Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 106

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 106
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893,216 
  
    Non-current portion 
     146,091  
     584,364 

Severance
payable at September 30, 2025 includes amounts due to the Company’s former Chief Executive Officer and Chief Financial Officer
related to their departures from the Company, of which: $48,697
is payable in equal monthly installments until December 31, 2026, and $59,792
is payable in equal monthly installments until July 31, 2026, respectively. The Company has reported $1,182,281
of this amount as current and $146,091 as non-current at September 30, 2025. For the year ended December 31, 2024, the corresponding amount due to the
Company’s former Chief Executive Officer of $1,168,729
was reported in amounts due to related parties, of which $584,364
was reported as current.

8.
MORTGAGE PAYABLE

On
August 20, 2025, the Company’s indirect wholly owned Botswanan subsidiary, Premium Nickel Resources Proprietary Limited
(“PNRP”), entered into a mortgage in respect of the Company’s previously acquired Syringa Lodge located
near the Selebi Mines. The Company had acquired the Syringa Lodge to house non-local personnel and consultants when visiting
the Selebi Mines and for additional office space. The proceeds of the mortgage were used to fund ongoing drilling programs at the
Selebi Mines.

The
principal amount of the mortgage is $1,413,144 (BWP 13,680,000), is denominated in Botswanan pula, bears interest at Absa Prime Lending
Rate (6.76% at September 30, 2025) plus 1.5% per annum, is repayable in sixty (60) equal monthly blended instalments of principal and
interest with a maturity date of August 20, 2030, and is secured by the Syringa Lodge. There is no fee for prepayment, and the mortgage
is subject to a cash flow to debt service covenant which takes into consideration parent company capital contributions and is to be assessed based on each calendar year.

    16

Notes
to the Unaudited Condensed Interim Consolidated Financial Statements

For
the three and nine months ended September 30, 2025 and 2024

(Expressed
in Canadian dollars)

9.