Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 60

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 60
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. The concentrator plant and smelter were located adjacent to the Selebi
Mines at the historical Phikwe Mine; however, these facilities were not included in the Company’s acquisition of the Selebi
Mines and remain under separate ownership. Both facilities were placed on care and maintenance in 2016. Following the completion of
comprehensive technical and trade-off studies, the Company intends to construct a new processing facility at the Selebi Mines to produce
concentrate for commercial sale, or for further refining, and does not plan to restart the existing concentrator or smelter. The
Company is also evaluating pre-concentration using XRT technology.

On
July 28, 2025, the Company reported initial results from its bulk test work using XRT pre-concentration sorting at the Selebi Mines.
The initial results demonstrated the potential to reduce the amount of waste rock being sent to the mill and enhance the head grade by
over 15% compared to a bulk sample. By reducing the volume of waste into the mill, the waste volume directed to grinding and flotation
circuits could be substantially reduced.

On
September 3, 2025, the Company announced results from a comprehensive bulk sample-based metallurgical program. The program
demonstrated the ability to generate two separate saleable copper and nickel-cobalt concentrates based on underground bulk samples from
both the Selebi North and Selebi Main deposits. The optionality to produce separate saleable concentrates supports potential restart
scenarios with significantly lower capital intensity and decreased execution risk. Based on these results, the Company now has an alternative
path forward in which an on-site smelter or hydrometallurgical facility may not be required, significantly derisking the capital requirements
and operational complexity of future production at the Selebi Mines.

The
Company commenced a Preliminary Economic Assessment, as defined in NI 43-101 (“PEA”) in October 2025 for the Selebi Mines under the separate
saleable concentrates scenario, the scope of which will include mine design and scheduling, process engineering, infrastructure planning,
and capital and operating cost estimation. This assessment is being undertaken in accordance with Canadian disclosure standards and does not constitute an “initial
assessment,” “pre-feasibility study,” or “feasibility study” as defined under the SEC’s Regulation
S-K 1300.

Structural
reviews are underway along with 3D modelling for the lower levels of the Selebi Mines to optimize drillhole positioning.

During