Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 60

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1A
Chunk 60
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the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ
materially from those estimates. The Company assessed certain accounting matters that generally require consideration of forecasted financial
information in context with the information reasonably available to the Company as of December 31, 2024, and through the date of this
report filing.

    F-9

Notes
to the Consolidated Financial Statements

For
the years ended December 31, 2024 and 2023

(Expressed
in Canadian dollars)

Operating
segments are reported in a manner consistent with the internal reporting provided to executive management. The Company determined that
it has one reportable operating segment being that of the acquisition, exploration and evaluation of mineral properties in three geographic
segments, which are Canada, Barbados and Botswana (Note 15).

The
Company’s presentation currency is Canadian dollars. Reference herein of $ or CAD is to Canadian dollars, US$ or USD is to United
States dollars, and BWP is to Botswana pula.

 (c) Reclassification

Certain
comparative figures on the consolidated balance sheets, consolidated statements of operations and comprehensive loss, consolidated statements
of cash flows, and the notes to the consolidated financial statements have been reclassified to conform to the current year presentation.
These reclassifications have no effect on net loss or shareholders’ equity as previously reported. An adjustment has been made to reduce share-based payments by $657,138
on the face of the consolidated statement of operations and comprehensive loss, and to increase general and administrative expenses and
general exploration expenses by $487,295 and $169,843, respectively, for the year ended December 31, 2023. In addition, general and administrative
expenses were reduced by $3,514,234 with a corresponding increase to general exploration expenses for the year ended December 31, 2023.

 (d) Basis of consolidation

These
consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries as summarized in
the table below. All intercompany transactions, balances, income and expenses are eliminated upon consolidation.

SCHEDULE OF ITS WHOLLY-OWNED SUBSIDIARIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS 

    Name of Entity 
    Place of Incorporation 
    Percentage Ownership 
    Functional Currency

    Premium Resources Ltd. 
    Ontario, Canada 
      
    CAD
  
    NAN Exploration Inc.