Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 155

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1B
Chunk 155
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 Selebi Mines at the historical Phikwe Mine.

PREM
intends to use pre-concentration methods to separate the minerals from waste materials to produce a mill feed and flotation to
produce a concentrate for commercial sale, or for further refining, and does not plan to restart the existing concentrator or
smelter. Concentrate options are being investigated and include a bulk concentrate and separate nickel and copper concentrates. In
2021, PREM carried out due diligence work that included metallurgical sampling and testing. Subsequent metallurgical study programs
were carried out by SGS Canada Inc. (“SGS”) in Lakefield, Ontario for separate copper and nickel concentrate
production at a conceptual level. In 2024, samples were collected from underground from both Selebi Main and Selebi North with flotation test work
and pre-concentration studies ongoing for these samples.

Engineering
trade off studies are nearing completion by DRA Global out of Johannesburg. These include alternative mining methods, electrification
of the underground mining fleet, refurbishment of historical critical infrastructure, crushed ore conveying versus use of haul trucks,
and blasting options.

During
the year ended December 31, 2024, the Company incurred $28,017,207 (2023 - $21,469,132) in exploration and evaluation expenditures on
the Selebi Mines. The Company incurred $8,735,401 to acquire the Selebi Mines, and has incurred a further $69,296,576 in exploration
and evaluation expenditures project-to-date as at December 31, 2024.

Selkirk
Mine

The
information that follows relating to the Selkirk Mine is derived from, and in some instances is an extract from, the Selkirk TRS. Portions
of the following information are based on assumptions, qualifications and procedures which are not fully described herein. Reference
should be made to the full text of the Selkirk TRS, which has been included as Exhibit 96.2 to this Report. The Selkirk TRS is incorporated
herein by reference and made a part hereof. In the event that we determine that any modifying factors, estimates and other scientific
and technical information in the report materially change, we may update or file a new technical report in the future. The Selkirk Mine
is an exploration stage property.

Pursuant
to Item 1302(b)(5) of Regulation S-K (17 C.F.R. §229.1302(b)(5)), the Company states