Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 197

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 2
Chunk 197
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 our financial condition and results of operations is based on our unaudited condensed interim
consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these unaudited condensed
interim consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities,
revenues and expenses and the disclosure of contingent assets and liabilities in our unaudited condensed interim consolidated financial
statements. We base our estimates on historical experience, known trends and events, and other assumptions that we believe are reasonable
under the circumstances, and we evaluate these estimates on an ongoing basis. Actual results may differ from these estimates under different
assumptions or conditions.

There
have been no significant changes to the critical accounting estimates and judgements disclosed in our Annual Report on Form 10-K for
the year ended December 31, 2024, with the exception of the below:

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.

Recently
Adopted Accounting Pronouncements

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

In
December 2023, 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

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