Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 65

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 65
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 evaluation expenditures on the Selkirk
Mine. The Company incurred $327,109 to acquire the Selkirk Mine, and has incurred a further $6,849,063 in exploration and evaluation
expenditures project-to-date as at September 30, 2025.

2CuEq%
calculated using the formula Cu% + Ni%*(55.605/53.913) + Pd g/t*(22.948/53.913) + Pt g/t*(14.891/53.913) from the Selkirk Technical Report.

35

Outlook

With
the 2025 drilling programs now complete, the Company intends to focus on advancing the metallurgical testwork. The results of these studies,
together with the new assay results, will support the preparation of an updated MRE. In parallel, surface geophysical surveys and soil
sampling have commenced over prospective geology within the Selkirk mining licence and the adjoining prospecting licences.

Other
Properties

Canadian
Nickel Projects - Sudbury, Ontario

Post
Creek Property

The
Post Creek property is located 35 kilometres east of Sudbury in Norman, Parkin, Alymer and Rathburn townships and consists of 64 unpatented
mining claim cells, covering a total area of 847 hectares held by the Company. The Company acquired the property through an option agreement
in April 2010, which was subsequently amended in March 2013. As at the date of this Report, the Company holds a 100% interest in the
Post Creek property and is obligated to pay advances on a net smelter return of $10,000 per annum, which will be deducted from any payments
to be made under the net smelter return.

The
Post Creek property lies adjacent to the Whistle Offset Dyke Structure which hosts the past–producing Whistle Offset and Podolsky
Cu-Ni-PGM mines. Post Creek lies along an interpreted northeast extension of the corridor containing the Whistle Offset Dyke and Footwall
deposits and accounts for a significant portion of all ore mined in the Sudbury nickel district and, as such, represents favourable exploration
targets. Key lithologies are Quartz Diorite and metabreccia related to offset dykes and Sudbury Breccia associated with Footwall rocks
of the Sudbury Igneous Complex which both represent potential controls on mineralization.

No
exploration work was completed in the first three quarters of 2025