Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 11

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 11
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 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.

The
properties in which the Company currently has an interest are in pre-revenue stage. As such, the Company is dependent on external financing
to fund its activities. In order to carry out the planned activities and cover administrative costs, the Company will use its existing
working capital and raise additional amounts as needed.

On
October 28, 2025, the Company announced a brokered “best efforts” public offering in Canada and concurrent private
placement in the United States (Note 17). On October 30, 2025, the Company announced an upsizing of the Offering for gross proceeds
of up to $80,000,070. Upon closing of the transaction, this will provide sufficient capital for the Company to pay the second
instalment under the Selebi APA (defined in Note 5) of $34,802,500
(US$25,000,000)
and fund operations in the near term, however the Company will need further funding to support advancement of the Selebi Mines and
the Selkirk Mine toward the development stage.

Although
the Company has been successful in its past fundraising activities, there is no assurance as to the success of future fundraising efforts
or as to the sufficiency of funds raised in the future.

    8

Notes
to the Unaudited Condensed Interim Consolidated Financial Statements

For
the three and nine months ended September 30, 2025 and 2024

(Expressed
in Canadian dollars)

2.
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES 

(a)
Statement of Compliance

These
unaudited condensed interim consolidated financial statements reflect the accounts of the Company and have been prepared in accordance
with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information
and in accordance with the instructions in Article 10 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission (the
“SEC”).

Certain
information or footnote disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed
or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the
information