Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 16

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1A
Chunk 16
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 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 Selebi Mines at the historical Phikwe Mine.

PREM
intends to use pre-concentration methods to separate the minerals from waste materials to produce a mill feed and flotation to
produce a concentrate for commercial sale, or for further refining, and does not plan to restart the existing concentrator or
smelter. Concentrate options are being investigated and include a bulk concentrate and separate nickel and copper concentrates. In
2021, PREM carried out due diligence work that included metallurgical sampling and testing. Subsequent metallurgical study programs
were carried out by SGS Canada Inc. (“SGS”) in Lakefield, Ontario for separate copper and nickel concentrate
production at a conceptual level. In 2024, samples were collected from underground from both Selebi Main and Selebi North with flotation test work
and pre-concentration studies ongoing for these samples.

Engineering
trade off studies are nearing completion by DRA Global out of Johannesburg. These include alternative mining methods, electrification
of the underground mining fleet, refurbishment of historical critical infrastructure, crushed ore conveying versus use of haul trucks,
and blasting options.

During
the year ended December 31, 2024, the Company incurred $28,017,207 (2023 - $21,469,132