NexMetals Mining Corp.

For the period ended Dec 31, 2025. Filed Mar 13, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 13, 2026

NEXM$1.29+1.6%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Consolidated Balance Sheets

	As at
	Notes	December 31, 2025 $	December 31, 2024 $
ASSETS
CURRENT ASSETS
Cash and cash equivalents	3	39,780,384	6,105,933
Prepaid expenses		1,039,206	540,288
Other receivables	4	5,655,947	972,022
TOTAL CURRENT ASSETS		46,475,537	7,618,243
NON-CURRENT ASSETS
Exploration and evaluation assets	5	42,730,629	8,846,821
Property, plant and equipment	6	9,312,414	8,488,405
TOTAL NON-CURRENT ASSETS		52,043,043	17,335,226
TOTAL ASSETS		98,518,580	24,953,469
LIABILITIES
CURRENT LIABILITIES
Trade payables and accrued liabilities – current	2(c),7	9,459,971	3,893,216
Vehicle financing – current	2(c)	148,862	136,935
Mortgage payable – current	9	244,260	-
DSU liability – current	12(c)	104,720	177,602
TOTAL CURRENT LIABILITIES		9,957,813	4,207,753
NON-CURRENT LIABILITIES
Trade payables and accrued liabilities – non-current	2(c),7	-	584,364
Provision for leave and severance		1,365,850	1,001,936
Vehicle financing – non-current	2(c)	137,361	109,202
Mortgage payable – non-current	9	1,089,094	-
Term Loan	10	-	18,983,212
NSR option liability	11	2,750,000	2,750,000
DSU liability – non-current	12(c)	268,672	764,062
TOTAL NON-CURRENT LIABILITIES		5,610,977	24,192,776
TOTAL LIABILITIES		15,568,790	28,400,529
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	31,516	31,516
Additional paid-in capital		291,858,035	145,025,333
Deficit		(206,073,424)	(146,987,099)
Accumulated other comprehensive loss		(2,866,337)	(1,516,810)
TOTAL SHAREHOLDERS’ EQUITY (DEFICIENCY)		82,949,790	(3,447,060)
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		98,518,580	24,953,469
Nature of Operations and Going Concern (Note 1)

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

“signed” Sean Whiteford Director and Chief Executive Officer	“signed” Jason LeBlanc Director

Consolidated Statements of Operations and Comprehensive Loss

	Year ended December 31,
2025 · 2024
	Notes	$	$
EXPENSES
General exploration expenses	5	36,113,842	29,651,360
Depreciation and amortization	6	2,068,821	1,581,270
General and administrative expenses	2(c),18	8,423,722	7,617,245
Investor relations and communications	2(c)	4,981,937	362,933
Director fees		482,396	1,020,523
Fair value movement of DSUs	12(c)	(298,914)	(963,340)
Impairment loss	5	501,497	-
Net foreign exchange loss		839,857	408,086
LOSS FOR THE YEAR BEFORE OTHER ITEMS		53,113,158	39,678,077
OTHER ITEMS
Interest income, net		(437,638)	(114,114)
Interest expense and accretion on term loan	10	428,371	3,109,319
Loss on term loan extinguishment	10	5,982,434	-
Other income		-	(252,999)
NET LOSS FOR THE YEAR		59,086,325	42,420,283
OTHER COMPREHENSIVE LOSS (INCOME)
Exchange differences on translation of foreign operations		1,349,527	(272,177)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR		60,435,852	42,148,106
Basic and diluted loss per share		2.86	5.02
Weighted average number of Common Shares outstanding – basic and diluted		20,650,750	8,446,643

Consolidated Statements of Changes in Shareholders’ Equity (Deficiency)

Notes · Number of shares · Preferred shares $ · Additional paid-in capital $ · Deficit $ · Accumulated other comprehensive (loss) income $ · Total shareholders’ (deficiency) equity $
BALANCE, DECEMBER 31, 2024		-	9,285,424	31,516	145,025,333	(146,987,099)	(1,516,810)	(3,447,060)
Net loss for the period		-	-	-	-	(59,086,325)	-	(59,086,325)
Share capital issued through public offering	12(a)	-	14,035,100	-	80,000,070	-	-	80,000,070
Share issue costs – public offering	12(a)	-	-	-	(5,333,881)	-	-	(5,333,881)
Share capital issued through private placement	12(a)	-	8,394,953	-	49,709,891	-	-	49,709,891
Share issue costs – private placement	12(a)	-	-	-	(5,389,306)	-	-	(5,389,306)
Share capital issued through debt conversion	10	-	3,768,941	-	26,594,817	-	-	26,594,817
Share issue costs – debt conversion	10	-	-	-	(2,161,483)	-	-	(2,161,483)
Exercise/settlement of share-based awards, net	12(c)	-	18,336	-	-	-	-	-
Share-based compensation	12(c)	-	-	-	3,412,594	-	-	3,412,594
Exchange differences on translation of foreign operations		-	-	-	-	-	(1,349,527)	(1,349,527)
BALANCE, DECEMBER 31, 2025		-	35,502,754	31,516	291,858,035	(206,073,424)	(2,866,337)	82,949,790
BALANCE, DECEMBER 31, 2023		-	7,465,041	31,516	116,069,973	(104,566,816)	(1,788,987)	9,745,686
Net loss for the period		-	-	-	-	(42,420,283)	-	(42,420,283)
Share capital issued through private placement		-	1,814,070	-	28,239,254	-	-	28,239,254
Share issue costs		-	-	-	(1,239,037)	-	-	(1,239,037)
Exercise/settlement of share-based awards, net		-	6,313	-	-	-	-	-
Share-based compensation		-	-	-	1,955,143	-	-	1,955,143
Exchange differences on translation of foreign operations		-	-	-	-	-	272,177	272,177
BALANCE, DECEMBER 31, 2024		-	9,285,424	31,516	145,025,333	(146,987,099)	(1,516,810)	(3,447,060)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.