Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 46

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 46
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 ensure their concerns and perspectives are heard
and addressed.

Exploration and Evaluation Activities

The following table outlines the key milestones, estimated
timing and costs related to each of the Mines, based on the Company’s reasonable expectations, intended courses of action and current
assumptions and judgement, with information based as of March 31, 2025.

    Key Milestones for Project 
     
    Expected Timing of Completion
     
    Anticipated Costs
  
    Exploration and Development 

    Selebi Mines and Selkirk drill programs
     
    Ongoing, costs to September 30, 2025
     
    $5.9 million to $6.6 million 
  
    Selebi Mines underground development
     
    Ongoing, costs to September 30, 2025
     
    $1.8 million to $2.2 million 
  
    Capital expenditures(1)
     
    Ongoing, costs to September 30, 2025
     
    $2.8 million to $3.1 million 
  
    Studies 

    Advancing project economics(2)
     
    Ongoing, costs to September 30, 2025
     
    $5.7 million to $6.4 million
  
    Operating costs
     
    Ongoing, costs to September 30, 2025
     
    $6.2 million to $6.6 million

Notes:

    (1)
    Includes drilling equipment, mobile equipment, and electrical and communications equipment in support of drill programs and underground development.

    (2)
    Includes advancing project economics through further metallurgical sampling and testing, the evaluation of XRT (“X-ray Transmission”) ore sorting, and the evaluation of IDEON Technologies Inc. for purposes of 3D density mapping.

30

Readers are cautioned that the above represents the
opinions, assumptions and estimates of management considered reasonable at the date the statements are made and are inherently subject
to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially
from those described above. See “Cautionary Note Regarding Forward Looking Statements”.

Mineral Properties

The information that follows relating to the Selebi
Mines is derived from, and in some instances is an extract from, the Selebi Technical Report Summary entitled “S-K 1300 Technical
Report Summary Selebi Mines, Central District, Republic of Botswana” with an effective date of June 30, 202