# EDGAR Filing Document

**Accession Number:** 0000795800
**File Stem:** 0001493152-26-022760
**Filing Date:** 2026-5
**Character Count:** 145474
**Document Hash:** 6cb63888d5d522e2d97c0485af36ba6a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-022760.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001493152-26-022760

**CONFORMED SUBMISSION TYPE**: 10-K/A

**PUBLIC DOCUMENT COUNT**: 102

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NexMetals Mining Corp.
- **CENTRAL INDEX KEY:** 0000795800
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42750
- **FILM NUMBER:** 26974178

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** C/O DUMOULIN BLACK LLP
- **STREET 2:** 1111 WEST HASTINGS STREET, 15TH FLOOR
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6E 2J3
- **BUSINESS PHONE:** 647-822-1358

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** C/O DUMOULIN BLACK LLP
- **STREET 2:** 1111 WEST HASTINGS STREET, 15TH FLOOR
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6E 2J3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Premium Resources Ltd.
- **DATE OF NAME CHANGE:** 20241213

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Premium Nickel Resources Ltd.
- **DATE OF NAME CHANGE:** 20220815

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** North American Nickel Inc.
- **DATE OF NAME CHANGE:** 20100420

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-K/A**

**(Amendment No. 1)**

(Mark One)

☒ ANNUAL
 REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

OR

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number: 001-42750

![](form10-k_001.jpg)

**NEXMETALS MINING CORP.**

(Exact name of registrant as specified in its charter)

<u>Province of British Columbia, Canada</u> <u>N/A</u> <br> (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

<u>1111 West Hastings Street, 15<sup>th</sup> Floor, Vancouver, British Columbia, Canada</u> <u>V6E 2J3</u> <br> (Address of principal executive offices) (Zip Code)

(604) 770-4334

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Shares, no par value | NEXM | The Nasdaq Stock Market LLC |

---

Securities registered pursuant to Section 12(g) of the Act: **None**

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the Registrant is not required to file Reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a Report on and attestation to its management's assessment of the effectiveness of its internal control over financial Reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit Report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The aggregate market value of the voting and non-voting common equity held by non-affiliates on June 30, 2025, based on a closing price of US$9.40, was approximately US$153 million.

As of March 13, 2026, there were 35,512,606 Common Shares issued and outstanding.

**NEXMETALS MINING CORP.**

**Annual Report on Form 10-K/A For the year ended December 31, 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [EXPLANATORY NOTE](#q_001) | 1 |
| [Part II](#Y-010) | F-1 |
| &nbsp;&nbsp;&nbsp;[Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.](#Y-015) | F-1 |
| [Part IV](#Y-026) | 2 |
| &nbsp;&nbsp;&nbsp;[Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.](#Y-027) | 2 |
| [Signatures](#Y-029) | 4 |

---

-i-

**EXPLANATORY NOTE**

This Amendment No. 1 on Form 10-K/A (this "**Amendment**") amends the Annual Report on Form 10-K (the "**Original Filing**") of NexMetals Mining Corp. (the "**Company**" or "**NEXM**") for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission (the "**SEC**") on March 13, 2026.

The Company is filing this Amendment solely to:

● add the signature of MNP LLP (the "**Independent Registered Public Accounting Firm**") to its Report of Independent Registered Public Accounting Firm included in Item 8 of the Original Filing, which signature was inadvertently omitted in the Original Filing (notwithstanding the fact that the original Report of Independent Registered Public Accounting Firm was dated and signed by the Independent Registered Public Accounting Firm and received by the Company on March 13, 2026, prior to the filing of the Original Filing);

● remove the consent of the Independent Registered Public Accounting Firm, which consent is not required as Item 601 of Regulation S-K only requires an auditor consent when an issuer incorporates the report of an auditor into a registration statement under the U.S. Securities Act of 1933, as amended, and the Company has no such registration statements at present;

● include currently dated certifications from the Company's Chief Executive Officer and Chief Financial Officer as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002.

Except as described above, this Amendment does not amend, update or change any other items or disclosures in the Original Filing and does not purport to reflect any information or events subsequent to the filing of the Original Filing. As such, this Amendment only speaks as of the date the Original Filing was filed, and we have not undertaken herein to amend, supplement or update any information contained in the Original Filing to give effect to any subsequent events. Accordingly, this Amendment should be read in conjunction with the Company's filings made with the SEC.

**Part II**

**Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.**

The audited consolidated financial statements of NexMetals Mining Corp. as of December 31, 2025, and 2024 are appended to this Report beginning on page F-1.

**Consolidated Financial Statements**

***For the years ended December 31, 2025, and 2024***

*In accordance with generally accepted accounting principles in the United States and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission and stated in Canadian dollars, unless otherwise indicated*

**INDEX**

[Independent Auditor's Report](#sq_001) (PCAOB ID 1930)

Consolidated Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;■ [Consolidated Balance Sheets](#sq_002)

■ [Consolidated Statements of Operations and Comprehensive Loss](#sq_003)

■ [Consolidated Statements of Changes in Shareholders' Equity (Deficiency)](#sq_004)

■ [Consolidated Statements of Cash Flows](#sq_005)

■ [Notes to the Consolidated Financial Statements](#sq_006)

![](fin_001.jpg)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and

Shareholders of NexMetals Mining Corp.

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheets of NexMetals Mining Corp. (Formerly Premium Resources Ltd.) (the "Company") as at December 31, 2025 and 2024, and the related consolidated statements of operations and comprehensive loss, changes in shareholders' equity (deficiency), and cash flows for each of the years in the two-year period ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements").

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as at December 31, 2025 and 2024, and the results of its consolidated operations and its consolidated cash flows for each of the years in the two-year period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Material Uncertainty Related to Going Concern**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has incurred recurring net losses and has not generated profitable operations from its resource activities. Which raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

 

*Going Concern*

*Critical Audit Matter Description* 

As described in Note 1, the Company, being in the exploration stage, is subject to risks and challenges similar to companies in a comparable stage. These risks include the challenges of securing adequate capital for exploration and operational risks inherent in the mining industry, and global economic and metal price volatility and there is no assurance management will be successful in its endeavors. The ability of the Company to continue operations as a going concern is ultimately dependent upon achieving profitable operations and its ability to obtain adequate financing. 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 exploration and operational activities. Management has prepared future cash flow forecasts, which involves judgement and estimation of key variables, such as planned financing and capital and operational expenditures. Future economic conditions and effects of key events subsequent to the year end, such as debt and equity financing, also impacted management's judgements and estimates. We identified the Company's ability to continue as a going concern as a critical audit matter because auditing the Company's going concern assessment is complex and involves a high degree of auditor judgment to assess the reasonableness of the cash flow forecasts, planned refinancing actions and other assumptions used in the Company's going concern analysis. The Company's ability to execute the planned refinancing actions are especially judgmental given that the global financial markets and economic conditions have been, volatile. This matter is also described in the "Material Uncertainty Related to Going Concern" section of our report.

*Audit Response*

We responded to this matter by performing procedures over management's assessment of the Company's ability to continue as a going concern. Our audit work in relation to this included, but was not restricted to, the following:

● We evaluated the cash flow forecasts prepared by management and evaluated the integrity and arithmetical accuracy of the model.

● We evaluated the key assumptions used in the model to estimate future cash flows for a reasonable period of time, not exceeding 12 months from the issued date of the consolidated financial statements, by comparing assumptions used by management against budgets, economic and industry indicators and publicly available information.

● We evaluated the key assumptions pertaining to estimated cash flows from operating activities and expected cash flows from financing activities, underlying agreements, private placement raises and subsequent events thereafter.

● We assessed the adequacy of the going concern disclosures included in Note 1 of the consolidated financial statements and consider these to appropriately reflect the assessments that management has performed.

*Valuation of the units issued for debt settlement*

 

*Critical Audit Matter Description* 

 

As described in Note 10, on March 18, 2025, the Company closed the debt settlement through the issuance of units in full satisfaction of the term loan previously advanced by the Company. Each settlement unit consists of one common share of the Company and one common share purchase warrant of the Company. The units had a four month hold period and the common share purchase warrants included an acceleration feature. It required management judgements and estimates to fair value the units. We identified the valuation of the units issued for debt settlement as a critical audit matter because auditing the fair value of the units is complex and involves a high degree of auditor judgment.

 

*Audit Response*

 

We responded to this matter by performing audit procedures over the valuation of the units issued for debt settlement. Our audit work in relation to this included, but was not restricted to, the following:

● We obtained management's calculations for the fair value of the units and ensure the gain/loss on the debt extinguishment was recorded properly

● We involved our valuation specialists to assess the Company's valuation methodology, the model used, the various inputs utilized as well as certain significant assumptions and the calculation was accurate.

We have served as the Company's auditor since 2022.

MNP LLP

![](rep_001.jpg)

---

| |
|:---|
| Chartered Professional Accountants<br>|
| Licensed Public Accountants |
| Ottawa, Canada |
| March 13, 2026 |
| <br>PCAOB ID: 1930 |

---

![](form10-k_001.jpg)

**Consolidated Balance Sheets**

*(Expressed in Canadian dollars)*

---

| | | | |
|:---|:---|:---|:---|
|  | | **As at** | **As at** |
|  | <br>**Notes** | **December 31,**<br> **2025** <br> **$** | **December 31,**<br> **2024** <br> **$** |
| **ASSETS** |  |  |  |
| **CURRENT ASSETS** |  |  |  |
| Cash and cash equivalents | 3 | 39780384 | 6105933 |
| Prepaid expenses |  | 1039206 | 540288 |
| Other receivables | 4 | 5655947 | 972022 |
| TOTAL CURRENT ASSETS |  | **46475537** | **7618243** |
| **NON-CURRENT ASSETS** |  |  |  |
| Exploration and evaluation assets | 5 | 42730629 | 8846821 |
| Property, plant and equipment | 6 | 9312414 | 8488405 |
| TOTAL NON-CURRENT ASSETS |  | **52043043** | **17335226** |
| **TOTAL ASSETS** |  | **98518580** | **24953469** |
| **LIABILITIES** |  |  |  |
| **CURRENT LIABILITIES** |  |  |  |
| Trade payables and accrued liabilities – current | 2(c),7 | 9459971 | 3893216 |
| Vehicle financing – current | 2(c) | 148862 | 136935 |
| Mortgage payable – current | 9 | 244260 |  |
| DSU liability – current | 12(c) | 104720 | 177602 |
| TOTAL CURRENT LIABILITIES |  | **9957813** | **4207753** |
| **NON-CURRENT LIABILITIES** |  |  |  |
| Trade payables and accrued liabilities – non-current | 2(c),7 |  | 584364 |
| Provision for leave and severance |  | 1365850 | 1001936 |
| Vehicle financing – non-current | 2(c) | 137361 | 109202 |
| Mortgage payable – non-current | 9 | 1089094 |  |
| Term Loan | 10 |  | 18983212 |
| NSR option liability | 11 | 2750000 | 2750000 |
| DSU liability – non-current | 12(c) | 268672 | 764062 |
| TOTAL NON-CURRENT LIABILITIES |  | **5610977** | **24192776** |
| **TOTAL LIABILITIES** |  | **15568790** | **28400529** |
| **SHAREHOLDERS' EQUITY (DEFICIENCY)** |  |  |  |
| Common Shares (no par value, unlimited Common Shares authorized) (issued and outstanding: December 31, 2025 – 35,502,754, December 31, 2024 – 9,285,424) | 12 |  |  |
| Preferred shares (no par value, 20,000,000 authorized) Series 1 Convertible Preferred Shares (no par value, 4,000,000 authorized) (issued and outstanding: December 31, 2025 – 118,186; December 31, 2024 – 118,186) | 12 | 31516 | 31516 |
| Additional paid-in capital |  | 291858035 | 145025333 |
| Deficit |  | (206073424) | (146987099) |
| Accumulated other comprehensive loss |  | (2866337) | (1516810) |
| **TOTAL SHAREHOLDERS' EQUITY (DEFICIENCY)** |  | **82949790** | **(3447060)** |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** |  | **98518580** | **24953469** |
| Nature of Operations and Going Concern (Note 1) |  |  |  |

---

The accompanying notes are an integral part of these consolidated financial statements.

Approved by the Board of Directors on March 13, 2026.

"signed" Sean Whiteford Director and Chief Executive Officer "signed" Jason LeBlanc Director

![](form10-k_001.jpg)

**Consolidated Statements of Operations and Comprehensive Loss**

*(Expressed in Canadian dollars)*

---

| | | |
|:---|:---|:---|
|  | | **Year ended December 31,** |
|  | | **2025** |
|  | <br>**Notes** | **$** |
| **EXPENSES** |  |  |
| General exploration expenses | 5 |  |
| Depreciation and amortization | 6 |  |
| General and administrative expenses | 2(c),18 |  |
| Investor relations and communications | 2(c) |  |
| Director fees |  |  |
| Fair value movement of DSUs | 12(c) |  |
| Impairment loss | 5 |  |
| Net foreign exchange loss |  |  |
| **LOSS FOR THE YEAR BEFORE OTHER ITEMS** |  |  |
| **OTHER ITEMS** |  |  |
| Interest income, net) |  |  |
| Interest expense and accretion on term loan | 10 |  |
| Loss on term loan extinguishment | 10 |  |
| Other income |  |  |
| **NET LOSS FOR THE YEAR** |  |  |
| **OTHER COMPREHENSIVE LOSS (INCOME)** |  |  |
| Exchange differences on translation of foreign operations |  |  |
| **TOTAL COMPREHENSIVE LOSS FOR THE YEAR** |  |  |
| **Basic and diluted loss per share** |  |  |
| **Weighted average number of Common Shares outstanding – basic and diluted** |  |  |

---

The accompanying notes are an integral part of these consolidated financial statements.

![](form10-k_001.jpg)

**Consolidated Statements of Changes in Shareholders' Equity (Deficiency)**

*(Expressed in Canadian dollars)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **Number of <br> shares** | **Preferred**<br> **shares** <br> **$** | **Additional**<br> **paid-in**<br> **capital**<br> **$** | **Deficit** <br> **$** | **Accumulated**<br> **other**<br> **comprehensive**<br> **(loss) income**<br> **$** | **Total** <br> **shareholders'**<br> **(deficiency)**<br> **equity** <br> **$** |
| **BALANCE, DECEMBER 31, 2024** |  | **9285424** | **31516** | **145025333** | **(146987099)** | **(1516810)** | **(3447060)** |
| Net loss for the period |  |  |  |  | (59086325) |  | (59086325) |
| Share capital issued through public offering | 12(a) | 14035100 | - | 80000070 |  |  | 80000070 |
| Share issue costs – public offering | 12(a) |  |  | (5333881) |  |  | (5333881) |
| Share capital issued through private placement | 12(a) | 8394953 |  | 49709891 |  |  | 49709891 |
| Share issue costs – private placement | 12(a) |  |  | (5389306) |  |  | (5389306) |
| Share capital issued through debt conversion | 10 | 3768941 |  | 26594817 |  |  | 26594817 |
| Share issue costs – debt conversion | 10 |  |  | (2161483) |  |  | (2161483) |
| Exercise/settlement of share-based awards, net | 12(c) | 18336 |  |  |  |  |  |
| Share-based compensation | 12(c) |  |  | 3412594 |  |  | 3412594 |
| Exchange differences on translation of foreign operations |  | - | - | - | - | (1349527) | (1349527) |
| **BALANCE, DECEMBER 31, 2025** |  | **35502754** | **31516** | **291858035** | **(206073424)** | **(2866337)** | **82949790** |
| **BALANCE, DECEMBER 31, 2023** |  | **7465041** | **31516** | **116069973** | **(104566816)** | **(1788987)** | **9745686** |
| Net loss for the period |  |  |  |  | (42420283) |  | (42420283) |
| Share capital issued through private placement |  | 1814070 |  | 28239254 |  |  | 28239254 |
| Share issue costs |  |  |  | (1239037) |  |  | (1239037) |
| Exercise/settlement of share-based awards, net |  | 6313 |  |  |  |  |  |
| Share-based compensation |  |  |  | 1955143 |  |  | 1955143 |
| Exchange differences on translation of foreign operations |  | - | - | - | - | 272177 | 272177 |
| **BALANCE, DECEMBER 31, 2024** |  | **9285424** | **31516** | **145025333** | **(146987099)** | **(1516810)** | **(3447060)** |

---

The accompanying notes are an integral part of these consolidated financial statements.

![](form10-k_001.jpg)

**Consolidated Statements of Cash Flows** 

*(Expressed in Canadian dollars)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **2025**<br> **$** | **2024**<br> **$** |
| **OPERATING ACTIVITIES** |  |  |  |
| Net loss for the period |  | (59086325) | (42420283) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;DSUs granted |  | 28209 | 1020523 |
| &nbsp;&nbsp;&nbsp;Fair value movement of DSUs | 12(c) | (298914) | (963340) |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 12(c) | 3412594 | 1955143 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 6 | 2068821 | 1581270 |
| &nbsp;&nbsp;&nbsp;Provision for leave and severance |  | 363914 | 470858 |
| &nbsp;&nbsp;&nbsp;Interest and accretion, net |  | 100775 | 1046280 |
| &nbsp;&nbsp;&nbsp;Accrued interest on lease liability |  |  | 114335 |
| &nbsp;&nbsp;&nbsp;Loss on term loan extinguishment | 10 | 5982434 |  |
| &nbsp;&nbsp;&nbsp;DSU redemption | 12(c) | (297567) |  |
| &nbsp;&nbsp;&nbsp;Impairment loss | 5 | 501497 |  |
| &nbsp;&nbsp;&nbsp;Other income |  |  | (252999) |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange gain |  | (231202) |  |
| Changes in non-cash working capital |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other receivables |  | (5107198) | (348655) |
| &nbsp;&nbsp;&nbsp;Trade payables and accrued expenses |  | 4982390 | 197434 |
| **Net cash used in operating activities** |  | **(47580572)** | **(37599434)** |
| **INVESTING ACTIVITIES** |  |  |  |
| Acquisition of property, plant and equipment | 6 | (2786684) | (1022231) |
| Acquisition of exploration and evaluation assets | 6 | (34441488) | - |
| **Net cash used in investing activities** |  | **(37228172)** | **(1022231)** |
| **FINANCING ACTIVITIES** |  |  |  |
| Proceeds from issuance of units | 12(a) | 126000070 | 27499999 |
| Share issue costs | 10,12(a) | (7697337) | (358746) |
| Vehicle loan financing, net of payments |  | 48901 | (6155) |
| Mortgage financing | 9 | 1413144 |  |
| Mortgage payments | 9 | (79789) |  |
| Lease payments |  | - | (1788454) |
| **Net cash provided by financing activities** |  | **119684989** | **25346644** |
| **Effect of exchange rate changes on cash and cash equivalents** |  | **(1201794)** | **135326** |
| Change in cash and cash equivalents for the year |  | 33674451 | (13139695) |
| Cash and cash equivalents at the beginning of the year |  | 6105933 | 19245628 |
| **Cash and cash equivalents at the end of the year** |  | **39780384** | **6105933** |
| **Supplemental cash flow information** |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-cash financing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value of Common Shares issued for <br>conversion of term loan | 10 | 17727018 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value of Settlement Warrants issued <br>for conversion of term loan | 10 | 7398104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value of Common Shares issued for <br>finder's fees and advisory services | 10,12(a) | 5179586 | 1087755 |
| &nbsp;&nbsp;&nbsp;Other cash flow information: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid |  | 342969 | 2213032 |

---

The accompanying notes are an integral part of these consolidated financial statements.

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

**1. NATURE OF OPERATIONS AND GOING CONCERN**

*a) Nature of Operations*

NexMetals Mining Corp. and its wholly owned subsidiaries' (formerly Premium Resources Ltd.) principal business activity is the exploration and evaluation of the Selebi Main and Selebi North copper-nickel-cobalt mines in Botswana as well as the exploration and evaluation of the copper, nickel, cobalt, platinum-group elements of the Selkirk mine in Botswana.

The common shares of NEXM are listed and posted for trading on the Nasdaq and on the TSXV under the symbol "NEXM". Prior to June 11, 2025, the Company traded on the TSXV under its previous name and symbol, Premium Resources Ltd. and "PREM", respectively. The Company's head and registered office is located at 1111 West Hastings Street, 15th Floor, Vancouver, British Columbia, Canada, V6E 2J3.

*b) Going Concern*

The Company, being in the exploration stage, is subject to risks and challenges similar to companies in a comparable stage of exploration and development. 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, and there is no assurance management will be successful in its endeavours.

These consolidated financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. The ability of the Company to continue operations as a going concern is ultimately dependent upon achieving profitable operations and its ability to obtain adequate financing. The Company incurred a net loss of $59,086,325 for the year ended December 31, 2025. 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 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 November 17, 2025, the Company closed a public offering for gross proceeds of $80,000,070 (Note 12(a)). While this transaction provided sufficient capital for the Company to pay the second instalment under the Selebi APA (defined in Note 5) of $34,441,488 (US$25,000,000) and fund operations in the near term, 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.

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

**2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES** 

*(a) Statement of Compliance*

These consolidated financial statements reflect the accounts of the Company and have been prepared in accordance with US GAAP and pursuant to the rules and regulations of the SEC.

*(b) Basis of Preparation* 

These consolidated financial statements have been prepared under the historical cost convention, modified by the revaluation of any financial assets and financial liabilities where applicable. The preparation of these consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company as of December 31, 2025, and through the date of this Report filing.

Operating segments are reported in a manner consistent with the internal reporting provided to executive management. The Company determined that it has one reportable operating segment being that of the acquisition, exploration and evaluation of mineral properties in three geographic segments, which are Canada, Barbados and Botswana (Note 15).

The Company's presentation currency is Canadian dollars. Reference herein of $ or CAD is to Canadian dollars, US$ or USD is to United States dollars, and BWP is to Botswana pula.

*(c) Reclassification*

Certain comparative figures on the consolidated balance sheets, consolidated statements of operations and comprehensive loss and the notes to the consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications have no effect on net loss or shareholders' equity as previously reported. For the year ended December 31, 2024, general and administrative expenses were reduced by $362,933 with an increase to investor relations and communications in the same amount. Trade payables and accruals of $584,364 was reclassified from current to non-current and vehicle financing of $136,935 was reclassified from non-current to current for the year ended December 31, 2024.

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

*(d) Share Consolidation*

As a result of the Share Consolidation, the number of Common Shares issuable upon exercise of outstanding warrants has been adjusted in accordance with the applicable warrant terms, such that each warrant now entitles the holder to receive one post-consolidation Common Share for every twenty Common Shares previously issuable, at a proportionally adjusted exercise price. The total number of warrants outstanding was not affected by the Consolidation. For comparative and presentation purposes, all warrant figures presented herein, including the number of warrants outstanding and the number of Common Shares issuable upon exercise, are presented on a post-consolidation basis.

The exercise price, Options outstanding, and number of Common Shares issuable upon the exercise of outstanding Options presented in these financial statements were proportionately adjusted to reflect the Share Consolidation. Further, the number of restricted share units and deferred share units, and number of Common Shares issuable upon the vesting of restricted share units presented in these financial statements were also proportionately adjusted to reflect the Share Consolidation. All information respecting outstanding Common Shares and other securities of the Company, including basic and diluted loss per share, in the current and comparative periods presented herein give effect to the Share Consolidation.

*(e) Basis of Consolidation*

These consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries as summarized in the table below. All intercompany transactions, balances, income and expenses are eliminated upon consolidation.

SCHEDULE OF ITS WHOLLY-OWNED SUBSIDIARIES INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS

---

| | | | |
|:---|:---|:---|:---|
| **Name of Entity** | **Place of**<br> **Incorporation** | **Percentage**<br> **Ownership** | **Functional Currency** |
| NexMetals Mining Corp. | British Columbia, Canada |  | CAD |
| NAN Exploration Inc. | 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 |

---

*(f) 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.

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.

*(g) 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 have been translated into Canadian dollars at the average rate over the reporting period. Exchange differences are charged or credited to other comprehensive loss and recognised in the currency translation reserve in equity. On disposal of a foreign operation, the related cumulative translation differences recognised in equity are reclassified to profit or loss and are recognised as part of the gain or loss on disposal.

 

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

 

*(h) Cash and Cash Equivalents*

Cash and cash equivalents include all highly-liquid investments with an original maturity of three months or less. The Company minimizes its credit risk by investing its cash and cash equivalents with major Canadian and international banks and financial institutions with a minimum long-term credit rating of A, as defined by Standard & Poor's. The Company's management believes that no concentration of credit risk exists with respect to the investment of its cash and cash equivalents.

*(i) Exploration and evaluation assets*

Costs of leasing, exploration, evaluation, carrying and retaining unproven mineral properties are expensed as incurred. If the Company identifies proven and probable reserves in its investigation of a property and upon the establishment of commercial feasibility, the property would enter the development stage and future costs would be capitalized until production is established. When a property reaches the production stage, the related capitalized costs are amortized on a units-of-production basis over the proven and probable reserves following the commencement of production. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use.

To date, the Company has not established the commercial feasibility of any exploration prospects; therefore, all exploration and evaluation costs are being expensed.

*ASC 930-805 - Extractive Activities-Mining: Business Combinations* states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights which are considered tangible assets under *ASC 930-805*. *ASC 930-805* requires that mineral rights be recognized at fair value as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims.

*(j) Impairment of long-lived assets*

Long-lived assets, including exploration and evaluation assets and property, plant and equipment, are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances that could trigger a review include, but are not limited to: significant decreases in the market price of the assets; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the assets; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the assets; and current expectation that the assets will more likely than not be sold or significantly disposed of before the end of their estimated useful life.

When indicators of potential impairment are present, the Company prepares a projected undiscounted cash flow analysis for the respective asset or asset group. If the sum of the undiscounted cash flows is less than the carrying value of the asset or asset group, an impairment loss is recognized equal to the excess of the carrying value over the fair value. Fair value can be determined using a market approach, income approach or cost approach. Recognized impairment losses are not reversed.

During the year ended December 31, 2025, the Company recorded an impairment loss of $501,497 in relation to the Phikwe South and Southeast Extension deposits (Note 5).

*(k) Leases*

At commencement of a contract, the Company assesses whether a contract is, or contains, a lease by determining whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. A right-of-use (the "**ROU**") asset and lease liability are recognized at the lease commencement date. The lease liability is initially measured at the present value of all future lease payments that have not been paid as of the commencement date of the lease, discounted using the Company's incremental borrowing rate, unless the rate implicit in the lease is readily determinable. The ROU asset is initially measured at cost, which is calculated as the initial amount of the lease liability, with an adjustment for any initial direct costs incurred, plus adjustments for any lease payments made in advance of the commencement date, and less any lease incentives received.

ASC 842 requires a lessee to classify a lease as either a finance or operating lease. Interest and amortization expense are recognized for finance leases while only a single lease expense is recognized for operating leases, typically on a straight-line basis.

ROU assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is remeasured when there is a change in future lease payments, when there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. These adjustments are recorded through profit or loss.

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

 

*(l) Property, plant and equipment*

Property, Plant and Equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses.

Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of a significant replaced part is derecognized. All other repairs and maintenance are charged to net loss during the financial period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in net loss.

Depreciation is calculated using the straight-line method to charge the cost, less residual value, of the assets to net loss over their estimated useful lives. The depreciation rate applicable to each category of property, plant and equipment is as follows:

---

| | |
|:---|:---|
| **Property, Plant & Equipment** | **Estimated**<br> **useful life**<br> **(years)** |
| Computer and software | 2 |
| Vehicles | 4 |
| Equipment | 5 |
| Furniture and fixtures | 10 |
| Buildings | 25 |

---

*(m) Additional paid-in capital*

Additional paid-in capital is presented at the value of the shares issued as the Company's shares have no stated par value. Transaction costs directly attributable to the issuance of Common Shares are recognized as a deduction from equity. Transactions with shareholders are disclosed separately in equity.

The proceeds from the exercise of Options or warrants, together with amounts previously recorded in additional paid-in capital over the applicable vesting periods for Options, warrants, and restricted share units, are recorded as additional paid-in capital.

*(n) Unit placements*

The Company uses the relative fair value method with respect to the measurement of shares and warrants issued as private placement or public offering units. Under the relative fair value method, the Company first determines the fair value of the Common Shares and warrants issued in a private placement or public offering, calculates the total fair value of the issued units, and then allocates the proceeds received between the Common Shares and warrants based on their relative fair values.

*(o) Share-based compensation*

The Company grants equity settled share-based compensation in the form of Options and RSUs and cash settled share-based compensation in the form of DSUs in exchange for the provision of services. The Company records share-based compensation in accordance with *ASC 718 - Compensation – Stock Compensation* using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the equity instrument issued.

The Company determines the fair value of the awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in net loss over the requisite service period. At the end of the reporting period, the Company updates its estimate of the number of awards that are expected to vest and adjusts the total expense to be recognized over the vesting period. Where an unvested award is cancelled by the Company or the counterparty, any remaining element of the fair value of the award is expensed immediately or reversed through profit or loss, depending on the type of cancellation.

The liability with respect to cash settled DSUs is revalued at the end of each reporting period to reflect changes in the Company's share price, with these fair value adjustments recognized in net loss for the period.

*(p) Loss per Common Share*

Basic loss per Common Share is calculated using the weighted average number of Common Shares outstanding during the period and does not include outstanding Options, RSUs and warrants. Diluted loss per Common Share is not presented differently from basic loss per Common Share as the conversion of outstanding Options, RSUs and warrants into Common Shares would be anti-dilutive given the Company's ongoing net loss position.

 

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

 

*(q) Income taxes*

The Company's tax provision consists of taxes currently payable or receivable, plus any change during the period in deferred tax assets and liabilities. The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for certain temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in net loss in the period of the enactment date. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized.

The Company operates in multiple jurisdictions where uncertainties arise in the application of complex tax regulations. Therefore, there are many transactions and calculations for which the ultimate tax determination is uncertain. Accounting for income taxes requires a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if available evidence indicates it is more likely than not that the tax position will be sustainable based on its technical merits. The second step is to measure the tax benefit as the largest amount with a greater than 50 percent likelihood of being realized upon ultimate settlement. For tax positions that are 50 percent or less likely of being sustained upon audit, the Company does not recognize any portion of that benefit in the financial statements.

*(r) Derivative instruments*

The Company evaluates its financial instruments and other contracts to determine if those contracts, or embedded components of those contracts, qualify as derivatives to be separately accounted for in accordance with *ASC 815 – Derivatives and Hedging*. The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market at each balance sheet date and recorded as an asset or liability and the change in fair value is recorded in net loss.

The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is reassessed at the end of each reporting period. Derivative instruments that become subject to reclassification are reclassified at the fair value of the instrument on the reclassification date.

*(s) Debt Extinguishment*

Upon the extinguishment of debt, the difference between the consideration transferred on extinguishment, including miscellaneous costs of reacquisition, and the net carrying amount of the debt being extinguished, being the amount due at maturity, adjusted for unamortized premiums, discounts, and costs of issuance, is recognized as a gain or loss when the debt is extinguished. The fair value of the assets transferred or the fair value of an equity interest granted is used in accounting for the settlement of the debt unless the fair value of the debt being settled is more clearly evident.

*(t)* Use of Estimates

The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that can affect reported amounts of assets, liabilities, revenues and expenses and the accompanying disclosures. Estimates and assumptions are continuously evaluated and are based on management's historical experience and on other assumptions believed to be reasonable at the time of preparation of the consolidated financial statements. However, different estimates and assumptions could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The more significant areas requiring the use of management estimates and assumptions include the recoverability of exploration and evaluation assets; asset lives for depreciation and amortization; the Company's ability to continue as a going concern; valuation of share-based compensation and warrants; deferred taxes and valuation allowances; and asset retirement obligations. Management has determined that the Company has no asset retirement obligations at December 31, 2025.

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)* 

**Recently Adopted Accounting Pronouncements**

*(u) ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures*

In December 2023, the FASB issued a final standard on improvements to income tax disclosures. The standard requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. This new standard does not affect the recognition, measurement or financial statement presentation. The Company adopted the new standard effective January 1, 2025. Refer to Note 17 – *Income Taxes* for further information.

**Recently Issued Accounting Pronouncements and Disclosures Not Yet Adopted**

*(v) ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures and ASU 2025-01 (Subtopic 220-40): Clarifying the Effective Date* 

In November 2024, FASB issued an ASU which will require entities to provide disaggregated disclosure of specified categories of expenses that are included on the face of the income statement, including: purchases of inventory, employee compensation, depreciation, amortization and depletion. In January 2025, FASB clarified the effective dates of this ASU, which becomes effective January 1, 2027. The Company is assessing the impact of this ASU, and upon adoption, may be required to include certain additional disclosures in the notes to its consolidated financial statements.

**3. CASH AND CASH EQUIVALENTS**

A summary of the Company's cash and cash equivalents is detailed in the table below:

SCHEDULE OF CASH AND CASH EQUIVALENTS

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br> **2025**<br> **$** | **December 31,**<br> **2024**<br> **$** |
| Cash | 39492884 | 4015933 |
| Short-term deposits | 287500 | 2090000 |
| **Total cash and cash equivalents** | **39780384** | **6105933** |

---

**4. OTHER RECEIVABLES** 

A summary of the Company's other receivables is detailed in the table below:

SCHEDULE OF OTHER RECEIVABLES

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br> **2025**<br> **$** | **December 31,**<br> **2024**<br> **$** |
| HST on purchases | 319180 | 503235 |
| VAT on purchases | 5249975 | 468787 |
| Other receivables | 86792 | - |
| **Total other receivables** | **5655947** | **972022** |

---

VAT on purchases includes a receivable in the amount of $4,813,564 (Note 7) arising from the second instalment payment in respect of the Selebi Mines and Selkirk Mine (Note 5), which the Company received on February 16, 2026.

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)* 

**5. EXPLORATION AND EVALUATION ASSETS** 

The exploration and evaluation assets of the Company consist of the acquisition costs of mining assets located in Botswana:

SCHEDULE OF EXPLORATION AND EVALUATION ASSETS

---

| | | | |
|:---|:---|:---|:---|
|  | **Botswana** | **Botswana** | |
|  | **Selebi**<br> **$** | **Selkirk**<br> **$** |<br>**Total**<br> **$** |
| Balance, December 31, 2023 | 8285523 | 309275 | 8594798 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation | 242955 | 9068 | 252023 |
| Balance, December 31, 2024 | 8528478 | 318343 | 8846821 |
| &nbsp;&nbsp;&nbsp;Impairment loss – Phikwe South and Southeast Extension | (501497) |  | (501497) |
| &nbsp;&nbsp;&nbsp;Addition – Selebi APA Second Instalment | 34441488 |  | 34441488 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation | (60249) | 4066 | (56183) |
| **Balance, December 31, 2025** | **42408220** | **322409** | **42730629** |

---

The following is a description of the Company's exploration and evaluation assets and the related spending commitments:

**Botswana Assets - Selebi and Selkirk**

In September 2021, the Company executed the Selebi APA with the BCL liquidator to acquire the Selebi Mines formerly operated by BCL. In January 2022, the Company closed the transaction and ownership of the Selebi Mines transferred to the Company.

Pursuant to the Selebi APA, the aggregate purchase price payable to the seller for the Selebi Mines shall be the sum of $77,646,318 (US$56,750,000), which amount shall be paid in three instalments:

● $2,086,830 (US$1,750,000) payable on the closing date. This payment has been made. The Company also made care and maintenance funding contributions
 in respect of the Selebi Mines from March 22, 2021, to the closing date of $6,164,688 (US$5,178,747).

● $34,441,488 (US$25,000,000)
 payable upon the approval by the Botswana Ministry of Mineral Resources, Green Technology and Energy Security
 ()"**MMRGTES**") of the Company's Section 42 and Section 43 applications (for the further extension of the
 mining license and amendment of mining program, respectively) which are to be submitted along with a compliant economic study on or
 prior to December 31, 2026 (extended by the BCL liquidator from the previous submission timeline of March 2026). The Company prepaid
 the non-refundable $34,441,488 on December 2, 2025, securing unencumbered title to both Selebi and Selkirk mines.

● $41,118,000 (US$30,000,000) payable on the earlier of completion of mine construction and production start-up (commissioning) by the Company,
 or December 1, 2029.

The total acquisition cost of the Selebi Mines includes the first instalment of $2,086,830 (US$1,750,000), the payment of the care and maintenance funding contribution of $6,164,688 (US$5,178,747), and the second instalment of $34,441,488 (US$25,000,000).

In addition to the Selebi APA, the purchase of the Selebi Mines is also subject to a royalty agreement as well as a contingent consideration agreement with the liquidator. The royalty agreement consists of a NSR royalty of 2% on the net value of sales of concentrate or other materials with respect to production from the Selebi mining licence, of which the Company has the right to buy-back 50% (Note 11). The contingent consideration agreement consists of two components: (i) a sliding scale payment of US$0.50/tonne of ore up to US$1.40/tonne of ore with respect to the discovery of new mineable deposits greater than 25 million tonnes of ore from a base case of 15.9 million tonnes, with a minimum grade of 2.5% nickel equivalent, accrued at the time of a decision to mine; and (ii) price participation of 15% on post-tax net earnings directly attributable to an increase of 25% or more in commodity prices, on a quarterly basis, for a period of seven years from the date of first shipment of concentrate or other materials.

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

The Company also negotiated a separate Selkirk APA with the liquidator of TNMC in January 2022 to acquire the Selkirk deposit and related infrastructure formerly operated by TNMC. The transaction closed in August 2022.

The Selkirk APA does not provide for a purchase price or initial payment for the purchase of the assets. The acquisition cost of the Selkirk Mine of $327,109 (US$244,954) was the care and maintenance funding contribution from April 1, 2021, to the closing date of the Selkirk APA. The Selkirk APA provides that if the Company elects to develop the Selkirk Mine first, the payment of the second Selebi instalment of $34,441,488 (US$25,000,000) would be upon the approval by the MMRGTES of the Company's Section 42 and Section 43 applications (for the further extension of the Selkirk mining licence and amendment of the Selkirk mining program, respectively). The Company prepaid the non-refundable second instalment on December 2, 2025. For the third Selebi instalment of $41,118,000 (US$30,000,000), if the Selkirk Mine were to be commissioned earlier than the Selebi Mines, the payment would trigger on the Selkirk Mine's commission date. The Selkirk APA provides for a three-year study phase originally expiring August 17, 2025, which has been extended for one year to August 17, 2026.

In addition to the Selkirk APA, the purchase of the Selkirk Mine is also subject to a royalty agreement as well as a contingent consideration agreement with the liquidator. The royalty agreement consists of a NSR royalty of 1% on the net value of sales of concentrate or other materials with respect to production from the Selkirk mining licence, which the Company has the right to buy-back in full (Note 11). The contingent consideration agreement is on similar terms as the Selebi Mines contingent consideration.

In August 2023, the Company entered into a binding commitment letter with the liquidator of BCL to acquire a 100% interest in two additional deposits, Phikwe South and the Southeast Extension, located adjacent to and immediately north of the Selebi North shaft. The agreement has since lapsed and on August 11, 2025, the Company informed the liquidator of BCL that it would no longer be pursuing the acquisition of the Phikwe South and the Southeast Extension deposits. As a result, the Company recorded an impairment loss of $501,497 during the year ended December 31, 2025, related to care and maintenance costs during the evaluation period of the properties in 2023, which had been previously capitalized as part of the Selebi Mines acquisition cost.

Both the Selebi Mines and Selkirk Mine are subject to a royalty payable to the Botswana Government of 5% of all precious metals sales and 3% of all base metals sales.

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

**General Exploration Expenses**

Details of the general exploration expenses by nature are presented as follows:

SCHEDULE OF GENERAL EXPLORATION EXPENSES

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  | **Selebi**<br> **$** | **Selkirk**<br> **$** | **Other**<br> **$** | **Total**<br> **$** | **Selebi**<br> $ | **Selkirk**<br> $ | **Other**<br> **$** | **Total**<br> **$** |
| &nbsp;&nbsp;&nbsp;Drilling | 7063432 | 1640695 |  | 8704127 | 6703402 |  |  | 6703402 |
| &nbsp;&nbsp;&nbsp;Site operations, administration, & overhead | 4327546 | 808072 | 305648 | 5441266 | 4298941 | 435957 | 156457 | 4891355 |
| &nbsp;&nbsp;&nbsp;Infrastructure & equipment maintenance | 3022358 | 101335 |  | 3123693 | 3872782 |  |  | 3872782 |
| &nbsp;&nbsp;&nbsp;Geology | 2387878 | 1607693 |  | 3995571 | 3042562 | 505783 |  | 3548345 |
| &nbsp;&nbsp;&nbsp;Mine development | 2859779 |  |  | 2859779 | 3030676 |  |  | 3030676 |
| &nbsp;&nbsp;&nbsp;Electricity | 4318262 | 21397 |  | 4339659 | 2904188 | 27377 |  | 2931565 |
| &nbsp;&nbsp;&nbsp;Engineering & technical studies | 2701547 | 269746 |  | 2971293 | 1066361 | 248343 |  | 1314704 |
| &nbsp;&nbsp;&nbsp;Geophysics | 843239 | 195272 |  | 1038511 | 993152 | 107942 |  | 1101094 |
| &nbsp;&nbsp;&nbsp;Freight, tools, supplies, & other consumables | 1614795 | 269225 |  | 1884020 | 915925 | 10417 |  | 926342 |
| &nbsp;&nbsp;&nbsp;Health & safety | 482355 | 7138 |  | 489493 | 319146 | 44 |  | 319190 |
| &nbsp;&nbsp;&nbsp;Environmental, social & governance | 453692 | 1387 |  | 455079 | 302737 |  |  | 302737 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 547364 | 263987 | - | 811351 | 567335 | 141833 | - | 709168 |
| **Total** | **30622247** | **5185947** | **305648** | **36113842** | **28017207** | **1477696** | **156457** | **29651360** |

---

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

**6. PROPERTY, PLANT AND EQUIPMENT** 

The tables below set out costs and accumulated depreciation and amortization as at December 31, 2025, and December 31, 2024:

SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Cost** | **Land and Buildings<sup>(1)</sup>**<br>**$** | **Equipment<sup>(12)</sup>** <br> **$** | **Furniture &**<br> **Fixtures**<br> **$** | **Vehicles**<br> **$** | **Computer & Software**<br> **$** | **Total**<br> **$** |
| **Balance – December 31, 2023** | **2909637** | **5476434** | **191899** | **398032** | **567407** | **9543409** |
| &nbsp;&nbsp;&nbsp;Additions | 73049 | 1129567 | 30121 | 111629 | 6543 | 1350909 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation | 86264 | (22306) | 3857 | 11561 | 35317 | 114693 |
| **Balance – December 31, 2024** | **3068950** | **6583695** | **225877** | **521222** | **609267** | **11009011** |
| &nbsp;&nbsp;&nbsp;Additions |  | 2461636 | 2826 | 276385 | 45851 | 2786698 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation | 39191 | 30335 | 2234 | 7485 | 8275 | 87520 |
| **Balance – December 31, 2025** | **3108141** | **9075666** | **230937** | **805092** | **663393** | **13883229** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Accumulated Depreciation and Amortization** | **Land and**<br> **Buildings<sup>(1)</sup>** | **Equipment<sup>(1)</sup>** | **Furniture<br> &<br> Fixtures** | **Vehicles** | **Computer<br> &<br> Software** | **Total** |
| **Balance – December 31, 2023** | **170256** | **401409** | **19079** | **106083** | **145948** | **842775** |
| &nbsp;&nbsp;&nbsp;Depreciation during the year | 110535 | 1229847 | 14750 | 113688 | 162644 | 1631464 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation | 2609 | 13358 | 750 | 4581 | 25069 | 46367 |
| **Balance – December 31, 2024** | **283400** | **1644614** | **34579** | **224352** | **333661** | **2520606** |
| &nbsp;&nbsp;&nbsp;Depreciation during the period | 100514 | 1494323 | 28066 | 166145 | 279773 | 2068821 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation | 4703 | (35881) | 631 | 4657 | 7278 | (18612) |
| **Balance – December 31, 2025** | **388617** | **3103056** | **63276** | **395154** | **620712** | **4570815** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Carrying Value** | **Land and**<br> **Buildings<sup>(1)</sup>** | **Equipment<sup>(1)(2)</sup>** | **Furniture &<br> Fixtures** | **Vehicles** | **Computer<br> &<br> Software** | **Total** |
| **Balance – December 31, 2024** | **2785550** | **4939081** | **191298** | **296870** | **275606** | **8488405** |
| **Balance – December 31, 2025** | **2719524** | **5972610** | **167661** | **409938** | **42681** | **9312414** |

---

Notes:

<sup>(1)</sup> Land and Buildings contains the Syringa Lodge ROU asset and Equipment contains the drilling equipment supply agreement ROU asset (Note 8). The Company obtained full title to these assets during the year ended December 31, 2024. 

<sup>(2)</sup> Included within Equipment is $216,002 related to a third underground to surface drill conversion kit and other capital components in transit at December 31, 2025, and $227,545 related to a deposit on a second Marcotte deep drill which was being fabricated by the supplier at December 31, 2025, both of which are currently non-depreciable.

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

**7. TRADE PAYABLES AND ACCRUED LIABILITIES**

A summary of trade payables and accrued liabilities is detailed in the table below:

SCHEDULE OF TRADE PAYABLES AND ACCRUED LIABILITIES

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br> **2025** <br> **$** | **December 31,**<br> **2024** <br> **$** |
| Amounts due to related parties (Note 13) | 540443 | 1259665 |
| Trade payables | 7147173 | 2493306 |
| Accrued liabilities | 751511 | 724609 |
| Severance payable | 1020844 | - |
| Total | 9459971 | 4477580 |
| Less: current portion | 9459971 | 3893216 |
| **Non-current portion** | **-** | **584364** |

---

Trade payables include $4,813,564 (Note 4) of VAT due to the BCL liquidator arising from the second instalment payment in respect of the Selebi Mines and Selkirk Mine (Note 5).

Severance payable at December 31, 2025, includes amounts due to the Company's former Chief Executive Officer and Chief Financial Officer who departed the Company in December 2024 and July 2025, respectively, of which: $48,697 is payable in equal monthly instalments until December 31, 2026, and $59,792 is payable in equal monthly instalments until July 31, 2026. The Company has reported the full amounts as current at December 31, 2025. For the year ended December 31, 2024, the corresponding amount due to the Company's former Chief Executive Officer of $1,168,729 was reported in amounts due to related parties, of which $584,364 was reported as non-current.

Amounts due to related parties at December 31, 2025, includes severance payable of $500,000 due to the Company's former Chief Executive Officer in accordance with the succession plan announced on December 15, 2025, which was paid upon their departure in January 2026.

**8. LEASE LIABILITIES**

The following table summarizes quantitative information pertaining to the Company's finance and operating leases:

SCHEDULE OF FINANCE AND OPERATING LEASES COST

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** <br> **$** | **2024**<br> **$** |
| **Lease cost** |  |  |
| Finance lease cost: |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of finance lease right-of-use assets |  | 317957 |
| &nbsp;&nbsp;&nbsp;Interest on lease liabilities |  | 114335 |
| Short-term operating lease cost | 1876302 | 1327338 |
| **Total lease cost** | **1876302** | **1759630** |

---

SCHEDULE OF SUPPLEMENTAL CASH FLOWS INFORMATION

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025<br> $** | **2024<br> $** |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Operating cash flows from operating leases | 1876302 | 1327338 |
| &nbsp;&nbsp;&nbsp;Financing cash flows from finance leases, principal payment |  | 1674119 |
| &nbsp;&nbsp;&nbsp;Financing cash flows from finance leases, interest payment |  | 114335 |
| Non-cash additions (reductions) to right-of-use assets and lease liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Recognition of right-of-use assets for finance leases |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets for finance leases |  | (317957) |

---

 

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

*Finance Leases*

**Syringa Lodge**

In July 2022, the Company executed a sales agreement (the "**Lodge Agreement**") with Tuli Tourism Pty Ltd. (the "**Seller**") for the Syringa Lodge in Botswana. Pursuant to the Lodge Agreement, the aggregate purchase price payable to the Seller shall be the sum of $3,213,404 (BWP 30,720,000), payable in three instalments. A deposit of $482,011 (BWP 4,608,000) was paid in August 2022, and a second instalment of $1,306,906 (BWP 13,056,000) was paid in July 2023. The Company paid 50% of the final instalment of $653,061 (BWP 6,528,000) on September 12, 2024, and paid the final outstanding balance of $656,064 (BWP 6,528,000) on December 10, 2024. There were no amounts outstanding under the agreement for the years ended December 31, 2025, and 2024, and the assets are now 100% owned by the Company.

In addition to the above purchase price, the Company was required to pay to the Seller an agreed interest amount of 6% per annum on the outstanding balance, accrued and payable monthly. The Company recognized a finance lease for this lease.

**Drilling Equipment**

In March 2023, the Company entered into a drilling equipment supply agreement (the "**Equipment Agreement**") with Forage Fusion Drilling Ltd. ("**Forage**") to purchase specific drilling equipment on a "rent to own" basis with the purchase price to be paid in monthly payments.

Pursuant to the Equipment Agreement, the aggregate purchase price payable to Forage was $2,942,000. A deposit of $1,700,000 was paid in March 2023. The balance was payable in twelve equal monthly instalments of $103,500. Based on the stated equipment purchase price of $2,735,000 and monthly instalments, the implied interest rate for the arrangement was 35%. The final instalment was paid on April 12, 2024, and the equipment is now 100% owned by the Company. The Company recognized a finance lease for this lease.

*Operating Leases*

The Company has operating leases primarily related to surveying and mobile equipment with initial lease terms of twelve months or less. The Company records these in general exploration expenses within the statement of operations and comprehensive loss.

**9. MORTGAGE PAYABLE**

On August 20, 2025, the Company's indirect wholly owned Botswanan subsidiary, PNRPL, entered into a mortgage in respect of the Company's previously acquired Syringa Lodge located near the Selebi Mines. The Company had acquired the Syringa Lodge to house non-local personnel and consultants when visiting the Selebi Mines and for additional office space. The proceeds of the mortgage were used to fund ongoing drilling programs at the Selebi Mines.

The remaining principal amount of the mortgage is $1,333,354 (BWP 12,932,638), is denominated in Botswanan pula, bears interest at Absa Prime Lending Rate (6.76% at December 31, 2025) plus 1.5% per annum, is repayable in fifty six (56) equal monthly blended instalments of principal and interest with a maturity date of August 20, 2030, and is secured by the Syringa Lodge. There is no fee for prepayment, and the mortgage is subject to a cash flow to debt service covenant which takes into consideration parent company capital contributions and is to be assessed based on each calendar year. The Company was in compliance with this covenant as of December 31, 2025.

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

**10. TERM LOAN**

The Company had a three-year Term Loan with Cymbria, the lender and an affiliate of the Company's largest shareholder, EdgePoint, in the amount of $20,882,353 which bore interest at a rate of 10% per annum and was to mature on June 28, 2026.

On March 18, 2025, the Company closed a financing transaction the March 2025 Financing which included a non-brokered private placement (Note 12(a)) and the Debt Conversion.

The Company issued to Cymbria an aggregate of 3,480,392 Settlement Units at a deemed issue price of $6.00 per Settlement Unit in full satisfaction of the $20,882,353 principal amount outstanding under the Term Loan. Each Settlement Unit consisted of one Common Share of the Company and a Settlement Warrant of the Company. Accrued interest under the Term Loan, up to the date of the Debt Conversion, in the amount of $268,896, was settled in cash.

Each Settlement Warrant entitles the holder to acquire one additional Common Share of the Company at a price of $8.00 per Common Share until March 18, 2028. If, at any time prior to the expiry date, the volume-weighted average trading price of the Common Shares is at least $40.00 per Common Share for a period of 20 trading days, the Company may, at its option, accelerate the expiry date with 30 days' notice to the Settlement Warrant holders.

The fair value of the Common Shares issued as part of the Settlement Units was estimated at $17,727,018 and was determined by applying an implied discount of 37.9% per Common Share for lack of marketability to the market observed price on the date of issuance. The fair value of the Settlement Warrants was estimated at $7,398,104 using a Monte Carlo model. The $5,982,434 difference between the fair value of the Settlement Units issued of $25,125,122 and the carrying amount of the Term Loan of $19,142,687 was recognized as a loss in the current period.

The Monte Carlo model used to value the Settlement Warrants was based on the following assumptions:

SCHEDULE OF FAIR VALUE OF SETTLEMENT WARRANTS

---

| | |
|:---|:---|
|  | **Settlement<br> 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.

In connection with the March 2025 Financing, the Company issued: (i) 200,000 Common Shares to TriView for its services as finder; (ii) 450,000 Common Shares to Fiore and 187,500 Common Shares to Bowering for certain advisory services; and (iii) 179,335 Common Shares to a financial advisor for financial advisory services. The fair value of these shares was determined to be $5,179,586. In addition to the Common Shares, the Company incurred various legal, listing and financing fees payable in cash totaling $2,371,203. Certain of these fees were allocated between the non-brokered private placement (Note 12(a)) and Debt Conversion transactions based on the value of the units issued under each transaction.

All securities issued as part of the Debt Conversion are subject to a hold period, which expired July 19, 2025, with the exception of the Common Shares issued to Fiore and Bowering which have a hold period expiring March 18, 2026.

The following is a continuity of the Term Loan:

SCHEDULE OF CONTINUITY OF TERM LOAN

---

| |
|:---|
| Term Loan balance, December 31, 2023 |
| &nbsp;&nbsp;&nbsp;Accrued interest |
| &nbsp;&nbsp;&nbsp;Accretion of warrant value and transaction costs |
| &nbsp;&nbsp;&nbsp;Interest paid |
| Term Loan balance, December 31, 2024 |
| &nbsp;&nbsp;&nbsp;Accrued interest |
| &nbsp;&nbsp;&nbsp;Accretion of warrant value and transaction costs |
| &nbsp;&nbsp;&nbsp;Interest paid) |
| &nbsp;&nbsp;&nbsp;Debt Conversion |
| **Term Loan balance, December 31, 2025** |

---

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

**11. NSR OPTION** 

In 2023, Cymbria paid an aggregate of $2,750,000 ("**Option Payment**") to two subsidiaries of NEXM to acquire a right to participate with such subsidiaries in the exercise of certain contractual rights. The Option Payment was allocated to PNRPL and PNGPL (defined below) for $2,500,000 and $250,000, respectively.

As the NSR options are exercisable entirely at the discretion of Cymbria and the underlying projects are in the exploration stage, the fair value of the call and put on the options as at December 31, 2025, and December 31, 2024, is $nil. The Option Payment received in cash was recorded as a non-current liability.

NEXM's indirect wholly owned subsidiary, PNRPL, acquired the Selebi Mines in January 2022 out of liquidation. Pursuant to the acquisition agreement, the liquidator retained a 2% net smelter returns royalty on the Selebi Mines. PNRPL has a contractual right to repurchase one-half of the Selebi NSR at a future time on payment by PNRPL to the liquidator of $27,412,000 (US$20,000,000).

NEXM's indirect wholly owned subsidiary, PNGPL, acquired the Selkirk Mine in August 2022 out of liquidation. Pursuant to the acquisition agreement, the liquidator retained a 1% net smelter returns royalty on the Selkirk Mine. PNGPL has a contractual right to repurchase the entirety of the Selkirk NSR at a future time on payment by PNGPL to the liquidator of $2,741,200 (US$2,000,000).

Each of PNRPL and PNGPL has agreed to grant Cymbria, in exchange for the Option Payment, an option to participate in any such repurchase of the applicable portion of its NSR from the relevant liquidator. Cymbria will, following the exercise of its option to participate in any such repurchase, acquire a 0.5% NSR royalty on the applicable property by paying an amount equal to one half of the repurchase price payable by PNRPL or PNGPL pursuant to the applicable NSR, less the Option Payment paid at closing pursuant to the relevant option agreement among Cymbria and PNRPL or PNGPL. Cymbria also has the right: (i) at any time following the date of any buyback exercise notice from PNRPL and/or PNGPL and prior to the first anniversary of sale of product, to terminate the option and receive from PNRPL and/or PNGPL a refund of the related option price paid by Cymbria; (ii) upon receipt from PNRPL and/or PNGPL of any termination, settlement or waiver of the buyback right or royalty agreement and prior to the first anniversary of sale of product, to exercise the option or terminate the option, and if terminated PNRPL and/or PNGPL shall refund the related option price paid by Cymbria; (iii) to exercise the option and compel PNRPL and/or PNGPL to exercise the buyback right at any time within the first nine months immediately following the first anniversary of sale of product and not less than 60 days prior to the date of exercise of the buyback right; and (iv) to require PNRPL and/or PNGPL to repurchase the option from Cymbria for an amount equal to the option price at any time commencing on the first anniversary of sale of product, provided PNRPL and/or PNGPL have not provided a buyback exercise notice or notice of any termination, settlement or waiver of the buyback right or royalty agreement to Cymbria.

Under the NSR option purchase agreements, Cymbria could acquire a 0.5% net smelter returns royalty on the Selebi Mines and Selkirk Mine upon payment of $11,105,287 (US$8,102,500) and $1,110,529 (US$810,250), respectively.

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

**12. SHARE CAPITAL**

As disclosed in Note 2(d), the Share Consolidation has been applied retrospectively herein.

The authorized capital of the Company comprises an unlimited number of Common Shares without par value and 20,000,000 Preferred Shares, issuable in series, of which 4,000,000 are authorized to be designated as Series 1 Convertible Preferred Shares.

There are currently 118,186 Series 1 Convertible Preferred Shares outstanding, without par value, which are convertible at a ratio of 180:1, to 657 Common Shares.

*a)* *Common Shares Issued and Outstanding* 

***Year ended December 31, 2025***

**November 2025 Financing**

On November 17, 2025, the Company closed the November 2025 Financing which consisted of issuing 14,035,100 November 2025 Units of the Company at a price of $5.70 per unit for aggregate proceeds of $80,000,070. Each November 2025 Unit consisted of one Common share of the Company and one November 2025 Warrant. Each November 2025 Warrant entitles the holder to acquire one additional Common Share at a price of $8.00 per share until November 17, 2027.

In connection with the November 2025 Financing, the agents received a total cash fee of $4,512,017 equal to 6.0% of the gross proceeds and a reduced cash fee equal to 2.0% for sales to certain individuals. The Company also incurred various legal, listing and financing fees payable in cash totaling $821,864.

The relative fair value of the Common Shares issued under the November 2025 Financing was estimated at $61,884,376 and was determined based on the market observed price on the date of issuance. The relative fair value of the November 2025 Warrants was estimated at $18,115,694 using the Black-Scholes Option Pricing Model. Gross proceeds raised of $80,000,070 and related issuance costs were allocated to the Common Shares and warrants based on relative fair values.

The fair value of the November 2025 Warrants was calculated using the following assumptions:

SCHEDULE OF FAIR VALUE OF WARRANTS

---

| | |
|:---|:---|
|  | **November 2025**<br> **Warrants** |
| Expected dividend yield | 0% |
| Share price | $4.91 |
| Expected share price volatility | 77.47% |
| Risk free interest rate | 2.49% |
| Expected life of warrant | 2 years |

---

The volatility was determined by calculating the historical volatility of the Company's share price over a 2-year period using daily closing prices. The formula used to compute historical volatility is the standard deviation of the logarithmic returns.

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

**March 2025 Financing**

On March 18, 2025, the Company closed the March 2025 Financing which included a non-brokered private placement and the conversion of its $20,882,353 three-year Term Loan with Cymbria (Note 10).

The non-brokered Private Placement consisted of issuing 7,666,667 Private Placement Units of the Company at a price of $6.00 per unit for aggregate gross proceeds of $46,000,000. Each Private Placement Unit consisted of one Common Share of the Company and a Private Placement Warrant of the Company. Each Private Placement Warrant entitles the holder to acquire one additional Common Share at a price of $11.00 per share until March 18, 2028.

In connection with the March 2025 Financing, the Company issued: (i) 200,000 Common Shares to TriView for its services as finder; (ii) 450,000 Common Shares to Fiore and 187,500 Common Shares to Bowering for certain advisory services; and (iii) 179,335 Common Shares to a financial advisor for financial advisory services. The fair value of these shares was determined to be $5,179,586. In addition to the Common Shares, the Company incurred various legal, listing and financing fees payable in cash totaling $2,371,203. Certain of these fees were allocated between the Private Placement and Debt Conversion (Note 10) transactions based on the value of the units issued under each transaction.

All securities issued as part of the Private Placement are subject to a hold period which expired July 19, 2025, with the exception of the Common Shares issued to Fiore and Bowering which have a hold period expiring March 18, 2026.

The fair value of the Common Shares issued under the Private Placement was estimated at $39,048,922 and was determined by applying an implied discount of 37.9% per Common Share for lack of marketability to the market observed price on the date of issuance. The fair value of the Private Placements Warrants was estimated at $6,951,078 using the Black-Scholes Option Pricing Model.

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

---

| | |
|:---|:---|
|  | **Private Placement<br> 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.

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

During the year ended December 31, 2025, 2,124 Common Shares were issued for the net exercise of 12,000 Options, and 16,212 Common Shares were issued for the vesting and settlement of RSUs.

As at December 31, 2025, the Company had 35,502,754 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 2024 Unit for gross proceeds of $12,497,000.

Each June 2024 Warrant entitles the holder thereof to acquire one Common Share for a period expiring 60 months following the date of issuance at a price of $22.00 per Common Share. If, at any time prior to the expiry date, the volume-weighted average trading price of the Common Shares is at least $40.00 per Common Share for a period of 20 trading days, the Company may, at its option, accelerate the expiry date with 30 days' notice to the June 2024 Warrant holders.

In connection with the June 2024 Financing, the Company issued 51,250 June 2024 Units (comprised of 51,250 Common Shares and 51,250 non-transferable June 2024 Warrants) to a financial advisor.

The fair value of the June 2024 Warrants, calculated using the Monte Carlo model, was estimated at $12,533,135. Gross proceeds of $27,499,999 and related issuance costs of $358,746 in cash, and the value of $1,087,755 for 51,250 June 2024 Units granted to the financial advisor were allocated to the Common Shares and the June 2024 Warrants based on relative fair values. The key inputs used in the Monte-Carlo model were as follows:

SCHEDULE OF FAIR VALUE OF WARRANTS

---

| | | |
|:---|:---|:---|
|  | **June 14,<br> 2024** | **June 21,<br> 2024** |
| Expected dividend yield | 0% | 0% |
| Share price | $16.20 | $16.80 |
| Expected share price volatility | 83.17% | 83.71% |
| Risk free interest rate | 3.23% | 3.30% |
| Expected life of warrant | 5 years | 5 years |

---

The volatility was determined by calculating the historical volatility of stock prices of the Company over a 5-year period using daily closing prices. The formula used to compute historical volatility is the standard deviation of the logarithmic returns.

During the year ended December 31, 2024, 6,313 Common Shares were issued for the net exercise of 13,905 Options.

*b)* *Warrants* 

The following summarizes Common Share purchase warrant activity:

SUMMARY OF COMMON SHARE PURCHASE WARRANT ACTIVITY

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Number<br> Outstanding** | **Weighted<br> Average<br> Exercise<br> Price $** | **Number<br> Outstanding** | **Weighted**<br> **Average**<br> **Exercise**<br> **Price $** |
| Outstanding, beginning of the year | 2126342 | 23.02 | 344555 | 30.00 |
| &nbsp;&nbsp;&nbsp;Issued | 21348826 | 8.54 | 1814070 | 22.00 |
| &nbsp;&nbsp;&nbsp;Expired | (11072) | 35.00 | (32283) | 41.00 |
| Outstanding, end of the period | **23464096** | **9.84** | **2126342** | **23.02** |

---

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

At December 31, 2025, the Company had outstanding Common Share purchase warrants exercisable to acquire Common Shares as follows:

SCHEDULE OF DETAILS OF WARRANTS OUTSTANDING

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Warrants** <br> **Outstanding** | **Warrants**<br> **Exercisable** | **Expiry** <br> **Date** | **Exercise** <br> **Price** <br> **$** | **Intrinsic**<br> **Value**<br> **$** |
| 301200 | 301200 | June 28, 2026 | 28.75 |  |
| 1012981 | 1012981 | June 14, 2029 | 22.00 |  |
| 801089 | 801089 | June 21, 2029 | 22.00 |  |
| 3833334 | 3833334 | March 18, 2028 | 11.00 |  |
| 3480392 | 3480392 | March 18, 2028 | 8.00 |  |
| 14035100 | 14035100 | November 17, 2027 | 8.00 |  |
| **23464096** | **23464096** |  |  |  |

---

*c)* *Omnibus Plan* 

During the second quarter of 2025, the Company adopted a new "*rolling up to 10%*" long-term Omnibus Plan which replaces the Company's existing stock option plan, restricted share unit plan, and deferred share unit plan.

The Omnibus Plan provides for the award of RSUs, DSUs and Options to directors, officers, employees and consultants upon approval by the Board of Directors. The maximum aggregate number of Common Shares issuable in respect of all past and future Awards granted or issued, at any point, shall not exceed 10% of the total number of issued and outstanding Common Shares on a non-diluted basis at such point in time, subject to certain participation limits on grants. No Award granted or issued under the Omnibus Plan, other than Options, may vest before the date that is one year following the date it is granted or issued.

***Options***

An Option is an Award that gives a participant the right to purchase one Common Share at a specified price. The exercise price of each Option shall not be less than the discounted market price on the grant date and as approved by the Board of Directors of the Company. The Options can be granted for a maximum term of ten years.

The following summarizes the Option activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Number<br> Outstanding** | **Weighted**<br> **Average**<br> **Exercise**<br> **Price**<br> **$** | **Number Outstanding** | **Weighted**<br> **Average**<br> **Exercise**<br> **Price**<br> **$** |
| Outstanding, beginning of the year | 779343 | 25.60 | 674401 | 27.80 |
| &nbsp;&nbsp;&nbsp;Granted | 299000 | 9.99 | 170500 | 21.00 |
| &nbsp;&nbsp;&nbsp;Exercised | (12000) | 9.00 | (13905) | 17.20 |
| &nbsp;&nbsp;&nbsp;Expired/cancelled | (53603) | 19.58 | (51653) | 40.20 |
| Outstanding, end of the period | **1012740** | **21.51** | **779343** | **25.60** |

---

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

The total intrinsic value of Options exercised for the year ended December 31, 2025, was $30,996 (year ended December 31, 2024 - $149,405).

During the year ended December 31, 2025, the Company granted an aggregate of 299,000 Options to employees, directors, officers and consultants with a term of five years. The Options have a weighted average exercise price of $9.99 per Common Share. Of the 299,000 Options granted, 287,500 vests as to one-half on the date of grant and the balance on the first anniversary of the date of grant, 7,000 vested immediately on the date of grant, and 4,500 vest annually in equal thirds beginning on the date of grant.

For the year ended December 31, 2025, a total of $1,926,779 (December 31, 2024 - $1,881,417) was recorded as share-based compensation expense and credited to additional paid-in capital related to Options.

The fair value of Options granted was calculated using the Black-Scholes Option Pricing Model. The volatility was determined using the historical daily volatility over the expected life of the Options. The expected life of the Options considered the contractual term of the Options, as well as an estimate of the time to exercise. The Black-Scholes Option Pricing Model used the following assumptions:

---

| | | |
|:---|:---|:---|
|  | **Year ended**<br>**December 31,<br> 2025** | **Year ended**<br>**December 31,<br> 2024** |
| Stock price | 8.20-8.70 | 9.60-16.20 |
| Strike price | 9.80-10.00 | 9.80-22.00 |
| Expected dividend yield | 0% | 0% |
| Expected forfeiture rate | 0% | 0% |
| Expected share price volatility range | 76.3-78.6% | 74.2-79.8% |
| Weighted average expected share price volatility | 77.5% | 75.9% |
| Risk free interest rate | 2.54%-2.70 | 2.91%-3.23 |
| Expected life of Options | 2.5-3.5 years | 2.5-3.5 years |

---

Details of Options outstanding as at December 31, 2025, are as follows:

SCHEDULE OF DETAILS OF OPTIONS OUTSTANDING

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Options** <br> **Outstanding** | **Options**<br> **Exercisable** | **Expiry** <br> **Date** | **Exercise** <br> **Price** <br> **$** | **Intrinsic**<br> **Value**<br> **$** |
| 160736 | 160736 | January 26, 2026 | 7.80 |  |
| 21250 | 21250 | February 25, 2026 | 32.00 |  |
| 55335 | 55335 | September 29, 2026 | 18.20 |  |
| 49940 | 49940 | October 25, 2026 | 40.00 |  |
| 97499 | 97499 | January 20, 2027 | 48.00 |  |
| 163330 | 108887 | August 8, 2028 | 35.00 |  |
| 150650 | 100433 | August 14, 2029 | 22.00 |  |
| 15000 | 10833 | December 4, 2029 | 9.80 |  |
| 287500 | 143750 | March 18, 2030 | 10.00 |  |
| 11500 | 8500 | April 24, 2030 | 9.80 |  |
| **1012740** | **757163** |  |  |  |

---

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

***RSUs***

An RSU is an Award that upon settlement, entitles the recipient participant to receive one Common Share. The number, terms, and vesting conditions of RSUs awarded will be determined by the Board of Directors from time to time. The Company uses the fair value method of accounting for the recording of RSU grants, and the fair value of the RSUs was determined based on the closing price of the Company's Common Shares on the grant date.

During the year ended December 31, 2025, the Company granted an aggregate of 491,262 RSUs to employees, directors, officers and consultants with 203,750 vesting in full on the first anniversary of the date of grant and the remaining 287,512 vesting over three years from the grant date.

The following is a continuity of the RSUs which are fixed and are not subject to vesting conditions other than service:

SCHEDULE OF CONTINUITY OF RSU

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year end ended** | **Year end ended** | **Year ended** | **Year ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Number**<br> **Outstanding** | **Weighted**<br> **Average**<br> **Grant-Date**<br> **Fair Value <br> Per Award $** | **Number**<br> **Outstanding** | **Weighted**<br> **Average**<br> **Grant-Date**<br> **Fair Value <br> Per Award $** |
| Outstanding, beginning of the year | 50000 | 12.00 |  |  |
| Granted | 491262 | 7.20 | 50000 | 12.00 |
| Vested / Settled | (16670) | 12.00 | - | - |
| Outstanding, end of the period | **524592** | **7.51** | **50000** | **12.00** |

---

For the year ended December 31, 2025, a total of $1,485,815 (December 31, 2024 – $73,726) was recorded as share-based compensation expense and credited to additional paid-in capital related to RSUs. The total intrinsic value of RSUs redeemed during the year ended December 31, 2025, was $92,723 (December 31, 2024 – $nil).

***DSUs***

DSUs are granted annually by the Board of Directors and outstanding DSUs are settled in cash upon redemption. The number and vesting conditions of DSUs awarded will be determined by the Board of Directors from time to time. Each director may elect to receive any part or all of their cash-based portion of director fees in DSUs.

The DSUs credited to the account of a director may be redeemed no earlier than 90 days after the end of the year in which they ceased to be a director, and no later than the end of the calendar year following the year in which the holder ceases to be a director.

The following is a continuity of the DSUs:

SCHEDULE OF DSU GRANTED

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Awards** | **Price<sup>(1)</sup>**<br> **$** |
| DSUs outstanding at December 31, 2023 | 36548 | 24.20 |
| &nbsp;&nbsp;&nbsp;Granted | 71688 | 14.24 |
| DSUs outstanding at December 31, 2024 | 108236 | 8.70 |
| &nbsp;&nbsp;&nbsp;Granted | 46600 | 4.91 |
| &nbsp;&nbsp;&nbsp;Redeemed | (39749) | 7.49 |
| &nbsp;&nbsp;&nbsp;Cancelled | (4699) | 4.90 |
| **DSUs outstanding at December 31, 2025** | **110388** | **5.37** |

---

Note:

<sup>(1)</sup> For DSUs granted, cancelled and outstanding, price represents the closing price of the Company's Common Shares on the grant date, cancellation date and balance sheet date, respectively. For DSUs redeemed, price represents the volume weighted average price on the TSXV for the last five trading days immediately preceding the redemption date.

During the year end ended December 31, 2025, the Company granted 46,600 DSUs to Directors. During the year ended December 31, 2025, the Company recorded a fair value adjustment gain of $298,914 on the outstanding DSUs (December 31, 2024 – $963,340). During the year ended December 31, 2025, the DSU compensation, net of fair value adjustments was a net gain of $270,705 (December 31, 2024 – net expense of $57,183). The total intrinsic value of DSUs redeemed during the year ended December 31, 2025, was $297,567 (December 31, 2024 –$nil).

The DSUs are classified as a derivative financial liability measured at fair value, with changes in fair value recorded in profit or loss. The fair value of the DSUs was determined based on the closing price of the Company's Common Shares on the respective balance sheet date. As at December 31, 2025, the Company reassessed the fair value of the DSUs at $373,392 and recorded the amount as a DSU liability (December 31, 2024 - $941,664).

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

**13. RELATED PARTY TRANSACTIONS**

The following amounts due to related parties are included in trade payables and accrued liabilities (Note 7).

SCHEDULE OF RELATED PARTY TRANSACTIONS

---

| | | |
|:---|:---|:---|
|  | **December 31,<br> 2025**<br> **$** | **December 31,<br> 2024**<br> **$** |
| Directors and officers of the Company | 540443 | 1259665 |
| **Total** | **540443** | **1259665** |

---

Amounts due to related parties at December 31, 2025, includes severance payable of $500,000 due to the Company's former Chief Executive Officer in accordance with the succession plan announced on December 15, 2025, which was paid upon their departure in January 2026.

Included in the amounts due to related parties at December 31, 2024, is $1,168,729 due to the Company's former Chief Executive Officer related to his retirement from the Company in December 2024 and is payable in equal monthly instalments of $48,697 until December 31, 2026; the former Chief Executive Officer was not considered a related party at December 31, 2025.

These amounts are unsecured, non-interest bearing and have 30-day fixed terms of repayment with the exception of the retirement payment, as noted above.

(a) Related
 party transactions

On March 18, 2025, the Company closed the March 2025 Financing which included the conversion of its Term Loan held by EdgePoint and its affiliates to equity (Note 10). The Company issued to EdgePoint and its affiliates an aggregate of 3,480,392 Settlement Units. EdgePoint and its affiliates also subscribed for 1,578,500 November 2025 Units as part of the November 2025 Financing. As of December 31, 2025, EdgePoint and its affiliates beneficially owned an aggregate of 6,250,553 Common Shares and 5,744,707 warrants, representing approximately 17.6% of the outstanding Common Shares (approximately 29.1% on a partially-diluted basis assuming the exercise of all warrants held by EdgePoint).

In connection with the March 2025 Financing and November 2025 Financing, certain insiders of the Company subscribed for an aggregate of 196,833 Private Placement Units for gross proceeds of $1,181,000 and 116,500 November 2025 Units for gross proceeds of $664,050.

For the year ended December 31, 2025, the Company paid interest of $268,896 (December 31, 2024 - $2,082,530) to Cymbria. For the year ended December 31, 2025, the Company recognized a loss on the Debt Conversion of $5,982,434 (December 31, 2024 - $nil)

During 2024, EdgePoint and its affiliates, related parties of the Company, subscribed for 384,615 June 2024 Units as part of the June 2024 Financing. As of December 31, 2024, EdgePoint and its affiliates beneficially owned 1,191,661 Common Shares and 685,815 warrants, representing approximately 12.8% of the issued and outstanding Common Shares (approximately 18.8% on a partially-diluted basis assuming the exercise of all warrants held by EdgePoint).

(b) Key
 management personnel are defined as members of the Board of Directors and certain senior management.

Key management compensation was related to the following:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31,** | **Year ended** <br> **December 31,** |
|  | **2025**<br> **$** | **2024**<br> **$** |
| Salaries and management fees | 821655 | 1373388 |
| Severance and transition costs | 1228611 | 1168729 |
| Site operations and administration | 1479430 | 2088356 |
| Director fees, net of DSU fair value movements | 183482 | 57183 |
| Share-based compensation | 1366218 | 1252483 |
| **Total compensation** | **5079396** | **5940139** |

---

For the year ended December 31, 2025, the Company incurred $1,228,611 in severance and transition costs related to the departure in January 2026 and July 2025 of the Company's former Chief Executive Officer and Chief Financial Officer, respectively. For the year ended December 31, 2024, severance and transition costs of $1,168,729 relate to the retirement of the Company's former Chief Executive Officer in December 2024.

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

**14. FAIR VALUE OF FINANCIAL INSTRUMENTS**

*ASC 820 - Fair Value Measurement* establishes a three-tier fair value hierarchy. The fair value hierarchy's three tiers are based on the extent to which inputs used in measuring fair value are observable in the market, and are as follows:

---

| | |
|:---|:---|
| Level 1: | Quoted prices (unadjusted) in active markets for identical assets or liabilities; |
| Level 2: | Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and |
| Level 3: | One or more significant inputs used in a valuation technique are unobservable in determining fair values of the asset or liability. |

---

Determination of fair value and the resulting hierarchy requires the use of observable market data whenever available. The classification of an asset or liability in the hierarchy is based upon the lowest level of input that is significant to the measurement of fair value.

The carrying value of cash and cash equivalents, trade payables and accrued liabilities approximate their fair value due to their short-term nature and therefore have been excluded from the table below. A summary of the carrying value and fair value of other financial instruments were as follows:

SCHEDULE OF CARRYING VALUE AND FAIR VALUE OF OTHER FINANCIAL INSTRUMENTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | <br>**Classification** | **Carrying**<br> **Value**<br> **$** | **Fair <br> Value**<br> **$** | **Carrying**<br> **Value**<br> **$** | **Fair <br> Value**<br> **$** |
| DSU liability<sup>(1)</sup> | Level 1 | 373392 | 373392 | 941664 | 941664 |
| Vehicle financing<sup>(2)</sup> | Level 2 | 286223 | 286223 | 246137 | 246137 |
| Mortgage payable<sup>(2)</sup> | Level 2 | 1333354 | 1333354 |  |  |
| Term loan<sup>(3)</sup> | Level 3 |  |  | 18983212 | 20862478 |
| NSR option liability<sup>(4)</sup> | Level 2 | 2750000 | 2750000 | 2750000 | 2750000 |

---

Notes:

---

| | |
|:---|:---|
| <sup>(1)</sup><br>| For DSU liability, the fair value of the DSUs is measured using the closing price of the Company's Common Shares at the end of each reporting period.<br>|
| <sup>(2)</sup> | For vehicle financing and mortgage payable, the fair values approximate carrying values as the interest rates are comparable to current market rates. |
| <sup>(3)</sup> | The Term Loan is carried at amortized cost. The fair value measurement of the Term Loan was based on an income approach. |
| <sup>(4)</sup> | The fair value of the NSR options is determined using a valuation model that incorporates such factors as discounted cash flow projections, metal price volatility, and risk-free interest rate. As the NSR options are exercisable entirely at the discretion of Cymbria and the underlying projects are in the exploration stage, the fair value of the call and put on the options as at December 31, 2025, and December 31, 2024, is $nil. |

---

The following represents a summary of the Company's future debt maturities based on the principal amounts outstanding for vehicle financing and mortgage payable at December 31, 2025:

SCHEDULE OF FUTURE DEBT MATURITIES

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2026**<br> **$** | **2027**<br> **$** | **2028**<br> **$** | **2029**<br> **$** | **2030**<br> **$** | **Total**<br> **$** |
| 393122 | 361203 | 329349 | 312682 | 223221 | **1619577** |

---

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

**15. SEGMENTED INFORMATION**

The Company has identified its Chief Executive Officer as its Chief Operating Decision Maker ("**CODM**"). The CODM evaluates the Company's performance and segmented results based on Loss for the Year Before Other Items. The significant segment expenses reviewed by the CODM are consistent with the expense line items presented in Loss for the Year Before Other Items in the Company's consolidated statements of operations and comprehensive loss. The CODM uses Loss for the Year Before Other Items to assess segment performance against the Company's planned results, and to allocate capital investment.

The Company operates in one reportable operating segment being that of the acquisition, exploration and evaluation of mineral properties in three geographic segments, being Botswana, Barbados and Canada. The Company's geographic segments are as follows:

SCHEDULE OF INFORMATION ABOUT COMPANY'S GEOGRAPHIC SEGMENTS

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br> **2025**<br> **$** | **December 31,**<br> **2024**<br> **$** |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Canada | 33301948 | 4066121 |
| &nbsp;&nbsp;&nbsp;Barbados | 167178 | 89446 |
| &nbsp;&nbsp;&nbsp;Botswana | 13006411 | 3462676 |
| **Total** | **46475537** | **7618243** |
| Exploration and evaluation assets |  |  |
| &nbsp;&nbsp;&nbsp;Botswana | **42730629** | **8846821** |
| Property, plant and equipment |  |  |
| &nbsp;&nbsp;&nbsp;Botswana | **9312414** | **8488405** |

---

**16. CONTINGENT LIABILITIES**

There are no environmental liabilities associated with the Mines as at the acquisition dates as all liabilities incurred prior to the acquisitions are the responsibility of the sellers, BCL and TNMC. The Company has an obligation for the rehabilitation costs arising subsequent to the acquisitions. As of December 31, 2025, there were no material rehabilitation costs for which the Company expects to incur, and management is not aware of or anticipating any contingent liabilities that could impact the financial position or performance of the Company related to its exploration and evaluation assets.

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

**17. INCOME TAXES** 

The reported recovery of income taxes differs from amounts computed by applying the Federal statutory income tax rates to the reported loss before income taxes as follows:

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025**<br> **$** | **Percent%** | **2024**<br> **$** | **Percent%** |
| Net loss for the year before tax | (59086325) |  | (42420283) |  |
| Canadian Federal Statutory tax rate | (8862949) | 15.00 | (6363042) | 15.00 |
| Local income taxes, net of federal benefit | (2692067) | 4.56 | (1474885) | 3.48 |
| Foreign tax effects |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Barbados |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statutory tax rate difference between Barbados and Canada | 159853 | (0.27) | 196625 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in valuation allowance | 92547 | (0.16) | 113835 | (0.27) |
| &nbsp;&nbsp;&nbsp;Botswana |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statutory tax rate difference between Botswana and Canada | (2438733) | 4.13 | (1926699) | 4.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in valuation allowance | 7664589 | (12.97) | 6510888 | (15.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other adjustments |  |  | (455547) | 1.07 |
| Effect of changes in tax laws or rates in the year | (61107) | 0.10 |  |  |
| Change in valuation allowance | 3893937 | (6.59) | 2847454 | (6.71) |
| Non-taxable or non-deductible items |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-deductible (non-taxable) items | (40068) | 0.07 | 33258 | (0.08) |
| &nbsp;&nbsp;&nbsp;Loss on term loan extinguishment | 1371088 | (2.32) |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 912910 | (1.55) | 518113 | (1.22) |
| Deferred tax recovery | - | - | - | - |

---

The Company has recorded a valuation allowance as the Company believes it is not more likely than not that the deferred tax assets will be realized in the foreseeable future. The Company's deferred tax assets and liabilities are comprised of the following:

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

---

| | | |
|:---|:---|:---|
|  | **As at December 31,** | **As at December 31,** |
|  | **2025**<br> **$** | **2024**<br> **$** |
| Deferred tax assets |  |  |
| &nbsp;&nbsp;&nbsp;Non-capital losses available for carry-forward | 25676838 | 15499405 |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment | 688645 | 717416 |
| &nbsp;&nbsp;&nbsp;Resource deductions | 1634132 | 1142853 |
| &nbsp;&nbsp;&nbsp;Non-deductible interest | 2272514 |  |
| &nbsp;&nbsp;&nbsp;DSU liability | 100181 | 249541 |
| &nbsp;&nbsp;&nbsp;Share issuance costs | 3601065 | 1282390 |
| &nbsp;&nbsp;&nbsp;Other | 95122 | - |
| Deferred tax assets | 34068497 | 18891605 |
| Deferred tax liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan |  | (152537) |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment | (1265517) | (715673) |
| Deferred tax liabilities | (1265517) | (868210) |
| Net deferred tax asset | 32802980 | 18023395 |
| &nbsp;&nbsp;&nbsp;Valuation allowance | (32802980) | (18023395) |
| Deferred tax asset/(liability) | **-** | **-** |

---

![](form10-k_001.jpg)

**Notes to the Consolidated Financial Statements**

For the years ended December 31, 2025 and 2024

*(Expressed in Canadian dollars)*

The Company has Canadian non-capital losses of approximately $35,680,514 (2024 - $25,742,976) available for deduction against future taxable income, which if not utilized will expire between the years of 2039 and 2045. The Company also has Barbados losses of approximately $6,918,708 (2024 - $5,531,343) which expire between 2029 and 2032. Losses in Botswana of $71,695,499 (2024 - $38,060,423) do not expire.

The potential tax benefit of the non-capital losses has not been recognized in these consolidated financial statements. The non-capital losses that have not been recognized expire as follows:

SCHEDULE OF NON-CAPITAL LOSSES

---

| | | | |
|:---|:---|:---|:---|
|  | **Canada<br> $** | **Botswana<br> $** | **Barbados**<br> **$** |
| 2029 |  |  | 1365227 |
| 2030 |  |  | 1832617 |
| 2031 |  |  | 2070943 |
| 2032 |  |  | 1649921 |
| 2039 | 101573 |  |  |
| 2040 | 351131 |  |  |
| 2041 | 2756891 |  |  |
| 2042 | 3402293 |  |  |
| 2043 | 7624794 |  |  |
| 2044 | 6996987 |  |  |
| 2045 | 14446845 |  |  |
| Indefinite | - | 71695499 | - |
|  | **35680514** | **71695499** | **6918708** |

---

**18. GENERAL AND ADMINISTRATIVE EXPENSES**

Details of the general and administrative expenses are presented in the following table:

GENERAL AND ADMINISTRATIVE EXPENSES

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31,** | **Year ended** <br> **December 31,** |
|  | **2025**<br> **$** | **2024**<br> **$** |
| Advisory and consultancy | 153148 | 413065 |
| Filing fees | 269385 | 517488 |
| General office expenses | 418650 | 564473 |
| Insurance | 518365 | 326193 |
| Professional fees | 1630889 | 1322957 |
| Salaries and management fees | 1603431 | 2058366 |
| Severance and transition costs | 1228611 | 1168729 |
| Share-based compensation | 2601243 | 1245974 |
| **Total** | **8423722** | **7617245** |

---

For the year ended December 31, 2025, the Company incurred $1,228,611 in severance and transition costs related to the departure in January 2026 and July 2025 of the Company's former Chief Executive Officer and Chief Financial Officer, respectively. For the year ended December 31, 2024, severance and transition costs of $1,168,729 relate to the retirement of the Company's former Chief Executive Officer in December 2024.

**Part IV**

**Item 15. exhibits and financial statement schedules**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Documents
 filed as part of this Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Financial
 Statements The
 audited financial statements of NexMetals Mining Corp. as of December 31, 2025, and 2024 are appended to this Report beginning on
 page F-1.

(ii) Financial
 Statement Schedules

Financial statement schedules have been omitted either because they are not applicable, not required, or the information required to be set forth therein is included in the financial statements or notes thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Exhibits

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| 3.1 | [Articles of Continuance of the Company as filed with the Ministry of Government and Consumer Services under the *Business Corporations Act* (Ontario) on July 29, 2022 (incorporated by reference to Exhibit 1.2 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the SEC on May 15, 2023)](https://www.sec.gov/Archives/edgar/data/795800/000149315223017472/ex1-2.htm) |
| 3.1.1 | [Certificate of Continuance issued by the Ministry of Government and Consumer Services under the *Business Corporations Act* (Ontario) on July 29, 2022 (incorporated by reference to Exhibit 1.1 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the SEC on May 15, 2023)](https://www.sec.gov/Archives/edgar/data/795800/000149315223017472/ex1-1.htm) |
| 3.1.2 | [Certificate of Amendment dated November 15, 2024 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed December 31, 2024)](https://www.sec.gov/Archives/edgar/data/795800/000149315224052598/ex3-1.htm) |
| 3.1.3 | [Certificate of Amendment dated June 9, 2025 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed June 13, 2025)](https://www.sec.gov/Archives/edgar/data/795800/000164117225015086/ex3-1.htm) |
| 3.2 | [By-Law No. 1 of the Company dated July 29, 2022 (incorporated by reference to Exhibit 1.3 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the SEC on May 15, 2023)](https://www.sec.gov/Archives/edgar/data/795800/000149315223017472/ex1-3.htm) |
| 4.1 | [Description of Securities (incorporated by reference to Exhibit 2.6 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the SEC on May 15, 2023)](https://www.sec.gov/Archives/edgar/data/795800/000149315223017472/ex2-6.htm) |
| 4.2 | [Warrant Indenture dated November 17, 2025, by and between the Company and Computershare Trust Company of Canada, as the warrant agent. (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on November 17, 2025)](https://www.sec.gov/Archives/edgar/data/795800/000149315225023848/ex4-1.htm) |
| 10.1 | [Asset Purchase Agreement dated September 28, 2021, between Trevor Glaum N.O., BCL Limited, PNRPL and PNRC (incorporated by reference to Exhibit 4.1 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2023 filed with the SEC on May 15, 2023)](https://www.sec.gov/Archives/edgar/data/795800/000149315223017472/ex4-1.htm) |
| 10.2 | [Amending Agreement dated January 19, 2022, between Trevor Glaum N.O., BCL Limited, PNRPL and certain guarantors (incorporated by reference to Exhibit 4.2 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2023 filed with the SEC on May 15, 2023)](https://www.sec.gov/Archives/edgar/data/795800/000149315223017472/ex4-2.htm) |
| 10.3 | [Agency agreement dated February 24, 2023 among the Company, Paradigm Capital Inc., as lead agent and sole bookrunner, together with Tamesis Partners LLP, Cormark Securities Inc., Echelon Wealth Partners Inc., Eight Capital, INFOR Financial Inc., and CIBC World Markets Inc. (incorporated by reference to Exhibit 4.3 to the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2023 filed with the SEC on May 15, 2023)](https://www.sec.gov/Archives/edgar/data/795800/000149315223017472/ex4-3.htm) |
| 10.4 | [Commitment letter dated June 12, 2023, between the Company, as borrower, and EdgePoint Investment Group Inc., as lender, in respect of a secured loan in the principal amount of C$15,000,000 (incorporated by reference to Exhibit 10.9 to the Company's Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2023)](https://www.sec.gov/Archives/edgar/data/795800/000110465924076291/pnrlf-20231231xex10d9.htm) |
| 10.5 | [Binding term sheet dated June 12, 2023, between the Company and EdgePoint Investment Group Inc., as portfolio manager on behalf of certain mutual funds managed by it, relating to the subscription of 14,772,000 units at a price of $1.10 per unit for aggregate proceeds to the Company of C$16,249,200 (incorporated by reference to Exhibit 10.10 to the Company's Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2023)](https://www.sec.gov/Archives/edgar/data/795800/000110465924076291/pnrlf-20231231xex10d10.htm) |
| 10.6 | [Agency agreement dated December 14, 2023, among the Company, Cormark Securities Inc. and BMO Nesbitt Burns Inc., as co-lead agents, together with Canaccord Genuity Corp., Fort Capital Securities Ltd., and Paradigm Capital Inc. (incorporated by reference to Exhibit 10.11 to the Company's Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2023)](https://www.sec.gov/Archives/edgar/data/795800/000110465924076291/pnrlf-20231231xex10d11.htm) |
| 10.7 | [Second Amended and Restated Commitment Letter dated December 3, 2023, between the Company, as borrower, and EdgePoint Investment Group Inc., as lender, which increased the amount of loan under the Commitment Letter from C$15,000,000 to C$20,882,353 (incorporated by reference to Exhibit 10.12 to the Company's Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2023)](https://www.sec.gov/Archives/edgar/data/795800/000110465924076291/pnrlf-20231231xex10d12.htm) |
| 10.8 | [Binding term sheet dated June 4, 2024, among the Company, EdgePoint Investment Group Inc., as portfolio manager on behalf of certain mutual funds managed by it, and Extract Advisors LLC, on behalf of Extract Capital Master Fund and Extract Exploration Fund (Cayman) LP, providing for the subscription of 7,692,307 units of the Company by each of EdgePoint and Extract for aggregate gross proceeds of approximately C$12,000,000 (incorporated by reference to Exhibit 10.13 to the Company's Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2023)](https://www.sec.gov/Archives/edgar/data/795800/000110465924076291/pnrlf-20231231xex10d13.htm) |

---

---

| | |
|:---|:---|
| 10.09 | [Investor rights agreement dated June 14, 2024, between the Company and EdgePoint (incorporated by reference to Exhibit 10.16 to the Company's Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2023)](https://www.sec.gov/Archives/edgar/data/795800/000110465924076291/pnrlf-20231231xex10d16.htm) |
| 10.10 | [Form of Warrant Certificate in respect of the June 2024 private placement (incorporated by reference to Exhibit 10.18 to the Company's Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2023)](https://www.sec.gov/Archives/edgar/data/795800/000110465924076291/pnrlf-20231231xex10d18.htm) |
| 10.11 | [Form of Compensation Warrant Certificate in respect of the June 2024 private placement (incorporated by reference to Exhibit 10.19 to the Company's Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2023)](https://www.sec.gov/Archives/edgar/data/795800/000110465924076291/pnrlf-20231231xex10d19.htm) |
| 10.12 | [Debt Settlement Agreement dated February 17, 2025 between Premium Resources Ltd. and Cymbria Corporation (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2025)](https://www.sec.gov/Archives/edgar/data/795800/000164117225010011/ex10-1.htm) |
| 10.13 | [Form of Subscription Agreement dated March 18, 2025, used in connection with the private placement of Units by the Company (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2025)](https://www.sec.gov/Archives/edgar/data/795800/000164117225010011/ex10-2.htm) |
| 10.14 | [Amended and Restated Investor Rights Agreement dated March 18, 2025 between Premium Resources Ltd. and EdgePoint Investment Group Inc. (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2025)](https://www.sec.gov/Archives/edgar/data/795800/000164117225010011/ex10-3.htm) |
| 10.15 | [Premium Resources Ltd. Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on June 9, 2025)](https://www.sec.gov/Archives/edgar/data/795800/000164117225014199/ex10-1.htm) |
| 10.16 | [Form of RSU Award Agreement under Premium Resources Ltd. Long-Term Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on June 9, 2025)](https://www.sec.gov/Archives/edgar/data/795800/000164117225014199/ex10-2.htm) |
| 10.17 | [Form of DSU Award Agreement under Premium Resources Ltd. Long-Term Incentive Plan (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on June 9, 2025)](https://www.sec.gov/Archives/edgar/data/795800/000164117225014199/ex10-3.htm) |
| 10.18 | [Form of Option Award Agreement under Premium Resources Ltd. Long-Term Incentive Plan (incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed on June 9, 2025)](https://www.sec.gov/Archives/edgar/data/795800/000164117225014199/ex10-4.htm) |
| 10.19 | [Agency Agreement dated November 12, 2025, between the Company and SCP Resource Finance LP, as sole bookrunner, and Raymond James Ltd., as co-lead agents, together with Cormark Securities Inc. (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the Quarter Ended September 30, 2025)](https://www.sec.gov/Archives/edgar/data/795800/000149315225022391/ex10-1.htm) |
| 10.20† | [Transition Agreement dated December 14, 2025, by and between the Company and Morgan Lekstrom (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on December 18, 2025)](https://www.sec.gov/Archives/edgar/data/795800/000149315225028342/ex10-1.htm) |
| 10.21† | [Consulting Services Agreement dated January 14, 2026, by and between the Company, Elkam Consulting Ltd. and Sean Whiteford (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on January 20, 2026)](https://www.sec.gov/Archives/edgar/data/795800/000149315226002925/ex10-1.htm) |
| 10.22 | [Consulting Services Agreement dated February 9, 2026 between the Company and Morgan Lekstrom (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on February 13, 2026)](https://www.sec.gov/Archives/edgar/data/795800/000149315226006686/ex10-1.htm) |
| 14.1 | [Code of Business Conduct and Ethics of the Company (incorporated by reference to Exhibit 14.1 to the Original Filing)](https://www.sec.gov/Archives/edgar/data/795800/000149315226010089/ex14-1.htm) |
| 19 | [Timely Disclosure, Confidentiality and Insider Trading Policy (incorporated by reference to Exhibit 19 to the Original Filing)](https://www.sec.gov/Archives/edgar/data/795800/000149315226010089/ex19.htm) |
| 21 | [Subsidiaries of the Company (incorporated by reference to Exhibit 21 to the Original Filing)](https://www.sec.gov/Archives/edgar/data/795800/000149315226010089/ex21.htm) |
| 23.1 | [Consent of Qualified Person in respect of the Selkirk TRS (incorporated by reference to Exhibit 23.1 to the Original Filing)](https://www.sec.gov/Archives/edgar/data/795800/000149315226010089/ex23-1.htm) |
| 23.2 | [Consent of Qualified Person in respect of the Selebi TRS (incorporated by reference to Exhibit 23.2 to the Original Filing)](https://www.sec.gov/Archives/edgar/data/795800/000149315226010089/ex23-2.htm) |
| 24.1 | [Power of Attorney (included on the Signature page of this Annual Report on Form 10-K) (incorporated by reference to Exhibit 24.1 to the Original Filing)](https://www.sec.gov/Archives/edgar/data/795800/000149315226010089/form10-k.htm#F-001) |
| 31.1\* | [Rule 13a-14(a)/15d-14(a) certification of Chief Executive Officer](ex31-1.htm) |
| 31.2\* | [Rule 13a-14(a)/15d-14(a) certification of Chief Financial Officer](ex31-2.htm) |
| 32.1\*\* | [Section 1350 certification, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ex32-1.htm) |
| 96.1 | [S-K 1300 Technical Report Summary Selebi Mines, Central District, Republic of Botswana, Premium Resources Ltd. with an effective date of June 30, 2024 and a signature date of December 17, 2024 prepared by SLR Consulting (Canada) Ltd. (incorporated by reference to exhibit 96.1 to the Company's Current Report on Form 8-K filed December 23, 2024)](https://www.sec.gov/Archives/edgar/data/795800/000149315224051436/ex96-1.htm) |
| 96.2 | [S-K 1300 Technical Report Summary, Selkirk Nickel Project, North East District, Republic of Botswana with an effective date of November 1, 2024 and a signature date of January 8, 2025 prepared by SLR Consulting (Canada) Ltd. (incorporated by reference to exhibit 96.1 to the Company's Current Report on Form 8-K filed January 31, 2025)](https://www.sec.gov/Archives/edgar/data/795800/000149315225004346/ex96-1.htm) |
| 97 | [Policy Relating to Recovery of Erroneously Awarded Compensation (incorporated by reference to Exhibit 97 to the Original Filing)](https://www.sec.gov/Archives/edgar/data/795800/000149315226010089/ex97.htm) |
| 101.INS# | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH# | Inline XBRL Taxonomy Extension Schema |
| 101.CAL# | Inline XBRL Taxonomy Extension Calculation Linkbase |
| 101.DEF# | Inline XBRL Taxonomy Extension Definition Linkbase |
| 101.LAB# | Inline XBRL Taxonomy Extension Label Linkbase |
| 101.PRE# | Inline XBRL Taxonomy Extension Presentation Linkbase |
| 104# | The cover page from this Annual Report on Form 10-K, formatted in Inline XBRL |

---

\*Filed herewith.

\*\* Furnished herewith.

#Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

†Indicates a management contract or compensatory plan or arrangement.

**SIGNATURES**

Pursuant to requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: May 13, 2026 | **NEXMETALS MINING CORP.**<br> **(Registrant)** | **NEXMETALS MINING CORP.**<br> **(Registrant)** |
|  | By: | */s/ Sean Whiteford* |
|  | Name: | Sean Whiteford |
|  | Title: | Chief Executive Officer<br> (principal executive officer) |
|  | By: | */s/ Brett MacKay* |
|  | Name: | Brett MacKay |
|  | Title: | Chief Financial Officer<br> (principal financial and accounting officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Sean Whiteford, certify that:

1. I have reviewed this Annual Report on Form 10-K/A of NexMetals Mining Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | May 13, 2026 |
| By: | */s/ Sean Whiteford* |
|  | Sean Whiteford |
|  | Chief Executive Officer |
|  | (principal executive officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Brett MacKay, certify that:

1. I have reviewed this Annual Report on Form 10-K/A of NexMetals Mining Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | May 13, 2026 |
| By: | */s/ Brett MacKay* |
|  | Brett MacKay |
|  | Senior Vice President and Chief Financial Officer |
|  | (principal financial and accounting officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED**

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the report of NexMetals Mining Corp. (the "**Company**") on Form 10-K/A for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "**Report**"), each of the undersigned, in the capacities and on the dates indicated below, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The
 information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
 of the Company.

---

| | |
|:---|:---|
| Dated: May 13, 2026 | */s/ Sean Whiteford* |
|  | Sean Whiteford |
|  | Chief Executive Officer |
|  | (principal executive officer) |

---

---

| | |
|:---|:---|
| Dated: May 13, 2026 | */s/ Brett MacKay* |
|  | Brett MacKay |
|  | Senior Vice President and Chief Financial Officer |
|  | (principal financial and accounting officer) |

---