Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 76

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 76
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.01 is incorporated
herein by reference to the extent responsive to Item 3.02. The securities issued were not registered under the Securities Act, and were
issued in reliance on the exemption from registration pursuant to Section 4(a)(2), Regulation S or Rule 506 thereunder.

The information set forth under Part II, Item 2 of
this Report is also incorporated by reference herein.

    Item 5.02 
    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 20, 2025 Morgan Lekstrom, age 40,
was appointed as the Company’s Chief Executive Officer and a director. There are no arrangements or understandings between Mr. Lekstrom
and any other person pursuant to which Mr. Lekstrom was selected as Chief Executive Officer.

Mr. Lekstrom has over 17 years of experience
in the mining industry, with a diverse background in executive and project management, operations, and engineering. He has an established
track record of delivering successes, including most recently, the successful building of NexGold Mining Corp, creating a near term development
company with a clear path to building two new Canadian gold mines. This was accomplished through deleveraging and restructuring debt,
setting a new strategic direction for the company through multiple back-to-back mergers/acquisitions of Blackwolf Copper and Gold Ltd.
and Treasury Metals Inc., and then Signal Gold Inc. in 2024.

He has also held senior technical roles with
experience at Freeport McMoran’s Grasberg site in Indonesia and Rio Tinto’s Oyu Tolgoi Project in Mongolia. He has direct
African experience though his role with Golden Star Resources in supporting the redevelopment of an underground mine in Ghana, West Africa.
Mr. Lekstrom has also served as engineering manager at Sabina Gold & Silver Corp., where he was responsible for the first phases of
execution at the Back River Marine Laydown Project.

49

Mr. Lekstrom currently serves as a director
of NexGold Mining Corp.

Mr. Lekstrom’s employment agreement provides
for an annual rate of base salary equal to $395,000.

If Mr. Lekstrom’s employment is terminated
by Mr. Lekstrom himself for good reason or by the Company without cause, in each case as set out and defined in the employment agreement
(other than on account of Mr. Lekstrom’s death or Permanent Disability)