Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 454

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 7A
Chunk 454
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 (reductions) to right-of-use assets and lease liabilities: 

    Recognition of right-of-use assets for finance leases 
     -  
     1,023,615 
  
    Depreciation of right-of-use assets for finance leases 
     (317,957) 
     (204,434)

Finance
Leases

Syringa
Lodge

In
July 2022, the Company executed a sales agreement (the “Lodge Agreement”) with Tuli Tourism Pty Ltd. (the “Seller”)
for the Syringa Lodge in Botswana.

    F-19

Notes
to the Consolidated Financial Statements

For
the years ended December 31, 2024 and 2023

(Expressed
in Canadian dollars)

Pursuant
to the Lodge Agreement, the aggregate purchase price payable to the Seller shall be the sum of $3,213,404 (BWP 30,720,000), payable in
three installments. A deposit of $482,011 (BWP 4,608,000) was paid in August 2022, and a second installment of $1,306,906 (BWP 13,056,000)
was paid in July 2023. The Company paid 50% of the final installment of $653,061 (BWP 6,528,000) on September 12, 2024, and paid the
final outstanding balance of $656,064 (BWP 6,528,000) on December 10, 2024. There were no amounts outstanding under the agreement at
December 31, 2024, and the assets are now 100% owned by the Company.

In
addition to the above purchase price, the Company was required to pay to the Seller an agreed interest amount of 6% per annum on the
outstanding balance, accrued and payable monthly. The Company recognized a finance lease for this lease.

Drilling
Equipment

In
March 2023, the Company entered into a drilling equipment supply agreement (the “Equipment Agreement”) with Forage
Fusion Drilling Ltd. (“Forage”) to purchase specific drilling equipment on a “rent to own” basis with
the purchase price to be paid in monthly payments.

Pursuant
to the Equipment Agreement, the aggregate purchase price payable to Forage was $2,942,000. A deposit of $1,700,000 was paid