Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 72

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 72
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 placement
in the United States. On October 30, 2025, the Company announced an upsizing of the Offering to 14,035,100 November 2025 Units of the
Company at a price of $5.70 per November 2025 Unit for aggregate gross proceeds of up to $80,000,070.

Each
November 2025 Unit will consist of one Common Share and one common share purchase warrant of the Company. Each November 2025 Warrant
will entitle the holder to acquire one Common Share for a period expiring 24 months following the date of issuance at a price of
$8.00.

The
net proceeds from the Offering are expected to be used to fund the prepayment of the first contingent milestone payment under the Selebi
APA and Selkirk APA, the timing of which is planned prior to the end of 2025, to advance exploration and development activities at the
Mines, and for working capital and general corporate purposes.

The
agents will receive a cash fee equal to 6% of the gross proceeds of the Offering, subject to a reduced cash fee equal to
2.0% for sales to certain individuals on gross proceeds of $7,000,000 million. In connection with the Offering, on November 12, 2025 we entered into an
agency agreement with the agents, a copy of which is attached hereto as Exhibit 10.1.

 The Offering is expected to close on November 17, 2025 (the “Closing Date”) and remains
subject to customary closing conditions.

Subject
to any changes in the Company’s operational plan, this transaction will provide the Company with the funds required to prepay the
first contingent milestone payment under the Selebi APA and Selkirk APA, advance its planned activities and cover administrative costs
into the first quarter of 2027.

Going
Concern

The
ability of the Company to continue operations as a going concern is ultimately dependent upon achieving profitable operations and its
ability to obtain adequate financing. The Company incurred a net loss of $16,004,468 and $46,321,544 for the three and nine months ended
September 30, 2025, respectively (net loss of $12,004,960 and $31,145,332 for the three and nine months ended September 30, 2024, respectively).
To date, the Company has not generated profitable operations from its resource activities. It is not possible to predict whether future