Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 89

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 89
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 is ultimately dependent upon
achieving profitable operations and its ability to obtain adequate financing. The Company incurred a net loss of $16,004,468
and $46,321,544 for the three and nine months ended September 30, 2025, respectively. To
date, the Company has not generated profitable operations from its resource activities and will need to invest additional funds in carrying
out its planned evaluation, development and operational activities.

It
is not possible to predict whether future financing efforts will be successful or if the Company will attain a profitable level of
operations. These material uncertainties cast substantial doubt about the Company’s ability to continue as a going concern.
These unaudited condensed interim consolidated financial statements do not include any adjustments relating to the recoverability
and classification of recorded asset amounts and classification of liabilities and the reported expenses and comprehensive loss that
might be necessary should the Company be unable to continue as a going concern. These adjustments could be material.

The
properties in which the Company currently has an interest are in pre-revenue stage. As such, the Company is dependent on external financing
to fund its activities. In order to carry out the planned activities and cover administrative costs, the Company will use its existing
working capital and raise additional amounts as needed.

On
October 28, 2025, the Company announced a brokered “best efforts” public offering in Canada and concurrent private
placement in the United States (Note 17). On October 30, 2025, the Company announced an upsizing of the Offering for gross proceeds
of up to $80,000,070. Upon closing of the transaction, this will provide sufficient capital for the Company to pay the second
instalment under the Selebi APA (defined in Note 5) of $34,802,500
(US$25,000,000)
and fund operations in the near term, however the Company will need further funding to support advancement of the Selebi Mines and
the Selkirk Mine toward the development stage.

Although
the Company has been successful in its past fundraising activities, there is no assurance as to the success of future fundraising efforts
or as to the sufficiency of funds raised in the future.

    8

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)

2.
BASIS OF PRESENTATION AND SIGN