Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 11

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 11
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ended March 31, 2024. Operating cash outflows of $966,806 attributable to the purchase of spares in the first quarter of 2024 were reclassified
to investing cash outflows. Trade payables and accruals of $584,364
were reclassified from current to non-current for the year ended December 31, 2024.

    11
     Notes to the Unaudited Condensed Interim Consolidated Financial StatementsFor the three months ended March 31, 2025 and 2024(Expressed in Canadian dollars)

 (d) Basis of consolidation

These unaudited condensed interim
consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries as summarized in
the table below. All intercompany transactions, balances, income and expenses are eliminated upon consolidation.

 SCHEDULE OF ITS WHOLLY-OWNED SUBSIDIARIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS

    Name of Entity 
    Place of Incorporation 
    Percentage Ownership 
    Functional Currency

    Premium Resources Ltd. 
    Ontario, Canada 
      
    CAD
  
    NAN Exploration Inc. 
    Ontario, Canada 
    100 
    CAD
  
    PNR Amalco Ltd. 
    Ontario, Canada 
    100 
    CAD
  
    Premium Resources International Ltd. 
    Barbados 
    100 
    USD
  
    Premium Resources Selkirk (Barbados) Limited 
    Barbados 
    100 
    USD
  
    Premium Resources Selebi (Barbados) Limited 
    Barbados 
    100 
    USD
  
    Premium Nickel Group Proprietary Limited 
    Botswana 
    100 
    BWP
  
    Premium Nickel Resources Proprietary Limited 
    Botswana 
    100 
    BWP

 (e) Debt Extinguishment

	Upon the extinguishment of debt,
the difference between the amount paid on extinguishment, including miscellaneous costs of reacquisition, and the net carrying amount
of the debt being extinguished, being the amount due at maturity, adjusted for unamortized premiums, discounts, and costs of issuance,
is recognized as a gain or loss when the debt is extinguished. The fair value of the assets transferred or the fair value of an equity
interest granted is used in accounting for the settlement of the debt unless the fair value of the debt being settled is more clearly
evident.

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