Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 7

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 7
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 Income taxes paid 
      
     -  
     - 
  
    Interest paid 
      
     273,731  
     592,440 

The accompanying notes are an integral part of these unaudited condensed
interim consolidated financial statements.

8

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

 1. NATURE OF OPERATIONS AND GOING CONCERN

Premium Resources Ltd. and its wholly-owned subsidiaries’
(collectively, the “Company” or “PREM” and formerly Premium Nickel Resources Ltd.) principal business
activity is the exploration and evaluation of PREM’s flagship asset, the Selebi nickel-copper-cobalt sulphide mine in Botswana
and, separately, the Company’s Selkirk nickel-copper-cobalt-platinum group elements sulphide mine, also in Botswana. The common
shares of PREM (“Common Shares”) are listed and posted for trading on the TSX Venture Exchange (the “TSXV”)
under the symbol “PREM”. Prior to November 20, 2024, the Company traded on the TSXV under its previous name and symbol, Premium
Nickel Resources Ltd. and PNRL, respectively. In addition, the Common Shares are currently quoted on the OTC Pink Open Market under the
symbol “PRMLF”.

The following corporate structure chart sets
out details of the direct and indirect ownership of the principal subsidiaries of the Company:

Notes:

(1)Premium Nickel Group Proprietary Limited owns the Selkirk Assets
(as defined below).

(2)Premium Nickel Resources Proprietary Limited owns the Selebi
Assets (as defined below).

The Company’s head and registered office
is located at One First Canadian Place, 100 King Street West, Suite 3400, Toronto, Ontario, Canada M5X 1A4.

The principal assets of the Company are the Selebi
and Selebi North nickel-copper-cobalt (“Ni-Cu-Co”) mines in Botswana and related infrastructure (together, the “Selebi
Mines”), as well as the nickel, copper, cobalt, platinum-group elements (“Ni-Cu-Co-PGE”) Selkirk mine in
Botswana, together with associated infrastructure and four surrounding prospecting licences (collectively, the “Selkirk Mine”
and