Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 48

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 48
---
 North (#4
Shaft), and associated surface infrastructure.

The Selebi Mines consists of a single mining licence
covering an area of 11,504 hectares. The mining licence is centred approximately at 22°03’00”S and 27°47’00”E.

Mining licence 2022/1L was granted to PNRPL on January
31, 2022, over the Selebi Mines deposits discovered under mining licence 4/72. The original licence which had been granted to BCL Limited
(“BCL”) on March 7, 1972, which covered both Selebi and Phikwe project areas, was amended several times and renewed
once, and was set to expire on March 6, 2022. The current mining licence is limited to the Selebi and Selebi North deposits and their
surrounding areas, expires May 26, 2032, and excludes the Phikwe mines and associated infrastructure.

Selebi Mines Mineral Resource Estimate, June 30, 2024

    Tonnage  
    Grade  
    Contained Metal 
  
    Classification  
    Deposit 
    (Mt)  
    (% Cu)  
    (% Ni)  
    (000 t Cu)  
    (000 t Ni) 
  
    Indicated  
    Selebi North 
     3.00  
     0.90  
     0.98  
     27.1  
     29.5 

    Total Indicated 
     3.00  
     0.90  
     0.98  
     27.1  
     29.5 
  
    Inferred  
    Selebi Main 
     18.89  
     1.69  
     0.88  
     319.2  
     165.5 

    Selebi North 
     5.83  
     0.90  
     1.07  
     52.5  
     62.4 

    Total Inferred 
     24.72  
     1.50  
     0.92  
     371.7  
     227.9 

The key assumptions, parameters, and methods used
to estimate the mineral resources are contained in the Selebi TRS. Readers are cautioned not to