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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended
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Jun. 30, 2025
Accounting Policies [Abstract] |
Statement of Compliance | (a) Statement of Compliance These unaudited condensed interim consolidated financial statements reflect the accounts of the Company and have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information and in accordance with the instructions in Article 10 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed interim consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2024. The interim period results do not necessary indicate the results that may be expected for any other interim period or for the full fiscal year.
Basis of Preparation | (b) Basis of Preparation These unaudited condensed interim 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 unaudited condensed interim 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 June 30, 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 13). 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. Notes to the Unaudited Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2025 and 2024 (Expressed in Canadian dollars) The significant accounting policies used in the preparation of these unaudited condensed interim consolidated financial statements are consistent with those used in the preparation of the audited annual consolidated financial statements for the year ended December 31, 2024. Except as described in Note 2(e) and (f), there were no changes in significant accounting policies during the three and six months ended June 30, 2025.
Reclassification | (c) Reclassification Certain comparative figures on the unaudited condensed interim consolidated balance sheets, unaudited condensed interim consolidated statements of operations and comprehensive loss, unaudited condensed interim consolidated statements of cash flows, and the notes to the unaudited condensed interim 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 three and six months ended June 30, 2024, an adjustment has been made to reduce share-based compensation by $389,612 and $779,224, respectively, on the face of the unaudited condensed interim consolidated statement of operations and comprehensive loss, and to increase general and administrative expenses by $266,785 and $533,573, respectively, and to increase general exploration expenses by $122,827 and $245,651, respectively. For the three and six months ended June 30, 2024, general and administrative expenses were reduced by $1,009,074 and $1,943,414, respectively, with an increase to general exploration expenses of $923,686 and $1,783,322, respectively, and an increase to investor relations and communications of $85,388 and $160,092, respectively. For the three and six months ended June 30, 2024, operating cash outflows attributable to the purchase of spares of $25,505 and $992,311, respectively, were reclassified to investing cash outflows. Trade payables and accruals of $584,364 were reclassified from current to non-current for the year ended December 31, 2024.
Basis of Consolidation | (d) Basis of Consolidation These unaudited condensed interim 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 Incorporation |  | Percentage Ownership |  | Functional Currency
NexMetals Mining Corp. |  | Ontario, 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
(e) Debt Extinguishment Upon the extinguishment of debt, the difference between the amount paid 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.
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements (f) ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures In December 2023, the Financial Accounting Standards Board (“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. The Company adopted the new standard effective January 1, 2025, and will include certain additional disclosures in the notes to its consolidated financial statements for the year ending December 31, 2025. Notes to the Unaudited Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2025 and 2024 (Expressed in Canadian dollars)
Recently Issued Accounting Pronouncements and Disclosures Not Yet Adopted | Recently Issued Accounting Pronouncements and Disclosures Not Yet Adopted (g) ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures In November 2024, FASB issued an Accounting Standards Update (“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. This ASU 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.

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