Company: PRMLF
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022391
Chunk: 187

Company: NexMetals Mining Corp.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 2
Chunk 187
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 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 equivalents (December 31, 2024 – $6,105,933), with
no source of operating cash flows, nor any significant credit lines in place. As at September 30, 2025, the Company had working capital
(calculated as total current assets less total current liabilities) of $9,972,465 (December 31, 2024 – $3,410,490). The increase
in working capital is a result of the cash proceeds received from the Private Placement.

39

Financings

November
2025

On
October 28, 2025, the Company announced a brokered “best efforts” public offering in Canada and concurrent private placement
in the United States. On October 30, 2025, the Company announced an upsizing of the Offering to 14,035,100 November 2025 Units of the
Company at a price of $5.70