Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 27

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 27
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 any time commencing on the first anniversary of sale of product, provided PNRP and/or PNGP
have not provided a buyback exercise notice or notice of any termination, settlement or waiver of the buyback right or royalty agreement
to Cymbria.

Under the NSR option purchase agreements, Cymbria
could acquire a 0.5% net smelter returns royalty on the Selebi Mines and Selkirk Mine upon payment of $11,648,154 (US$8,102,500) and
$1,164,815 (US$810,250), respectively.

 10. SHARE CAPITAL

The authorized capital of the Company comprises
an unlimited number of Common Shares without par value and 20,000,000 Preferred Shares, issuable in series, of which 4,000,000 are authorized
to be designated as Series 1 Convertible Preferred Shares.

There are currently 118,186 Series 1 Convertible
Preferred Shares outstanding, without par value, which are convertible at a ratio of 9:1, to 13,131 Common Shares.

a)Common Shares Issued and Outstanding

Three months ended March 31, 2025

On March 18, 2025, the Company closed the March
2025 Financing which included a non-brokered private placement and the conversion of its $20,882,353 three-year Term Loan with Cymbria
(Note 8).

The non-brokered private placement (the “Private
Placement”) consisted of issuing 153,333,334 units (each, a “Private Placement Unit”) of the Company at
a price of $0.30 per unit for aggregate gross proceeds of $46,000,000. Each Private Placement Unit consisted of one Common Share of the
Company and one-half of one Common Share purchase warrant (each whole warrant, a “Private Placement Warrant”) of the
Company. Each Private Placement Warrant entitles the holder to acquire one additional Common Share at a price of $0.55 per share until
March 18, 2028.

In connection with the March 2025 Financing,
the Company issued: (i) 4,000,000 Common Shares to TriView for its services as finder; (ii) 9,000,000 Common Shares to Fiore and 3,750,000
Common Shares to Bowering for certain advisory services; and (iii) 3,586,709 Common Shares to a financial advisor for financial