Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 397

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1C
Chunk 397
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 the Board.

The
Option Plan limits the number of Options which may be granted to any one individual to not more than 5% of the total Common Shares
in any 12-month period (unless otherwise approved by the “disinterested shareholders” of the Company). A
“disinterested shareholder” is a shareholder who is not a director, officer, promoter, or other insider of the
Company, or its associates or affiliates, as such terms are defined under the Securities Act (Ontario). In addition, unless
otherwise approved by the Company’s disinterested shareholders, the number of Common Shares issuable under the Option Plan to all
insiders of the Company as a group shall not exceed 10% of the total Common Shares at any point in time.

The
number of Options granted to any one consultant or investor relations service provider in any 12-month period must not exceed 2% of the
total issued Common Shares. Options granted to investor relations service providers shall vest in stages over at least a one-year period,
in accordance with the policies of the TSXV. Subject to the foregoing, any Options granted under the Option Plan will not be subject
to any vesting schedule, unless otherwise determined by the Board or required by the policies of the TSXV.

The
number of Options granted to all eligible charitable organizations in the aggregate must not exceed 1% of the Common Shares on the date
of grant, which Options shall expire on or before the earlier of: (i) the date that is ten years from the grant date; or (ii) the 90th
day following the date that the holder of such Options ceases to be an eligible charitable organization under the Option Plan.

-45-

Options
under the Option Plan may be granted at an exercise price which is at or above the current discounted market price (as defined under
the policies of the TSXV) on the date of the grant. In the event of the death or permanent disability of an optionee, any Option
granted to such optionee will be exercisable upon the earlier of 365 days from the date of death or permanent disability, or the expiry
date of the Option. In the event of the resignation of an optionee, or the termination or removal of an optionee without just cause,
any vested Option granted to such optionee will be exercisable for a period ending on the earlier of: (i) the expiry date of such Option
determined as at the date of grant thereof; and