Nexus Minerals Ltd (ASX:NXM) shares gained 14.00% to AUD 0.057 on 4 May 2026, supported by a company announcement detailing a key strategic agreement aimed at advancing development of its Crusader-Templar gold deposit within the Wallbrook Gold Project in Western Australia. Despite the positive reaction, the stock remains 28.75% lower over the past year, reflecting broader Volatility across the junior gold exploration sector.

The latest update focused on a newly signed Memorandum of Understanding (MOU) with a Mining services group, marking an important step toward establishing a structured development and Mining pathway for the project. While the agreement is non-binding at this stage, it sets the foundation for a potential profit-sharing operational model and future binding arrangements.

Strategic MOU signed to progress Crusader-Templar development

At the centre of the announcement is Nexus Minerals’ agreement with Macro Gold Mining Services Pty Ltd (MGMS), a Mining services company formed through a collaboration between Macro Mining Services, a Subsidiary of Macro Metals Ltd (ASX:M4M), and Goldfields Technical Services.

The MOU outlines a framework for both parties to work exclusively and collaboratively toward the development of the Crusader-Templar gold deposit. The structure of the agreement is intended to progress toward a profit-sharing arrangement under which MGMS would fund and operate the Mining activities, while both parties share resulting profits after cost recovery.

Under the proposed structure, Nexus Minerals would retain a 60% share of profits, while MGMS would receive 40%. The agreement also covers key areas including mine planning, grade control drilling inputs, approvals coordination, operational studies, and negotiation of an ore sale and purchase agreement for processing.

Although non-binding, the MOU includes exclusivity and confidentiality provisions and represents an initial formal step toward a binding Mining arrangement.

MGMS to fund and operate Mining development under proposed structure

A key feature of the arrangement is that MGMS is expected to fund the development and operational costs associated with Mining the Crusader-Templar deposit once a formal agreement is executed. This includes mine establishment and operational execution, subject to finalisation of processing arrangements and commercial terms.

MGMS combines Mining execution capability with technical expertise in gold operations. The group has access to a large fleet of Mining equipment and has experience managing open-pit operations across Western Australia, including projects for ASX-listed and private Mining companies.

The collaboration is intended to create an integrated structure where technical Mining expertise and project ownership align through a shared commercial framework.

Permitting progress supports transition toward development phase

The agreement follows a series of regulatory milestones at the Crusader-Templar project. In late March 2026, Nexus Minerals secured approval for its native vegetation clearing permit, which was identified as one of the final key approvals required to support project advancement.

This approval complements earlier permitting progress across multiple regulatory areas, including Mining development plans, works approvals, and water abstraction licensing, which together form the regulatory foundation required for potential Mining operations.

With these approvals largely in place, the Company noted that discussions with third-party processing plants are ongoing, with the objective of securing an acceptable ore sale and purchase agreement (OPA), which is considered an important step toward finalising development plans.

Gold price environment adds commercial context to development plans

The Company highlighted that prevailing gold prices above A$6,000 per ounce provide a favourable backdrop for advancing development discussions. While no production has commenced, this pricing environment is relevant to potential project Economics and commercial structuring discussions with processing partners.

The MOU framework is intended to support progression toward a development model that can Leverage these market conditions through near-term operational planning, subject to final agreements being reached.

Crusader-Templar remains central to Wallbrook Gold Project strategy

The Crusader-Templar deposit forms the current foundation of Nexus Minerals’ Wallbrook Gold Project and hosts a combined mineral resource estimate of 304,000 ounces of gold. The deposit is located approximately 140 kilometres north-east of Kalgoorlie in Western Australia, within a broader exploration corridor held by the Company.

Recent technical work has identified potential lateral extensions to the mineralised system, which are being targeted through an ongoing ~22,000 metre Reverse Circulation Drilling program. This program is designed to test both resource growth opportunities and regional exploration targets across the broader project area.

The Company has also identified additional prospects within the Wallbrook tenure, including Clement, Payns, and Branches, which are being evaluated as part of its systematic exploration strategy. These targets, along with earlier discoveries, are intended to support long-term resource development potential across the project.

Development pathway continues to evolve through staged execution

Nexus Minerals has previously completed a scoping study evaluating open-pit Mining and toll treatment Options for Crusader-Templar. The results of that study supported continued refinement of project design and economic inputs, which now feed into ongoing discussions with potential operational partners.

The current MOU is positioned as a transitional step between exploration and development planning, with finalisation of a binding agreement dependent on securing a definitive processing solution and completing commercial structuring with MGMS.

What this means for investors

The latest update signals continued progress toward advancing the Crusader-Templar gold deposit beyond exploration toward a potential development framework. While the agreement remains non-binding, it introduces a structured pathway involving external funding, Mining execution capability, and profit-sharing arrangements.

For investors, the announcement highlights increasing clarity around potential development strategy, alongside continued regulatory progress and exploration activity across the Wallbrook Gold Project. The market response reflects attention on the possibility of near-term advancement steps, although execution and final agreements remain key milestones ahead.