completing the East Scotia Acquisition and on pending applications being granted without modification. During the quarter, NEX lodged seventeen exploration licence applications. Under the structure, NEX holds a 40% exposure to the portfolio's growth while WTAC provides funding, people and service capability.

Kookynie test work and tungsten potential

Test work on one selected Kookynie sample lifted gold recovery to 71%, up from 52% through direct cyanidation, after a light grind and carbon-in-leach processing. Scheelite reporting to the gravity concentrate also points to a possible tungsten recovery stream that could add revenue, subject to further testing. NEX has also identified an area of about 100 hectares for a general purpose Lease application, which it sees as a preferred location for processing infrastructure owned by NEX and WTAC.

Sector context

Gold exploration in Western Australia's Eastern Goldfields continues to draw attention from junior explorers seeking joint venture and partner funding models. Recovery testing is a key step for projects of this type, because results determine how economically tailings and oxide material may be processed. NEX's delegation also attended the 2026 Egypt Mining Forum, where it held meetings with local partners about its interests in Egypt's Eastern Desert.

Risks investors are watching

Much of the portfolio remains pending. Exploration licence applications may be delayed, amended or refused, and the East Scotia acquisition still needs to be completed. The recovery figure comes from a single sample, so it may not reflect results across the wider Kookynie resource. Tungsten recovery is also subject to further test work. As an early-stage explorer, NEX faces funding requirements, and its share price, at about 1.1 cents, can move sharply on news flow.

What to watch ahead

Investors will look for the grant of the pending licence applications and for completion of the East Scotia acquisition, which together would determine the final size of the joint venture. Further metallurgical results, including tungsten recovery work, and the outcome of the general purpose lease application will also be closely followed in the coming months.

Final Word

NEX's latest quarterly update describes a rapidly expanded exploration footprint and early processing progress. Whether the portfolio and test work convert into development-stage milestones will depend on the approvals and results still to come.