Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 344

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1C
Chunk 344
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 31, 2024 
     8,528,478  
     318,343  
     8,846,821 

The
following is a description of the Company’s exploration and evaluation assets and the related spending commitments:

Botswana
Assets - Selebi and Selkirk

In
September 2021, the Company executed the Selebi Asset Purchase Agreement (“Selebi APA”) with the BCL Limited (“BCL”)
liquidator to acquire the Selebi Mines formerly operated by BCL. In January 2022, the Company closed the transaction and ownership of
the Selebi Mines transferred to the Company.

Pursuant
to the Selebi APA, the aggregate purchase price payable to the seller for the Selebi Mines shall be the sum of $81,226,330 (US$56,750,000),
which amount shall be paid in three instalments:

●$2,086,830
                                            (US$1,750,000) payable on the closing date, and payment of care and maintenance funding
                                            contributions in respect of the Selebi Mines from March 22, 2021 to the closing date of $6,164,688
                                            (US$5,178,747). These payments have been made.

●$35,972,500
                                            (US$25,000,000) payable upon the earlier of: (a) approval by the Botswana Ministry of Mineral
                                            Resources, Green Technology and Energy Security (“MMRGTES”) of the Company’s
                                            Section 42 and Section 43 applications (for the further extension of the mining licence and
                                            conversion of the mining licence into an operating licence, respectively), and (b) on the
                                            expiry date of the study phase, January 31, 2026, which pursuant to the Selebi APA has been
                                            extended for one year from the original expiry date of January 31, 2025. This extension follows
                                            successful completion by the Company of the work and investment milestones required by the
                                            Selebi APA.

●$43,167,000
                                            (US$30,000,000) payable on the completion of mine construction and production start-up (commissioning)
                                            by the Company on or before January 31, 2030, but not later than four years after the approval
                                            by the Minister of MMRGTES of the Company’s Section 42 and Section 43 applications.

    F-16