Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 15

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 15
---
rietary Limited
     
    Botswana
     
    100
     
    BWP
  
    Premium Nickel Resources Proprietary Limited
     
    Botswana
     
    100
     
    BWP

(f)
Debt Extinguishment

Upon
the extinguishment of debt, the difference between the amount paid on extinguishment, including miscellaneous costs of reacquisition,
and the net carrying amount of the debt being extinguished, being the amount due at maturity, adjusted for unamortized premiums, discounts,
and costs of issuance, is recognized as a gain or loss when the debt is extinguished. The fair value of the assets transferred or the
fair value of an equity interest granted is used in accounting for the settlement of the debt unless the fair value of the debt being
settled is more clearly evident.

    10

Notes to the Unaudited Condensed Interim Consolidated
Financial Statements

For the three and nine months ended September 30,
2025 and 2024

(Expressed in Canadian dollars) 

Recently
Adopted Accounting Pronouncements

(g)
ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures

In
December 2023, the Financial Accounting Standards Board (“FASB”) issued a final standard on improvements to income
tax disclosures. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as
well as information on income taxes paid. The Company adopted the new standard effective January 1, 2025, and will include certain additional
disclosures in the notes to its consolidated financial statements for the year ending December 31, 2025.

Recently
Issued Accounting Pronouncements and Disclosures Not Yet Adopted

(h)
ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures

In
November 2024, FASB issued an Accounting Standards Update (“ASU”) which will require entities to provide disaggregated
disclosure of specified categories of expenses that are included on the face of the income statement, including: purchases of inventory,
employee compensation, depreciation, amortization and depletion. This ASU becomes effective January 1, 2027. The Company is assessing
the impact of this ASU, and upon adoption, may be required to include certain additional disclosures in the notes to its consolidated
financial statements.

3.
CASH AND CASH EQUIVALENTS

A
summary