Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 88

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 2
Chunk 88
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 Selebi Main resource.
If successful, this program could lead to the discovery of a new mineralized horizon. These BHEM plates are situated outside the Selebi
Mines MRE extents. During 2025 and up to the date of this report, the Company has extended historic drillholes by approximately 307 metres
in 2 existing holes.

Selebi Hinge

A large drill capable of drilling to depths of 2,500
metres (NQ core) and kits for converting the two underground U5 drills into surface A5 drills are currently being mobilized from Canada.
These are being mobilized for surfacing drilling of the Selebi Hinge, a drilling program targeting BHEM plates in the untested two-kilometre-long
area between the Selebi North and Selebi Main deposits. These BHEM targets are situated down-dip and down-plunge of the Selebi Main resource
and potentially represent additional mineralization between the two deposits.

Further information on assay results can be found
in the Company’s news releases which are available on the Company’s website (https://premiumresources.com) (the Company’s
website is not incorporated in this Report). Assay results are publicly released as they are received and confirmed by the Company.

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. The concentrator
plant and smelter were placed on care and maintenance in 2016 and are located adjacent to the Selebi Mines at the historical Phikwe Mine.

PREM intends to use pre-concentration methods to separate
the minerals from waste materials to produce a mill feed and flotation to produce a concentrate for commercial sale, or for further refining,
and does not plan to restart the existing concentrator or smelter.

Metallurgical sampling and testing
from Selebi flotation studies are ongoing. The Company has also begun evaluating XRT ore sorting, which could potentially have a significant
impact on waste rock removal. This could in turn positively impact the head feed grade to the concentrate flowsheet, and has the potential
to be applied at both the Selebi Mines and Selkirk Mine.

The Company has begun its evaluation
of IDEON Technologies Inc., a Company that applies Muon Tomography to create