Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 287

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1C
Chunk 287
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one. The Selebi Mines are readily accessed via paved and gravel roads from the town of Selebi-Phikwe, located just north
of the mining licence. With a population of approximately 52,000, the town is accessed via a well-maintained paved road that branches
due east from the major A1 highway at the town of Serule, 57 km from the Selebi Mines.

The
Selebi Mines infrastructure includes two mines, currently on care and maintenance, Selebi (#2 Shaft) and Selebi North (#4 Shaft), and
associated surface infrastructure.

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Land
Tenure

The
Selebi Mines consists of a single mining licence covering an area of 11,504 hectares. The mining licence is centered approximately at
22°03’00”S and 27°47’00”E.

Mining
licence 2022/1L was granted to PNRPL on January 31, 2022, over the Selebi Mines deposits discovered under mining licence 4/72. The original
licence which had been granted to BCL Limited (“BCL”) on March 7, 1972, which covered both Selebi and Phikwe 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