Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 89

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 2
Chunk 89
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3D density maps of subsurface mineralization, with the goal
of applying this technology at both the Selebi Mines and Selkirk Mine to identify potential areas of additional mineralization.

During the three months ended March 31, 2025, the
Company incurred $5,944,153 (three months ended March 31, 2024 - $6,469,929)
in exploration and evaluation expenditures on the Selebi Mines. The Company incurred $8,735,401 to acquire the Selebi Mines, and has incurred
a further $75,240,729 in exploration and evaluation expenditures project-to-date as at March
31, 2025.

32

Outlook

The Company has outlined a multi-faceted exploration
strategy aimed at expanding the mineral resource potential at the Selebi Mines. One drill is active on surface at Selebi Main with three
drills being mobilized to the Selebi Hinge, and one drill is active underground at Selebi North.

The Selebi North Underground Resource Expansion Drilling program is expected to continue
throughout the remainder of the year for further testing of the BHEM plates.

The Company is planning to further investigate the potential
of a third parallel mineralized horizon at Selebi Main, with approximately 765 metres in 3 hole extensions over a period of 6 weeks.

The Selebi Hinge drilling offers a
strategic opportunity for potential substantial resource expansion. Drilling is planned to target large BHEM plates located off the
Selebi Main mine horizon and toward the Selebi North deposit. The Company intends to pre-collar the holes to a depth of up to 1,200
metres and bring in a more powerful drill to extend these holes to final target depths. These holes are planned to target a series
of previously untested BHEM plates located down-dip and down-plunge of the Selebi Main resource. Drilling is expected to consist of
approximately 12,500 metres in 6 holes over an estimated period of 7 months.

In addition to the drilling, the Company is advancing
metallurgical studies. Flowsheet designs are nearing completion, taking into consideration the ongoing XRT ore sorting evaluations.

Selkirk Mine, Botswana

The Selkirk Mine is located in the northeast of Botswana
approximately 28 km southeast of the city of Francistown, and 450 km northeast of the national capital Gaborone.

The Selkirk Mine is accessed year-round via paved