Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 149

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 149
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, increased by $8,439,102 compared to the prior year
comparable period resulting from: (i) an increase in general exploration expenses as the Company executed on its expansionary
drilling, metallurgical flowsheet development, and other studies and evaluation work in the current year period; and (ii) an
increase in investor relations and communications expenditures in an effort to create market awareness about the Company’s new
strategic direction and related activities at the Mines.

Investing
Activities

Key
investing activities relate to the acquisition of property, plant and equipment. Net cash used in investing activities for the nine
months ended September 30, 2025, increased by $555,260 compared to the prior year comparable period. The higher spending in 2025
primarily relates to the acquisition of a deep drill for the Selebi Hinge zone, kits for converting two underground U5 drills into
surface A5 drills, and light duty vehicles.

Financing
Activities

Net
cash provided by financing activities for the nine months ended September 30, 2025, increased by $18,973,282 compared to the prior year
comparable period. The increase primarily reflects the closing of a Private Placement in March 2025 for gross proceeds of $46,000,000.
In the comparative period, the Company closed a financing in June 2024 for gross proceeds of $27,454,421 (see “Liquidity and
Capital Resources – Financings”).

Liquidity
& Capital Resources

The
Company, being in the exploration and evaluation stage, is subject to risks and challenges similar to companies in a comparable stage
of exploration and evaluation. 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.
There is no assurance management will be successful in its endeavors.

The
properties in which the Company currently has an interest are in the pre-revenue stage. Operating cash outflows are highly dependent
upon the exploration and evaluation programs taking place at that time. As such, the Company is dependent on external financing to fund
its activities and the advancement of its projects. In order to carry out the planned project advancement and cover administrative costs,
the Company will need to use its existing working capital and raise additional amounts as needed.

As
at September 30, 2025, the Company had $14,117,843 in available cash and cash