Company: PRMLF
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001493152-25-011913
Chunk: 42

Company: NexMetals Mining Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 42
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 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.

30

Selebi
North

In
2023, an underground resource and exploration drilling program at Selebi North was initiated. The program was a combination of infill
and exploration drilling to follow the extension of the mineralization down-dip and down-plunge. The Company reported the final assays
from the 2023/2024 in-fill drill program on April 17, 2025. Supplementary infill drilling has been strategically moved into later work
programs.

In
March 2025, the Selebi North Underground Resource Expansion Drilling program commenced with one drill rig targeting Borehole Electromagnetic
(“BHEM”) plates located down-dip and down-plunge from the N3, N2, and South Limbs. During the second quarter of 2025,
drill hole SNUG-25-184 intersected mineralization in the South Limb 183 metres down-plunge from the Selebi Mines MRE, and in the N2 Limb
300 metres down-plunge of the MRE. Highlights from this hole included 13.50 metres of 3.68% CuEq1 (1.13% Cu, 1.24% Ni, 0.06%
Co) in the South Limb and 6.25 metres of 2.16% CuEq1 (0.62% Cu, 0.75% Ni, 0.04% Co) in the N2 Limb. A BHEM survey completed
in SNUG-25-184 revealed strong off-hole conductors, confirming the South Limb and N2 zones remain open down-plunge.

Follow-up
hole SNUG-25-186 was drilled to test these conductors and intersected South Limb mineralization 132 metres down-plunge of SNUG-25-184.
Highlights from this hole included 16.25 metres of 3.06% CuEq1 (1.13% Cu, 0.94% Ni). As a result, South Limb mineralization
has been extended 315 metres down-plunge beyond the 2024 Selebi Mines MRE, representing an increase in the Selebi North South Limb plunge
extent by 35%.

During
the quarter, new mineralization was also discovered in recently completed drill hole SNUG-25-189 which includes