Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 13

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1A
Chunk 13
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 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.

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History

Exploration
in the Selebi Mines area was initiated in 1959 by Bamangwato Concessions Limited (“Bamangwato”) and included soil
geochemistry, geological mapping, trenching, and diamond drilling over the then combined Selebi-Phikwe area. The Selebi and Phikwe discoveries
were made in 1963 and 1967, respectively, and a single mining lease was granted to Bamangwato in 1967 covering both areas.

Bamangwato
changed its name to BCL in 1977 and operated the combined Selebi-Phikwe project from 1970 until its closure in 2016. Nickel and copper
ore was mined from an open pit at Phikwe (1971 to 1980), as well as four distinct underground production areas namely Phikwe (1981 to
2016), Southeast Extension (at Phikwe, 1997 to 2016), Selebi North (1990 to 2016) and Selebi (1980 to 2016). Head grades declined from
2010 to 2015 and in October 2016 BCL was placed into provisional liquidation and all its operations put under care and maintenance.

PREM
acquired the Selebi Mines and current Selebi mining lease from the BCL Liquidator on January 31, 2022.

Geological
Setting, Mineralization and Deposit

The
eastern portion of Botswana forms part of the Limpopo Mobile Belt (“LMB”) which represents a deep crustal section
through an orogenic province between the Kaapvaal and Zimbabwe Cratons.

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The
Selebi Mines are located in highly deformed and metamorphosed Archean gneisses near the north margin of the central zone (“CZ”)
of the LMB. The CZ region is characterized by complex structural fold patterns accompanied by regional and cataclastic metamorphism with
grades ranging from amphibolite to granulite facies and cataclastic tectonites.

The
deposits in the Selebi Mines area are categorized as