Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 98

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 98
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 right to buy-back in full (Note 10). The contingent consideration agreement
is on similar terms as the Selebi Mines contingent consideration.

In
August 2023, the Company entered into a binding commitment letter with the liquidator of BCL to acquire a 100% interest in two additional
deposits (“Phikwe South” and the “Southeast Extension”) located adjacent to and immediately north
of the Selebi North shaft. The agreement has since lapsed and on August 11, 2025, the Company informed the liquidator of BCL that it
would no longer be pursuing the acquisition of the Phikwe South and the Southeast Extension deposits. As a result, the Company recorded
an impairment loss of $501,497 during the quarter ended September 30, 2025, related to care and maintenance costs during the evaluation
period of the properties in 2023, which had been previously capitalized as part of the Selebi Mines acquisition cost.

Both
the Selebi Mines and Selkirk Mine are subject to a royalty payable to the Botswana Government of 5% of all precious metals sales and
3% of all base metals sales.

    13

Notes
to the Unaudited Condensed Interim Consolidated Financial Statements

For
the three and nine months ended September 30, 2025 and 2024

(Expressed
in Canadian dollars)

General
Exploration Expenses

Details of the general exploration expenses by nature are presented as follows:

SCHEDULE
OF GENERAL EXPLORATION EXPENSES

    H 
     1  
     2  
     3  
     4  
     5  
     6  
     7  
     8 

    Three months ended September 30, 2025  
    Three months ended September 30, 2024 

    Selebi $  
    Selkirk $  
    Other $  
    Total $  
    Selebi $  
    Selkirk $  
    Other $  
    Total $ 
  
    Drilling 
     1,490,905  
     818,759  
     -  
     2,309,664  
     2,447,533  
     -  
     -  
     2,447,533 
  
    Site operations, administration, & overhead 
     1,108