Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 88

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 88
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For
the three and nine months ended September 30, 2025 and 2024

(Expressed
in Canadian dollars)

1.
NATURE OF OPERATIONS AND GOING CONCERN

a)
Nature of Operations

NexMetals
Mining Corp. and its wholly owned subsidiaries’ (collectively, the “Company” or “NEXM”
and formerly Premium Resources Ltd.) principal business activity is the exploration and evaluation of the Selebi and Selebi North
nickel-copper-cobalt (“Ni-Cu-Co”) mines in Botswana and related infrastructure (together, the “Selebi
Mines”), as well as the nickel, copper, cobalt, platinum-group elements (“Ni-Cu-Co-PGE”) Selkirk mine
in Botswana, together with associated infrastructure and four surrounding prospecting licences (collectively, the “Selkirk
Mine” and together with the Selebi Mines, the “Mines”).

The
common shares of NEXM (“Common Shares”) are listed and posted for trading on the Nasdaq Capital Market (the
“Nasdaq”) and on the TSX Venture Exchange (the “TSXV”) under the symbol “NEXM”.
Prior to June 11, 2025, the Company traded on the TSXV under its previous name and symbol, Premium Resources Ltd. and
“PREM”, respectively. The Company’s head office is located at 3123-595 Burrard Street, Vancouver, British
Columbia, Canada, V7X 1J1, and registered office is located at 1111 West Hastings Street, 15th Floor, Vancouver, British Columbia,
Canada, V6E 2J3.

b)
Going Concern

The
Company, being in the exploration stage, is subject to risks and challenges similar to companies in a comparable stage of exploration
and development. These risks include the challenges of securing adequate capital for exploration and advancement of the Company’s
material projects, operational risks inherent in the mining industry, and global economic and metal price volatility, and there is no
assurance management will be successful in its endeavours.

These
unaudited condensed interim consolidated financial statements have been prepared on the assumption that the Company will continue as
a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities
in the ordinary course of operations. The ability of the Company to continue operations as a going concern