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

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 10
---
 where applicable. The preparation of these unaudited condensed interim consolidated financial statements
in accordance with US 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 March 31, 2025, and
through the date of this report filing.

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 13).

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 BWP is to Botswana
pula.

The significant accounting policies
used in the preparation of these unaudited condensed interim consolidated financial statements are consistent with those used in the
preparation of the audited annual consolidated financial statements for the year ended December 31, 2024. Except as described in Note
2(e) and (f), there were no changes in significant accounting policies during the three months ended March 31, 2025.

 (c) Reclassification

Certain comparative figures on
the unaudited condensed interim consolidated balance sheets, unaudited condensed interim consolidated statements of operations and
comprehensive loss, unaudited condensed interim consolidated statements of cash flows, and the notes to the unaudited condensed
interim consolidated financial statements have been reclassified to conform to the current year presentation. These
reclassifications have no effect on net loss or shareholders’ equity as previously reported. An adjustment has been made to
reduce share-based compensation by $389,612
on the face of the unaudited condensed interim consolidated statement of operations and comprehensive loss, and to increase general
and administrative expenses and general exploration expenses by $266,788
and $122,824,
respectively, for the three months ended March 31, 2024. General and administrative expenses were reduced by $934,340
with an increase to general exploration expenses of $859,636 and investor relations and communications of $74,704 for the period