Company: PRMLF
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001493152-25-011913
Chunk: 43

Company: NexMetals Mining Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 43
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 5.20 metres of mineralization
at South Limb and 15.50 metres of mineralization at N2 Limb. Assays for SNUG-25-189 are pending.

During 2025 and up to the date of this Report, the Company has drilled
approximately 5,123 metres in 8 holes as part of the Selebi North Underground Resource Expansion Drilling program. Assays for a total
of approximately 38,139 metres across 86 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 has 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 initial drill testing has been through the extension of historic drill holes, to target a large conductor
interpreted to lie 150 to 200 metres beneath the Selebi Main resource. During 2025 and up to the date of this Report, the Company has
extended 3 historic drillholes by approximately 768 metres. Although a thick zone of altered amphibolite host rock was intersected, no
mineralization was present in the original target area. Subsequent BHEM surveys indicate that the conductor has a steeper dip than the
known resources; follow-up drilling is planned. With this work, the Company is investigating the potential of a new mineralized horizon.
The modeled BHEM plate is situated outside the initial Selebi Mines MRE extents.

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. 

31

Selebi
Hinge

During
the quarter, 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 rapidly demonstrate the broader scale potential
of the Sele