Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 94

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 2
Chunk 94
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    March 31, 2025

    December 31, 2024

    Additional paid-in capital

    214,806,833

    145,025,333

    Common Shares outstanding

    428,986,474

    185,708,588

    Total assets

    63,781,465

    24,953,469

    Current liabilities

    7,261,855

    4,207,753

Net Loss

The net loss of $15,228,330 for the three months ended
March 31, 2025 was higher by $5,881,150 compared to the prior year comparable period of $9,347,180, largely due to the loss on the Term
Loan extinguishment of $5,982,434 and an increase in general and administrative expenses of $462,682 largely associated with stock options
issued during the current period, partially offset by reduced general exploration expenses of $578,682 resulting from the pause of certain
activities in the current period as part of cash conservation measures.

Total Assets

Total assets as at March 31, 2025 increased by $38,827,996
from the December 31, 2024 balance largely as a result of higher cash balances in the current period. During the quarter, the Company
closed a Private Placement for aggregate gross proceeds of $46,000,000 (see “Liquidity & Capital Resources — Financings”).

Current Liabilities

Current liabilities as at March 31, 2025 increased
by $3,054,102 from December 31, 2024 due to: (i) an increase in trade payables as the Company deferred certain payments as part of cash
conservation measures; and (ii) an increase in share issuance costs payable related to the March 2025 Financing.

36

Overall Performance and Results of Operations

As at the date of this Report, the Company has not
earned revenue nor proved the economic viability of its projects. The Company’s expenses are not subject to seasonal fluctuations
or general trends other than factors affecting costs such as inflation and input prices. The Company’s expenses and cash requirements
will fluctuate from period to period depending on the level of activity at the projects, which may be influenced by the Company’s
ability to raise capital to fund these activities. Comparisons of activity made between periods should be viewed with this in mind. The
Company’s quarterly results may