Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 32

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 32
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    Outstanding, beginning of the year 
     15,586,771  
     1.28  
     13,487,921  
     1.39 
  
    Granted 
     5,750,000  
     0.50  
     3,410,000  
     1.05 
  
    Exercised 
     -  
     -  
     (278,100) 
     (0.86)
  
    Expired/cancelled 
     (753,000) 
     (0.93) 
     (1,033,050) 
     (2.01)
  
    Outstanding, end of the period 
     20,583,771  
     1.08  
     15,586,771  
     1.28 

The total intrinsic value of options exercised
for the year ended December 31, 2024, was $149,405.

During the three months ended March 31, 2025,
the Company granted an aggregate of 5,750,000 stock options to employees, directors, officers and consultants with a term of five years.
The options have an exercise price of $0.50 per Common Share and vest as to one-half on the date of grant and the balance on the first
anniversary of the date of grant.

During the year ended December 31, 2024, the
Company granted an aggregate of 3,410,000 stock options to employees, directors, officers and consultants with a term of five years.
The options have a weighted average exercise price of $1.05 per Common Share, with 3,235,000 vesting annually in equal thirds beginning
on the date of grant, and 175,000 vesting immediately on the date of grant.

For the three months ended March 31, 2025, a
total of $879,513 (three months ended March 31, 2024 – $389,612) was recorded as share-based compensation expense and credited
to additional paid-in capital related to the Option Plan.

The fair value of stock options granted was calculated
using the Black-Scholes Option Pricing Model. The volatility is determined using the historical daily volatility over the expected life
of the options. The expected life of the options considers the contractual term of the options, as well as an estimate of the time to