NASDAQ: NEXM

For
more information relating to the Mines, please see “Part I, Item 2. Properties – Selebi Mines”
and “Part I, Item 2. Properties – Selkirk Mine” below.

Highlights
and Key Developments:

●
On
January 31, 2025, the Company filed the Selkirk Mineral Resource Estimate (“Selkirk MRE”) in conformance with
S-K 1300 and Item 601(b)(96) Technical Report Summary, entitled “S-K 1300 Technical Report Summary, Selkirk Nickel Project,
North East District, Republic of Botswana” (the “Selkirk TRS”) and dated January 8, 2025 (with an effective
date of November 1, 2024) for its Selkirk Mine. The Selkirk MRE provides a solid foundation for advancing the Selkirk deposit to
an economic study.

●

On
March 18, 2025, the Company closed a significant recapitalization of the Company (the “March 2025 Financing”),
which included a $46.0 million non-brokered equity private placement and the equity conversion of its $20.9 million three-year term
loan (the “Term Loan”) with Cymbria Corporation (“Cymbria”). The March 2025 Financing resulted
in the successful deleveraging of the Company’s balance sheet. On March 20, 2025, Morgan Lekstrom was appointed as the Company’s
Chief Executive Officer (“CEO” or “Chief Executive Officer”). For a summary of the transactions,
see “Liquidity & Capital Resources — Financings.”

●
During
2025, the Company announced the following appointments to the board of directors (the “Board of Directors” or
the “Board”):

○Chris
Leavy on March 25, 2025;

○André
van Niekerk on April 24, 2025;

○Philipa
Varris on July 23, 2025;

○Warwick
Morley-Jepson on January 8, 2026; and

○Sean
Whiteford on February 9, 2026.

On
March 20, 2025, the Company also appointed Paul Martin as Chairman of the Board, previously serving as Director and Interim Chief
Executive Officer. James K. Gowans retired as Chairman of the Board but continues to serve as a director of the Company. The Company
also announced the retirements of William O’Reilly, Don Newberry, and Norman MacDonald, and the resignation of Morgan Lekstrom,
as directors of the Company.

●

On
April 10, 2025, the Company announced a new strategic direction aimed at rapidly demonstrating the size potential of the Selebi North
and Selebi Main deposits.

●
On
June 3, 2025, shareholders approved the Company’s adoption of a new “rolling up to 10%” long-term omnibus
incentive plan (the “Omnibus Plan”) which replaced the Company’s existing stock option (“Option”)
plan, restricted share unit (“RSU”) plan, and deferred share unit (“DSU”) plan.

●

On
June 9, 2025, the Company announced that it changed its name from “Premium Resources Ltd.” to “NexMetals Mining
Corp.” On June 11, 2025, the Company’s Common Shares commenced trading on the TSXV under the new name and new stock ticker
symbol, “NEXM”.

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●

On
June 16, 2025, the Company announced the appointment of Brett MacKay as Senior Vice President and Chief Financial Officer (“CFO”
or “Chief Financial Officer”).

●

On
June 20, 2025, the Company’s Common Shares were consolidated on the basis of twenty (20) pre-consolidated shares for every
one (1) post-consolidation share in connection with the Company’s listing on the Nasdaq, which requires a minimum bid price
of US$4.00 per share under its initial listing requirements.

●
On
July 16, 2025, the Company’s Common Shares began trading on the Nasdaq under the symbol “NEXM”.

●
On
July 17, 2025, the Company announced that it had received a non-binding letter of interest (“LI”) from the Export-Import
Bank of the United States (“EXIM”). The LI indicates the potential for up to US$150 million in financing, with
a maximum 15-year repayment tenor, to support the re-development of the Mines.

●
On
October 10, 2025, the Company announced that it had continued out of the provincial jurisdiction of Ontario into the jurisdiction
of the Province of British Columbia under the Business Corporations Act (British Columbia).

●

On
November 17, 2025, the Company closed a brokered public offering in Canada and a concurrent
private placement in the United States for gross proceeds of $80.0 million. The November
2025 financing funded the prepayment of the first contingent milestone payment under the
Selebi Asset Purchase Agreement (the “Selebi APA”), dated as of September
28, 2021, by and between the Company and the liquidator of BCL Limited (“BCL”,
and the liquidator, the “BCL Liquidator”) and the Selkirk Asset Purchase
Agreement (the “Selkirk APA”), dated as of January 19, 2022, by and between
the Company and the liquidator of Tati Nickel Mining Company (“TNMC”,
and the liquidator, the “TNMC Liquidator”) and will be used to advance
exploration and development activities at the Mines, and for working capital and general
corporate purposes. See “Part II, Item 7. Management’s Discussion and Analysis
of Financial Condition and Results of Operations - Liquidity & Capital Resources –
Financings”.

●
On
December 2, 2025, the Company completed the contingent milestone payment of US$25.0 million to the BCL Liquidator under the Selebi
APA and Selkirk APA. This payment confirms the Company has unencumbered title to both the Selebi and Selkirk assets.

●

On
December 15, 2025, the Company announced that its President, Sean Whiteford, would be replacing
Morgan Lekstrom as the Company’s Chief Executive Officer. Sean Whiteford assumed the
role of Chief Executive Officer on January 15, 2026. Morgan Lekstrom resigned from the Company’s
Board of Directors on February 9, 2026, and Sean Whiteford was reappointed to the Company’s
Board of Directors to fill the vacancy.

●

On
January 15, 2026, the Company outlined the strategy and work programs for 2026 at the Mines.
Building on the Company’s success made in 2025 that expanded mineralization and advanced
technical studies, the Company believes it is well positioned in 2026 to accelerate resource
growth and advance both projects toward future economic assessments. For more information
on the Company’s planned 2026 activities, see “Part II, Item 7. Management’s
Discussion and Analysis of Financial Condition and Results of Operations – Exploration
and Evaluation Activities”.

●
On
February 2, 2026, the Company announced the appointment of David Eichenberg as Vice President, Geology.

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Corporate
Social Responsibility

The
Company is committed to conducting its business in a socially responsible and sustainable manner, with a focus on environmental stewardship,
health and safety, community engagement and ethical conduct. The Company has established policies and procedures in its Code of Business
Conduct and Ethics to ensure compliance with applicable laws and regulations, as well as industry standards for responsible mining.
NEXM recognizes the importance of stakeholder engagement and works closely with local communities, indigenous groups and other stakeholders
to ensure their concerns and perspectives are heard and addressed.

Exploration
and Evaluation Activities

Selebi
Mines

The
Company advanced several initiatives at the Selebi Mines including the drill program that is targeting the two-kilometer gap between
the Selebi Main and Selebi North deposits and the surface and underground exploration drilling at Selebi Main and Selebi North, respectively.
The programs have expanded the mineralized footprint and improved geological understanding. Metallurgical flowsheet development and successful
bench scale testing of blended Selebi Main and Selebi North material demonstrated that clean, high grade saleable separate copper and
nickel-cobalt concentrates could be produced. Based on these results, and subject to further economic evaluation, a hydrometallurgical
facility may not be required, significantly derisking the capital requirements and operational complexity of future production at the
Selebi Mines. The Company commenced a Preliminary Economic Assessment, as defined in NI 43-101 (“PEA”) in October
2025 for the Selebi Mines under the separate saleable concentrates scenario, the scope of which will include mine design and scheduling,
process engineering, infrastructure planning, and capital and operating cost estimation. This assessment is being undertaken in accordance
with Canadian disclosure standards and does not constitute an “initial assessment,” “pre-feasibility study,”
or “feasibility study” as defined under the SEC’s Regulation S-K 1300.

Selkirk
Mine

The
Company completed the metallurgical drill program and core resampling program at Selkirk, and advanced metallurgical flowsheet development
work. The results of this work will support future economic studies and be incorporated into an updated Mineral Resource Estimate during
the first half of 2026.

Employees

As of December 31, 2025, we had 204 full time employees,
202 of which were located in Botswana. In addition, we utilize consultants and contractors to support our exploration activities.

Available
Information

We
file annual, quarterly, current reports and other information with the SEC. You may read and copy any reports, statement or other information
that we file with the SEC at the SEC’s public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC
at (202) 551-8090 for further information on the public reference room. These SEC filings are also available to the public from commercial
document retrieval services and at the Internet site maintained by the SEC at http://www.sec.gov.

The
Company’s website is https://nexmetalsmining.com/. The Company’s website is not incorporated in this Report.

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