Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 360

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1C
Chunk 360
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 option to participate in
any such repurchase, acquire a 0.5% net smelter returns royalty on the applicable property by paying an amount equal to one half of the
repurchase price payable by PNRP or PNGP pursuant to the applicable NSR, less the Option Payment paid at closing pursuant to the relevant
option agreement among Cymbria and PNRP or PNGP, as applicable. Cymbria has the right to put its options back to PNRP and PNGP in certain
circumstances in return for the reimbursement of the applicable portion of the Option Payment. Cymbria also has the right to compel the
Company to repurchase the applicable portion of its NSR from the relevant liquidator.

Under
the NSR option purchase agreements, Cymbria could acquire a 0.5% net smelter returns royalty on the Selebi Mines and Selkirk Mine upon
payment of $11,658,687 (US$8,102,500) and $1,165,869 (US$810,250), respectively.

  As
part of the Term Loan conversion into equity that closed on March 18, 2025, (Note 19), the Company and Cymbria amended the terms of
the agreements. Cymbria will now have the right to acquire a 0.5%
NSR royalty on the Selebi Mines and Selkirk Mine upon payment of the above amounts in the event the NSRs are repurchased or the NSRs are terminated, settled, or waived with the relevant liquidator.

11. PROMISSORY
NOTE

On
November 21, 2022, the Company announced a $7,000,000 bridge loan (the “Bridge Loan”) financing from Pinnacle Island
LP (the “Lender”). The Bridge Loan financing closed on November 25, 2022 and net proceeds of $6,740,000 were received
by the Company (after deducting the commitment fee of $260,000). The Bridge Loan was evidenced by the issuance of a promissory note by
the Company to the Lender (the “Promissory Note”). The Promissory Note had a principal amount of $7 million and bore
interest at a rate of 10% per annum, calculated monthly and initially payable on February 22, 2023, being the maturity date of the Promissory
Note, with a right of the Company to extend the maturity. The Company extended the maturity of the Prom