Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 23

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1A
Chunk 23
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 at this time.

Halcyon
Property

The
Halcyon property is located 35 kilometres northeast of Sudbury in the Parkin and Aylmer townships and consists of 62 unpatented mining
cells for a total of 1,024 hectares. Halcyon is adjacent to the Post Creek property and is approximately two kilometres north of the producing
Podolsky Mine of FNX Mining. The property was acquired through an option agreement and as at the date of this Report, the Company holds
a 100% interest in the Halcyon property and is obligated to pay advances on a net smelter return of $8,000 per annum, which will be deducted
from any payments to be made under the net smelter return.

No
exploration work was completed on the Halcyon Property in 2024. The claims are in good standing through 2027. No material expenditures
or activities are contemplated on the Halcyon property at this time.

Quetico
Property

The
Quetico property is located within the Thunder Bay Mining District of Ontario and consisted of 99 claim cells in two
blocks. Cells were acquired to assess: (a) the Quetico Sub-province corridor, which hosts intrusions with Ni-Cu-Co-PGM mineralization
related to a late 2690 Ma Archean magmatic event; and (b) the Neoproterozoic (1100 Ma MCR) magmatic event and related intrusions.

No
work was carried out on the Quetico property in 2024. The last remaining claims expired on April 26, 2024.

Internal
Controls over the Mineral Resources Estimation Process

The
Company uses an industry-standard approach to exploration and mineral resource estimation that results in reasonable and reliable estimates
aligned with industry practice and reporting regulations. The Company’s systems cover exploration activities, sample preparation
and analysis, mineral processing, metallurgical testing, recovery estimation, and mineral resource estimations. Controls include, but
are not limited to, use of certified laboratories, formal quality assurance and quality control (“QA/QC”) protocols,
standardized procedures, workflow processes, data verification, supervision and management approval, internal and external reviews, and
data security covering record keeping, chain of custody and data storage.

-20-

QA/QC
protocols over sampling and assaying of drill hole samples encompass the insertion of blind reference material samples including certified
reference materials (CRM) and blanks, as well as