Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 81

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 2
Chunk 81
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GE Selkirk mine in Botswana,
together with associated infrastructure and four surrounding prospecting licenses (collectively, the “Selkirk Mine”
and together with the Selebi Mines, the “Mines”). PREM is committed to governance through transparency, accountability,
and open communication within PREM’s team and stakeholders.

The Company’s principal business activity is
the exploration and evaluation of the Mines.

The Selebi and Selkirk mines are permitted with 10-year
mining licences, granted in 2022, and renewable upon the submission of approved mine plans and other customary conditions, and benefit
from significant local infrastructure. The Company’s flagship Selebi Mines include two operational shafts, the Selebi Main and Selebi
North shafts, and related infrastructure such as rail, power and roads.

PREM is headquartered in Toronto, Ontario, Canada
and is publicly traded on the TSX Venture Exchange (the “TSXV”) under the symbol “PREM”. Prior to November
20, 2024, the Company traded on the TSXV under its previous name and symbol, Premium Nickel Resources Ltd. and PNRL, respectively. In
addition, the Company’s common shares (the “Common Shares”) are currently quoted on the OTC Pink Open Market
under the symbol “PRMLF”.

28

Summary of Activities

On January 31, 2025, the Company
filed the Selkirk Mineral Resource Estimate (“MRE”) in conformance with the SEC’s Modernized Property
Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged
in Mining Operations (S-K 1300) and Item 601(b)(96) Technical Report Summary, entitled “S-K 1300 Technical Report Summary,
Selkirk Nickel Project, North East District, Republic of Botswana” (the “Selkirk TRS”) and dated
January 8, 2025 (with an effective date of November 1, 2024) for its Selkirk Mine. The Selkirk MRE provides a solid foundation for
advancing the Selkirk deposit to an economic study.

On March
18, 2025, PREM closed a significant recapitalization (the “March 2025 Financing”) of the Company which included a $46.0
million non-brokered equity private placement (the “Private Placement”) and the equity conversion of its $20