Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 56

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 56
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 roads from the town of Selebi-Phikwe, located just north
of the mining licence. With a population of approximately 43,000, the town is accessed via a well-maintained paved road that branches
due east from the major A1 highway at the town of Serule, 57 km from the Selebi Mines.

The
Selebi Mines infrastructure includes two previously operating mines, Selebi Main (#2 Shaft) and Selebi North (#4 Shaft), and associated
surface infrastructure. The Selebi Main deposit began production in 1980 and Selebi North began production in 1990. Mining terminated
at both operations in 2016 due to weak global commodity prices and a failure in the separate Phikwe smelter processing facility. The
BCL assets were subsequently placed under liquidation in 2017.

The
Selebi Mines consist of a single mining licence covering an area of 11,504 hectares. The mining licence is centred approximately at 22°03’00”S
and 27°47’00”E. Mining licence 2022/1L was granted to PNRPL on January 31, 2022, over the Selebi Mines deposits discovered
under mining licence 4/72. The original licence which had been granted to BCL on March 7, 1972, which covered both Selebi and Phikwe
project areas, was amended several times and renewed once, and was set to expire on March 6, 2022. The current mining licence is limited
to the Selebi Main and Selebi North deposits and their surrounding areas, expires May 26, 2032, and excludes the Phikwe mines and associated
infrastructure.

Selebi
Mines Mineral Resource Estimate, June 30, 2024

    Tonnage  
    Grade  
    Contained Metal 
  
    Classification 
    Deposit 
    (Mt)  
    (% Cu)  
    (% Ni)  
    (000 t Cu)  
    (000 t Ni) 
  
    Indicated 
    Selebi North 
     3.00  
     0.90  
     0.98  
     27.1  
     29.5 

    Total Indicated 
     3.00  
     0.90  
     0.98  
     27.1  
     29.5