SCHEDULE: Condire Entities Disclose 9.9% Stake in NexMetals Mining

Condire Management, LP and its affiliates have reported a 9.9% beneficial ownership stake in NexMetals Mining Corp. as of December 31, 2025.

Summary

• Condire Management, LP, Condire Management GP Holdings, LLC, Ryan E. Schedler, and Bradley J. Shisler collectively reported beneficial ownership of 3,549,075 common shares of NexMetals Mining Corp.
• This represents 9.9% of NexMetals Mining Corp.'s common shares outstanding as of December 31, 2025.
• The calculation of the percentage is based on 35,526,283 common shares outstanding, which includes shares from a recent public offering and a portion of warrants held by Condire Resource Master Partnership, LP.
• A "blocker" agreement limits Condire Resource and its affiliates' combined shareholdings to less than 10% of the outstanding common shares, excluding 3,477,925 common shares underlying warrants from the current beneficial ownership calculation.
• The shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of NexMetals Mining Corp.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as a significant institutional investor has taken a substantial passive stake, indicating confidence in NexMetals Mining Corp. The 'blocker' agreement, while limiting, also signals a non-activist, long-term investment approach.

Positives

• A significant institutional investor, Condire Management, LP, and its affiliates, holds a substantial 9.9% stake in NexMetals Mining Corp., indicating confidence in the company.
• The investment is stated to be in the ordinary course of business, suggesting a long-term investment perspective rather than an activist one.

Negatives

• The "blocker" agreement prevents Condire Resource and its affiliates from exceeding a 10% ownership threshold, which could limit their ability to increase their stake significantly in the near term without renegotiation.

Risks

• The existence of a "blocker" agreement limits the potential for Condire Resource and its affiliates to increase their ownership beyond 9.9% (specifically, less than 10%), which could cap potential future influence or investment from this specific group.
• The value of the investment is subject to the performance of NexMetals Mining Corp.'s common shares.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding NexMetals Mining Corp.'s future performance or operations. It solely reports current beneficial ownership.

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

StockSavvy.ai notes that the disclosure of a significant passive stake by an investment manager like Condire Management in a mining company is a common occurrence in the financial markets. Such filings often signal an institutional investor's belief in the long-term value proposition of the company within its sector, without intending to exert control. The mining industry, being capital-intensive, frequently sees such investments as a vote of confidence in a company's assets or operational strategy.

Comparison to Industry Standards

• A 9.9% stake is a substantial passive investment, often seen as a strong endorsement from an institutional investor. For comparison, similar-sized passive stakes in junior mining companies by specialized resource funds are common, such as Sprott Asset Management's various holdings in exploration and development companies, or VanEck's strategic investments in gold and precious metals miners.
• The "blocker" agreement, limiting ownership below 10%, is a standard practice to avoid triggering certain regulatory requirements or to maintain a passive investment stance, similar to how funds like BlackRock or Vanguard manage their vast passive index holdings across numerous companies to stay below activist thresholds.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional investor holding a 9.9% stake could be viewed positively, potentially signaling market confidence and stability.
• Management: The filing explicitly states the investment is passive and not for influencing control, which may reassure management regarding potential activist pressures from this specific investor group.

Next Steps

• NexMetals Mining Corp. will continue its operations as outlined in its previous public filings.
• Condire Management, LP and its affiliates will continue to hold their investment in NexMetals Mining Corp. in the ordinary course of business.

Key Dates

Recommendation

This Schedule 13G filing primarily serves as a disclosure of a significant passive ownership stake by an institutional investor. While the presence of a notable investor like Condire Management can be seen as a positive signal, it does not inherently provide new operational or financial information about NexMetals Mining Corp. that would warrant a change in investment strategy. The "blocker" agreement also indicates a non-activist stance. Therefore, a "hold" recommendation is appropriate, suggesting investors maintain their current position while awaiting further operational or financial updates from NexMetals Mining Corp.

Keywords

NexMetals Mining Corp, Condire Management, Schedule 13G, beneficial ownership, common shares, investment management, institutional investor, mining, equity stake, SEC filing