Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 38

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 38
---
 affiliates an aggregate of 69,607,843 Settlement Units. As of March 31, 2025, EdgePoint and its affiliates beneficially
owned an aggregate of 93,441,067 Common Shares and 83,324,150 warrants, representing approximately 21.8% of the outstanding Common Shares
(approximately 34.5% on a partially-diluted basis assuming the exercise of all warrants held by EdgePoint).

In connection with the Private Placement (Note
10), certain insiders of the Company subscribed for an aggregate of 3,936,667 Private Placement Units for gross proceeds of $1,181,000.

For the three months ended March 31, 2025, the
Company paid interest of $268,896 (three months ended March 31, 2024 - $519,206) to Cymbria and recognized a loss on the Debt Conversion
of $5,982,434 (three months ended March 31, 2024 – $nil).

(b)Key management personnel are defined as members of the Board
of Directors and certain senior officers.

Key management
compensation was related to the following:

    Three months ended March 31, 

    2025 $  
    2024 $ 
  
    Salaries and management fees 
     196,104  
     256,491 
  
    Site operations and administration 
     426,914  
     583,037 
  
    DSUs granted, net of fair value movements 
     (10,824) 
     54,647 
  
    Share-based compensation 
     328,536  
     220,998 
  
    Key
    management compensation 
     940,730  
     1,115,173 

    25
     Notes to the Unaudited Condensed Interim Consolidated Financial StatementsFor the three months ended March 31, 2025 and 2024(Expressed in Canadian dollars)

 12. FAIR VALUE OF FINANCIAL INSTRUMENTS

ASC 820 - Fair Value Measurement establishes
a three-tier fair value hierarchy. The fair value hierarchy’s three tiers are based on the extent to which inputs used in measuring
fair value are observable in the market, and are as follows:

    Level 1:
    Quoted prices (unadjusted) in active
    markets for identical assets or liabilities;

    Level 2:
    Inputs other than quoted prices