Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 447

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 7A
Chunk 447
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,900 (US$1,000,000). In addition, the Company agreed
to additional work commitments of $7,194,500 (US$5,000,000) in the aggregate over four years. As a result of the expansion of the Selebi
mining licence, the remaining asset purchase obligations of the Company outlined in the original Selebi APA with the liquidator will
each increase by 10%, or $7,913,950 (US$5,500,000) in total, while the trigger events remain unchanged. The existing 2% NSR and contingent
consideration agreement held by the liquidator with respect to production from the Selebi mining licence will also apply to production
from these additional deposits, subject to the Company’s existing buy-back right for 50% of the NSR (Note 10). The Company incurred
$483,883 for care and maintenance during the investigation period of the properties in 2023, which has been added to the acquisition
cost of the Selebi Mines. The acquisition of the Phikwe South and the Southeast Extension deposits has not yet closed as at March 19,
2025.

Both
the Selebi Mines and Selkirk Mine are subject to a royalty payable to the Botswana Government of 5% of all precious metals sales and
3% of all base metals sales.

    F-17

Notes
to the Consolidated Financial Statements

For
the years ended December 31, 2024 and 2023

(Expressed
in Canadian dollars)

General
Exploration Expenses

Details
of the general exploration expenses by nature are presented as follows:

SCHEDULE
OF GENERAL EXPLORATION EXPENSES

    Selebi $  
    Selkirk $  
    Other $  
    Total $ 

    Year ended December 31, 2024 

    Selebi $  
    Selkirk $  
    Other $  
    Total $ 
  
    Drilling 
     6,703,402  
     -  
     -  
     6,703,402 
  
    Site operations, administration, and overhead 
     4,298,941  
     435,957  
     156,457  
     4,891,355 
  
    Infrastructure and equipment maintenance 
     3,872,782  
     -  
     -  
     3,