Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 57

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1A
Chunk 57
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,628  
     5,162,991 
  
    Cash and cash equivalents at the end of the year 
      
     6,105,933  
     19,245,628 

    Supplemental cash flow information 

    Income taxes paid 
      
     -  
     - 
  
    Interest paid 
      
     2,213,032  
     1,633,888 

The
accompanying notes are an integral part of these consolidated financial statements.

F-7

Notes
to the Consolidated Financial Statements

For
the years ended December 31, 2024 and 2023

(Expressed
in Canadian dollars)

  1. NATURE OF OPERATIONS AND GOING CONCERN

Premium
Resources Ltd. and its wholly-owned subsidiaries’ (collectively, the “Company” or
“PREM” and formerly Premium Nickel Resources Ltd.) principal business activity is the exploration and evaluation
of PREM’s flagship asset, the Selebi nickel-copper-cobalt sulphide mine in Botswana and, separately, the Company’s
Selkirk nickel-copper-cobalt-platinum group elements sulphide mine, also in Botswana. The common shares of PREM (“Common
Shares”) are listed and posted for trading on the TSX Venture Exchange (the “TSXV”) under the symbol
“PREM”. Prior to November 20, 2024, the Company traded on the TSXV under its previous name and symbol, Premium Nickel
Resources Ltd. and PNRL, respectively. In addition, the Common Shares are currently quoted on the OTC Pink Open Market under the
symbol “PRMLF”.

The
following corporate structure chart sets out details of the direct and indirect ownership of the principal subsidiaries of the Company:

Notes:

  (1)
  Premium Nickel Group Proprietary
  Limited owns the Selkirk Assets (as defined below).

  (2)
  Premium Nickel Resources
  Proprietary Limited owns the Selebi Assets (as defined below).

The
Company’s head and registered office is located at One First Canadian Place, 100 King Street West, Suite 3400, Toronto, Ontario,
Canada M5X 1A4.

The
principal assets of the Company are the Selebi and Selebi North nickel-copper-cobalt (“Ni-Cu-Co”) mines in Botswana
and related infrastructure (together