Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 67

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 67
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 beneficially owned 23,833,224
Common Shares and 13,716,307 warrants, representing approximately 12.8% of the issued and outstanding Common Shares (approximately 18.8%
on a partially-diluted basis assuming the exercise of all warrants held by EdgePoint).

In connection with the June 2024 Financing, certain
insiders of the Company subscribed for an aggregate of 1,389,140 Units for gross proceeds of $1,083,529.

For the three months ended March 31, 2025, the Company
paid interest of $268,896 (three months ended March 31, 2024 - $519,206) to Cymbria Corporation and recognized a loss on the Debt Conversion
of $5,982,434 (three months ended March 31, 2024 – $nil).

Segmented Disclosure

The Company operates in one reportable operating segment,
being that of the acquisition, exploration and evaluation of mineral properties, in three geographic segments, being Canada, Barbados,
and Botswana. The Company’s geographic segments are as follows:

    March
31,
                                                                               2025
                    $  
    December 31,
                                                                               2024
                                                                               $ 
  
    Current assets 

    Canada 
     41,731,641  
     4,066,121 
  
    Barbados 
     441,913  
     89,446 
  
    Botswana 
    4,522,924  
     3,462,676 
  
    Total 
     46,696,478  
     7,618,243 

    Exploration and evaluation assets 

    Botswana 
     9,029,319  
     8,846,421 
  
    Property, plant and equipment 

    Botswana 
     8,055,668  
     8,488,405 

42

The Company’s exploration and evaluation activities
are assessed at the individual project level. The Selebi and Selkirk projects below make up the Botswana geographic segment.

    Three months ended March 31, 2025 

    Selebi $  
    Selkirk $  
    Other $  
    Total $ 
  
    Drilling 
     684,092  
     -  
     -  
     684,092 
  
    Site operations, administration, and overhead 
     931