Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 44

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 44
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necessary to advance its new strategic direction.

The Company’s strategic direction is
aimed at rapidly demonstrating the size potential of the Selebi North and Selebi Main deposits. The Company is aggressively executing
a carefully designed exploration drilling program at the Selebi Mines while concurrently finalizing metallurgical work to identify the
optimal mineral processing method to consider in a future economic study. In addition, the Company is advancing the Selkirk Mine through
low-cost initiatives and evaluating strategic opportunities to enhance its value.

The exploration and development strategy includes
the Selebi Main surface drilling program to target a potential third horizon, Hinge drilling between the Selebi North and Selebi Main
deposits, Selebi North underground (“SNUG”)
resource expansion drilling, underground development in Selebi North to facilitate drilling programs, and a surface drilling program at
the Selkirk Mine.

The new strategy also includes advancing project
economics through further metallurgical sampling and testing, the evaluation of XRT (“X-ray Transmission”) ore sorting, and
the evaluation of IDEON Technologies Inc. for purposes of 3D density mapping. For more information relating to the Company’s new
strategic direction, please see “Exploration and Evaluation Activities and Mineral Properties” below.

The Company has also strengthened its management
team through the appointment of Morgan Lekstrom as the Company’s new Chief Executive Officer. The Company’s new strategic
direction is also further supported by the addition of Frank Giustra and the Fiore Group as strategic advisors to the Company.

During the quarter, the Company announced the remaining
results from its infill drill program at SNUG. The Selebi Main surface drilling progressed with the Company having extended historic drillholes
by approximately 307 metres in 2 drill holes to-date. The SNUG Resource Expansion Drilling program also commenced, with approximately
2,222 metres in 3 holes drilled to-date. During the quarter, the Company  intersected  mineralization below the
Selebi Mines MRE, confirming the down-plunge continuation of massive sulphides. These assay results will continue to be released as they
are received and confirmed by the Company.

For more information relating to the
contemplated activities and milestones on the Mines, please see “Exploration and Evaluation Activities and Mineral
Properties” below.

29

Highlights and Key Developments:

    ●
    On January 27, 2025, the Company reported significant assay results for two holes that were drilled outside of the Selebi MRE at Sele