Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 62

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 62
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 activities, there is no assurance as to the success of future fundraising efforts or as to the sufficiency of funds raised
in the future. Factors that could affect the availability of financing include the progress and results of ongoing exploration and evaluation
activities at the Mines, the state of international debt and equity markets, and investor perceptions and expectations with respect to
global commodity markets. If necessary, depending on the amount of funding raised, the Company may explore opportunities to defer the
timing of certain discretionary expenditures and the Company’s planned initiatives and other work programs may be postponed, or
otherwise revised.

Going Concern

The ability of the Company to
continue operations as a going concern is ultimately dependent upon achieving profitable operations and its ability to obtain
adequate financing. The Company incurred a net loss of $15,228,330 for the three months ended March 31, 2025 (three months ended
March 31, 2024 - $9,347,180). To date, the Company has not generated profitable operations from its resource activities. It is not
possible to predict whether future financing efforts will be successful or if the Company will attain a profitable level of
operations. These material uncertainties cast substantial doubt about the Company’s ability to continue as a going concern.
The accompanying unaudited condensed interim consolidated financial statements do not include any adjustments relating to the
recoverability and classification of recorded asset amounts and classification of liabilities, and the reported expenses and
comprehensive loss that might be necessary should the Company be unable to continue as a going concern. These adjustments could be
material. In assessing whether a going concern assumption is appropriate, management considers all available information about the
future, which is at least, but not limited to, twelve months from the date of this report.

39

Contractual Obligations and Contingencies

As of March 31, 2025, the Company had commitments
for capital expenditures over the next 12 months of $1,062,094 and the following other contractual obligations and commitments:

Selebi Mines

As per the Selebi APA, the aggregate purchase price
payable to the seller for the Selebi Mines is the sum of US$56,750,000 which amount shall be paid in three instalments:

    ●
    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 US$5,178,747.