Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 14

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 14
---
 13
     Notes to the Unaudited Condensed Interim Consolidated Financial StatementsFor the three months ended March 31, 2025 and 2024(Expressed in Canadian dollars)

Pursuant to the Selebi APA, the aggregate purchase
price payable to the seller for the Selebi Mines shall be the sum of $81,154,830 (US$56,750,000), which amount shall be paid in three
instalments:

●$2,086,830
                                            (US$1,750,000) payable on the closing date, and payment of care and maintenance funding contributions
                                            in respect of the Selebi Mines from March 22, 2021 to the closing date of $6,164,688 (US$5,178,747).
                                            These payments have been made.

●$35,940,000
                                            (US$25,000,000) payable upon the earlier of: (a) approval by the Botswana Ministry of Mineral
                                            Resources, Green Technology and Energy Security (“MMRGTES”) of the
                                            Company’s Section 42 and Section 43 applications (for the further extension of the
                                            mining licence and conversion of the mining licence into an operating licence, respectively),
                                            and (b) January 31, 2026, the expiry date of the study phase.

●$43,128,000
                                            (US$30,000,000) payable on the completion of mine construction and production start-up (commissioning)
                                            by the Company on or before January 31, 2030, but not later than four years after the approval
                                            by the Minister of MMRGTES of the Company’s Section 42 and Section 43 applications.

The total acquisition cost of the Selebi Mines
included the first instalment of $2,086,830 (US$1,750,000) and the payment of the care and maintenance funding contribution of $6,164,688
(US$5,178,747). As per the terms and conditions of the Selebi APA, the Company has the option to cancel the second and third payments
and return the Selebi Mines to the liquidator if the Company determines that the Selebi Mines are not economical. The Company also has
an option to pay in advance the second and third payments if the Company determines that the Selebi Mines are economical.

In addition to the Selebi APA, the purchase of
the Sele