Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 36

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1A
Chunk 36
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28-

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 $42,420,283 for the year ended December 31, 2024
(December 31, 2023 - $32,376,069). 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 Annual 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.

Contractual
Obligations and Contingencies

As
of December 31, 2024, the Company had no material commitments for capital expenditures over the next 12 months, however the Company had
the following 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.
                                            These payments have been made.

●US$25,000,000 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) on the
                                            expiry date of the study phase, January 31, 2026. Pursuant to the Selebi APA, the study phase
                                            has been extended for one