Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 160

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1B
Chunk 160
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Company is also investigating producing a lower grade nickel concentrate suitable for hydrometallurgical processing. Phase 1 hydrometallurgical
test-work using the Platsol process began in late 2023 and was completed in January 2024.

Results
from the metallurgical testing showed recoveries of all the payable metals (Ni, Cu, Co, Au, Pt and Pd) to the solution phase were very high
(generally >99%) in the initial batch autoclave testing. The downstream processes have been tested at bench scale and, although it
is not possible to precisely quantify final metal recoveries to saleable products until continuous, integrated piloting is completed,
overall recoveries of all payable metals should be >95% based on commercial experience of base metal hydrometallurgical plants. This study
demonstrated that alternate processing options are potentially viable at Selkirk.

The
area is in a rural district and the available infrastructure is minimal. Strategic services (e.g., electricity and water supplies) could
be provided by the Botswana Power Corporation and from existing governmental water pipelines within the Francistown Road Reserve, and
potable water could be sourced on site from boreholes. A railway line crosses the western margin of the Selkirk area.

During
the year ended December 31, 2024, the Company incurred $1,477,696 (2023 - $1,233,342) in exploration and evaluation expenditures on the
Selkirk Mine. The Company incurred $327,109 to acquire the Selkirk Mine, and has incurred a further $3,058,502 in exploration and evaluation
expenditures project-to-date as at December 31, 2024.

-19-

Maniitsoq
Nickel-Copper-PGM Project, Southwest Greenland

No
exploration work was carried out in Greenland in 2024. In early December 2024, the Company notified the Government of Greenland that it was relinquishing its licences effective immediately and is awaiting final approval from authorities.

Canadian
Nickel Projects - Sudbury, Ontario

Post
Creek Property

The
Post Creek property is located 35 kilometres east of Sudbury in Norman, Parkin, Alymer and Rathburn townships and consists of 64 unpatented
mining claim cells in two separate blocks, covering a total area of 847 hectares held by the Company. The Company acquired the property
through an option agreement in