Company: PRMLF
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001493152-25-011913
Chunk: 45

Company: NexMetals Mining Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 45
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 impact on processing including energy, reagent and water usage, reduced downstream tailings, and lower expected operating
costs. XRT pre-concentration sorting has the potential to be applied at both the Selebi Mines and Selkirk Mine.

The
Company also commenced the hydrometallurgical test program during the quarter, the first phase of which will test the recoverability
of Selebi concentrates.

Structural
reviews are underway along with 3D modelling for the lower levels of the Selebi Mines to optimize drillhole positioning.

During
the three and six months ended June 30, 2025, the Company incurred $8,620,305 (three months ended June 30, 2024 - $6,223,952) and $14,614,458
(six months ended June 30, 2024 - $12,693,881), respectively, 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 $83,911,034 in exploration and evaluation expenditures project-to-date
as at June 30, 2025.

32

Outlook

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. Drill hole SNUG-25-192, currently in progress, is targeting the southern strike extent between SNUG-25-184
and SNUG-25-186 to further evaluate the continuity and scale of both the South Limb and N2 mineralized systems.

The
Selebi Hinge drilling offers a strategic opportunity for potential substantial resource expansion. With the pre-collaring of the holes
well underway and the recent mobilization of the more powerful deep drill to extend these holes to final target depths, the Company expects
to make significant progress on the program through the remainder of the year. 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 including hydrometallurgical test work. Flowsheet designs are
in progress, taking into consideration the ongoing XRT pre-concentration sorting evaluations. The Company plans to continue advancing the 3D modelling
work to continually optimize drill hole placement.

Selkirk
Mine, Botswana

The
Selkirk Mine is located