Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 58

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1A
Chunk 58
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, the “Selebi Mines”), as well as the nickel, copper, cobalt, platinum-group elements
(“Ni-Cu-Co-PGE”) Selkirk mine in Botswana, together with associated infrastructure and four surrounding prospecting
licences (collectively, the “Selkirk Mine” and together with the Selebi Mines, the “Mines”).

Going
Concern

The
Company, being in the exploration stage, is subject to risks and challenges similar to companies in a comparable stage of exploration
and development. These risks include the challenges of securing adequate capital for exploration and advancement of the Company’s
material projects, operational risks inherent in the mining industry, and global economic and metal price volatility, and there is no
assurance management will be successful in its endeavors.

    F-8

Notes
to the Consolidated Financial Statements

For
the years ended December 31, 2024 and 2023

(Expressed
in Canadian dollars)

These
consolidated financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it
will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary
course of operations. 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 and will need to invest additional funds
in carrying out its planned evaluation, development and operational 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. These 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