Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 17

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1A
Chunk 17
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) in exploration and evaluation expenditures on
the Selebi Mines. The Company incurred $8,735,401 to acquire the Selebi Mines, and has incurred a further $69,296,576 in exploration
and evaluation expenditures project-to-date as at December 31, 2024.

Selkirk
Mine

The
information that follows relating to the Selkirk Mine is derived from, and in some instances is an extract from, the Selkirk TRS. Portions
of the following information are based on assumptions, qualifications and procedures which are not fully described herein. Reference
should be made to the full text of the Selkirk TRS, which has been included as Exhibit 96.2 to this Report. The Selkirk TRS is incorporated
herein by reference and made a part hereof. In the event that we determine that any modifying factors, estimates and other scientific
and technical information in the report materially change, we may update or file a new technical report in the future. The Selkirk Mine
is an exploration stage property.

Pursuant
to Item 1302(b)(5) of Regulation S-K (17 C.F.R. §229.1302(b)(5)), the Company states that the Selkirk TRS was prepared by SLR. The
qualified persons of SLR meet the qualifications specified under the definition of “qualified person” under Item 1300 of
Regulation S-K.

-16-

Property
Description and Location

The
Selkirk Mine is located in the northeast of Botswana approximately 28 km southeast of the city of Francistown, and 450 km northeast of
the national capital Gaborone.

The
Selkirk Mine is accessed year-round via paved and gravel roads from Gaborone and Francistown. The Selkirk Mine infrastructure includes
relict surface infrastructure supporting the historical underground mine, and the original decline. The Selkirk Mine is quite flat, and
beyond the mine footprint is covered in grassland with dispersed and clusters of trees typical of a tree savanna biome.

Land
Tenure

The
Selkirk Mine consists of a single mining licence covering an area of 1,458 hectares (14.58 km2) and four prospecting
licences covering a total of 12,670 hectares (126.7 km2). The mining licence, 2022/7L, is centred approximately at
21°19’13” S and