Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 55

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 55
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 work was completed in the first quarter
of 2025 on the Post Creek Property. The claims have sufficient work credits to keep them in good standing until 2030. No material expenditures
or activities are contemplated on the Post Creek property at this time.

Halcyon Property

The Halcyon property is located 35 kilometres northeast
of Sudbury in the Parkin and Aylmer townships and consists of 62 unpatented mining cells for a total of 1,024 hectares. Halcyon is adjacent
to the Post Creek property and is approximately two kilometres north of the producing Podolsky Mine of FNX Mining. The property was acquired
through an option agreement and as at the date of this Report, the Company holds a 100% interest in the Halcyon property and is obligated
to pay advances on a net smelter return of $8,000 per annum, which will be deducted from any payments to be made under the net smelter
return.

No exploration work was completed in the first quarter
of 2025 on the Post Creek Property. The claims are in good standing through 2030. No material expenditures or activities are contemplated
on the Halcyon property at this time.

Maniitsoq Nickel-Copper-PGM Project, Southwest
Greenland

In December 2024, the Company notified the Government
of Greenland that it was relinquishing its licences effective immediately. The Company is expecting final approval from authorities pending
the removal of remaining structures.

35

Selected Financial Information and Financial Position

The following amounts are derived from the Company’s
unaudited condensed interim consolidated financial statements prepared under US GAAP.

    In Canadian dollars, except number of shares outstanding

    Three months ended March 31,

    Income Statement
     
    2025

    2024

    Net loss

    15,228,330

    9,347,180

    Weighted average number of Common Shares outstanding – basic and diluted

    223,551,815

    149,373,068

    Basic and diluted loss per share

    0.07

    0.06

    As at

    Balance Sheet
     
    March 31, 2025

    December 31, 2024

    Additional paid-in capital

    214,806,833

    145,025,333

    Common Shares outstanding

    428,986,474

    185