Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 21

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1A
Chunk 21
---

programs have also been ongoing at the prospecting licences located adjacent to the Selkirk mining licence, with a DGPS of seven historical drillhole collars and two surface electromagnetics surveys completed in Q2 2024. The strongest
electromagnetic anomaly occurs over the Rooikoppie Prospect, a gossan that was targeted by BCL drill holes. These five holes were located,
DGPS coordinates collected, and two holes, DRKP001 and 002, were sampled in Q3 2024. Assays showed
no significant results in Ni, Cu, or PGEs.

Studies

PREM
intends to use flotation to produce a concentrate for commercial sale or for further refining. Concentrate options are being investigated
and include separate nickel and copper concentrates, and a bulk concentrate.

Metallurgical
study programs were carried out by SGS in Lakefield for separate copper and nickel concentrate production at a conceptual level. The
conceptual process flowsheet developed by SGS includes the key unit operations of crushing, grinding, and flotation. PREM analyzed select
SGS test results on key flotation parameters observed in the production of separate nickel and copper concentrates to simulate estimated
metal grades and recoveries for bulk concentrate.

The
Company is also investigating producing a lower grade nickel concentrate suitable for hydrometallurgical processing. Phase 1 hydrometallurgical
test-work using the Platsol process began in late 2023 and was completed in January 2024.

Results
from the metallurgical testing showed recoveries of all the payable metals (Ni, Cu, Co, Au, Pt and Pd) to the solution phase were very high
(generally >99%) in the initial batch autoclave testing. The downstream processes have been tested at bench scale and, although it
is not possible to precisely quantify final metal recoveries to saleable products until continuous, integrated piloting is completed,
overall recoveries of all payable metals should be >95% based on commercial experience of base metal hydrometallurgical plants. This study
demonstrated that alternate processing options are potentially viable at Selkirk.

The
area is in a rural district and the available infrastructure is minimal. Strategic services (e.g., electricity and water supplies) could
be provided by the Botswana Power Corporation and from existing governmental water pipelines within the Francistown Road Reserve, and
potable water could be sourced on site from boreholes. A railway line crosses the