Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 12

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 12
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 Adopted Accounting Pronouncements

(f)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

(g)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.

    12
     Notes to the Unaudited Condensed Interim Consolidated Financial StatementsFor the three months ended March 31, 2025 and 2024(Expressed in Canadian dollars)

 3. CASH AND CASH EQUIVALENTS

A summary of the Company’s cash and cash
equivalents is detailed in the table below:

SCHEDULE OF CASH AND CASH EQUIVALENTS

    March 31, 2025 $  
    December 31, 2024 $ 

    Cash 
     45,179,339  
     4,015,933 
  
    Short-term deposits 
     287,500  
     2,090,000 
  
    Cash and cash equivalents 
     45,466,839  
     6,105,933 

The cash balance at March 31, 2025, includes
the proceeds from the non-brokered private placement (Note 10) that closed on March 18, 2025.

 4. OTHER RECEIVABLES

A summary of the Company’s other receivables
is