Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 9

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 9
---
 8 and Note 10). While this transaction will provide sufficient capital for the Company to fund operations in the near
term, the Company will need further funding to support advancement of the Selebi Mines and the Selkirk Mine toward the development stage.

Although the Company has been successful in its
past fundraising activities, there is no assurance as to the success of future fundraising efforts or as to the sufficiency of funds
raised in the future.

 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

 (a) Statement of Compliance

These unaudited condensed interim
consolidated financial statements reflect the accounts of the Company and have been prepared in accordance with generally accepted accounting
principles in the United States (“US GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange
Commission (“SEC”) for financial information.

Historically, the Company has prepared
its financial statements under IFRS® Accounting Standards, as issued by the International Accounting Standards Board,
for reporting as permitted by security regulators in Canada, as well as in the United States under the status of a foreign private issuer
and a non-accelerated filer as defined by the SEC. In Fiscal 2024, the Company determined that it no longer qualified as a non-accelerated
filer under the SEC rules, as the SEC rules apply to foreign private issuers. As a result, the Company elected to report with the SEC
on domestic forms and comply with domestic company rules, which permit the Company to continue to avail itself of accommodations available
to non-accelerated filers that file on domestic issuer forms. Consequently, the Company transitioned to preparing its financial statements
using US GAAP for its SEC filing requirements.

The accompanying unaudited condensed
interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements
for the year ended December 31, 2024. The interim period results do not necessary indicate the results that may be expected for any other
interim period or for the full fiscal year.

    10
     Notes to the Unaudited Condensed Interim Consolidated Financial StatementsFor the three months ended March 31, 2025 and 2024(Expressed in Canadian dollars)

 (b) Basis of preparation

These unaudited condensed interim
consolidated financial statements have been prepared under the historical cost convention, modified by the revaluation of any financial
assets and financial liabilities