Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 154

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1B
Chunk 154
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K”), and a 3D model
of mineralization for use in targeting was created at Selebi North by SLR.

Selebi
North

In
August 2023, an underground resource and exploration drilling program at Selebi North was initiated, which continued throughout 2024
and into 2025. During 2024 and up to the filing of this Report, the Company has drilled approximately 45,827 metres in 87 holes, bringing
the SNUG drilling program total to 63,947 metres in 162 holes. Assays for a total of 33,963 metres across 80 completed holes have not
been accounted for in the Initial Selebi MRE. The program is a combination of infill and exploration drilling to follow the extension
of the mineralization down-dip and down-plunge. The core is sampled and sent to ALS Chemex in Johannesburg for analysis. All holes were
surveyed with a gyro instrument and selected holes were surveyed with BHEM. BHEM surveys have been completed in 89 underground holes.

-15-

Selebi
Main

A
total of 748 metres of surface drilling has been completed at Selebi Main in 2024 and to date. Historic hole sd120 was wedged at 500
metres and sd120-W1a was drilled to a length of 1,201 metres. This new hole, sd120-W1a, completed in September 2024, intersected massive
sulphides at a distance of 46 metres north-northeast (minegrid) from the historic hole. A second hole, sd102a, was wedged at 491 metres
and abandoned at 538 metres.

Further
information on assay results can be found in the Selebi TRS and the Company’s news releases, copies of which are available on the
Company’s website (https://premiumresources.com/). The Company’s website is not incorporated in this Report. Assay
results are publicly released as they are received and confirmed by the Company.

Studies

The
historical BCL operations consisted of an integrated mining, concentrating and smelting complex which operated for over 40 years over
the Selebi Phikwe project area. The smelter processed Selebi and Phikwe concentrates and toll treated nickel concentrates received from
the Nkomati Nickel Mine and the Phoenix Mine. The concentrator plant and smelter were placed on care and maintenance in 2016 and are
located adjacent to the