Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 434

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 7A
Chunk 434
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 been prepared in accordance with generally accepted accounting
principles in the United States (“US GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange
Commission (“SEC”) for financial information.

Historically,
the Company has prepared its financial statements under International Financial Reporting Standards, as issued by the International Accounting
Standards Board, for reporting as permitted by security regulators in Canada, as well as in the United States under the status of a foreign
private issuer and a non-accelerated filer as defined by the SEC. In Fiscal 2024, the Company determined that it no longer qualified
as a non-accelerated filer under the SEC rules, as the SEC rules apply to foreign private issuers. As a result, the Company elected to
report with the SEC on domestic forms and comply with domestic company rules, which permit the Company to continue to avail itself of
accommodations available to non-accelerated filers that file on domestic issuer forms. Consequently, the Company transitioned to preparing
its financial statements using US GAAP for its SEC filing requirements.

 (b) Basis of preparation

These
consolidated financial statements have been prepared under the historical cost convention, modified by the revaluation of any financial
assets and financial liabilities where applicable. The preparation of these consolidated financial statements in accordance with U.S.
GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of
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 B