Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 179

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1B
Chunk 179
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Term Loan to 15% per annum upon the occurrence of an event of default; (ii) the Company could prepay all or any portion of the
principal amount outstanding with a minimum repayment amount of $500,000 and in an integral multiple of $100,000, together with all
accrued and unpaid interest on the principal amount being repaid; and (iii) mandatory prepayment was to be made when the Company had
non-ordinary course asset sales or other dispositions of property or the Company received cash from the issuance of indebtedness for
borrowed money. As at December 31, 2024, the Company was in compliance with the Term Loan covenants.

In
March 2025, the Company closed a significant refinancing and the deleveraging of its balance sheet with the conversion of the Term
Loan into equity.

While
the Company has arranged this additional financing, the proceeds are intended for the advancement of exploration and evaluation activities
at the Mines. Therefore, the Company will need to arrange additional financing to meet its commitments under the asset purchase agreements.

Contingencies

There
are no environmental liabilities associated with the Mines as at the acquisition dates as all liabilities incurred prior to the acquisitions
are the responsibility of the sellers, BCL and TNMC. The Company has an obligation for the rehabilitation costs arising subsequent to
the acquisitions. As of December 31, 2024, there were no material rehabilitation costs for which the Company expects to incur, and management
is not aware of or anticipating any contingent liabilities that could impact the financial position or performance of the Company related
to its exploration and evaluation assets.

The
Company’s exploration and evaluation assets are affected by the laws and environmental regulations that exist in the various jurisdictions
in which the Company operates. It is not possible to estimate any future contingent liabilities and the impact on the Company’s
operating results due to future changes in the Company’s re-development of its projects or future changes in such laws and environmental
regulations.

Related
Party Transactions

Related
party transactions are summarized below and include transactions with the following individuals or entities:

Key
management (defined as members of the Board of Directors and certain senior officers) compensation was related to the following:

    Year ended December 31, 

    2024 $  
    2023 $ 
  
    Salaries and management fees 
     1,373,388  
     1,195,550 
  
    One-time retirement benefit