Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 53

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 53
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 Selkirk TRS. Readers are cautioned not to assume that all or any
part of an Inferred Mineral Resource exists or is economically or legally mineable, or that an Inferred Mineral Resource will ever be
upgraded to a higher category.

33

The Selkirk MRE provides a solid foundation for advancing
the Selkirk deposit to an economic study. It was prepared using results from 232 surface and 10 underground historical drillholes drilled
between 2003 and 2016, five 2016 drillholes sampled by PREM in 2021, and 17 historical drillholes resampled in 2024. Analytical results
from PREM re-sampling showed higher platinum group element values compared to historic results. Further, the Selkirk MRE was prepared
under the conceptual processing scenario of producing two separate concentrates. Additional work on alternate processing options may result
in higher recoveries. Cobalt, a potentially valuable by-product, has not been included in the Selkirk MRE as cobalt analyses are not consistently
available throughout the deposit. Planned metallurgical studies will determine payability of cobalt at the Selkirk Mine.

During the first quarter of 2025, the Company continued
its re-sampling program of historic drill core, targeting both resource expansion and reclassification in an updated MRE.

A surface drilling program is
planned to commence in the second quarter of 2025 which will support the collection of samples for metallurgical test work and an
updated MRE through twinning of historic holes and in-filling of identified gaps.

Studies

The Company has been exploring
alternate processing options, including producing a lower grade nickel concentrate suitable for hydrometallurgical processing. Phase
1 hydrometallurgical test-work using the Platsol process began in late 2023 and was completed in 2024. Recoveries of all the payable
metals (Ni, Cu, Co, Au, Pt and Pd) to the solution phase were very high (generally >99%) in the initial batch autoclave testing.
The downstream processes have been tested at bench scale and, although it is not possible to precisely quantify final metal
recoveries to saleable products until continuous, integrated piloting is completed, overall recoveries of all payable metals is
expected to be >95% based on commercial experience of base metal hydrometallurgical plants. This study demonstrated that
alternate processing options are potentially viable at Selkirk