Company: PRMLF
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001493152-25-011913
Chunk: 37

Company: NexMetals Mining Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 37
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 2025 Financing”) of the Company
    which included a $46.0 million non-brokered equity private placement (the “Private Placement”) and the equity
    conversion of its $20.9 million three-year term loan (the “Debt Conversion”) with Cymbria Corporation (“Cymbria”).
    The March 2025 Financing has resulted in the successful deleveraging of the Company’s balance sheet and has provided the Company
    with the funds necessary to advance its new strategic direction. On
    March 20, 2025, Morgan Lekstrom was appointed as the Company’s Chief Executive Officer. For a summary of the transactions,
    see “Liquidity & Capital Resources — Financings”.

    ●
    The
                                            Company announced the following appointments to the board of directors (the “Board
                                            of Directors” or the “Board”):

    ○
    Chris
    Leavy on March 25, 2025

    ○
    André
    van Niekerk on April 24, 2025; and

    ○
    Philipa
    Varris on July 23, 2025.

    The Company also appointed Paul Martin to Chairman of the Board, previously
serving as Director and Interim Chief Executive Officer, on March 20, 2025. James K. Gowans retired as Chairman of the Board but continues
as a director of the Company. The
    Company also announced the retirements of William O’Reilly, Don Newberry, and Norman MacDonald as directors of the Company.

    ●
    
    On
    April 10, 2025, the Company announced a new strategic direction for the Mines. The Company’s strategic direction is aimed at
    rapidly demonstrating the size potential of the Selebi North and Selebi Main deposits. The Company is aggressively executing a carefully
    designed exploration drilling program at the Selebi Mines while concurrently finalizing metallurgical work to identify the optimal
    mineral processing method to consider in a future economic study. In addition, the Company is advancing the Selkirk Mine through
    ongoing work programs focused on resource expansion and metallurgical flowsheet development. For more information relating to the
    planned activities, see “Exploration and Evaluation Activities and Mineral Properties” below.

    ●
    On June 3, 2025, shareholders approved the Company’s
    adoption of a new “rolling up to 10%” long-term