Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 442

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 7A
Chunk 442
---
 compensation
and warrants; deferred taxes and valuation allowances; and asset retirement obligations. Management has determined that the Company has
no asset retirement obligations at December 31, 2024.

    F-14

Notes
to the Consolidated Financial Statements

For
the years ended December 31, 2024 and 2023

(Expressed
in Canadian dollars)

Recently
Adopted Accounting Pronouncements

a)ASU
                                            2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures.

The
Accounting Standards Update (“ASU”) is applicable to all public entities that are required to report segmented information
in accordance with ASC 280 – Segment Reporting and is effective for annual reporting periods beginning after December 15,
2023. ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures was issued to improve a public entity’s
disclosure of reportable segments, with the most significant requirement being for a public entity to disclose its significant segment
expense categories and amounts for each reportable segment. The Company adopted the new pronouncement effective January 1, 2024, with
no impact to its consolidated financial statements.

Recently
Issued Accounting Pronouncements and Disclosures Not Yet Adopted

a)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. This ASU becomes effective January 1, 2025. 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 financial statements.

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

In
November 2024, FASB issued an 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 financial statements.