Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 138

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 138
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0 drill purchased by the Company capable of drilling to depths of 2,500 metres (NQ core) which arrived on site in July.

To
date, a total of 9,014 metres have been drilled as part of the Hinge surface program, comprising two completed holes, one hole extension,
one abandoned hole and  four holes currently in progress.

Studies

The
historical BCL operations consisted of an integrated mining, concentrating and smelting complex which operated for over 40 years
over the Selebi Phikwe project area. The smelter processed Selebi and Phikwe concentrates and toll treated nickel concentrates
received from the Nkomati Nickel Mine and the Phoenix Mine. The concentrator plant and smelter were located adjacent to the Selebi
Mines at the historical Phikwe Mine; however, these facilities were not included in the Company’s acquisition of the Selebi
Mines and remain under separate ownership. Both facilities were placed on care and maintenance in 2016. Following the completion of
comprehensive technical and trade-off studies, the Company intends to construct a new processing facility at the Selebi Mines to produce
concentrate for commercial sale, or for further refining, and does not plan to restart the existing concentrator or smelter. The
Company is also evaluating pre-concentration using XRT technology.

On
July 28, 2025, the Company reported initial results from its bulk test work using XRT pre-concentration sorting at the Selebi Mines.
The initial results demonstrated the potential to reduce the amount of waste rock being sent to the mill and enhance the head grade by
over 15% compared to a bulk sample. By reducing the volume of waste into the mill, the waste volume directed to grinding and flotation
circuits could be substantially reduced.

On
September 3, 2025, the Company announced results from a comprehensive bulk sample-based metallurgical program. The program
demonstrated the ability to generate two separate saleable copper and nickel-cobalt concentrates based on underground bulk samples from
both the Selebi North and Selebi Main deposits. The optionality to produce separate saleable concentrates supports potential restart
scenarios with significantly lower capital intensity and decreased execution risk. Based on these results, the Company now has an alternative
path forward in which an on-site smelter or hydrometallurgical facility may not be required, significantly derisking the capital requirements
and operational complexity of future production at the Selebi Mines.