Company: PRMLF
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001493152-25-011913
Chunk: 47

Company: NexMetals Mining Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 47
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.2  
     0.30  
     0.24  
     0.55  
     0.12  
     132  
     108  
     775  
     174 

The
key assumptions, parameters, and methods used to estimate the mineral resources are contained in the Selkirk TRS. Readers are cautioned
not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable, or that an Inferred
Mineral Resource will ever be upgraded to a higher category.

33

The
Selkirk MRE provides a solid foundation for advancing the Selkirk deposit to an economic study. It was prepared using results from 232
surface and 10 underground historical drillholes drilled between 2003 and 2016, five 2016 drillholes sampled by NEXM in 2021, and 17
historical drillholes resampled in 2024. Analytical results from NEXM re-sampling showed higher platinum group element values compared
to historic results. Cobalt, a potentially valuable by-product, has not been included in the Selkirk MRE as cobalt analyses are not consistently
available throughout the deposit. Planned metallurgical studies will determine payability of cobalt at the Selkirk Mine.

During
the quarter, the Company commenced a 12-hole surface drilling program. The two drill rigs were focused on twinning 11 historical
holes to validate legacy data and one hole to fill a gap in the resource. The surface drilling program was collecting fresh HQ-sized
core to support metallurgical flowsheets, generate material for preliminary XRT pre-concentration sorting tests, and to support the
potential expansion and upgrade of the resource. 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 12-hole surface drilling program which consisted of 3,903 metres. Up to the date of this Report, the
Company has drilled 139 metres in 2 exploration holes.

The
Company continued its re-sampling program of historic drill core throughout the first half of 2025, 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,