Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 64

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1A
Chunk 64
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-line basis.

ROU
assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable.
The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is remeasured when there is a change in future lease payments, when there is a change in the Company’s estimate
of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise
a purchase, extension or termination option. These adjustments are recorded through profit or loss.

 (k) Property, plant and equipment

Property,
Plant and Equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses.

Subsequent
costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that
future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying
amount of a significant replaced part is derecognized. All other repairs and maintenance are charged to net loss during the financial
period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and
are recognized in net loss.

    F-12

Notes
to the Consolidated Financial Statements

For
the years ended December 31, 2024 and 2023

(Expressed
in Canadian dollars)

Depreciation
is calculated using the straight-line method to charge the cost, less residual value, of the assets to net loss over their estimated
useful lives. The depreciation rate applicable to each category of property, plant and equipment is as follows:

SCHEDULE
OF ESTIMATED USEFUL LIVES OF PROPERTY AND EQUIPMENT 

    Property, Plant & Equipment 
    Estimated useful life (years)
  
    Computer and software 
    2
  
    Vehicles 
    4
  
    Equipment 
    5
  
    Furniture and fixtures 
    10
  
    Buildings 
    25

 (l) Additional paid-in capital

Additional
paid-in capital is presented at the value of the shares issued as the Company’s shares have no stated par value. Transaction costs
directly attributable to the issuance of Common Shares are recognized as a deduction from equity. Transactions with shareholders are
disclosed separately in equity.

The
proceeds from the exercise of stock options or warrants together with amounts previously recorded