Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 61

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1A
Chunk 61
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    Ontario, Canada 
    100 
    CAD
  
    PNR Amalco Ltd. 
    Ontario, Canada 
    100 
    CAD
  
    Premium Resources International Ltd. 
    Barbados 
    100 
    USD
  
    Premium Resources Selkirk (Barbados) Limited 
    Barbados 
    100 
    USD
  
    Premium Resources Selebi (Barbados) Limited 
    Barbados 
    100 
    USD
  
    Premium Nickel Group Proprietary Limited 
    Botswana 
    100 
    BWP
  
    Premium Nickel Resources Proprietary Limited 
    Botswana 
    100 
    BWP

 (e) Foreign currency translation

Foreign
currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction.
Foreign denominated monetary items are translated at the rates prevailing on the balance sheet date. Non-monetary items measured at historical
cost continue to be carried at the exchange rates prevailing at the date of the transaction. Non-monetary items measured at fair value
are reported at the exchange rate prevailing at the date when fair values were determined.

Exchange
differences arising on the translation of monetary items or on settlement of monetary items are recognized in net loss in the year in
which they arise.

    F-10

Notes
to the Consolidated Financial Statements

For
the years ended December 31, 2024 and 2023

(Expressed
in Canadian dollars)

Exchange
differences arising on the translation of non-monetary items are recognized in other comprehensive loss to the extent that gains and
losses arising on those non-monetary items are also recognized in other comprehensive loss. Where the non-monetary gain or loss is recognized
in net loss, the exchange component is also recognized in net loss.

 (f) Foreign operations

In
the Company’s consolidated financial statements, all assets, liabilities and transactions of the Company’s entities with
a functional currency other than the Canadian dollar are translated into Canadian dollars upon consolidation. The functional currency
of the Company’s subsidiaries in Barbados is the USD, and the BWP for the subsidiaries in Botswana. On consolidation, assets and
liabilities have been translated into Canadian dollars at the closing rate on the balance sheet date. Fair value adjustments arising
on the acquisition of a foreign entity have been treated as assets and liabilities of the foreign entity and translated into Canadian
dollars at the closing rate on the balance sheet date. Income and expenses