Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 199

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1B
Chunk 199
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 notes to the consolidated financial statements have been reclassified to conform to the current year presentation.
These reclassifications have no effect on net loss or shareholders’ equity as previously reported. An adjustment has been made to reduce share-based payments by $657,138
on the face of the consolidated statement of operations and comprehensive loss, and to increase general and administrative expenses and
general exploration expenses by $487,295 and $169,843, respectively, for the year ended December 31, 2023. In addition, general and administrative
expenses were reduced by $3,514,234 with a corresponding increase to general exploration expenses for the year ended December 31, 2023.

 (d) Basis of consolidation

These
consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries as summarized in
the table below. All intercompany transactions, balances, income and expenses are eliminated upon consolidation.

SCHEDULE OF ITS WHOLLY-OWNED SUBSIDIARIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS 

    Name of Entity 
    Place of Incorporation 
    Percentage Ownership 
    Functional Currency

    Premium Resources Ltd. 
    Ontario, Canada 
      
    CAD
  
    NAN Exploration Inc. 
    Ontario, Canada 
    100 
    CAD
  
    PNR Amalco Ltd. 
    Ontario, Canada 
    100 
    CAD
  
    Premium Resources International Ltd. 
    Barbados 
    100 
    USD
  
    Premium Resources Selkirk (Barbados) Limited 
    Barbados 
    100 
    USD
  
    Premium Resources Selebi (Barbados) Limited 
    Barbados 
    100 
    USD
  
    Premium Nickel Group Proprietary Limited 
    Botswana 
    100 
    BWP
  
    Premium Nickel Resources Proprietary Limited 
    Botswana 
    100 
    BWP

 (e) Foreign currency translation

Foreign
currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction.
Foreign denominated monetary items are translated at the rates prevailing on the balance sheet date. Non-monetary items measured at historical
cost continue to be carried at the exchange rates prevailing at the date of the transaction. Non-monetary items measured at fair value
are reported at the exchange rate prevailing at the date when fair values were determined.

Exchange
differences arising on the translation of monetary items or on settlement of monetary items are