Company: PRMLF
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001493152-25-011913
Chunk: 0

Company: NexMetals Mining Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 0
---
For the three and six months ended June 30, 2025 and 2024

(Expressed in Canadian dollars)

1. NATURE OF OPERATIONS AND GOING CONCERN

 a) Nature of Operations

NexMetals
Mining Corp. and its wholly-owned subsidiaries’ (collectively, the “Company” or “NEXM” and
formerly Premium Resources Ltd.) principal business activity is the exploration and evaluation of the Selebi and Selebi North nickel-copper-cobalt
(“Ni-Cu-Co”) mines in Botswana and related infrastructure (together, 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”).

The
common shares of NEXM (“Common Shares”) are listed and posted for trading on the Nasdaq Capital Market (the “Nasdaq”)
and on the TSX Venture Exchange (the “TSXV”) under the symbol “NEXM”. Prior to June 11, 2025, the Company
traded on the TSXV under its previous name and symbol, Premium Resources Ltd. and “PREM”, respectively. The Company’s
head and registered office is located at One First Canadian Place, 100 King Street West, Suite 3400, Toronto, Ontario, Canada M5X 1A4.

 b) Share Consolidation

On June 20, 2025, the Company consolidated its Common Shares on the basis
of twenty (20) pre-consolidated shares for every one (1) post-consolidation share (the “Share Consolidation”). No fractional
shares were issued in connection with the Share Consolidation. All fractional shares created by the Share Consolidation were rounded to
the nearest whole number of Common Shares, with any fractional interest representing one-half (1/2) or more Common Shares entitling holders
thereof to receive one whole Common Share.

As a result of the Share Consolidation, the number of Common Shares issuable
upon exercise of warrants has been adjusted in accordance with the applicable warrant terms, such that each warrant now entitles the holder
to receive one post-consolidation Common Share for every twenty Common Shares previously issuable, at a proportionally