Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 34

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 34
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6,951,078 using the Black-Scholes Option Pricing Model.

The
fair value of the Private Placement Warrants was calculated using the following assumptions:

SCHEDULE
OF FAIR VALUE OF WARRANTS

    Private Placement Warrants 
  
    Expected dividend yield 
     0%
  
    Share price 
    $5.00 
  
    Expected share price volatility 
     81.8%
  
    Risk free interest rate 
     2.57%
  
    Expected life of warrant 
     3 years 

The
volatility was determined by calculating the historical volatility of the Company’s share price over a 3-year period using daily
closing prices. The formula used to compute historical volatility is the standard deviation of the logarithmic returns. The same implied
discount for lack of marketability for purposes of the Common Shares valuation was also applied to the share price for the Settlement
Warrants valuation.

    19

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)

During
the nine months ended September 30, 2025, 2,124 Common Shares were issued for the net exercise of 12,000 Options, and 4,166 Common Shares
were issued for the vesting and settlement of RSUs.

As
at September 30, 2025, the Company had 21,455,608 Common Shares issued and outstanding (December 31, 2024 – 9,285,424).

Year
ended December 31, 2024

On
June 14, 2024, the Company closed the first tranche of a non-brokered private placement offering (the “June 2024
Financing”), pursuant to which the Company issued an aggregate 961,730
units of the Company (the “June 2024 Units”) at a price of $15.60
per June 2024 Unit for aggregate gross proceeds of $15,002,999.
Each June 2024 Unit was comprised of one Common Share and one Common Share purchase warrant of the Company (each, a “June
2024 Warrant”).

On
June 21, 2024, the Company closed the second tranche of the June 2024 Financing and issued an additional 801,090
June 2024 Units at $15.60
per June 202