Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 59

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 59
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bi
Main

The
Company implemented a surface drilling program at Selebi Main to investigate BHEM responses beyond the end of several holes,
interpreted to be caused by a potential third parallel mineralized horizon beneath the two known zones. The drill testing has been
through the extension of 4 historic drill holes, to target a large conductor interpreted to lie 150 to 200 metres beneath the Selebi
Main resource. Although a thick zone of altered amphibolite host rock has been intersected, no significant mineralization was
present in either the original or revised target area. A total of 969 metres in 4 hole extensions was completed. BHEM surveys in
these hole extensions have provided additional information that indicate a steeper target dip than was assumed in the initial
interpretation of the building responses. Additional drilling is planned.

1CuEq
was calculated using the formula CuEq=Cu+2.06*Ni assuming long-term prices of US$10.50/lb Ni and US$4.75/lb Cu, and nickel and copper
recoveries of 72.0% and 92.4%, respectively, derived from metallurgical studies which consider a conceptual bulk concentrate scenario.

32

Selebi
Hinge

During
the second quarter of 2025, the Company commenced the surface drilling program targeting BHEM plates in the 2-kilometre gap zone between
the Selebi North and Selebi Main deposits known as the “Hinge”. The program is designed to demonstrate the broader
scale potential of the Selebi Mines and to further support the Company’s core thesis that these deposits are larger than previously
recognized.

The
program is being executed using two company-owned underground U5 drills which were converted into surface A5 drills, and a new Marcotte
HTM2500 drill purchased by the Company capable of drilling to depths of 2,500 metres (NQ core) which arrived on site in July.

To
date, a total of 9,014 metres have been drilled as part of the Hinge surface program, comprising two completed holes, one hole extension,
one abandoned hole and  four holes currently in progress.

Studies

The
historical BCL operations consisted of an integrated mining, concentrating and smelting complex which operated for over 40 years
over the Selebi Phikwe project area. The smelter processed Selebi and Phikwe concentrates and toll treated nickel concentrates
received from the Nkomati Nickel Mine and the Phoenix Mine