Company: PRMLF
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001493152-25-011913
Chunk: 48

Company: NexMetals Mining Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 48
---
 29 of 34 holes have been processed, relogged and resampled for a total of 8,707 metres. The 2025 program has confirmed
high-grade mineralization including 8.69% CuEq2 and elevated Rhodium outside of the Selkirk MRE.

Studies

Metallurgical
studies are ongoing, focused on supporting the development of a modern metallurgical flowsheet including the potential for XRT pre-concentration.
Sample preparation works for separate copper and nickel concentrate testing are also underway. This work will be incorporated into an
updated Mineral Resource Estimate and future economic evaluations.

During
the three and six months ended June 30, 2025,
the Company incurred $1,603,705 (three months ended June 30, 2024 - $322,642) and $1,705,673 (six months ended June 30, 2024 - $519,139),
respectively, in exploration and evaluation expenditures on the Selkirk Mine. The Company incurred $327,109 to acquire the Selkirk
Mine, and has incurred a further $4,764,175 in exploration and evaluation expenditures project-to-date as at June 30, 2025.

Outlook
– Selkirk 

The
Company has expanded the exploration efforts to include a targeted electromagnetic (“EM”) program. With the metallurgical
drilling program completed, the Company has advanced to the next phase of exploration. This next phase focuses on outlining high-grade
mineralization through BHEM, the same technology used at the Selebi Mines, and drilling of untested historical VTEM anomalies located
immediately south of the Selkirk resource.

The
BHEM surveys were completed in July 2025 in all metallurgical holes. Two drills are currently targeting modeled VTEM conductors, previously
defined by a historical 2012 heliborne geophysical survey with no indication of drill testing. These conductors are situated near known
mineralization within the existing mining license and represent potential new satellite discoveries.

2
CuEq% calculated using the formula Cu% + Ni%*(55.605/53.913) + Pd g/t*(22.948/53.913) + Pt g/t*(14.891/53.913) from the Selkirk Technical
Report. 

34

Other
Properties

Canadian
Nickel Projects - Sudbury, Ontario

Post
Creek Property

The
Post Creek property is located 35