Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 137

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 137
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 including an aggregate total of 19.90 metres of massive sulphide across five
  sub-intervals.

During
2025 and up to the date of this Report, the Company has drilled approximately 8,173 metres in 14 holes as part of the Selebi North
Underground Resource Expansion Drilling program. Assays for a total of approximately 41,189 metres across 91 completed holes at
Selebi North have not been accounted for in the 2024 Selebi Mines MRE. All core is sampled and sent to ALS Chemex in Johannesburg
for analysis. All holes are surveyed with a gyro instrument and selected holes are surveyed with BHEM geophysical tools.

Selebi
Main

The
Company implemented a surface drilling program at Selebi Main to investigate BHEM responses beyond the end of several holes,
interpreted to be caused by a potential third parallel mineralized horizon beneath the two known zones. The drill testing has been
through the extension of 4 historic drill holes, to target a large conductor interpreted to lie 150 to 200 metres beneath the Selebi
Main resource. Although a thick zone of altered amphibolite host rock has been intersected, no significant mineralization was
present in either the original or revised target area. A total of 969 metres in 4 hole extensions was completed. BHEM surveys in
these hole extensions have provided additional information that indicate a steeper target dip than was assumed in the initial
interpretation of the building responses. Additional drilling is planned.

1CuEq
was calculated using the formula CuEq=Cu+2.06*Ni assuming long-term prices of US$10.50/lb Ni and US$4.75/lb Cu, and nickel and copper
recoveries of 72.0% and 92.4%, respectively, derived from metallurgical studies which consider a conceptual bulk concentrate scenario.

32

Selebi
Hinge

During
the second quarter of 2025, the Company commenced the surface drilling program targeting BHEM plates in the 2-kilometre gap zone between
the Selebi North and Selebi Main deposits known as the “Hinge”. The program is designed to demonstrate the broader
scale potential of the Selebi Mines and to further support the Company’s core thesis that these deposits are larger than previously
recognized.

The
program is being executed using two company-owned underground U5 drills which were converted into surface A5 drills, and a new Marcotte
HTM250