Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 142

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 142
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 219 metres of 1.03% CuEq2.

In
July 2025, the Company commenced a 3-hole exploration program targeting untested historical Versatile Time-Domain Electromagnetic (“VTEM”)
anomalies located immediately south of the Selkirk resource. The Company has completed the 3-hole exploration program which consisted
of 522 metres. Two of the three drill holes are located along the same geological horizon of the Selkirk deposit and intersected intervals
of massive and disseminated sulphides. Assays are pending.

All
fifteen holes were surveyed and returned BHEM anomalies that are known to correlate directly with massive or semi-massive sulphide mineralization.
Surveys from the deepest holes identified modeled plates located down-plunge of the Selkirk MRE. The strong and consistent correlation
with massive sulphides has confirmed that BHEM is a proven exploration tool for identifying additional mineralization at the Selkirk
Mine.

In
September 2025, a historic hole originally drilled by TNMC in 2003 to a depth of 1,054.7 metres was reamed and reopened to enable gyro
and BHEM surveys. The hole, located approximately 450 metres southwest of the conceptual open pit, provides an opportunity to evaluate
the down-plunge potential of the Selkirk deposit. Results from the BHEM survey identified high-quality conductors.

The
Company continued its re-sampling program of historic drill core throughout the year, targeting both resource expansion and
reclassification in an updated MRE and to obtain complete PGE analysis. An additional 34 historical holes have been identified for
resampling. To date, 31 holes have been processed, relogged and resampled. A total of 17 holes from a previous program were completed with assays
announced in October 2024, while results from an initial 6 holes of the current 34 hole program were released on August 28, 2025. Assays
for the remaining 2025 holes are pending. The results received to-date
for the 2025 program have confirmed large intercepts of mineralization within the current Selkirk MRE as well as outside of the
Selkirk MRE and within the conceptualized pit shell demonstrating potential for expansion of the deposit.

Work
has commenced on the four prospecting licences, consisting of surface EM surveys and soil sampling programs designed to follow up on
historic exploration data.

Studies

Metallurgical