Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 54

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 54
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.

The surface drilling program that is
expected to commence in the second quarter of 2025 will utilize HQ sized holes. These will facilitate the collection of
metallurgical samples for flowsheet development and XRT ore sorting.

During the three months ended March 31, 2025, the
Company incurred $101,968 (three months ended March 31, 2024 - $196,497)
in exploration and evaluation expenditures on the Selkirk Mine. The Company incurred $327,109 to acquire the Selkirk Mine, and has incurred
a further $3,160,470 in exploration and evaluation expenditures project-to-date as at March
31, 2025.

Outlook – Selkirk 

The ongoing re-sampling program is expected to support an updated
MRE through systematic analyses of PGE to augment the patchwork of PGE analyses in the historic database.

The surface drilling program that is expected to commence in
the second quarter of 2025 will also support an updated MRE through twinning of historic holes and in-filling of identified gaps.

34

Canadian Nickel Projects - Sudbury, Ontario

Post Creek Property

The Post Creek property is located 35 kilometres east
of Sudbury in Norman, Parkin, Alymer and Rathburn townships and consists of 64 unpatented mining claim cells, covering a total area of
847 hectares held by the Company. The Company acquired the property through an option agreement in April 2010, which was subsequently
amended in March 2013. As at the date of this Report, the Company holds a 100% interest in the Post Creek property and is obligated to
pay advances on a net smelter return of $10,000 per annum, which will be deducted from any payments to be made under the net smelter return.

The Post Creek property lies adjacent to the Whistle
Offset Dyke Structure which hosts the past–producing Whistle Offset and Podolsky Cu-Ni-PGM mines. Post Creek lies along an interpreted
northeast extension of the corridor containing the Whistle Offset Dyke and Footwall deposits and accounts for a significant portion of
all ore mined in the Sudbury nickel district and, as such, represents favourable exploration targets. Key lithologies are Quartz Diorite
and metabreccia related to offset dykes and Sudbury Breccia associated with Footwall rocks of the Sudbury Igneous Complex which both represent
potential controls on mineralization.

No exploration