Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 176

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1B
Chunk 176
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 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 year from the original expiry date of January 31, 2025. This extension
                                            follows successful completion by the Company of the work and investment milestones required
                                            by the Selebi APA.

●The
                                            third instalment of US$30,000,000 is payable on the completion of mine construction and
                                            production start-up by the Company on or before January 31, 2030, but not later than four
                                            years after the approval by the Minister of MMRGTES of the Company’s Section 42 and
                                            Section 43 applications.

As
per the terms and conditions of the Selebi APA, the Company has the option to cancel the second and third payments and return the
Selebi Mines to the BCL Liquidator if the Company determines that the Selebi Mines are not economical. The Company also has an
option to pay in advance the second and third payments if the Company determines that the Selebi Mines are economical. The
Company’s accounting policy is to measure and record contingent consideration when the conditions associated with the
contingency are met. As of December 31, 2024, none of the conditions of the second and third instalments have been met, hence these
amounts are not