Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 130

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 130
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 the Company which included a $46.0 million non-brokered equity
    private placement and the equity conversion of its $20.9 million three-year term loan with Cymbria Corporation. The March 2025 Financing
    has resulted in the successful deleveraging of the Company’s balance sheet and has provided the Company with the funds necessary
    to advance its new strategic direction. On March
    20, 2025, Morgan Lekstrom was appointed as the Company’s Chief Executive Officer. For a summary of the transactions, see “Liquidity
    & Capital Resources — Financings”.

28

    ●
    The Company announced the following appointments to the board of directors (the “Board of Directors” or the “Board”):

    ○
     Chris Leavy on March
    25, 2025

    ○
    André van
    Niekerk on April 24, 2025; and

    ○
    Philipa Varris on
    July 23, 2025.

    The Company also appointed Paul Martin to Chairman of the Board, previously serving as Director and Interim Chief Executive Officer, on March 20, 2025. James K. Gowans retired as Chairman of the Board but continues as a director of the Company. The Company also announced the retirements of William O’Reilly, Don Newberry, and Norman MacDonald as directors of the Company.

    ● 
    On April 10, 2025, the
    Company announced a new strategic direction for the Mines. The Company’s strategic direction is aimed at rapidly demonstrating
    the size potential of the Selebi North and Selebi Main deposits. The Company is aggressively executing a carefully designed exploration
    drilling program at the Selebi Mines while concurrently finalizing metallurgical work to identify the optimal mineral processing
    method to consider in a future economic study. In addition, the Company is advancing the Selkirk Mine through ongoing work programs
    focused on resource expansion and metallurgical flowsheet development. For more information relating to the activities, see “Exploration
    and Evaluation Activities and Mineral Properties” below.

    ●
    On June 3, 2025, shareholders
    approved the Company’s adoption of a new “rolling up to 10%” long-term omnibus incentive plan which replaces
    the Company’s existing stock option plan, restricted share unit plan, and deferred share unit plan.

    ● 
    On June