Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 87

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 2
Chunk 87
---
 1.50  
     0.92  
     371.7  
     227.9 

The key assumptions, parameters, and methods used
to estimate the mineral resources are contained in the Selebi TRS. Readers are cautioned not to assume that all or any part of Indicated
Mineral Resources will ever be converted into Mineral Reserves as defined by S-K 1300. Readers are cautioned not to assume that all or
any part of an Inferred Mineral Resource exists or is economically or legally mineable, or that an Inferred Mineral Resource will ever
be upgraded to a higher category.

31

Selebi North

In 2023, an underground resource and exploration drilling
program at Selebi North was initiated. The program was a combination of infill and exploration drilling to follow the extension of the
mineralization down-dip and down-plunge. The Company reported the final assays from the 2023/2024 in-fill drill program on April 17, 2025.
Supplementary infill drilling has been strategically moved into later work programs.

In March 2025, the Selebi North Underground Resource
Expansion Drilling program commenced with one drill rig targeting Borehole Electromagnetic (“BHEM”) plates located
down-dip, and down-plunge from the N3, N2, and South Limbs. During 2025 and up to the date of this report, the Company has drilled approximately
2,222 metres in 3 holes. During the quarter, drill hole SNUG-25-184 intersected mineralization 183 metres down-plunge from the Selebi
Mines MRE. A BHEM survey in SNUG-25-184 identified strong off-hole responses, indicating both the South Limb and N2 zones remain open
down-plunge.

Assays for a total of approximately 34,368 metres across 82 completed holes
have not been accounted for in the Initial Selebi MRE. All core is sampled and sent to ALS Chemex in Johannesburg for analysis. All holes
are surveyed with a gyro instrument and selected holes are surveyed with BHEM geophysical tools.

Selebi Main

The Company has implemented a surface drilling program
at Selebi Main to investigate the potential of a third parallel mineralized horizon beneath the two known zones. The initial drill testing
has been through the extension of historic drill holes, to target a large BHEM plate 150 to 200 metres beneath the