Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 49

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1A
Chunk 49
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 the Company’s going concern analysis. The
Company’s ability to execute the planned refinancing actions are especially judgmental given that the global financial markets
and economic conditions have been, volatile. This matter is also described in the “Material Uncertainty Related to Going Concern”
section of our report.

Audit
Response

We
responded to this matter by performing procedures over management’s assessment of the Company’s ability to continue as a
going concern. Our audit work in relation to this included, but was not restricted to, the following:

    ●
    We evaluated
    the cash flow forecasts prepared by management and evaluated the integrity and arithmetical accuracy of the model.

    ●
    We evaluated the key assumptions
    used in the model to estimate future cash flows for a reasonable period of time, not exceeding 12 months from the date of the consolidated
    statements of financial position, by comparing assumptions used by management against budgets, economic and industry indicators and
    publicly available information.

    ●
    We evaluated the key assumptions
    pertaining to estimated cash flows from operating activities and expected cash flows from financing activities, underlying agreements, private placement raises and subsequent events thereafter.

    ●
    We assessed the adequacy
    of the going concern disclosures included in Note 1 of the consolidated financial statements and consider these to appropriately
    reflect the assessments that management has performed.

We
have served as the Company’s auditor since 2022.

     MNP
    LLP
  
    Chartered
    Professional Accountants;

    Licensed
    Public Accountants

    Ottawa,
    Canada

    March
    19, 2025

    PCAOB
    ID: 1930

F-3

Consolidated
Balance Sheets

(Expressed
in Canadian dollars)

    As at 

    Notes 
    December
31, 2024$  
    December 31, 2023 $ 
  
    ASSETS 

    CURRENT ASSETS 

    Cash and cash equivalents 
    3 
     6,105,933  
     19,245,628 
  
    Prepaid expenses 
      
     540,288  
     900,310 
  
    Other receivables 
    4 
     972,022  
     532,835 
  
    TOTAL CURRENT ASSETS 
      
     7,618,243  
     20,678,773 

    NON-C