Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 139

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1A
Chunk 139
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Board of Directors is charged with reviewing and approving all potential related party transactions. All such related party transactions
must then be reported under applicable SEC rules. We have not adopted other procedures for review, or standards for approval, of such
transactions, but instead review them on a case-by-case basis.

-55-

Director
Independence

The
independence of our directors is determined under Nasdaq Rules.

For
the purposes of this Report, as of March 19, 2025, the Board has determined that 6 of our 7 current directors are independent
persons under the Nasdaq Rules, which is the majority of the Board:  James Gowans, Norman MacDonald, Mark Christensen,
Jason LeBlanc, Donald Newberry and William O’Reilly. Paul Martin is currently Interim Chief Executive Officer of the Company and is
therefore not independent. Norman MacDonald has served as a financial advisor to the Company in connection with a significant equity
and debt financing in June 2024 for which he was paid $58,500, however his advisory services were terminated in September 2024 and
he is not providing any ongoing consulting services to the Company. The Board considered his services as a financial advisor to the
Company in making its determination that he is independent

Committees

The
Company has four committees of its Board in place:

    1.
    Audit
    and Risk Management Committee (“ARMC”);

    2.
    Human
    Resources and Compensation Committee;

    3.
    Sustainability
    Committee; and

    4.
    Corporate
    Governance & Nominating Committee (“CGNC”).

The
ARMC is comprised of Jason LeBlanc (Chair), Paul Martin and Donald Newberry. The ARMC is responsible for providing oversight of the Company’s
financial reporting, internal controls, and risk management processes. Key responsibilities include ensuring the accuracy, completeness,
and reliability of the financial statements and disclosures, effectiveness of internal controls, overseeing risk management processes,
ensuring compliance with applicable laws, regulations, and internal policies and procedures, and overseeing the Company’s external
auditors. The Board has determined that all members of the ARMC are financially literate, and that Mr. LeBlanc qualifies as an “audit
committee financial expert” for purposes of the SEC’s rules.

The
HRCC is made up of Paul Martin (Chair), Jason LeBlanc and Mark Christensen. The HRCC is responsible for overseeing the Company’s
remun