Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 61

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 61
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the three and nine months ended September 30, 2025, the Company incurred $8,465,855 (three months ended September 30, 2024 - $7,988,816)
and $23,080,313 (nine months ended September 30, 2024 - $20,682,696), respectively, in exploration and evaluation expenditures on the
Selebi Mines. The Company incurred $8,735,401 to acquire the Selebi Mines, and has incurred a further $92,376,889 in exploration and
evaluation expenditures project-to-date as at September 30, 2025.

33

Outlook

The
Selebi North Underground Resource Expansion Drilling program is expected to conclude in November. BHEM surveys are planned to characterize
the conductive trends associated with the newly intersected massive sulphides to confirm continuity and outline strike extent. Initial
interpretations indicate that the new data will contribute to resource expansion in an updated MRE.

The
Selebi Hinge drilling offers a strategic opportunity for potential substantial resource expansion. The drill holes with subsequent follow-up
holes are designed to provide sufficient data to support the inclusion of new results in an updated MRE. The final holes of this program are expected to commence prior to the year-end pause in drilling activities.

In
addition to drilling, the Company is advancing study work. Mineralogical studies and flowsheet optimization are underway with the objective
of improving recoveries under the separate saleable concentrates scenario, which includes the completion of studies on (i) copper rougher
tailings and nickel cleaner tailings streams to better understand nickel losses, (ii) assessing finer regrind opportunities to improve
nickel liberation and recovery, and (iii) conducting batch tests on Selebi Main and Selebi North material individually. Flowsheet designs
will also take into consideration the ongoing XRT pre-concentration sorting evaluations. The Company plans to continue advancing the
3D modelling work to continually optimize drill hole placement. Hydrometallurgical studies have been deferred pending the foregoing investigations.

Selkirk
Mine, Botswana

The
Selkirk Mine is located in the northeast of Botswana approximately 28 km southeast of the city of Francistown, and 450 km northeast of
the national capital Gaborone. The property is accessed year-round via paved and gravel roads from Gaborone and Francistown. The Selkirk
Mine infrastructure includes relict surface infrastructure supporting the historical underground mine