Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 139

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 139
---
The
Company commenced a Preliminary Economic Assessment, as defined in NI 43-101 (“PEA”) in October 2025 for the Selebi Mines under the separate
saleable concentrates scenario, the scope of which will include mine design and scheduling, process engineering, infrastructure planning,
and capital and operating cost estimation. This assessment is being undertaken in accordance with Canadian disclosure standards and does not constitute an “initial
assessment,” “pre-feasibility study,” or “feasibility study” as defined under the SEC’s Regulation
S-K 1300.

Structural
reviews are underway along with 3D modelling for the lower levels of the Selebi Mines to optimize drillhole positioning.

During
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.